Key Moments
- PhonePe secured approval from India’s market regulator for its planned IPO after a confidential filing in September, according to two sources.
- Existing shareholders Walmart, Microsoft and Tiger Global are expected to sell part of their stakes in the public offering.
- PhonePe reduced its annual loss to 17.2 billion rupees in the year ended March 2025, down from 19.96 billion rupees a year earlier.
Regulatory Green Light for Public Listing
Walmart-backed PhonePe has obtained approval from India’s securities regulator to move forward with its IPO. The company had submitted a confidential draft filing in September. Two people familiar with the matter confirmed the development to Reuters on Tuesday.
The sources asked not to be named because they are not authorized to speak publicly. PhonePe did not immediately respond to a request for comment.
Stake Sales by Major Shareholders
As part of the IPO, Walmart, Microsoft and Tiger Global are expected to sell a portion of their holdings. However, the sources did not disclose the size or structure of the planned sales.
IPO Plans Amid Strong Indian Primary Market
The listing comes as India’s equity capital markets remain strong. In fact, primary market fundraising hit record levels in 2025. Therefore, the environment is favorable for large technology and payments offerings like PhonePe.
Market Position and Operating Scale
Founded in 2015, PhonePe is a leading payments platform on India’s Unified Payments Interface (UPI). The company held more than 45% market share by transaction volume as of December 2025.
In August, PhonePe processed 9.8 billion out of 21.6 billion total UPI transactions. The platform supports more than 600 million registered users and nearly 50 million merchants.
| Metric | Figure | Period / Reference |
|---|---|---|
| UPI market share by volume | Over 45% | As of December 2025 |
| UPI transactions processed by PhonePe | 9.8 billion | August (out of 21.6 billion total) |
| Total UPI transactions | 21.6 billion | August |
| Registered users | More than 600 million | Not specified |
| Merchant coverage | Nearly 50 million merchants | Not specified |
Financial Performance Ahead of Listing
In regulatory disclosures ahead of the IPO, PhonePe reported a loss of 17.2 billion rupees for the year ended March 2025. This was an improvement from a loss of 19.96 billion rupees in the previous year.
Therefore, the company narrowed its losses before going public. This improvement could support investor confidence in the upcoming listing.
| Financial Year (ended March) | Reported Loss (rupees) |
|---|---|
| 2024 | 19.96 billion |
| 2025 | 17.2 billion |
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