Walmart-backed PhonePe, India’s biggest digital payments app, is getting ready to go public. According to reports, the fintech giant may raise up to $1.5 billion through an India IPO, eyeing a $15 billion valuation.
If things go as planned, PhonePe will file its draft red herring prospectus (DRHP) as early as August 2025. Several top banks—including Kotak Mahindra Capital, JPMorgan, Citigroup, and Morgan Stanley—are working with the company to manage the listing.
This isn’t just another IPO. This is a major moment in India’s fintech story.
A Big Leap from 2015 to 2025
PhonePe started its journey in 2015, and in less than a decade, it has become a household name. The company claims over 610 million registered users, with daily transactions worth ₹34 crore.
Back in 2023, it raised $100 million from global investors like Ribbit Capital, Tiger Global, and TVS Capital, valuing it at $12 billion. Now, it’s aiming for a $3 billion bump in just two years.
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Why This IPO Matters
This IPO isn’t just about raising money. It’s about confidence in India’s growing digital economy.
With UPI usage skyrocketing and more Indians going cashless, PhonePe sits at the heart of a booming market. Its success could set the tone for other Indian fintechs waiting to go public.
Also, with global investors watching closely, this could boost India’s reputation as a tech investment hub.
Still in Early Stages
Sources say discussions are still on. Details could change. The company has yet to confirm anything officially. A PhonePe spokesperson did not respond to media queries.
But if the deal goes through, it could become one of India’s biggest tech IPOs.
What’s Next for PhonePe?
A successful listing could unlock even more growth. With its large user base, strong brand, and Walmart’s backing, PhonePe could expand into lending, insurance, and more.
This is more than just a money move—it’s about scale, power, and being India’s No.1 fintech face.
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