PhonePe plans IPO in early 2026, eyes $12bn valuation
PhonePe, backed by Walmart, is gearing up to file for its IPO confidentially by the end of September and hopes to hit the stock market in early 2026.
The company wants to raise ₹10,000-13,000 crore (about $1.2-1.5 billion) by selling around 10% of its shares—putting its valuation between $10-12 billion.
PhonePe leads UPI payments scene
Launched in 2015 as part of Flipkart and now under Walmart since 2020, PhonePe leads India's UPI payments scene with more than a 45% market share.
Beyond payments, you can use PhonePe for things like insurance, loans, even QR-based payments and gateway services.
IPO process is being handled by big names
Walmart owns more than 70% of PhonePe and isn't expected to sell much during the IPO. Some minority investors like Tiger Global and General Atlantic might cash out partially.
Big names like JP Morgan, Morgan Stanley, Citigroup, and Kotak Mahindra Capital are handling the IPO process.