PhonePe Ltd. has updated its draft papers for what’s set to India’s biggest initial public since at least October 2025, but a clear timeline for listing wasn’t immediately available.
On offer in the PhonePe IPO are 5.07 crore shares, which will be offloaded by existing shareholders including Walmart Inc. and Tiger Global Management, according to the updated draft red-herring prospectus seen by Bloomberg. That pegs the size of the PhonePe IPO at $1.5 billion (~ ₹13,500 crore) for valuation of about $15 billion, according to people Bloomberg spoke with.
When it goes on the floors, the PhonePe IPO will be India’s largest IPO since Tata Capital Ltd.’s $1.7 billion share sale in October. While Indian companies are rushing to the primary market to raise funds, PhonePe’s offering suggests the IPO is more about liquidity for existing shareholders.
Kotak Mahindra Capital Co. Ltd., Axis Bank Ltd. and JM Financial Services Ltd., along with India units of JPMorgan Chase & Co., Citigroup Inc., Morgan Stanley, Goldman Sachs Group Inc. and Jefferies Financial Group Inc., are advising on the deal.
PhonePe — The UPI champion
Founded in 2015 by Sameer Nigam, Rahul Chari and Burzin Engineer, PhonePe competes in India’s crowded digital payments market. It dominates the market for India’s Unified Payments Interface, or UPI, accounting for nearly 50% of total transactions. Paytm and Alphabet Inc.’s Google Pay are rivals here.
As on 30 September 2025, PhonePe had 65.76 crore registered users conducting 5,340 crore transactions annually. The payments app processed ₹13.61 lakh crore in UPI transactions in December.
At the same time, PhonePe has expanded into online stockbroking and mutual fund investments — a segment dominated by Groww Ltd., which in November 2025 listed at a 30% premium over its IPO price.
Walmart, Tiger Global stake sale in PhonePe IPO
Promoter WM Digital Commerce Holdings, a Walmart Inc. entity that owns 71.77% stake in PhonePe, plans to sell 45.9 crore shares, representing about 9% of the company. Tiger Global Management will sell as many as 10.4 lakh shares, while Microsoft Global Finance plans to offload as many as 36.8 lakh shares.
Tiger Global first invested in PhonePe in 2021 after Walmart carved out the payments business from Flipkart India Pvt. Ltd. as a separate entity, and participated in subsequent fundraises.
PhonePe IPO: Financial details
To be sure, PhonePe was a loss-making company as on 30 September 2025. In Q2 FY6, net loss stood at ₹1,444 crore on revenue of ₹3,919 crore—up 22% from the year-ago period.
