New Delhi, Feb. 25 -- Digital payments major PhonePe has filed its draft red herring prospectus (DRHP) to raise capital from the primary markets. While the PhonePe IPO timeline, issue size and other key details are yet to be disclosed, market participants have begun drawing comparisons with its listed peer Paytm, which debuted on the bourses in November 2021.

According to PhonePe IPO DRHP, the company reported 238 million monthly active customers (MACs), each transacting an average of 37 times per month. However, this scale of engagement has not yet translated proportionately into revenue. In H1FY26, PhonePe and Paytm reported broadly similar revenue, underscoring the monetisation challenge.

PhonePe has increasingly pivoted towards merc...