Walmart-backed fintech giant PhonePe has initiated preparations for its much-anticipated PhonePe IPO 2025. As one of India’s leading digital payment platforms, the company aims to list on Indian stock exchanges, marking a major milestone in the country’s fintech evolution.
Founded in 2016, PhonePe currently holds a dominant 48.4% market share in India’s Unified Payments Interface (UPI) ecosystem. With over 590 million registered users and more than 310 million online transactions processed daily, the company’s stronghold in digital payments has positioned it as a key player in India’s financial technology sector.
In the fiscal year 2023-2024, PhonePe reported consolidated revenue of ₹5,064 crore, reflecting a 74% year-on-year growth. The company also posted its first profitable year with a consolidated profit before employee stock options of ₹197 crore, a significant turnaround from a loss of ₹738 crore in the previous year.
The groundwork for the PhonePe IPO 2025 was laid in October 2022 when the company redomiciled from Singapore to India. This move, which involved a hefty tax payment of approximately ₹8,000 crore to the Indian government, signals PhonePe’s long-term commitment to the Indian market.
While the exact timeline for the PhonePe IPO 2025 remains undisclosed, analysts anticipate the offering could raise at least $1 billion, positioning PhonePe as one of the most valuable fintech companies in India.
The Whole Truth Secures $15 Million in Series C Funding
In parallel to the fintech sector’s IPO buzz, India’s health food industry is witnessing substantial investor interest. Mumbai-based clean-label food brand The Whole Truth (TWT) recently raised $15 million in a Series C funding round led by Belgian investment firm Sofina. Existing investors, including Z47 (formerly Matrix Partners India), Peak XV Partners, and Sauce.VC, also participated in the round.
Founded in 2019 by former Unilever marketer Shashank Mehta, TWT has emerged as a leader in the clean-label food segment. The brand offers a range of healthy products, including protein bars, peanut butter, dark chocolates, protein powders, and muesli. The newly acquired funds will be used to scale in-house manufacturing, expand hiring, and drive growth across various product categories.
Since its previous funding round, TWT has experienced a 3.5-fold increase in growth, a testament to the rising consumer demand for clean-label, transparent food products. The company’s mission to challenge misleading food labels and promote healthier alternatives has resonated with a rapidly growing base of health-conscious Indian consumers.
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Vikram Vaidyanathan, Managing Director at Z47, expressed confidence in TWT’s trajectory, stating, “Shashank and the team at The Whole Truth are not just building a brand—they’re leading a movement to restore trust in food and make it real again.”
Similarly, Yana Kachurina, Principal at Sofina, emphasized the alignment of TWT’s mission with their investment philosophy: “The Whole Truth’s mission to redefine clean-label nutrition and build consumer trust strongly aligns with our vision. We are proud to support their journey and excited to build a healthier food ecosystem together.”
