India’s UPI funds large PhonePe has reportedly obtained approval from the Securities and Alternate Board of India (SEBI) to proceed with its preliminary public providing (IPO), in accordance with media stories.

The Bengaluru-based company had pre-filed its DRHP through the confidential route in September final 12 months. With SEBI approval now in place, PhonePe is anticipated to maneuver nearer to launching the problem, though the ultimate timing will rely on secondary market circumstances, which stay risky.

PhonePe is reported to be focusing on a fundraise of as much as Rs 12,000 crore, or round $1.32 billion, although the ultimate dimension might change nearer to the itemizing. The general public difficulty is anticipated to be structured largely as a proposal on the market (OFS), with present shareholders, together with Walmart, Tiger International and Microsoft, providing a portion of their holdings.

The IPO might worth the corporate at round $15 billion.

The proposed itemizing comes after a sequence of funding transactions over the previous two years. PhonePe final raised $600 million by way of a secondary transaction led by Common Atlantic in late 2025, valuing the corporate at $14.5 billion. Its most up-to-date major capital increase was a $100 million spherical in Might 2023, additionally led by Common Atlantic, at a valuation of $12 billion.

Based in December 2015, PhonePe has grown into India’s largest digital funds platform over the previous decade. The corporate has greater than 43.5 crore registered customers. On the service provider facet, it has onboarded over 4 crore offline retailers throughout Tier 2, Tier 3 and smaller cities, with protection extending to 99% of India’s pin codes.

PhonePe has constructed a dominant place within the Bharat Invoice Cost System, the place it processes over 45% of all transactions on the BBPS community. In December 2025 alone, the platform processed 9.8 billion customer-initiated transactions, in accordance with information launched by NPCI.

Past funds, PhonePe has steadily expanded into monetary providers since 2017. The corporate provides mutual funds and insurance coverage merchandise, positioning itself as a broader monetary providers market as competitors in core UPI funds intensifies. It has additionally reworked a few of its adjoining bets. Its native commerce providing, Pincode, launched on ONDC in April 2023, has been pivoted from a consumer-facing mannequin to a B2B, merchant-focused method.

Financially, PhonePe has proven indicators of working leverage. In FY25, the corporate reported working income of Rs 7,115 crore, a year-on-year improve of about 40% from Rs 5,064 crore in FY24. Internet loss narrowed by 13.4% to Rs 1,727 crore from Rs 1,996 crore within the earlier 12 months. On an adjusted foundation, excluding ESOP prices, revenue rose sharply to Rs 630 crore, in contrast with Rs 117 crore a 12 months earlier.