Its net loss however expanded to Rs 1,444 crore from Rs 1,203 crore as it saw a marked increase in expenses.
The Bengaluru-based company filed an updated draft red herring prospectus (DRHP) for its initial public offering (IPO) with market regulator Sebi on Wednesday. As per its draft papers, the digital payments firm said the offering would be a pure offer-for-sale of up to 5.06 crore shares, with no fresh capital raised. Walmart, through its unit WM Digital Commerce Holdings, plans to sell up to 4.59 crore shares, about 9% of the company, while Microsoft Global Finance Unlimited Company and Tiger Global PIP 9-1 Ltd will sell their entire holdings, according to the filing.
PhonePe had filed its draft red herring prospectus (DRHP) with the regulator through the confidential route in September 2024. The company has roped in investment bankers such as Kotak Mahindra Capital, JPMorgan Chase, Citigroup, and Morgan Stanley as advisors to the issue.
As per data from the National Payments Corporation of India (NPCI) for December 2025, PhonePe processed 9.8 billion transactions worth Rs 13.6 lakh crore, commanding a market share of about 48% by volume among the top 10 UPI apps. Other major players behind PhonePe include Google Pay, Paytm, Navi, and Flipkart-backed Super.money.
