PhonePe IPO

About PhonePe

Incorporated in 2015, PhonePe is a leading digital payments and financial services company owned by Walmart. It enables users to perform various financial transactions, including sending and receiving money, recharging mobile phones and DTH services, making utility payments, and conducting in-store transactions. It was India’s first Unified Payments Interface (UPI)-based payments app launched by a non-bank fintech company. PhonePe has attracted a remarkable group of high-quality investors who have collectively invested over INR 18,000 crore to date. Led by its majority shareholder, Walmart Inc., investors include some of the world’s most prominent strategic investors, sovereign wealth funds, and private equity firms, such as General Atlantic, Microsoft, Tencent, and Qatar Investment Authority. As of November 2024, PhonePe holds a 47.8% share of India’s UPI payment market. As of January 2025, PhonePe serves over 40 million merchants and has over 590 million registered users, processing over 310 million online transactions daily.