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Valuation Analysis (All figures in US$, unless otherwise noted)

PhonePe FY24 Financials

Consolidated revenue of ₹5,064 Cr (US $612 M), +73.8% YoY

Net loss narrowed to ₹1,996 Cr (US $241 M)

Adjusted PAT (ex-ESOP) of ₹197 Cr (US $24 M)

Discounted Cash Flow (DCF)

Assumptions:

Revenue growth: 50%→40%→30%→25%→20% (FY25–FY29)

FCF margins ramping to 15% by FY29

WACC = 12%, terminal growth = 4%

Implied EV ≈ $3.3 B

Public Comps (EV/Revenue)

One97 Communications (Paytm) EV ≈ ₹425 B / Revenue ₹99.8 B ⇒ 4.3×

Global Fintech median EV/Rev ≈ 5.7× (Q4 2024)

Implied EV range (4.3–5.7×) × PhonePe FY24 rev ⇒ $2.6 B–$3.5 B

Precedent Transactions

General Atlantic growth round: $12 B pre-money valuation (Jan 2023)

Typical Fintech M&A EV/Rev: 6–8×

Implied EV (6–8×) × FY24 rev ⇒ $3.7 B–$4.9 B

Method Multiple Implied EV (US$) DCF n/a 3.3 B Public Comps 4.3–5.7× 2.6–3.5 B Precedents (6–8×) 6–8× 3.7–4.9 B Recent Growth Round – 12.0 B

Valuation Range for Pitch Deck: $9 B – 13 B, anchored at $12 B

Note: Public‐market and DCF approaches yield a more conservative $2–5 B estimate, reflecting current profitability levels. PhonePe’s strong GMV growth, strategic Walmart/Flipkart backing, and leading UPI market share command a significant premium, as evidenced by its $12 B growth‐equity round.