PhonePe Secures IPO Approval: India's Fintech Giant Set for Major Listing

PhonePe, a prominent digital payments platform in India and backed by Walmart, has secured approval from the Securities and Exchange Board of India (Sebi) to proceed with its Initial Public Offering (IPO). This regulatory clearance removes a significant hurdle for what is anticipated to be one of the most substantial fintech listings within the Indian market.

The company is reportedly targeting to raise around $1.5 billion through its public offering. This issuance will be structured as a complete offer for sale, involving share divestments from major investors including Walmart, Tiger Global, and Microsoft.

Following a $600 million funding round in late 2025, PhonePe's valuation reached $14.5 billion. This increase from its May 2023 valuation of $12.5 billion signals strong investor confidence in its market leadership and expansion into financial services.

PhonePe has established itself as India's leading digital payments platform, boasting over 43.5 crore registered users and nearly 3.5 crore offline merchants. It also holds a dominant share in the Bharat Bill Payment System and processed 9.8 billion transactions in December 2025.

The fintech firm has diversified beyond payments since 2017, offering mutual funds and insurance products. Financially, PhonePe reported a narrowed net loss of Rs 1,727 crore for 2024-25, with operating revenue rising 40% to Rs 7,115 crore.

With Sebi's approval in hand, PhonePe is expected to move forward with its IPO, though the exact timing will be influenced by current secondary market volatility. The IPO will be managed by investment banks including Kotak Mahindra Capital, JPMorgan Chase, Citigroup, and Morgan Stanley.