Overview

• PhonePe submitted a pre-filed DRHP to SEBI, BSE and NSE under the confidential route, confirming the file-and-review step but noting it may choose not to proceed.
• Reports indicate the issue could be a mostly offer-for-sale of about Rs 12,000 crore with Walmart, Tiger Global and Microsoft expected to sell shares totaling roughly 10% of the company.
• For FY25, operating revenue rose 40.5% to Rs 7,114.9 crore as consolidated net loss narrowed 13.5% to Rs 1,727.4 crore, with total expenses at Rs 9,394.1 crore.
• Adjusted profitability and cash flows improved, including adjusted PAT of Rs 630 crore and net cash from operations of Rs 1,202 crore, with adjusted EBITDA more than doubling.
• Regulatory momentum includes final RBI authorisation as a payment aggregator, while operationally PhonePe led August UPI volumes at around a 45–46% share even as payments contributed about 88.5% of FY25 operating revenue.