Walmart-backed digital payment company PhonePe has received approval from SEBI for its IPO (stock market listing). According to the information, this has removed the biggest regulatory hurdle for the company and it can be one of the largest fintech IPO in India. This approval has come at a time when investors’ interest in big tech platforms still remains, even though discussions are going on regarding valuation.
PhonePe will raise this much amount from IPO
According to earlier reports, PhonePe is preparing to raise around $ 1.5 billion through this IPO, although the amount may change at the time of listing. This entire issue will be Offer for Sale (OFS), that is, Tiger Global, Microsoft and Walmart will sell some of their stake. PhonePe’s last valuation was said to be $14.5 billion, which was fixed at the end of 2025 after a $600 million funding round led by General Atlantic. Earlier in May 2023, the valuation of the company was $ 12.5 billion, which means the confidence of investors has strengthened further.
The largest digital payment platform
PhonePe, launched in December 2015, has today become India’s largest digital payment platform. The company has more than 43.5 crore registered users, which means almost every fourth Indian uses PhonePe in some form or the other. Talking about merchant network, the company has connected about 3.5 crore shopkeepers in Tier-2, Tier-3 and small cities and its service has reached 99% pincodes of India.
When can PhonePe IPO come?
PhonePe is also a major player in the Bharat Bill Payment System (BBPS), where it processes more than 45% of total transactions. In December 2025 alone, the company had done 9.8 billion transactions. Apart from payments, PhonePe has also forayed into financial products like mutual funds and insurance. Now the company is preparing itself not just as a payment app but as a full financial service platform.
Talking about financial performance, the company’s loss has reduced to Rs 1,727 crore in 2024-25, which was Rs 1,996 crore last year. At the same time, the operating revenue of the company increased by 40% to Rs 7,115 crore. PhonePe’s IPO will be managed by big investment banks like Kotak Mahindra Capital, JP Morgan, Citigroup and Morgan Stanley. Now after getting the approval from SEBI, the company will move towards launching the IPO, although its timing will depend on the market conditions.