Indian Fintech IPO Wave Builds
Moneyview Limited just filed its draft prospectus with SEBI for a ₹1,500 crore IPO, marking another major fintech going public in India. The Bengaluru-based credit-led unicorn joins a hot pipeline that includes PhonePe, which is eyeing a valuation up to $10.5 billion for its own IPO.
Moneyview stands out for its profitability, a key metric investors are watching. The company has been profitable since fiscal year 2022, reporting revenue of ₹2,379 crore and a net profit of ₹240 crore in FY2025. Its core business is digital personal loans, and it managed assets worth nearly ₹20,000 crore as of December 2025. The IPO funds are earmarked for growth, with ₹650 crore intended to support loan disbursals and ₹450 crore to be invested in its subsidiary, Whizdm Finance. The public offering also provides an exit path for early backers, with investors like Accel, Tiger Global, and Ribbit Capital participating in the offer for sale. PhonePe's public offering will be the second-largest fintech IPO in India's history, trailing only Paytm's 2021 debut. The Walmart-backed payments giant boasts over 650 million registered users and in January 2026 processed nearly half of all transactions on India's Unified Payments Interface (UPI). Despite its massive scale, PhonePe faces monetization challenges. The company's target valuation is a step down from the $12 billion it was valued at in a 2023 private funding round. Its losses widened to ₹1,444 crore in the six months ending in September 2025, as the core UPI payment service remains free for users by government mandate. The move toward public listings reflects a broader shift in the Indian fintech landscape. Startups are increasingly bypassing late-stage private funding rounds in favor of IPOs. This trend was highlighted in late 2025 by the successful public debuts of online brokerage Groww and digital payments company Pine Labs. The upcoming listings arrive as investor sentiment in the sector has cooled from its previous peak. Portfolio managers have noted that the market is becoming crowded and that focus has shifted from pure user growth to a clear ability to upsell services and generate profit.
