India's Leading UPI Company Phonepe Converts Public Ahead of IPO Plan, Fintech Company Razorpay Follows

India's one of leading online payments service provider PhonePe has changed its legal status from private to public ahead of its upcoming inital public offerings (IPO) according to the report filed with the Registrar of Companies (RoC).The company has changed its name from "PhonePe Private Limited" to "PhonePe Limited" as part of the transition.

The Bengaluru-based fintech company in its exchange filling said, "The board of directors of the company by way of a resolution passed on 3 April 2025 has approved the proposal to convert to a public limited company."

According to the filing, the move needs to be approved by the members of the company through a special resolution and approved by the Ministry of Corporate Affairs' Central Processing Centre.

The company when announced IPO plannings stated, "PhonePe's strong top-line and bottom-line growth across its diverse business portfolio, as detailed in its FY23-24 annual report, makes this a suitable time to prepare for a public listing."

PhonePe Valuation

In its most recent private funding round, this company was valued at about $12 billion. To obtain a valuation of up to $15 billion, PhonePe picked Morgan Stanley, JP Morgan, Citi, and Kotak Mahindra Capital as advisers for the IPO, according to Moneycontrol report.

Sameer Nigam, the chief executive officer (CEO) and cofounder of PhonePe, reportedly mentioned at the Global Fintech Festival last year that the National Payments Corporation of India's (NPCI) planned cap on market share for individual UPI apps which causes an extension of the company's IPO plans.

Doug McMillon, the CEO of Walmart, announced on February 20, 2025 that PhonePe was officially preparing for a possible listing on Indian stock exchanges. But he did not mentioned the date for IPO listings.

However, to temporarily alleviate the situation for PhonePe and other industry players, the NPCI extended the deadline for complying with its 30% market share cap on UPI providers by two years, to December 31, 2026.

Razorpay Converts To Public Ahead of IPO Plans: Shifting From US to India

Another digital payments company Razorpay also got board approval earlier this week to become a public limited company as it has begun the process of shifting its parent company from the United States to India.

The Bengaluru-based Fintech unicorn is planning to go public by financial year (FY) 2026-2027. This comes two months after Razorpay Inc. and Razorpay India's merger was approved by the Regional Director in Hyderabad.

India's No.1 UPI Payment App To Join IPO

Phonepe and Razorpay will join Paytm and MobiKwik which have already gone public. Phonepe is the country's largest digital payments player with close to 48 percent market share in Unified Payments Interface (UPI). Google Pay is the second largest player with around 37 percent of the market.