PhonePe is no longer just India’s UPI giant—it’s becoming a full-stack financial ecosystem. After a string of high-profile IPOs last year, including Meesho, Groww and Urban Company, 2026 is shaping up to be another defining year for India’s startup listings. Among all the names, PhonePe is one of the most anticipated, and the company is set to make a debut soon after receiving the go-ahead from SEBI. The Bengaluru-based fintech, which commands nearly 46% of India’s UPI market, is on the cusp of a $1 Bn+ IPO after filing its updated draft red herring prospectus (DRHP) earlier this week. The headline figure reminds us of the time when fintech rival Paytm went public, raising INR 18,300 Cr from public market investors, back in 2021. That was the first such mega IPO from a new-age tech startup in India, and PhonePe would be looking to create a similar buzz. Like PhonePe, Paytm went public armed with a super app strategy built around payments. And like Paytm, PhonePe is looking to go public despite booking losses in the past two fiscal years. But what makes PhonePe’s listing so different is that it isn’t about raising capital to fund growth like Paytm did… Read MoreInc42 Media
