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.
AI-generated summary from public filings and may contain errors. Verify against the detailed sections below.
Company Identity
Confirmed| Registered name | PhonePe Limited |
|---|---|
| CIN | U67190KA2012PLC176031 |
| PAN | AACCF1132H |
| Status | Active |
| Listing | No — 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. |
| Incorporated | 18 December 2012 |
| ROC | RoC-Bangalore (Karnataka) |
| Sector (NIC) | Activities auxiliary to financial intermediation / digital payments (fintech). Constitution: Public company, non-govt. |
| Registered address | Office-2, Floor 5, Wing A, Block A, Salarpuria Softzone, Bellandur Village, Varthur Hobli, Outer Ring Road, Bellandur, Bangalore South, Karnataka 560103 |
| Authorized capital | ₹1,00,00,00,000 (₹100.00 crore) — confirmed (Tofler, TheCompanyCheck) |
| Paid-up capital | ≈₹50.66 crore — confirmed to rounded level (TheCompanyCheck ₹50.66 Cr; Tofler ₹50.7 Cr). Exact figure ₹50,66,04,456 is attributed to Falconebiz and is PARTIAL/unverified (Falconebiz not independently re-fetchable). |
Source: tofler.in/phonepe-limited/company/U67190KA2012PLC176031; thecompanycheck.com/company/phonepe-limited/U67190KA2012PLC176031; falconebiz.com/company/PHONEPE-LIMITED-U67190KA2012PLC176031
Business Overview
Confirmed- 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)
Source: tofler.in, thecompanycheck.com, company disclosures & trade press
Directors & KMP
Partial / conflicting| Name | DIN | Role | Appointed |
|---|---|---|---|
| Sameer Nigam | 02292840 | Whole-time Director, co-founder/CEO | - |
| Rahul Chari | 03052804 | Whole-time Director, co-founder/CTO | - |
| Leigh Douglas Hopkins | 09002888 | Nominee Director | - |
| Rohit Bhagat | 02968574 | Nominee Director — TheCompanyCheck labels "Director" | - |
| Zarin Bomi Daruwala | 00034655 | Director | 23 May 2025 |
| Manish Sabharwal | 00969601 | Director | 21 Nov 2024 |
| Donna Catherine Morris | 07177193 | Nominee Director | - |
| John David Rainey Jr | 10464085 | Nominee Director | - |
| Tarun Bajaj ( | 02026219 | CFO (appt 18 Sep 2024, CONFIRMED via TheCompanyCheck | 18 Sep 2024 |
Source: MCA / DIN records via tofler.in, falconebiz.com
GST Registrations
Partial / conflicting| GSTIN | State | PAN | Status |
|---|---|---|---|
| 29AACCF1132H2ZX | Karnataka | AACCF1132H | Active |
| 29AACCF1132H1ZY | Karnataka | AACCF1132H | - |
| 07AACCF1132H1Z4 | Delhi | AACCF1132H | Active |
| 07AACCF1132H2Z3 | Delhi | AACCF1132H | Cancelled |
| 27AACCF1132H1Z2 | Maharashtra | AACCF1132H | - |
| 32AACCF1132H1ZB | Kerala | AACCF1132H | - |
| 10AACCF1132H1ZH | Bihar | AACCF1132H | - |
| 09AACCF1132H1Z0 | Uttar Pradesh | AACCF1132H | - |
| 19AACCF1132H1ZZ | West Bengal | AACCF1132H | - |
| 37AACCF1132H1Z1 | Andhra Pradesh | AACCF1132H | - |
| 04AACCF1132H1ZA | Chandigarh | AACCF1132H | - |
| 20AACCF1132H1ZG | Jharkhand | AACCF1132H | - |
| 21AACCF1132H1ZE | Odisha | AACCF1132H | - |
| 33AACCF1132H1Z9 | Tamil Nadu | AACCF1132H | - |
| 36AACCF1132H1Z3 | Telangana | AACCF1132H | - |
| 24AACCF1132H1Z8 | Gujarat | AACCF1132H | - |
| 23AACCF1132H1ZA | Madhya Pradesh | AACCF1132H | - |
| 08AACCF1132H1Z2 | Rajasthan | AACCF1132H | - |
| 06AACCF1132H1Z6 | Haryana | AACCF1132H | - |
| 05AACCF1132H1Z8 | Uttarakhand | AACCF1132H | - |
| 03AACCF1132H1ZC | Punjab | AACCF1132H | - |
| 30AACCF1132H1ZF | Goa | AACCF1132H | - |
| 29AALCP0641E1ZH | Karnataka | AACCF1132H | - |
| 29AAKCP2010J1ZG | Karnataka | AACCF1132H | - |
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.
Source: gst.jamku.app/gstin/29AACCF1132H2ZX; mastersindia.co/gst-search/?name=phonepe-private-limited&gstin=29AACCF1132H2ZX
Financials
Partial / conflicting- 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)
Source: medianama.com/2025/09/223-1-5b-ipo-phonepe-7631-cr-revenue-fy25-loss/
Funding
Partial / conflicting- 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
Source: entrackr.com/fintrackr/phonepe-posts-rs-7115-cr-revenue-and-rs-630-cr-adjusted-pat-in-fy25-10487742; inc42.com/buzz/phonepe-narrows-net-loss-to-inr-1996-cr-in-fy24/
Charges & Borrowings
Confirmed- 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)
Source: MCA charge index via tofler.in, falconebiz.com
Legal / Litigation
Confirmed- Trademark & regulatory litigation (Indian Kanoon + news): (A) PhonePe vs Ezy Services (BharatPe "Pe"-suffix case), Delhi HC, IA 8084/2019 in CS(COMM) 292/2019, order 15 Apr 2021 — interim injunction DENIED
- "Pe" held a descriptive misspelling of "Pay," not monopolisable (loss for PhonePe at interim stage)
- (B) Resilient Innovations Pvt Ltd vs PhonePe Private Ltd, Delhi HC, C.O.(COMM.IPD-TM) 40/2021, 11 Nov 2021 — rectification/objection re "PostPe" / distinctiveness of "Pe." (C) PhonePe Private Ltd vs Digipe Fintech Pvt Ltd, Commercial Suit 248/2022, order 22 Aug 2023 — interim injunction sought against "Digipe" (outcome not obtained)
- (D) PhonePe Private Ltd vs State of Karnataka, Karnataka HC, Crime No. 193/2022, pronounced 29 Apr 2025 — IT Act 66C/66D + IPC 419/420, online-gambling payment-facilitation / customer-data disclosure under CrPC s.91
- PhonePe's petition DISMISSED (confidentiality under PSS Act 2007 / Bankers' Books Evidence Act not absolute immunity)
- Settlement (news, May 2024): BharatPe and PhonePe amicably settled all "Pe"-suffix disputes
Source: indiankanoon.org/doc/17509216; indiankanoon.org/doc/163332274
Key Competitors
ConfirmedIndia's #1 UPI payments app by volume.
- 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)
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