Indian digital payments company PhonePe has obtained regulatory clearance for its proposed initial public offering (IPO), Reuters reported citing two people familiar with the matter.
The approval follows the company’s confidential filing of draft IPO documents with from the Securities and Exchange Board of India (SEBI) in September last year.
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The planned listing may include a stake sale by existing shareholders Walmart, Microsoft and Tiger Global, the sources told the news agency.
PhonePe declined to comment on the development, while Walmart, Microsoft and Tiger Global did not immediately respond to Reuters’ requests for comment.
PhonePe is reportedly targeting a fundraise of about Rs120bn ($1.35bn) through the share sale. The company is aiming to complete its listing by mid-2026, according to an earlier report.
In 2023, PhonePe was valued at around $12bn in private funding rounds.
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By GlobalDataThe IPO plans come as India’s primary equity markets remain active, with overall fundraising in 2025 reaching a record level.
Founded in 2015, PhonePe operates one of India’s largest digital payments platforms and holds a leading position on the Unified Payments Interface (UPI). As of December 2025, the company accounted for more than 45% of UPI transaction volumes.
In August 2025, it processed 9.8 billion out of 21.6 billion UPI transactions, according to data from the National Payments Corporation of India (NPCI).
PhonePe reports having over 600 million registered users on its platform and provides payment acceptance solutions to nearly 50 million merchants across India.
Ahead of the IPO, PhonePe reported a reduction in annual losses. In a regulatory filing, the company said its net loss narrowed to Rs17.2bn ($189m) for the financial year ended in March 2025. The figure stood at Rs19.96bn in the previous year.
Last year, PhonePe received final authorisation from the Reserve Bank of India to operate as an online payment aggregator. The licence permits the company to provide payment aggregation services to merchants under the central bank’s regulatory framework.
