Fintech company PhonePe has officially changed its status from a private company to a public company, marking a major step toward its upcoming Initial Public Offering (IPO).
The company has informed the Registrar of Companies (ROC) about this transition, which is a required legal formality before listing on Indian stock markets.
Earlier this year, on February 20, PhonePe confirmed that it had started preparations for a possible IPO.
On February 25, Moneycontrol reported that PhonePe had selected Kotak Mahindra Capital, JP Morgan, Citi, and Morgan Stanley as its IPO advisors.
The company is reportedly eyeing a valuation of up to $15 billion.
Official Name Change Approved in EGM
According to documents submitted to the ROC, during an Extraordinary General Meeting (EGM) held on April 16, shareholders approved changing the company’s name from “PhonePe Private Limited” to “PhonePe Limited.”
Kredible, a platform that tracks private companies, shared these documents with Moneycontrol.
PhonePe has said that final approval is still pending from the Central Processing Center (CPC) under the Ministry of Corporate Affairs.
Once cleared, the CPC will issue a new certificate of incorporation with the updated name.
Headquarters Moved to India in 2022
Back in December 2022, PhonePe shifted its headquarters from Singapore to India. After its last funding round, the company’s valuation was estimated at $12 billion.
Based in Bengaluru, PhonePe is currently India’s largest digital payments company, with a 48% share in UPI transactions. Google Pay follows with a 37% share.
PhonePe also has backing from Walmart, which has invested significantly in the platform.
Strong Financial Performance in FY24
In financial year 2023–24, PhonePe’s revenue jumped by 73% to ₹5,064 crore.
The company also posted a net profit of ₹197 crore, a major turnaround from the ₹738 crore loss it reported in FY23.
