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PhonePe targets February–March 2027 IPO as UPI MDR clarity improves monetisation outlook
PhonePe plans to revive its IPO and target a February-March 2027 listing after India introduced limited UPI merchant MDR. The Walmart-backed fintech expects clearer payment monetisation, while its FY26 loss widened despite operating-revenue growth.
- Target IPO valuation
- $10 billion
- FY26 net loss
- ₹2,792 crore
- up up 62%
- FY26 operating revenue
- ₹7,920.5 crore
- up up 11.5%
- MDR on merchant UPI payments above ₹2,000
- 0.4%
Reported figures
From the report. Source details below
| Target valuation: | $10 billion |
|---|---|
| Merchant UPI payments above ₹2,000: | 0.4% MDR from October 15 |
| Capital-market MDR: | 0.02%, capped at ₹300 |
| FY26 net loss: | ₹2,792 crore, up 62% |
| FY26 operating revenue: | ₹7,920.5 crore, up 11.5% |
Also in the report
- Small merchants receiving up to ₹1 lakh monthly via UPI QR are exempt
- PhonePe holds almost 45% share of merchant payments
The source
First seen