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Pincode is a hyperlocal e-commerce platform offering a wide range of products, from groceries and medicines to fashion and more.
Indus Appstore is India’s first indigenous Android app store. It offers a localized experience with apps in 12 Indian languages and allows developers to use any third-party payment gateway.
Share.Market by PhonePe is a one-stop investment platform for stocks, ETFs, F&O, WealthBaskets, Mutual Funds, and IPOs, offering data-driven insights and powerful research tools like factor analysis.
Product | Digital payments and financial services |
Known For | UPI, Investment solutions, E-commerce |
Top Products | PhonePe Payments, Pincode, share.market |
Promoters | 100% | |
Name | Role | Stakeholding |
Walmart (FIT Holdings S.A.R.L.) | Promoter | 83.91% |
Headstand Pte. Ltd. | Corporate Shareholder | 6.7% |
General Atlantic | Institutional Investor | 5.14% |
Others | 4.25% |
Paytm is a financial platform enabling UPI, Wallet, BNPL, and cards for users, while merchants use QR codes, Soundbox, and POS devices, generating revenue through subscriptions and MDR fees.
MobiKwik operates as a digital payment platform with 172M+ users and 4.5M+ merchants, earning from transaction fees, financial services commissions, and peer-to-peer lending (MobiKwik Xtra)
Google Pay offers a digital payments platform that facilitates transactions without charging fees, earning primarily from data insights on user spending patterns.
Navi is a financial services app offering loans, insurance, digital gold, and bill payments, with revenue from its own products instead of third-party distribution.
CRED is a fintech platform for high-creditworthy users, generating revenue from payment processing fees, partnerships, and cross-selling financial products like loans and investments.
Market Leadership: PhonePe currently holds a 47.67% UPI market share by value as of January 2025 in India’s digital payment space, establishing strong brand recognition and consumer trust.
Extensive Merchant Network: PhonePe has established a wide network by partnering with 40 million+ merchants, including major retailers, enables widespread payment acceptance.
Diverse Offerings: PhonePe has diversified its offerings beyond payments, that include insurance, e-commerce, investment services, and more.
Strong Revenue Growth: PhonePe's revenue increased significantly by 85.58% from ₹3,085 Cr in FY23 to ₹5,725 Cr in FY24, highlighting its rapid business expansion and growing market presence.
Growing Stock Broking Platform: PhonePe's stock broking platform, Share.Market, continues to expand, with active users growing by 6.09% in January 2025, indicating increasing adoption and engagement in financial services.
Intense Competition: The digital payments space is highly competitive, with strong rivals like Paytm and Google Pay. While PhonePe holds a higher market share, its competitors continuously innovate, creating pressure to maintain its dominance and user engagement.
Fees on Certain Transactions: While many services on PhonePe are free, some transactions incur charges. This can be a drawback for users who prefer entirely free payment options, potentially pushing them toward competitors that offer zero-cost alternatives.
Regulatory Compliance Risks: PhonePe operates under strict regulations from the RBI and other authorities, requiring adherence to financial and security standards. Any non-compliance, regulatory changes, or penalties—such as past fines for KYC violations—could impact its operations and financial health.
Security and Data Privacy Risks: Handling large volumes of personal and financial data makes PhonePe vulnerable to cyberattacks, fraud, and data breaches. Despite strong security measures, any failure in safeguarding user data could damage its reputation and lead to regulatory action.
Growth and Financial Stability Risks: While PhonePe has seen rapid revenue growth, particularly in financial services, sustaining this momentum is uncertain. Market fluctuations, competition, or inability to scale effectively could impact future profitability and business expansion.