PhonePe IPO: Big plans, big numbers for the payments giant
PhonePe just got SEBI's green light for its IPO and is eyeing a $15 billion valuation.
The listing will be a pure offer-for-sale, so no new shares—existing investors will sell stakes, with Microsoft and Tiger Global exiting via full sell-downs and Walmart planning to sell up to 4.59 crore shares (about 9% of the company).
The company hopes to raise ₹12,000 crore through this move.
What does PhonePe actually do?
If you've ever paid with UPI, there's a good chance you've used PhonePe—they handle nearly 10 billion transactions every month, moving over ₹12 lakh crore.
While most of their money comes from payments (over 90%), they're also getting into stock trading, lending, and insurance to keep things fresh.
Other key details
Despite posting net losses (₹1,444 crore in April-September 2025), PhonePe's revenue jumped 22% to ₹3,918 crore during the same period.
Once launched, this IPO will be India's second-largest new economy listing after Paytm in 2021.
Top banks like Kotak Mahindra Capital and Morgan Stanley are advising on the deal.