PhonePe gets regulatory nod for IPO after confidential filing
Walmart-backed Indian digital payments firm PhonePe has received regulatory approval for its stock market listing after confidentially filing for an initial public offering (IPO) in September, sources familiar with the matter said on Tuesday. Walmart, Microsoft and Tiger Global are expected to offload part of their shareholdings in the offering, the sources added, though the companies did not immediately respond to requests for comment.
The move comes at a time when India’s primary markets are witnessing strong momentum, with fundraising hitting a record high in 2025. PhonePe is targeting a listing by mid-2026, Reuters had reported earlier, while the company’s last major private-market fundraising in 2023 valued it at around $12 billion.
Founded in 2015, PhonePe is currently the largest payments platform on India’s Unified Payments Interface (UPI), holding over 45% market share by volume as of December 2025. The firm said in a regulatory filing ahead of the IPO that its losses narrowed to 17.2 billion rupees in the year ended March 2025, compared with 19.96 billion rupees a year earlier, as it continues expanding its ecosystem with more than 600 million registered users and nearly 50 million merchant partners.
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