Walmart-owned fintech startup PhonePe has allegedly prepared to file for an IPO confidentially by the end of September 2025.
The platform is projected to roll out its IPO on Indian stock exchanges by early 2026, aiming to raise USD 1.5 billion through the endeavour. The public issue is expected to increase the company’s valuation to USD 12 billion, according to some sources.
More about PhonePe’s IPO
The IPO will comprise both new shares issuance and an offer for sale (OFS). From the USD 1.5 billion, 10% of the company’s equity will be given for sale in the initiative. While majority shareholder Walmart is expected to retain most of its holding, investors like Tiger Global and General Atlantic may leverage the listing for partial exit, the report added.
Other reports confirmed that PhonePe appointed advisers, such as Kotak Mahindra Capital, JP Morgan, Citi, and Morgan Stanley, for the IPO. In April, the company officially changed its name from PhonePe Private Limited to PhonePe Limited, an important step to take for a company that eyes to list on Indian stock exchanges.
In alignment with regulations, this change must be approved by the Central Processing Centre of the Ministry of Corporate Affairs (MCA), which issues a new Certificate of Incorporation upon approval.
Additionally, PhonePe was active in the UPI market in July 2025 with around 8.93 billion transactions, followed by Google Pay's 6.92 billion and Paytm's 1.36 billion, according to data from the National Payments Corporation of India (NPCI). The company commanded more than 45% of UPI transactions in volume.
Founded in December 2015 as a Flipkart subsidiary, PhonePe saw its ownership shift after Walmart's investment in Flipkart. In December 2020, Walmart restructured the group, making the fintech its direct subsidiary and formally separating it from the ecommerce major.
