PhonePe plans $1.05 billion IPO in April
PhonePe, backed by Walmart, is planning to go public in April 2026 with a target valuation between $9 and $10.5 billion.
The company aims to raise up to $1.05 billion by selling 50.7 million shares, down from its last-known private valuation of $14.5 billion (set in September 2025).
PhonePe's financials and growth trajectory
PhonePe is India's leading UPI payments app, handling nearly half of all UPI transactions (about 9.91 billion a month) across payments, lending, and insurance for more than 650 million users.
In H1FY26, revenue grew 22% year over year to ₹3,918.5 crore, though losses also rose by 20% to ₹1,444 crore.
Major investors set to exit
With this IPO, big investors are moving on: Walmart will trim its stake by about 12%, while Tiger Global and Microsoft are fully exiting.
If all goes as planned, this will be India's second-biggest fintech IPO after Paytm's massive debut in 2021.