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livemint.com / 2 months ago
livemint.com / 2 months ago
As PhonePe eyes a ₹97,000-crore IPO, how does it compare with Paytm?
PhonePe, the fintech giant backed byWalmart, is preparing for a major initial public offering, aiming for a valuation of up to $10.5 billion (around ₹97,000 crore). This would be lower than the $12 billion valuation at which PhonePe last raised $100 million from private equity investors in 2023.The IPO will be entirely an offer for sale (OFS), with existing investors including WM Digital, Microsoft Global Finance, and Tiger Global planning to sell shares.
PhonePe itself will not receive any proceeds from the IPO, the core objectives of which are to list the company on the stock exchanges and to facilitate the OFS.For investors, though, the main question is how PhonePe actually compares with Paytm, its closest rival. Let’s dive in.Over the past few years, PhonePe and Paytm have taken sharply different paths in terms of user growth.
PhonePe has demonstrated consistent and aggressive expansion in monthly active customers (MAC), from 161 million in FY23 to 238 million by H1FY26.Paytm's user base, on the other hand, contracted from 90 million to 75 million over the same period, following a series of disruptions such as RBI restrictions on Paytm Payments Bank, user migration, merchant attrition, and the erosion of its wallet advantage.PhonePe emerged as the biggest beneficiary of this disruption. Since it was already the market leader in UPI transaction volumes, many users migrating away from Paytm viewed PhonePe as the most reliable alternative.
PhonePe was thus able to capitalize on Paytm’s setbacks while simultaneously strengthening its own distribution network.This divergence is visible in PhonePe’s UPI market share. It remains the undisputed market leader, maintaining an average UPI market share of around 49% through 2024
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21.05 / 10:17
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markets
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21.05 / 09:47
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UPS
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