Walmart Backed Phonepe Gets SEBI Nod For IPO
As part of the IPO, existing investors including Walmart, Microsoft and Tiger Global are expected to pare a portion of their holdings: Reuters
MUMBAI: Walmart backed digital payments and financial services major PhonePe has secured a nod from the capital market regulator Securities and Exchange Board of India (Sebi) to go ahead with its initial public offering (IPO). The clearance follows the company’s confidential filing for an initial public offering (IPO) aiming to raise Rs 12000 crore in September.
According to Reuters, as part of the IPO, existing investors including Walmart, Microsoft and Tiger Global are expected to pare a portion of their holdings.
PhonePe's IPO plan comes against the backdrop of buoyant Indian primary markets, with fundraising reaching a record high in 2025.
Indian primary market witnessed a blockbuster year in 2025, raising Rs1.95 lakh crore through more than 365 Initial Public Offer (IPOs) to date, an all-time high. This achievement follows an impressive 2024, when the Indian IPO market flourished with issuances totaling Rs 1.90 lakh crore across 336 IPOs.
PhonePe, founded in 2015, is the top payments platform on India's popular unified payments interface (UPI), with over 45 per cent market share by volume as of December 2025. It processed 9.8 billion of the 21.6 billion transactions on UPI in August, according to data from the National Payments Corporation of India. It has more than 600 million registered users and offers payment solutions for nearly 50 million merchants. The company's losses narrowed in the year ended March 2025 to Rs 1720 crore from a loss of Rs 1996 crore in the year ended March
2024.