New Delhi: India’s digital payments giant PhonePe is set to enter the stock market soon, marking a major milestone in its growth journey. Backed by retail titan Walmart, PhonePe is set to become the first Indian entity within the Walmart group to seek a public listing via an Initial Public Offering (IPO), signalling its transition from a fintech disruptor to a seasoned market leader.
The digital payments giant has unveiled plans to raise a staggering Rs 12,000 crore through its upcoming public issue. This ambitious move has recently secured the crucial green light from the Securities and Exchange Board of India (SEBI), bringing PhonePe considerably closer to its highly anticipated stock market debut.
According to the company’s Draft Red Herring Prospectus (DRHP), the entire IPO will be structured as an Offer For Sale (OFS). This means that the capital raised will be directed to existing investors and promoters, who will partially or completely divest their stakes, rather than flowing directly into the company’s coffers for operational use. PhonePe had initially initiated its IPO process through the confidential route in September 2025, and with the submission of updated draft documents, the path to public listing is now clearer.
A decade of digital dominance
Over the past ten years, PhonePe has undergone a remarkable metamorphosis, evolving from a budding Unified Payments Interface (UPI) startup into one of India’s most expansive and influential fintech platforms. Today, its ecosystem boasts an impressive user base of over 650 million registered individuals and extends its reach to more than 47 million merchants, spanning the breadth of metro cities, smaller towns, and the vast rural landscapes of India.
Seamless and swift transaction
PhonePe’s ascendancy wasn’t driven by a single grand innovation, but by its steadfast commitment to simplifying the everyday financial needs of millions. From routine mobile recharges and electricity bill payments to DTH subscriptions, the platform meticulously engineered seamless and swift transaction experiences. This foundation of trust, built on reliability in small, frequent interactions, gradually encouraged users to explore the broader spectrum of financial products available within the app.
Today, PhonePe transcends its initial identity as a mere money transfer application. Beyond its core UPI payment functionalities, the platform offers a comprehensive suite of services, including utility bill payments, loan EMI settlements, FASTag recharges, and much more.
PhonePe empowers users to buy digital gold
Venturing into the investment arena, PhonePe empowers users to buy digital gold, initiate gold SIPs, and invest in a diverse array of mutual funds. In the burgeoning insurance sector, it provides access to motor, health, life, and travel insurance products.
Furthermore, its financial offerings extend to merchant and personal loans, credit lines facilitated through UPI, and even loans against mutual fund holdings. Demonstrating its global ambitions, PhonePe has also facilitated UPI payments for international travelers in key markets like the UAE, Singapore, and Sri Lanka, expanding its digital footprint beyond national borders.