Ahead Of IPO, PhonePe Converts To A Public Company
The change, PhonePe said, is subject to a special resolution approval by the company’s members, as well as approval from the corporate affairs ministry.
Walmart-owned fintech firm PhonePe received the board's approval to convert into a public company ahead of its planned IPO.
As a consequential step, the name of the company will change from PhonePe Pvt. to PhonePe Ltd., the Bengaluru-based company said in a regulatory filing.
Company shareholders gave their go-ahead to the conversion through a special resolution passed at an April 16 extraordinary general meeting.
The change, PhonePe said, is subject to approval from the corporate affairs ministry.
The Sameer Nigam-led firm had kicked off its listing preparations in February, two years after shifting domicile to India from Singapore. Since then, PhonePe has made structural changes with each of its new non-payment businesses as fully owned subsidiaries.
Nigam, in August 2024, had said that he was "nervous about going public when there's a 30% market cap lurking."
He was talking about the current NPCI regulations, which say that no single UPI platform can have a market share larger than 30%. This would mean that the likes of market leaders PhonePe and Google Pay will have to reduce their share.
At that time, the deadline for the guidelines was December 2024. That was later deferred by two years to December 2026.
Presently, out of over 75 UPI apps, only two — PhonePe and Google Pay —account for over 80% of all UPI transactions in India, by volume and value, according to data available with the NPCI.
PhonePe is best known for its flagship product, the PhonePe digital payments app, which was launched in 2016. As of March 2025, PhonePe has over 60 crore registered users and a digital payments acceptance network of over 4 crore merchants. The company claims to process over 33 crore transactions daily, with an annualised total payment value of over Rs 150 lakh crore.
