PhonePe pauses IPO plans amid global market turbulence
PhonePe has hit pause on its much-anticipated IPO, choosing to wait out the current global market turbulence and the conflict in Iran.
The listing had been expected in the near term but is now on hold until markets stabilize.
Offering expected to be between $900 million and $1.3 billion
Reported estimates for the offering ranged from about $900 million to roughly $1.3 billion, with plans to sell 50.7 million existing shares (no fresh shares this time), targeting a valuation between $9 billion and $10.5 billion, lower than the $12 billion valuation reported at a prior funding round.
Walmart was reported to be selling a stake in the single-digit to low-teens percentage range (reports cite around 9% or about 12%), while Tiger Global and Microsoft will exit completely.
PhonePe's growth in numbers
As India's biggest UPI app, PhonePe handles everything from payments and lending to insurance, brokering (via Share.Market), and even app distribution through Indus Appstore.
By September 2025, it had over 650 million users and partnered with 47 million merchants, outpacing rivals like Google Pay and Paytm.
Financials and future outlook
The company reported revenue growth in the first half of FY2026 (Apr-Sep 2025), but also rising net losses, mainly due to employee stock costs.
Analysts and company statements indicate confidence in PhonePe's long-term strategy.