PhonePe Files for IPO
Analysis based on 9 articles · First reported Jan 22, 2026 · Last updated Jan 23, 2026
Walmart — PhonePe's IPO filing, following India — Securities and Exchange Board of India approval, is expected to be the second-largest fintech IPO in India, potentially valuing Walmart — PhonePe at $14.5 billion-$15 billion. This event will unlock liquidity for early investors like Walmart, Apollo Global Management, and Microsoft, while offering new investment opportunities in the rapidly growing Indian fintech sector.
Walmart — PhonePe, a leading digital payments platform backed by Walmart, has filed its updated Draft Red Herring Prospectus (UDRHP) with the India — Securities and Exchange Board of India (SEBI) for an initial public offering (IPO). This follows SEBI's recent approval of Walmart — PhonePe's confidential DRHP. The IPO will be an offer for sale, with existing shareholders, including Walmart (selling 9%), Apollo Global Management (0.2%), and Microsoft (0.7%), offloading stakes. General Atlantic, a significant investor, has increased its stake to 8.9%. Walmart — PhonePe has demonstrated strong financial performance, with a 40% year-on-year revenue growth to Rs 7,115 crore in FY25, turning free cash flow positive, and significantly improving its Adjusted EBITDA and PAT. The company has diversified beyond its core UPI payments business into lending, insurance distribution, mutual funds, and stockbroking. The IPO is anticipated to be one of India's largest fintech market debuts, potentially valuing Walmart — PhonePe between $14.5 billion and $15 billion.
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