PhonePe Secures Sebi Nod for IPO
PhonePe has received approval from the Securities and Exchange Board of India (Sebi) for its proposed initial public offering (IPO) after filing draft papers confidentially in September last year, according to a Reuters report. The digital payments major, founded in 2015, is backed by US retail giant Walmart and is currently the largest player on India’s UPI network by transaction volume.
As per the report, some existing investors — including Walmart, Microsoft and Tiger Global — are likely to pare a portion of their holdings through the public issue. PhonePe commands nearly 45% market share by transaction volume on the Unified Payments Interface (UPI) as of December 2025, reinforcing its dominance in India’s rapidly growing digital payments ecosystem.
Data from the National Payments Corporation of India (NPCI) shows that PhonePe processed 980 crore transactions out of the total 2,160 crore UPI transactions recorded in August. The platform has over 60 crore registered users and serves close to 5 crore merchants nationwide. Ahead of the IPO, the company reported narrowing losses to Rs 1,720 crore in FY25, compared to Rs 1,996 crore in FY24.
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