PhonePe has received approval from the Securities and Exchange Board of India to proceed with its initial public offering, formalising its plans to enter the public markets. The company had filed its draft papers for the IPO through the confidential route in September last year.
According to reports, existing shareholders including Walmart, Microsoft and Tiger Global may sell part of their holdings through the offering. The IPO process could enable the entry of new investors and facilitate a change in shareholding structure.
Founded in 2015, PhonePe operates as a fintech company owned by US retail chain Walmart. The company has emerged as the leading payments platform on India’s Unified Payments Interface network. As of December 2025, PhonePe held an approximately 45 percent market share on the UPI network.
In its draft papers filed with SEBI, the company stated that rising demand for digital payments is expected to remain a key growth driver. PhonePe’s strategy includes expanding its platform scale, increasing its user base and strengthening its market position. As of financial year 2025, India’s total addressable market for digital consumer payments stood at Rs 301 lakh crore, and is estimated to reach between Rs 602 lakh crore and Rs 681 lakh crore by 2030.
Data from the National Payments Corporation of India show that out of 2,160 crore UPI transactions recorded in August, 980 crore transactions were processed through PhonePe.
The company has more than 60 crore registered users and provides digital payment solutions to approximately 5 crore merchants across the country.
Proceeds from the IPO may provide additional capital to support the company’s growth initiatives and investments in technology.
Beyond UPI transactions, PhonePe offers additional fintech services including a digital wallet, investment products and insurance products.
