The PhonePe app is accessible in 11 Indian languages.[11] It enables users to perform various financial transactions such as sending and receiving money, recharging mobile and DTH, making utility payments, conducting in-store payments.[12][13]
History
PhonePe was incorporated in December 2015.[14] In April 2016, the company was acquired byFlipkart[15][16] and as part of the acquisition, the FxMart license was transferred to PhonePe and rebranded as the PhonePe wallet. PhonePe's co-founder Sameer Nigam was appointed as theCEO of the company.[17]
In August 2016, the company partnered withYes Bank to launch aUPI-based mobile payment app, based on the government-backed UPI platform.[18]
In 2022, they were launching international UPI payments, allowing Indian users traveling abroad to pay foreign merchants withUnified Payments Interface (UPI).[19][20]
In 2022, PhonePe obtained licensing from the Reserve Bank of India for operating a Semi-Closed Prepaid Payment system.[21]
In April 2023, PhonePe launched a new shopping app called 'Pincode', focused on hyperlocal e-commerce and built on top of the ONDC platform.[22][23]
In August 2023, PhonePe launched Share.Market, foraying into stock broking and mutual fund investment via its subsidiary PhonePe Wealth Broking.[24][25] The platform allows users to trade in stocks and mutual funds, including intraday trading and pre-curated investment baskets.[26]
In February 2024, PhonePe introduced Indus Appstore, a mobile app store.[27][28] The app store offers over 2 lakh apps and games across 45 categories.[29]
In April 2024, PhonePeconverted into apublic company and changed its name from PhonePe Private Limited to PhonePe Limited as part of its preparations for aninitial public offering.[30][31] According to media reports, in september 2025, PhonePe filed draft papers withSEBI forIPO via the confidential pre filing route.[32]
Ownership and funding
In December 2020,Flipkart and PhonePe declared a partial split, withWalmart maintaining its majority ownership in PhonePe and the two entities now functioning independently.[33]
PhonePe announced the acquisition of $350 million from General Atlantic, a US growth equity firm, at a pre-money valuation of $12 billion.[34] Subsequently, another $100 million was attained in primary capital in February 2023 fromRibbit Capital,Tiger Global, and TVS Capital Funds, followed by $200 million in primary capital fromWalmart, and another $100 million fromGeneral Atlantic at the same valuation. This brings the total amount of funding raised by PhonePe to $850 million.[35][36]
Awards and recognition
In 2018: Won the UPI Digital Innovation Award from NPCI in 2018.[37]
India Advertising Awards 2018 in the Telecom and Technology category[38]
Legal challenges
On 14 January 2017,ICICI bank blocked PhonePe transactions, citing the reasons that it did not meet theNPCI guidelines.[39][40] Initially, on 19 January 2017, NPCI instructedICICI to allow UPI transactions via PhonePe.[41] During this period,Airtel too blocked PhonePe transactions on its platforms.[42] A day later, on 20 January 2017, NPCI renounced the previous instructions citing the reason that PhonePe indeed violated the UPI norms.[43][44][45]
After this, PhonePe closed its operations on Flipkart's website,[46] to align itself with the terms stated in the updated verdict from NPCI. By February 2017, PhonePe resolved the issues withICICI andAirtel.[47]
ESOP
PhonePe allotsemployee stock options (ESOPs) to its full-time employees.[48] In November 2021, PhonePe was reported to have conducted a buyback of ESOPs worth₹1.35 billion (US$16 million), covering 75% of its current workforce who have completed at least a year of service.[49]
₹7,115 crore (US$840 million) (2025)[3]
