PhonePe has officially filed papers for a major initial public offering, marking a key moment for India’s digital payments sector. The IPO will raise funds through an offer-for-sale, where existing investors plan to dilute part of their holdings.
Major backers, including Walmart, Microsoft, and Tiger Global, l will sell portions of their stakes in the public issue. PhonePe will not issue fresh shares as part of this listing. Instead, the move allows early investors to unlock value after years of rapid growth.
Despite its leadership in India’s UPI payments market, PhonePe has reported losses in recent years. Regulatory filings show continued net losses and negative cash flows. However, the company has maintained strong transaction volumes and a wide user base across the country.
The IPO is expected to rank among the largest fintech listings in India. It comes at a time when global markets remain volatile, and investors remain cautious about tech stocks. Even so, interest around the issue remains high due to PhonePe’s market dominance.
Walmart controls PhonePe and views the public listing as a strategic step toward long-term growth. The IPO also places PhonePe among several technology firms preparing to enter the stock market in the coming months.
As competition intensifies in the digital payments space, PhonePe’s public debut could reshape India’s fintech landscape.
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