(Reuters) -Walmart-backed Indian fintech firm PhonePe has filed for an initial public offering via the confidential route, the company’s spokesperson said on Wednesday.
The IPO will raise around 120 billion rupees ($1.35 billion), Moneycontrol reported, citing sources.
The spokesperson did not disclose the details of the planned fundraise.
PhonePe is among the most widely used apps in India to make payments via the country’s popular unified payments interface (UPI). It has more than 600 million registered users across 40 million merchants and processes over 310 million online transactions daily.
In a regulatory filing ahead of the IPO, PhonePe disclosed that its losses narrowed in the year ended March 2025 to 17.2 billion rupees. The company reported a loss of 19.96 billion rupees in the year ended March 2024.
Its revenue from operations rose 40% to 71.15 billion rupees.
($1 = 88.7380 Indian rupees)
(Reporting by Jaspreet Kalra and Kashish Tandon; Editing by Sonia Cheema)
