We synthesized indium phosphide (InP) nanoparticles of different shapes and sizes, utilizing triphenyl phosphite (TPOP) as the phosphorus source. We show that this reaction proceeds via the formation of in situ formed In2O3 nanoparticles followed by subsequent transformation with triphenyl TPOP acting as the phosphorus source. Our findings open up new synthetic possibilities utilizing a cost-effective, non-pyrophoric and non-toxic phosphorus precursor. The large surface area of hyperbranched InP NCs might be ideally suited for surface-driven processes such as catalysis and energy storage.