Performance since IPO
Confirmed share price history
No published trading history yet
IPO recap
Offering not completed
PhonePe filed IPO documents on Jan 23, 2026. IPO date, ticker, and IPO offer price are not yet confirmed.
FiledJan 23
Pricing—
First trade—
Lockup ends—
The short version
PhonePe’s public draft remains available after its March pause. September’s rural expansion plan adds a new operating milestone, while a firm IPO restart remains unverified.
Key takeaway 1
Public draft and company-announced pause remain the verified IPO sequence.
Key takeaway 2
August 2026 cumulative user and merchant figures are newer.
Key takeaway 3
Rural expansion figures are plans for the next twelve months.
Company in detail
PhonePe operates consumer and merchant payments and distributes financial products in India. Its wider portfolio includes lending and insurance distribution, Share.Market for investment services, and Indus Appstore. The investment question extends beyond transaction scale to the revenue and costs generated by these different activities.
The updated Indian IPO draft was published on 23 January 2026. PhonePe said in March that it had paused listing plans because of market volatility and geopolitical tensions. September reporting described possible consideration of a restart, but an issuer-confirmed reopening and final offer timetable were not verified as of 7 October. No formal withdrawal was verified either.
The operating base has advanced since the older registration milestones. PhonePe’s September release reports more than 720 million lifetime registered users and a merchant acceptance network exceeding 50 million, measured as of August 2026. Cumulative registrations and acceptance locations do not establish monthly active users, paying customers or profit.
Its latest domestic expansion plan calls for more than 20,000 additional sales employees and over five million payment devices during the next twelve months. These are targets, rather than completed installations or current payroll counts. A separate UAE announcement concerns approval in principle, which should not be presented as fully operational permission.
Our analysis focuses on monetization and delivery of the expansion. Broader acceptance can support distribution, but devices, staffing, customer support and compliance create costs. A future offering would need to show how these investments affect earnings, cash generation and the economics of payments.
Operating metrics
Registered users
More than 600 millionCumulative registered accounts in March 2025; not monthly active users.
Mar 11, 2025Merchant acceptance network
More than 40 million merchantsCompany-reported March 2025 acceptance network; no active-merchant claim.
Mar 11, 2025Lifetime registered users
720 million+Issuer figure as of August 2026, announced on 24 September; cumulative registrations rather than monthly active users.
Aug 31, 2026Merchant acceptance network
50 million+Issuer figure as of August 2026, announced on 24 September; acceptance network rather than active paying merchants.
Aug 31, 2026Company profile
- Legal name
- PhonePe Limited
- Headquarters
- —
- Founded
- 2015
- Founders
- Sameer Nigam, Rahul Chari, Burzin Engineer
- CEO
- Sameer Nigam
- CTO
- Rahul Chari
- Reliability chief
- Burzin Engineer
- Chairperson
- Rohit Bhagat
- Consumer businesses
- Share.Market and Indus Appstore
- App launch
- August 2016
- Employees
- No published figure
Timeline
- Registration milestone
PhonePe publishes a cumulative user milestone.
- Updated draft published
SEBI publishes UDRHP-I.
- Feature-phone UPI
PhonePe launches UPI for feature phones.
- IPO temporarily paused
PhonePe said geopolitical tensions and market volatility prompted a temporary pause. Later restart considerations remained reported.
- UAE in-principle approval
PhonePe received in-principle approval from the UAE central bank; this is a preparatory regulatory milestone.
- Rural merchant expansion planned
The company plans over 20,000 sales hires and over five million payment devices during the following 12 months; these are future commitments.
Lifetime registered users
720million+Issuer figure as of August 2026, announced on 24 September; cumulative registrations rather than monthly active users.
Deal size
—Not confirmed
Valuation
—Not confirmed
Employees
—No published figure
Merchant acceptance network
50million+Issuer figure as of August 2026, announced on 24 September; acceptance network rather than active paying merchants.
Registered users
More than 600 millionCumulative registered accounts in March 2025; not monthly active users.
Financials
No complete financial history available
Revenue
Financial history unavailableComparable financial periods will appear here when available.
No comparable financial series
Available dated disclosures are included in the company overview. View disclosures →
Valuation & peers
Price-to-sales, revenue growth and gross margin
Comparable metrics unavailableComparable company figures for the same date are not available.
Revenue growth (%)
| Company | P/S | Growth | GM |
|---|---|---|---|
| PhonePe | — | — | — |
| No published peer comparison | |||
Context: Private financing valuations and modeled market values do not establish an IPO valuation. Revenue run-rate is not used here to calculate a price-to-sales ratio.
IpoHub score
How we score—Not rated
Balance sheet—
Growth—
Community—
Profitability—
Valuation—
Individual category scores are not available.
Where the money goes
—
Use of proceeds—
Allocation percentages—
Net proceeds—
Details on the use of IPO proceeds are not available.
Key risks
Editorial analysisMonetization
Heavy payment usage does not by itself establish revenue or profit.
Expansion execution
Devices, staffing and ongoing support add costs before their returns are clear.
Regulation and trust
Payment reliability, fraud controls and financial-service permissions matter.
Deal terms
- Ticker
- Not confirmed
- Exchange
- Not confirmed
- IPO price
- Not confirmed
- Price range
- Not confirmed
- Pricing date
- Not confirmed
- First trading day
- Not confirmed
- Shares offered
- Not confirmed
- Deal size
- Not confirmed
- Underwriters
- Not confirmed
- Greenshoe shares
- Not confirmed
- Lockup
- Not confirmed
- Quiet period expirations
- Not confirmed
PhonePe IPO: where and how to invest
Where can I invest in the PhonePe IPO?
The PhonePe IPO is currently marked as filed; public share trading is not yet confirmed in this profile. If IPO subscriptions become available, you need a broker offering that specific deal to investors in your country. Having an account does not guarantee an allocation. After a confirmed listing, you can look for a broker that supports the relevant exchange.
Can I buy PhonePe shares now?
Public trading in PhonePe shares is not yet confirmed here. An announced or priced offering does not automatically mean you can buy the stock on an exchange. An IPO subscription and a private share purchase each have separate access requirements.
When is the PhonePe IPO?
A confirmed first trading day for PhonePe has not yet been published here. Check official company announcements and final offering documents; a planned timetable can change.
What is the PhonePe IPO share price?
A confirmed IPO offer price for PhonePe has not yet been published here. Private funding valuations and modeled private-market prices do not establish the eventual IPO share price.
What is PhonePe's stock ticker and exchange?
A stock ticker for PhonePe has not yet been confirmed here. An exchange has not yet been confirmed here. A proposed symbol or exchange does not establish that trading has begun. Verify the final listing announcement before placing an order.
Can I buy PhonePe shares before the IPO?
Private transactions or funds may sometimes provide exposure to PhonePe if a specific offer exists and you meet its requirements. This profile does not confirm an available private offer. A fund interest may provide indirect exposure rather than direct ownership of company shares. Private investments can have resale restrictions, uncertain valuations and limited exit options; a future IPO is not guaranteed.
Where can I find the PhonePe IPO prospectus?
Check PhonePe's official investor-relations announcements and publications from the relevant regulator and exchange. A confidential submission or an announcement about it is not a publicly available prospectus. Before subscribing, read the final prospectus for the risks, price, share class and offering terms.
More questions about the PhonePe IPO
Has PhonePe restarted its IPO?
A restart was reported as being considered, but a firm issuer-confirmed timetable was not verified by 7 October 2026.
Are 720 million users active every month?
No. The figure is cumulative lifetime registrations, as of August 2026.
Have five million new devices been deployed?
The September announcement is a plan for deployment over the following twelve months.
Is UAE approval final?
The company describes approval in principle; it should not be treated as completed operational authorization.
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