SEBI Approves PhonePe IPO, Walmart-Backed Fintech Enters Market

Payments major PhonePe has received regulatory approval from SEBI for its proposed initial public offering (IPO), Reuters reported, citing sources.

The IPO is expected to see partial divestment from key investors including Walmart, Microsoft, and Tiger Global. Other prominent investors include General Atlantic, Ribbit Capital, TVS Capital, Tencent, and Qatar Investment Authority, according to Tracxn data.

PhonePe had filed its draft papers via the confidential pre-filing route, aiming to raise up to ₹12,000 crore. This route allows companies to submit their draft red herring prospectus (DRHP) privately to Sebi and select investors, protecting sensitive financial and strategic details until the official red herring prospectus (RHP) is filed.

Founded in 2015, PhonePe is India’s largest player on the Unified Payments Interface (UPI), holding over 45% market share by transaction volume as of December 2025. In August, it processed 9.8 billion of the 21.6 billion UPI transactions in India. The platform has over 600 million registered users and serves nearly 50 million merchants, according to Reuters.