PhonePe has received SEBI approval for its IPO, and the company will be filing its Updated Draft Red Herring Prospectus (UDRHP) soon, setting the stage for India’s most anticipated fintech IPO in the near horizon, as per sources familiar with the development.

The IPO will be an Offer For Sale by existing shareholders.

The company will not be raising any additional primary capital in the IPO, said the sources.

PhonePe leads India’s digital payments market with over 45% market share in UPI transactions.

In December 2025, the company processed 9.8 billion transactions, according to NPCI data.

The company had posted ₹7,115 crore in revenue for FY24-25, marking a 40% year-on-year increase. The company also turned free cash flow positive with an operating cash flow of ₹1,202 crore. Its adjusted PAT (excluding ESOP costs) more than tripled to ₹630 crore.

PhonePe’s public listing will set a crucial benchmark for India’s digital payments sector and could pave the way for other fintech unicorns eyeing public markets.