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PhonePe weighs IPO restart as new UPI MDR rules improve revenue visibility
PhonePe is evaluating a restart of its IPO process after NPCI introduced a 0.4% MDR for large UPI merchant payments. The framework improves revenue-model visibility; PhonePe will update SEBI financial metrics before proceeding with a potential listing.
FY23 revenue from operations₹2,914 crore
FY25 revenue from operations₹7,115 crore
Reported figures
From the report. Source details below
| 0.4% MDR on P2M UPI transactions above | ₹2,000 |
|---|---|
| IPO offer for sale of | up to 50.66 million shares |
| Target valuation: | $9 billion-$10.5 billion |
| FY25 restated loss: | ₹1,727 crore |
| Loss reduction from FY23 to FY25: | over ₹1,060 crore |
| Revenue from operations: | ₹2,914 crore in FY23 to ₹7,115 crore in FY25 |
| FY23-FY25 revenue CAGR: | 56.25% |
| Budget 2026 UPI subsidy estimate: | ₹2,000 crore for 2026-27 |
Also in the report
- ₹300 MDR cap per transaction
- 95% of transactions remain free
- 42% of revenue from non-payment segments
The source
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