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PhonePe Appoints 4 Banks for IPO, Targets $15 Billion Valuation

Synopsis:

PhonePe has appointed JP Morgan, Kotak Mahindra Capital, Morgan Stanley, and Citi for its much-anticipated IPO. The company aims for a $15 billion valuation, reporting a 73.78% revenue surge to ₹5,064 crore in FY24. PhonePe IPO is set to commence in March 2025.


PhonePe, the digital payments and financial services company backed by Walmart, has taken a significant step toward its initial public offering (IPO) by appointing four investment banks. JP Morgan, Kotak Mahindra Capital, Morgan Stanley, and Citi have been selected to advise on the listing, with PhonePe targeting a $15 billion valuation. The company aims to begin the IPO process in March 2025, marking a milestone in its 10-year journey.

Also read: Bharti Airtel & Tata Group in Talks to Merge DTH Businesses

Key Takeaways

  • PhonePe IPO is set to launch in early 2025, with a targeted $15 billion valuation.

  • The company has appointed JP Morgan, Kotak Mahindra Capital, Morgan Stanley, and Citi as advisors.

  • PhonePe reported a 73.78% increase in revenue, reaching ₹5,064 crore in FY24.

  • The company reduced its net loss from ₹2,795 crore in FY23 to ₹1,996 crore in FY24.

  • Adjusted post-tax profit (excluding ESOP costs) stood at ₹197 crore in FY24.

Also read: IndiGo Expands Fleet with 3 Boeing 787-9 Aircraft from Norse Atlantic

PhonePe’s Financial Performance

PhonePe has demonstrated strong financial growth, with a notable increase in revenue and a reduction in losses. Its revenue surged by 73.78% in FY24, while the company managed to narrow its net loss by 28.6%.

Also read: Muthoot Finance Secures RBI Approval to Open 115 New Branches

PhonePe Financial Highlights (FY24)

Financial Metric

FY24

FY23

YoY Growth (%)

Revenue from Operations

₹5,064 crore

₹2,914 crore

73.78%

Net Loss

₹1,996 crore

₹2,795 crore

-28.6%

Adjusted Post-Tax Profit

₹197 crore

-₹738 crore

Positive Turnaround

IPO Strategy and Market Position

PhonePe has been preparing for a public listing by streamlining its corporate structure and shifting its domicile from Singapore to India. The company has also diversified its business portfolio, which includes digital payments, insurance, lending, and financial services.

With a market-leading position and strong financial growth, PhonePe IPO is expected to attract significant investor interest. The proceeds from the listing are likely to be used for expanding its financial services offerings and improving operational efficiency.

PhonePe’s IPO marks a significant move in India’s fintech sector. With solid revenue growth and a clear path to profitability, the company is well-positioned for a successful public debut. Investors will be closely watching the developments as PhonePe prepares for its listing.

Also read: Income Tax Department Searches Prestige Estates Offices Amid Profit Decline

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This content is for educational purposes only. Securities quoted are exemplary and not recommendatory.

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