PhonePe pauses IPO process amid US-Iran war, global market volatility
What's the story
PhonePe, the leading UPI payments app backed by Walmart, has announced a temporary suspension of its public market listing process. The decision comes in light of ongoing geopolitical conflicts and heightened volatility in global markets. Sameer Nigam, CEO and founder of PhonePe, expressed hope for a swift return to peace in all affected regions while reaffirming their commitment to a public listing in India.
Future plans
PhonePe received SEBI nod in January
The Bengaluru-based fintech giant has said it will resume the listing process once global capital markets stabilize. This comes after the company received Securities and Exchange Board of India (SEBI) approval for its initial public offering (IPO) on January 20. The proposed offering was expected to value PhonePe at around $15 billion with a target of raising nearly ₹12,000 crore through a pure offer for sale.
Market impact
It could have been India's 2nd-largest new economy listing
The public listing of PhonePe could have been India's second-largest new economy listing after Paytm's IPO in 2021. According to brokerage firm Macquarie Group, PhonePe's proposed IPO could be a near-term valuation benchmark for Paytm and possibly trigger a re-rating of the stock. The company's implied valuation is estimated at $13 billion-$15 billion based on its last transaction with General Atlantic in September 2025.
Business profile
PhonePe dominates UPI payments space
Despite being EBITDA-negative, PhonePe remains one of India's largest fintech platforms with over 45% share of UPI transactions. As of September 2025, the company had over 657 million registered users and 47 million merchants. Its UPI market share by value was around 49%-51%, ahead of competitors such as Google Pay and Paytm.