PhonePe appoints 4 investment banks for much-awaited IPO, seeks $15 billion valuation: Report

The fintech said it has long aspired to be a public firm in India. "PhonePe redomiciled from Singapore to India, and subsequently, established a clear corporate structure with each of its new non-payment businesses as fully owned subsidiaries. PhonePe's strong top-line and bottom-line growth across its diverse business portfolio, as detailed in its FY23-24 annual report, makes this a suitable time to prepare for a public listing," the company added.

PhonePe financials

PhonePe posted a 73.78% increase in its consolidated revenue from operations to ₹5,064 crore for the year ended March 31, 2024, as compared to ₹2,914 crore a year back.

PhonePe narrowed its consolidated net loss to ₹1,996 crore in FY24 as against ₹2,795 crore in FY23.

The group reported an adjusted post-tax profit (i.e., profit excluding ESOP costs) of ₹197 crore for FY24 versus ₹738 crore loss for FY23.

"We believe this achievement of top-line growth in conjunction with sustainable bottom-line improvement is a result of PhonePe's focus on driving operating leverage through automation and cost efficiencies. PhonePe has been able to achieve growth and diversification of revenue through a combination of market leadership, platform reliability and cross-selling a diverse product portfolio," the company said in its annual report.