PhonePe, the Walmart-backed Indian payments giant, is moving ahead with preparations for an IPO. The company aims to file confidentially by the end of September and expects to debut on public markets in early 2026.
Valuation & Fundraising Goals
PhonePe plans to raise approximately ₹10,000–13,000 crore (≈ $1.2–1.5 billion) by offering around 10% of its equity. This values the company between $10–12 billion, positioning it as one of India’s most significant fintech listings.
Previous Higher Estimates
Earlier reports indicated that PhonePe was targeting a higher valuation—up to $15 billion—with plans to raise $1.5 billion. This figure may reflect broader growth expectations before finer IPO details were finalized
Market Leadership & Financials
PhonePe holds a commanding presence in India’s UPI ecosystem, with over 600 million registered users, and dominates approximately 47–50% of transaction volume and value. However, its payments business still contributes ~95% of revenue, highlighting limited monetisation from newer verticals like insurance, lending, and wealth—areas that remain growth opportunities for investors.
IPO Execution and Stakeholder Dynamics
Walmart, which holds over 70% of PhonePe, is expected to retain its stake largely intact during the IPO. Some minority investors such as Tiger Global and General Atlantic may exit partially. The IPO will be managed by prominent banks including JPMorgan, Morgan Stanley, Citigroup, and Kotak Mahindra Capital.
