PhonePe, a digital payments platform backed by Walmart, has filed draft documents for an IPO through a confidential route to raise about USD 1.5 billion.
A company spokesperson stated that the company plans to raise approximately USD 1.5 billion through an initial public offering (IPO), which could value the fintech major at around USD 15 billion. According to the media, the IPO will include both new shares and an offer for sale (OFS) option, with participation from Walmart, Tiger Global, and Microsoft. From the USD 1.5 billion, 10% of the company’s equity will be given for sale in the initiative.
The confidential pre-filling route allows a company to keep details in its Draft Red Herring Prospectus (DRHP) private from the public initially. Additionally, according to MSN, submitting a pre-filed DRHP does not require the company to move forward with the IPO.
Furthermore, PhonePe has also been posting its financial results for the financial year 2024-2025 (FY25). The company reported a net loss of USD 194.79 million, compared to a net loss of USD 224.75 million in fiscal year FY24.
PhonePe’s IPO journey
PhonePe’s IPO was discussed in 2025. In June 2025, the fintech company aimed to raise USD 1.5 billion through its initial public offering (IPO), which could value the company at around USD 15 billion. The draft prospectus was expected to be submitted by August, but no official statement has been made. In September 2025, the company announced that it was preparing to file the confidential IPO by the end of that month.
PhonePe is among the most used apps in India for making payments through the country’s popular Unified Payments Interface (UPI). According to the company’s data, it has 600 million registered users across 40 million merchants and processes over 310 million online transactions each day.
