PhonePe’s IPO Puzzle, Rapido’s Next Move & More

PhonePe’s UPI Edge Isn’t Enough 

PhonePe has filed its DRHP with the SEBI via the confidential route for an up to $1.5 Bn public listing. As the fintech juggernaut heads to the D-Street, will PhonePe’s UPI dominance be enough to command a $15 Bn valuation, especially when it is still loss-making?

Losses Loom Large: With a listing slated for early next year, PhonePe is still nowhere close to profitability. While its losses shrank (13.5% YoY to INR 1,727 Cr) and margins improved in FY25, the fintech major still burns significant cash…