PhonePe employees rush to exercise stock options amid IPO speculation
Business
PhonePe is making headlines as employees rush to exercise their stock options, with everyone buzzing about a possible IPO.
The proposed introduction of a merchant discount rate (MDR) on large UPI transactions from next month has only added to the excitement.
As of September 2025, PhonePe had 12,338 employees, hoping to benefit if the company goes public.
Walmart's PhonePe stake 73%, CEO silent
Walmart's stake in PhonePe dropped from 84% to 73% after employees exercised nearly 4.7 million options, a change that cost Walmart $700 million on paper.
Even with all this action, CEO Sameer Nigam is keeping quiet about exactly when the IPO will happen.