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COMPANY INTELLIGENCE PROFILE

PhonePe Limited

PhonePe Limited is India's largest UPI-based digital-payments company (Bengaluru; unlisted public company, CIN U67190KA2012PLC176031), Walmart-controlled (~85%), reporting FY26 consolidated revenue of ~₹7,920 Cr with a widened net loss of ~₹2,792 Cr and preparing a ~$1.5B IPO.

ActiveNo — unlisted public limited company (non-government). IPO planned (~$1.5B at a targeted ~$15B valuation, disclosed Sep 2025); not yet listed as of Jul 2026.RoC-Bangalore (Karnataka)
AI Overview Generating…

PhonePe Limited is an unlisted public company and India's largest UPI-based digital payments platform, with major control by Walmart (approximately 85%). Headquartered in Bengaluru, it provides a range of financial services including digital payments, insurance, wealth management, and lending distribution. For FY26, it reported consolidated revenue of approximately ₹7,920 crore and a net loss of around ₹2,792 crore. PhonePe is preparing for a $1.5 billion IPO.

AI-generated, may contain errors.

Business Overview

  • PhonePe Limited is India's largest digital-payments platform, built on the UPI rail, offering peer-to-peer and merchant payments, plus adjacent financial-services distribution — insurance broking, wealth/stockbroking, and lending distribution — and the Indus Appstore.
  • Founded as a product in 2015 by Sameer Nigam, Rahul Chari and Burzin Engineer, the legal entity dates to 18 Dec 2012
  • Acquired by Flipkart/Walmart and later separated from Flipkart, reverse-flipping its domicile from Singapore to India in 2022.
  • Now a Walmart-controlled (~85%) unlisted public company headquartered in Bengaluru, preparing a ~$1.5B IPO.
  • Payments remain ~88% of operating revenue, with fast-growing insurance/lending/wealth segments.
  • Operationally near-breakeven on an ex-ESOP adjusted basis, FY25 adjusted PAT +₹630 Cr, though reported IND-AS losses remain large due to heavy ESOP charges, and the FY26 reported loss widened amid regulatory headwinds, RBI rent-payment curbs, RMG ban, UPI subsidy loss.

Sector & Classification

Activities auxiliary to financial intermediation / digital payments (fintech). Constitution: Public company, non-govt.

Directors & Key Management

Sameer Nigam
Whole-time Director · DIN 02292840
Rahul Chari
Whole-time Director · DIN 03052804
Leigh Douglas Hopkins
Nominee Director · DIN 09002888
Rohit Bhagat
Nominee Director · DIN 02968574
Zarin Bomi Daruwala
Director · DIN 00034655
Manish Sabharwal
Director · DIN 00969601
Donna Catherine Morris
Nominee Director · DIN 07177193
John David Rainey Jr
Nominee Director · DIN 10464085
Tarun Bajaj
Director · DIN 02026219
Directors — source notes

9 board directors + KMP (DINs single-sourced to Tofler; Nigam & Chari independently corroborated via IndiaFilings — none appear invented): Sameer Nigam (DIN 02292840, Whole-time Director, co-founder/CEO); Rahul Chari (DIN 03052804, Whole-time Director, co-founder/CTO); Leigh Douglas Hopkins (DIN 09002888, Nominee Director); Rohit Bhagat (DIN 02968574, Nominee Director — TheCompanyCheck labels "Director"); Zarin Bomi Daruwala (DIN 00034655, Director, appt 23 May 2025); Manish Sabharwal (DIN 00969601, Director, appt 21 Nov 2024); Donna Catherine Morris (DIN 07177193, Nominee Director); John David Rainey Jr (DIN 10464085, Nominee Director); Tarun Bajaj (DIN 02026219, Director). KMP: Adarsh Nahata — CFO (appt 18 Sep 2024, CONFIRMED via TheCompanyCheck; DIN not obtained, non-board). Rachel Lee Brand — listed only by unreachable Falconebiz; UNVERIFIED, treat as unconfirmed. Last AGM: 21 August 2025 (Tofler).

GST Registrations

GSTINStatePAN
29AACCF1132H2ZX—AACCF1132H
29AACCF1132H1ZY—AACCF1132H
07AACCF1132H1Z4—AACCF1132H
07AACCF1132H2Z3—AACCF1132H
27AACCF1132H1Z2—AACCF1132H
32AACCF1132H1ZB—AACCF1132H
10AACCF1132H1ZH—AACCF1132H
09AACCF1132H1Z0—AACCF1132H
19AACCF1132H1ZZ—AACCF1132H
37AACCF1132H1Z1—AACCF1132H
04AACCF1132H1ZA—AACCF1132H
20AACCF1132H1ZG—AACCF1132H
21AACCF1132H1ZE—AACCF1132H
33AACCF1132H1Z9—AACCF1132H
36AACCF1132H1Z3—AACCF1132H
24AACCF1132H1Z8—AACCF1132H
23AACCF1132H1ZA—AACCF1132H
08AACCF1132H1Z2—AACCF1132H
06AACCF1132H1Z6—AACCF1132H
05AACCF1132H1Z8—AACCF1132H
03AACCF1132H1ZC—AACCF1132H
30AACCF1132H1ZF—AACCF1132H
GST — source notes

Karnataka (home state / primary): 29AACCF1132H2ZX — registered 06/07/2017, status Active, Regular taxpayer (CONFIRMED via gst.jamku.app + Masters India, PAN AACCF1132H). A second Karnataka registration under the same PAN, 29AACCF1132H1ZY, also appears (UNCONFIRMED status). Delhi: 07AACCF1132H1Z4 listed active (knowyourgst), while a different Delhi number 07AACCF1132H2Z3 is flagged "Cancelled suo-moto" (jamku). ~20 state registrations reported (single-source knowyourgst, per-GSTIN status not individually verified): Maharashtra 27AACCF1132H1Z2, Kerala 32AACCF1132H1ZB, Bihar 10AACCF1132H1ZH, UP 09AACCF1132H1Z0, West Bengal 19AACCF1132H1ZZ, Andhra Pradesh 37AACCF1132H1Z1, Chandigarh 04AACCF1132H1ZA, Jharkhand 20AACCF1132H1ZG, Odisha 21AACCF1132H1ZE, Delhi 07AACCF1132H1Z4, Tamil Nadu 33AACCF1132H1Z9, Telangana 36AACCF1132H1Z3, Gujarat 24AACCF1132H1Z8, MP 23AACCF1132H1ZA, Rajasthan 08AACCF1132H1Z2, Haryana 06AACCF1132H1Z6, Uttarakhand 05AACCF1132H1Z8, Punjab 03AACCF1132H1ZC, Goa 30AACCF1132H1ZF. NOTE: subsidiary GSTINs (PhonePe Insurance Broking 29AALCP0641E1ZH; PhonePe Wealth 29AAKCP2010J1ZG) have DIFFERENT PANs — separate legal entities, not to be conflated.

Financials

AI Overview Generating…

PhonePe Limited reported a significant increase in revenues from ₹1,646.2 Cr in FY22 to ₹7,920.48 Cr in FY26, but net losses widened to ₹2,791.59 Cr. FY25 revenues were ₹7,631.4 Cr with partial profitability via an adjusted PAT of ₹630 Cr. Revenue growth was driven by payments and lending distribution segments. The company is debt-free with funding from equity.

AI-generated, may contain errors.

  • CONSOLIDATED, news/RoC-derived — Entrackr, Business Standard, Medianama; NOT Tofler: FY22 rev ₹1,646.2 Cr, loss −₹2,013.8 Cr, loss line unverified this pass
  • FY23 rev ₹2,914 Cr (+77%), loss −₹2,795 Cr (confirmed)
  • FY24 op-rev ₹5,064 Cr, total rev ₹5,722.2 Cr, loss −₹1,996.2 Cr (confirmed)
  • FY25 op-rev ₹7,115 Cr, restated ₹7,105.01 Cr in FY26 filing, total rev ₹7,631.4 Cr, net loss −₹1,727.4 Cr / −13.5% (confirmed), adjusted PAT +₹630 Cr, adjusted EBITDA ex-ESOP +₹1,477 Cr, single-source Entrackr, operating cash flow ₹1,202 Cr, ESOP cost ₹2,358 Cr, accumulated losses ₹14,860 Cr
  • FY25 mix: payments ₹6,299.7 Cr (88.5%, +32%), insurance & lending distribution ₹557.6 Cr (+208%).
  • FY26, published ~25 Jul 2026 — CONFIRMED, Business Standard/Outlook: consolidated revenue ₹7,920.48 Cr (+11.5%), net loss WIDENED to ₹2,791.59 Cr, from ₹1,727.4 Cr, normalized loss ₹1,377 Cr
  • Lending revenue more than doubled to ₹945 Cr (from ₹377.6 Cr)
  • Headwinds — RBI rent-payment discontinuation, real-money-gaming ban, loss of UPI subsidy. STANDALONE, Tofler, materially lower — different basis: FY22 rev ₹1,640.4 Cr / EBITDA −₹1,611.6 / PAT −₹1,775.8 / net worth ₹2,368.8 / assets ₹6,022.4
  • FY23 ₹2,859.2 / −₹1,754.8 / −₹2,107.8 / ₹8,432.4 / ₹12,596.8
  • FY24 ₹4,910.0 / −₹829.0 / −₹1,166.0 / ₹11,198.0 / ₹14,338.0
  • FY25 ₹6,543.8 / −₹357.0 / −₹1,264.5 / ₹11,710.7 / ₹19,936.2
  • FY26 rev ₹6,879.6, per Verifier 0 re-fetch, / PAT −₹3,243.5 / net worth ₹11,457.1 / assets ₹18,817.8. CONFLICT: Angle 3 cited standalone FY26 revenue ₹7,713.7 Cr — not reconciled
  • Verifier 0's ₹6,879.6 Cr preferred. Borrowings: Nil/negligible across all years, debt-to-equity 0.0, debt-free, equity-funded. Auditor: S. R. Batliboi & Associates LLP, FY2023, per TheCompanyCheck.

Funding History

  • Total raised reported ~$1.71B across rounds, Tracxn — indicative. $1B round kicked off Jan 2023
  • First tranche ~$350M from General Atlantic and others (Business Today). 2020 spin-off/valuation pegged ~$5.5B, Business Standard. IPO plans disclosed Sep 2025: ~$1.5B raise at targeted ~$15B valuation, Entrackr, Medianama
  • A ~$14.5B reference appears Oct 2025, Tracxn — indicative. Debt-free
  • Funded by equity. Exact round-by-round cap table not obtained.

Shareholding

AI Overview Generating…

PhonePe Limited's major shareholder is Walmart Inc. with approximately an 85% stake after raising $1 billion in mid-2023. Flipkart, no longer holding a direct stake, fully separated from PhonePe by late 2022.

AI-generated, may contain errors.

  • Parent/controlling shareholder: Walmart Inc., stake ~85%, down from ~89% around mid-2023 after the $1B raise, — Business Standard, Jun 2023, percentage indicative, exact cap table not obtained. Flipkart fully separated in late 2022
  • Reverse-flip / redomicile from Singapore to India completed 2022 — Singapore-entity shareholders bought directly into the India entity, TechCrunch Dec 2022; phonepe.com press. Flipkart no longer holds a direct stake.

Loans & Charges

  • Zero open charges. Four historical charges, all SATISFIED, all with Yes Bank Limited: ₹44.66 Cr, created 23 Jun 2016, ₹2.00 Cr (12 Dec 2017), ₹4.87 Cr (29 Jan 2018), ₹0.10 Cr / ₹10 Lakh (29 Jan 2018). Total satisfied ₹51.63 Cr
  • Open ₹0/Nil, TheCompanyCheck itemized list, corroborated by Tofler/InstaFinancials summary. These date from the pre-conversion "PhonePe Private Limited" era. Company currently carries no debt, borrowings Nil, D/E 0.0.

Credit Ratings

  • None found. No public rating from CRISIL, ICRA, CARE (CareEdge) or India Ratings was obtained
  • Tofler and TheCompanyCheck both show "no credit rating disclosed." Consistent with Nil borrowings / equity funding, no rated debt instrument.
  • Marked "not obtained" rather than confirmed-nonexistent, since agency databases are partly behind premium/search-unfriendly walls.

Competitive Landscape

  • India's #1 UPI payments app by volume. Key competitors: Google Pay (UPI share ~37%)
  • Paytm, rev ~₹9,900 Cr; m-cap ~₹45,000 Cr
  • Amazon Pay, ~₹2,000 Cr India rev
  • CRED (rev ~₹2,400 Cr)
  • BHIM, NPCI app, low single-digit UPI share.

Frequently Asked Questions

What does PhonePe Limited do?

PhonePe Limited is India's largest digital-payments platform, built on the UPI rail, offering peer-to-peer and merchant payments, along with financial-services distribution like insurance broking, wealth/stockbroking, and lending distribution.

What is the CIN (Corporate Identification Number) of PhonePe Limited?

The CIN of PhonePe Limited is U67190KA2012PLC176031.

What is the GSTIN of PhonePe Limited in Karnataka?

PhonePe Limited's primary GSTIN in Karnataka is 29AACCF1132H2ZX, registered on 06/07/2017 with the status of Active and Regular taxpayer.

When was PhonePe Limited incorporated?

PhonePe Limited was incorporated on December 18, 2012.

Where is the registered office of PhonePe Limited located?

The registered office of PhonePe Limited is located at Office-2, Floor 5, Wing A, Block A, Salarpuria Softzone, Bellandur Village, Varthur Hobli, Outer Ring Road, Bellandur, Bangalore South, Karnataka 560103.

Sources

https://www.tofler.in/phonepe-limited/company/U67190KA2012PLC176031, https://www.thecompanycheck.com/company/phonepe-limited/U67190KA2012PLC176031, https://www.falconebiz.com/company/PHONEPE-LIMITED-U67190KA2012PLC176031, https://gst.jamku.app/gstin/29AACCF1132H2ZX, https://www.mastersindia.co/gst-search/?name=phonepe-private-limited&gstin=29AACCF1132H2ZX, https://entrackr.com/fintrackr/phonepe-posts-rs-7115-cr-revenue-and-rs-630-cr-adjusted-pat-in-fy25-10487742, https://www.medianama.com/2025/09/223-1-5b-ipo-phonepe-7631-cr-revenue-fy25-loss/, https://www.business-standard.com/companies/quarterly-results/phonepe-fy26-net-loss-widens-to-rs-2-792-cr-despite-11-5-pc-revenue-growth-126072501086_1.html, https://www.outlookbusiness.com/corporate/phonepe-fy26-losses-rs-2792-cr-revenue-rises-11-pc-lending-wealth-insurance-grow-ipo-plans, https://www.business-standard.com/amp/companies/results/phonepe-records-revenue-of-rs-2-914-crore-in-fy23-marks-77-jump-123101800906_1.html, https://inc42.com/buzz/phonepe-narrows-net-loss-to-inr-1996-cr-in-fy24/, https://www.indiafilings.com/search/sameer-nigam-din-02292840, https://indiankanoon.org/doc/17509216, https://indiankanoon.org/doc/163332274

Information compiled from public registry and secondary sources. It may be incomplete or dated; verify independently before relying on it.