Phonepe
Issue details
- Listing at
- NSE
- CIN
- U67190KA2012PLC176031
- Registered office
- Office-2, Floor 5, Wing A, Block A, Salarpuria Softzone, Bellandur Village, Varthur Hobli, Outer Ring Road, Bangalore South, Bangalore 560 103, Karnataka, India
Company financials
Consolidated ·₹ crore unless a row shows % or ×, as reported in the offer document
| Period ended | FY25 | FY24 | FY23 |
|---|---|---|---|
| Profit and loss | |||
| Total income | 7,631.38 | 5,722.2 | 3,083.43 |
| Revenue from operations | 7,114.86 | 5,064.13 | 2,914.29 |
| Other income | 516.52 | 658.07 | 169.15 |
| Total expenses | 9,394.1 | 7,754.29 | 5,906.23 |
| Operating profit | -1,762.72 | -2,032.09 | -2,822.8 |
| Operating margin | -23.10% | -35.51% | -91.55% |
| Profit before tax | -1,735.56 | -2,006.65 | -2,802.35 |
| Profit after tax | -1,727.41 | -1,996.17 | -2,796.07 |
| PAT margin | -22.64% | -34.88% | -90.68% |
| Balance sheet | |||
| Total assets | 18,205.23 | 12,706.48 | 11,840.28 |
| Current assets | 14,053.02 | 8,534.61 | 8,047.23 |
| Current liabilities | 7,064.16 | 1,958.1 | 3,862.32 |
| Total liabilities | 8,696.12 | 3,251.24 | 4,322.02 |
| Net worth | 9,509.11 | 9,455.24 | 7,518.26 |
| Current ratio | 1.99× | 4.36× | 2.08× |
| Return on equity | -18.17% | -21.11% | -37.19% |
| Cash flow | |||
| Operating cash flow | 1,201.98 | -629.15 | -768.25 |
| Investing cash flow | -1,312.1 | -697.77 | -4,815.57 |
| Financing cash flow | -156.29 | 1,513.83 | 5,991.4 |
| Net cash flow | -266.4 | 186.91 | 407.58 |
Objects of the issue
Stated use of the net proceeds— open a row for the issuer's full explanation
1 Achieve benefits of listing Equity Shares on Stock Exchanges —
The company aims to achieve the benefits of listing its Equity Shares on the Stock Exchanges to enhance visibility and brand image as well as provide a public market for the Equity Shares in India.
2 Offer for Sale by Selling Shareholders —
The company is carrying out an Offer for Sale of Equity Shares by the Selling Shareholders. The company will not receive any proceeds from this Offer for Sale.
2 of 2 objects carry no stated amount — typically general corporate purposes, funded from whatever remains — so the total above is the quantified portion only, not the whole issue.
About Phonepe
PhonePe Limited (formerly PhonePe Private Limited) is an Indian technology company incorporated in 2012 that has evolved into a comprehensive digital payments and financial services platform. The company operates through the PhonePe Platform, offering Consumer Payments (peer-to-peer, bill payments, recharges), Merchant Payments (QR code-based payments and payment devices), and Lending and Insurance Distribution services. Additionally, PhonePe is rapidly scaling two New Platforms: Share.Market, a stock broking and mutual funds distribution platform, and Indus AppStore, a mobile app marketplace. The company is built on a scalable technology stack providing reliability, scalability, security and cost efficiency. PhonePe is owned by Walmart through its subsidiaries WM Digital Commerce Holdings Pte. Ltd. and Wal-Mart International Holdings, Inc.
Management
Rohit Bhagat
MD
Sameer Nigam
CEO
Rahul Chari
CTO
Donna Catherine Morris
Director
Strengths
As stated in the offer document
Long-Term and Strategic Approach to Building New Businesses
The company's long-term orientation stems from founding team conviction to solve meaningful, large-scale problems for India. Strategic choices like investing in own data centres enable compliance with India's data localisation norms and improve cost and performance.
Highly Tenured Leadership Team with Strong Focus on Organisational Culture and Governance
The company is led by its founding team with decades of experience in technology industry, supported by seasoned executive team and experienced, independent Board with long-term orientation and strong organisational culture.
Cutting-Edge Technology and Intellectual Property Stack
The company has built an in-house technology stack across infrastructure, platform, software and data intelligence layers, designed for performance, reliability, scalability, security and cost efficiency at population-scale with ownership across full technology engine.
Trusted Brand across the Length and Breadth of India
The company is India's most downloaded Android mobile app owned by an Indian company in 'Finance' category with 156.00 million Daily Active Users. 99.23% of customers return within 30 days, with 65.22% from Tier-2+ cities representing 657.56 million LTD Registered User Base.
Market Leadership in a High-Frequency Payments Business
The company has consistently sustained #1 market position in UPI transactions for 58 consecutive months (December 2020 to September 2025). India's digital Consumer Payments TPV reached ₹301 trillion in Fiscal Year 2025, projected to grow at 15-18% CAGR reaching ₹602-681 trillion by 2030.
Strong Operating Model Combining Scale, Growth, Diversification, and Financial Performance
The company has focused on executing financial strategy through revenue growth with diversification and improvement in profitability and cash generation, supported by scale across consumer and merchant businesses and disciplined approach to platform monetisation.
Risk factors
As stated in the offer document
History of Net Losses and Negative Cash Flows
The company has incurred restated losses of ₹14,444.22 million, ₹12,032.05 million, ₹17,274.10 million, ₹19,961.71 million and ₹27,960.69 million for the six months ended September 30, 2025 and 2024, and Fiscal Years 2025, 2024 and 2023, respectively. The company also experienced negative net cash flows used in operating activities of ₹1,172.71 million, ₹6,291.52 million and ₹7,682.50 million for the six months ended September 30, 2025 and in Fiscal Years 2024 and 2023, respectively.
Heavy Dependence on Consumer Payments Revenue
The company's Consumer Payments offering accounted for 56.14%, 68.84%, 63.34%, 71.56% and 82.91% of revenue from operations for the six months ended September 30, 2025 and 2024, and Fiscal Years 2025, 2024 and 2023, respectively. Any disruption in Consumer Payments offering could adversely affect the company's business, financial condition, results of operations and cash flows.
Exposure to Payment Processing Charges
The company faces risk from increasing payment processing charges payable to financial institutions. Payment processing charges were ₹10,900.01 million, ₹7,885.44 million, ₹16,881.78 million, ₹11,664.38 million and ₹6,669.66 million for the six months ended September 30, 2025 and 2024, and Fiscal Years 2025, 2024 and 2023, respectively. If the company cannot pass on these higher processing charges to merchants or consumers, margins and profitability may decrease significantly.
Dependence on PSP Banks
The company participates in the UPI payment system through three sponsor PSP banks: Yes Bank Limited, Axis Bank Limited, and ICICI Bank Limited. Any change in commercial terms, disruption, failure, or operational breakdown within one or more of these payment networks could have an adverse effect on the company's business. The contracts allow either party to terminate with 90-180 days notice and require the company to provide uncapped indemnity to PSP banks.
UPI Volume Cap Restrictions
NPCI has issued a Volume Cap Circular proposing a 30% cap on total UPI transaction volume that may be processed by any single TPAP, currently deferred until December 31, 2026. As of September 30, 2025, the company's UPI Volume market share was 46.85%. If the Volume Cap is enforced, it may impact the company's ability to onboard new UPI users, thereby adversely affecting business operations, financial performance, cash flows and overall growth trajectory.
High Concentration in Payment Services Revenue
The company's total revenue from payment services was ₹34,058.60 million, ₹29,613.21 million, ₹64,979.39 million, ₹48,583.38 million and ₹28,459.65 million for the six months ended September 30, 2025 and 2024, and Fiscal Years 2025, 2024 and 2023, representing 86.92%, 92.32%, 91.33%, 95.94% and 97.66% of revenue from operations respectively. Any downturn in customers' willingness to use payment services could have a material adverse impact on business, financial condition, results of operations and cash flows.
Extensive Regulatory Compliance and Oversight
The company's operations are subject to various legal and regulatory requirements, including oversight by major Indian financial regulators such as RBI, SEBI, and IRDAI. The company has received various regulatory observations and penalties, including a ₹2.10 million penalty from RBI in September 2025. Any changes in, or non-compliance with, applicable legal or regulatory requirements may adversely affect operations.
Cybersecurity and Data Protection Risks
The company is subject to cybersecurity risks that could lead to disruptions of operations and additional costs. The company processes confidential and personal data including PII, KYC data, payment transaction data, and financial data of users. The recently notified Digital Personal Data Protection Act, 2023 can impose penalties of up to ₹2,500 million for personal data breaches.
Company Analysis
from PROSPECTUSPhonePe is a technology company that builds digital platforms for payments services, digital distribution services, and financial services in India, operating across consumer payments, merchant payments, lending distribution, insurance distribution, and new platforms including stock broking and a mobile app marketplace.
PhonePe Limited (formerly PhonePe Private Limited) is an Indian technology company incorporated in 2012 that has evolved into a comprehensive digital payments and financial services platform. The company operates through the PhonePe Platform, offering Consumer Payments (peer-to-peer, bill payments, recharges), Merchant Payments (QR code-based payments and payment devices), and Lending and Insurance Distribution services. Additionally, PhonePe is rapidly scaling two New Platforms: Share.Market, a stock broking and mutual funds distribution platform, and Indus AppStore, a mobile app marketplace. The company is built on a scalable technology stack providing reliability, scalability, security and cost efficiency. PhonePe is owned by Walmart through its subsidiaries WM Digital Commerce Holdings Pte. Ltd. and Wal-Mart International Holdings, Inc.
Objects of the Issue
- Benefits of listing and carry out Offer for Sale p.19
- Enhancement of visibility and brand image, providing public market for Equity Shares p.19
- The Offer consists only of an Offer for Sale - no capital is being raised for the company p.100
- Achieve the benefits of listing the Equity Shares on the Stock Exchanges p.142
- Offer for Sale by Selling Shareholders p.142
Issue Structure
- Total Issue
- Up to 50,660,446 Equity Shares of face value of ₹1 each aggregating up to ₹[●] million
- Fresh Issue
- Not applicable
- Offer for Sale
- Up to 50,660,446 Equity Shares of face value of ₹1 each aggregating up to ₹[●] million
- Price Band
- [●] per Equity Share (Floor Price and Cap Price to be determined)
- Lot Size
- [●] Equity Shares (minimum Bid Lot to be determined)
- Face Value
- ₹1 each
Business Model
PhonePe generates revenue from payment services including consumer payments, merchant payments, and financial services distribution (lending and insurance). The company earns transaction-based fees from financial institutions for payment processing, platform fees from users and merchants, and distribution commissions from lending partners and insurance providers. For the six months ended September 30, 2025, total revenue from payment services was ₹34,058.60 million, representing 86.92% of total revenue from operations of ₹41,745.07 million.
Business Segments
SWOT Analysis
- • Diversified digital platform portfolio across payments, financial services, and new platforms(p.19)
- • Award-winning scalable technology stack with reliability, scalability, security, and cost efficiency(p.19)
- • Strong position in UPI with significant market share in digital consumer payments(p.19)
- • Walmart backing provides substantial financial resources and strategic support(p.19)
- • Large registered user and merchant base with strong growth trajectory(p.51)
- • Significant market share in UPI payments(p.48)
- • Diversified revenue streams across payments and financial services(p.49)
- • Strong brand recognition with 201 registered trademarks and two copyrights(p.66)
- • Investment in technology infrastructure supporting platform reliability(p.64)
- • Strong founder-led leadership with deep tech expertise and commitment to societal impact(p.144)
- • Proprietary data center infrastructure enabling compliance with data localization and improved performance(p.144)
- • In-house technology stack providing full ownership and control across infrastructure, platform, and data layers(p.144)
- • Market leadership in high-frequency payments with India's most downloaded Finance app and 156 million daily active users(p.144)
- • Trusted brand synonymous with payments with strong user retention across geographies(p.144)
- • Recognized as Category Leader and Most Valuable Brand in Payment Networks per Kantar BrandZ(p.144)
- • Experienced leadership team with strong focus on organizational culture and governance(p.144)
- • India's first UPI app by private non-bank player with sustained market leadership(p.189)
- • Market-leading scale with 657.56 million registered users and 47.19 million merchants(p.189)
- • In-house technology stack with full infrastructure control enabling data residency and cost efficiency(p.198)
- • Diversified revenue streams across payments, lending, insurance and new platforms(p.215)
- • Achieved Adjusted EBITDA profitability and positive free cash generation in FY2025(p.215)
- • Extensive pan-India sales and distribution network covering 96.96% of pin codes(p.199)
- • Strong organizational culture with 14 core values driving ethical practices and sustainable growth(p.238)
- • Multi-layered regulatory compliance across major Indian financial regulators (RBI, SEBI, IRDAI)(p.238)
- • Extensive technology infrastructure and expertise across payment systems and fintech(p.279)
- • Experienced management team with deep fintech and technology background(p.278)
- • Strong governance framework with compliance to SEBI Listing Regulations(p.285)
- • Experienced and tenured leadership team with strong background in financial services(p.293)
- • CFO with extensive finance and governance experience(p.294)
- • Diversified business model across payments, lending, insurance, and stock broking(p.322)
- • Strong cash position and liquidity(p.321)
- • Substantial growth in customer base and engagement(p.400)
- • Extensive merchant network and payment device deployment(p.403)
- • Platform scale and operating leverage with improving profitability(p.399)
- • Positive adjusted EBITDA and adjusted profit generation(p.391)
- • Diversified revenue streams across payments, lending and insurance(p.405)
- • Technology infrastructure providing cost efficiency and scalability(p.392)
- • Strong revenue growth and diversified revenue streams(p.414)
- • Significant customer and merchant base expansion on PhonePe Platform(p.414)
- • Rapid growth in Lending and Insurance Distribution services(p.414)
- • Strong financial liquidity position(p.418)
- • Zero debt position providing financial flexibility(p.420)
- • Consistent history of substantial net losses across all reporting periods(p.22)
- • Heavy dependence on Consumer Payments, which constitutes over half of revenue(p.22)
- • Dependence on only three PSP banks for UPI payment processing(p.22)
- • Vulnerability to regulatory penalties and corporate governance issues(p.22)
- • Persistent net losses and negative cash flows from operations(p.43)
- • High payment processing charges as percentage of expenses and increasing trend(p.47)
- • High employee attrition rate impacting talent retention(p.57)
- • High concentration in Consumer Payments segment with revenue decline(p.46)
- • Seven subsidiaries incurring losses requiring potential financial support(p.72)
- • Regulatory compliance issues and audit observations requiring remediation(p.52)
- • Corporate filing discrepancies and pending adjudication application(p.66)
- • Inability to trace certain corporate records from historical rights issues(p.71)
- • Dependence on third-party telecom infrastructure(p.86)
- • Unsecured working capital facilities subject to recall(p.86)
- • Risk of lease/coworking space disruption(p.87)
- • Significant asset base subject to impairment(p.88)
- • Material goodwill and intangible assets on balance sheet(p.108)
- • Foreign exchange exposure without hedging policy(p.89)
- • Significant operating losses(p.109)
- • High employee benefits expense(p.109)
- • Significant cash burn with negative adjusted EBIT and net losses in recent periods(p.147)
- • Negative return on net worth indicating value destruction for shareholders(p.146)
- • Large number of outstanding employee stock options creating significant dilution risk(p.139)
- • Negative free cash flow in recent periods indicating operational cash challenges(p.147)
- • Market share in UPI customer-initiated transactions declined from 55.3% in Dec 2020 to 46.15% in Sep 2025(p.193)
- • Negative net profit of ₹(17,274.10) million in Fiscal Year 2025 despite revenue growth(p.215)
- • New Platforms (Share.Market and Indus Appstore) remain early-stage investments(p.214)
- • High employee count with significant contracted staff creating operational complexity(p.232)
- • Dependence on regulatory approvals and licenses from multiple authorities for core operations(p.239)
- • Concentration of UPI transaction volume subject to RBI's 30% cap on third-party providers(p.241)
- • Requirement to maintain minimum net worth thresholds as payment aggregator(p.240)
- • Complex compliance burden from multiple evolving regulatory frameworks(p.251)
- • Consistent operating losses and negative cash flows from operations(p.317)
- • High employee benefits expense and significant share-based payment obligations(p.317)
- • Substantial cash-settled share based payment liabilities on balance sheet(p.316)
- • High dependence on payment processing activities with significant processing charges(p.317)
- • Cumulative losses have significantly eroded equity, resulting in negative retained earnings(p.318)
- • Persistent net losses on a reported basis(p.391)
- • Negative cash flow in recent half-year period(p.400)
- • Significant share-based payment obligations impacting profitability(p.398)
- • High employee benefits expenses relative to revenue(p.410)
- • Negative adjusted EBITDA for new platforms(p.407)
- • Consistent operating losses despite revenue growth(p.413)
- • High and rising employee benefit expenses including share-based payments(p.413)
- • Significant dependence on UPI payment system through specific PSP banks(p.424)
- • Historical audit trail and regulatory compliance issues in accounting systems(p.424)
- • Outstanding statutory dues with history of delays in payment(p.425)
- • Projected high CAGR growth in digital consumer payments through Fiscal Year 2030(p.19)
- • Expansion opportunities in Tier-2+ cities driven by digital penetration(p.19)
- • Growth in merchant payments supported by QR codes and payment devices(p.19)
- • Rapid scaling of new platform businesses—Share.Market and Indus AppStore(p.19)
- • Government initiatives supporting digital public infrastructure adoption(p.19)
- • Expansion into financial services including lending and insurance distribution(p.45)
- • International expansion into multiple jurisdictions(p.67)
- • Growing merchant payments segment with significant revenue contribution(p.49)
- • Digital literacy and digital payments adoption growth in emerging markets(p.43)
- • Cross-selling opportunities across platforms and product offerings(p.76)
- • Digital payment adoption in India(p.86)
- • Expansion through strategic alliances and acquisitions(p.89)
- • India's digital consumer payments market projected to grow 15-18% CAGR through FY2030 to ₹602-681 trillion(p.144)
- • Large addressable market in Tier 2+ cities with lower UPI penetration per capita(p.171)
- • Digital lending market expansion with India's consumer & MSME loans projected to grow 12-14% CAGR to ₹207-226 trillion by FY2030(p.177)
- • Substantial growth opportunity in digital insurance with penetration projected to increase from 3.7% to 8-9% by FY2030(p.186)
- • Merchant credit penetration opportunity with only 25-30 million of 80-82 million merchants served with credit(p.181)
- • Expansion of digital payment use cases through UPI innovations like Credit on UPI, UPI Autopay, and UPI Circle(p.171)
- • Large TAM with digital consumer payments projected to grow 15-18% CAGR to ₹602-681 trillion by FY2030(p.191)
- • Significant headroom for consumer penetration with YACs at 41-42% of smartphone population(p.220)
- • Merchant lending TAM growing with ₹115 trillion at 12-14% CAGR to reach ₹207-226 trillion by FY2030(p.192)
- • Insurance TAM opportunity growing 10-12% CAGR from ₹12 trillion to ₹19-21 trillion by FY2030(p.220)
- • Expanding digital services adoption with offline merchants covering 98.61% of pin codes(p.213)
- • Asset Management AUM growth opportunity with 24% CAGR FY2020-25, projected 15-17% CAGR to ₹169-184 trillion(p.190)
- • Expansion into emerging digital financial services ecosystem including insurance and lending(p.257)
- • Growth in UPI and digital payments adoption across India(p.257)
- • Mutual funds and wealth management business expansion opportunity(p.257)
- • International expansion potential through newly established overseas subsidiaries(p.268)
- • Expansion into new growth areas including travel, gold, and card issuance(p.294)
- • Strategic refinement and focus on core payments and financial services(p.322)
- • Strong growth in revenue from operations(p.317)
- • Growing investment capacity with increasing current investments(p.316)
- • Expansion of Lending and Insurance Distribution services(p.405)
- • Growth in emerging platforms (Share.Market and Indus Appstore)(p.394)
- • Potential for Government policy review on MDR and payment incentives(p.408)
- • Monetisation of large habitual user base through new use cases(p.396)
- • Nationwide merchant coverage enabling payment services expansion(p.404)
- • Expansion of payment services beyond core offerings(p.414)
- • Growth in merchant lending and insurance distribution through partner network(p.414)
- • Expansion of other financial services including mutual funds and stock broking(p.414)
- • Government incentive support through RBI PIDF scheme(p.412)
- • NPCI volume cap of 30% on UPI transactions by any single TPAP effective from December 31, 2026(p.23)
- • Significant dependence on payment processing volumes with margin compression risk(p.22)
- • Heavy reliance on payment services revenue representing 86-97% of total revenue(p.23)
- • Exposure to multiple regulatory authorities with changing compliance requirements(p.23)
- • Cybersecurity vulnerabilities with potential for operational disruption and reputational damage(p.23)
- • NPCI Volume Cap regulation limiting UPI transaction processing capacity(p.48)
- • Dependence on three PSP banks with concentration risk(p.47)
- • RBI directive discontinuing rent payment services affecting revenue(p.54)
- • Intense competition from established fintech and banking players(p.58)
- • Regulatory and compliance requirements across multiple sectors(p.59)
- • Data protection and privacy regulations with significant compliance costs and penalties(p.71)
- • Cybersecurity and data breach risks with sensitive personal and financial data(p.56)
- • Supply chain and hardware procurement risks(p.68)
- • Limited internet connectivity and digital literacy constraints in Tier 2+ cities(p.85)
- • Government incentive scheme discontinuation or reduction risk(p.78)
- • Difficulty obtaining financing on favorable terms(p.86)
- • Advertising regulation and Online Gaming Act impact(p.87)
- • Macroeconomic and political risks in India(p.93)
- • Changes in Indian tax and regulatory laws(p.95)
- • Competition law enforcement risk(p.95)
- • RBI regulation of payment systems and restrictions(p.95)
- • Global financial market instability(p.94)
- • Inflation and interest rate impacts(p.94)
- • Foreign investment restrictions and FATF compliance(p.98)
- • Regulatory uncertainty regarding MDR policy and zero MDR regime sustainability for UPI transactions(p.175)
- • Intense competition from established payment players and new entrants in digital payments ecosystem(p.170)
- • Dependence on digital transaction volume growth which is susceptible to economic cycles and consumer spending patterns(p.168)
- • Regulatory risks related to data localization, privacy, and digital lending compliance requirements(p.176)
- • Market saturation risk in urban areas with need to drive adoption in lower-penetration Tier 2+ cities(p.178)
- • Regulatory intervention on market dynamics including market share caps for third-party payment apps(p.195)
- • MDR regulation changes and reduction in government subsidies impacting monetisation(p.196)
- • Macroeconomic downturn could reduce discretionary spending and transaction volumes(p.195)
- • Ecosystem-level fraud and user trust challenges from scams and fake apps(p.196)
- • Intense competition from established players including Google Pay with significant scale(p.232)
- • Limited internet connectivity and digital literacy in Tier 2+ cities constraining adoption(p.196)
- • Intense competition in digital payments and fintech sector(p.273)
- • Evolving and stringent data protection and cybersecurity regulatory requirements(p.242)
- • Changes to regulatory frameworks governing digital lending and payment systems(p.243)
- • Regulatory risk from anti-money laundering and fraud prevention obligations(p.243)
- • Regulatory risks in payments and financial services industry(p.322)
- • Competition in digital payments and fintech services(p.322)
- • Dependence on third-party payment gateways and banks for settlement(p.329)
- • Large outstanding escrow liabilities and merchant payables creating operational risk(p.316)
- • Real Money Gaming ban eliminating significant revenue source(p.408)
- • Regulatory discontinuation of Rent and related categories payments(p.408)
- • Uncertainty and potential reduction in Digital Incentive revenues(p.408)
- • Dependence on government payment infrastructure incentive schemes(p.393)
- • Intense competition in digital payments market affecting retention and margins(p.398)
- • Regulatory scrutiny on payment services and compliance burden(p.371)
- • Regulatory changes affecting payment system operations and incentives(p.414)
- • Increasing payment processing costs linked to transaction volumes(p.415)
- • Rising infrastructure and operational costs to support business growth(p.415)
- • Exposure to fraud-related litigation and account liens affecting liquidity(p.441)
- • Potential intellectual property infringement claims from competitors(p.440)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| WM Digital Commerce Holdings Pte. Ltd. | Promoter Selling Shareholder | 71.77% | — |
| Wal-Mart International Holdings, Inc. | Promoter | — | — |
| WM Digital Commerce Holdings Pte. Ltd. | Promoter | 71.77% | — |
| WM Digital Commerce Holdings Pte. Ltd. | Promoter Selling Shareholder | 71.77% | — |
| Wal-Mart International Holdings, Inc. | Promoter | 0% | — |
| Sameer Nigam | Founder/Promoter | — | — |
| Rahul Chari | Founder/Promoter | — | — |
| General Atlantic Singapore PPIL Pte. Ltd. | Promoter Group | — | — |
| WM Digital Commerce Holdings Pte. Ltd | Promoter | — | — |
| Sameer Nigam | Founder/Promoter | — | — |
| Rahul Chari | Founder/Promoter | — | — |
| WM Digital Commerce Holdings Pte. Ltd. | Promoter/Major Shareholder | 89.11% as of December 23, 2022 | — |
| WM Digital Commerce Holdings Pte. Ltd. | Promoter | 71.77% | — |
| Wal-Mart International Holdings, Inc. | Promoter | 0% | — |
| WM Digital Commerce Holdings Pte. Ltd. | Promoter Selling Shareholder | — | — |
| WM Digital Commerce Holdings Pte. Ltd. | Selling Shareholder | — | — |
| Sameer Nigam | Promoter/Whole-time Director and CEO | — | — |
| Rahul Chari | Promoter/Whole-time Director and CTO | — | — |
Leadership
Auto-extracted from the company's PROSPECTUS using AI, with each fact linked to its source passage (hover any row to see the quote & page). Provided for research only, not investment advice — verify against the official PROSPECTUS before relying on it.