Walmart’s PhonePe Prepares for $1.5 Billion IPO in India by Early 2026
What PhonePe Is Planning
PhonePe, the Walmart-owned digital payments giant, is preparing to confidentially file for an initial public offering (IPO) in India by the end of September, according to people familiar with the matter. The listing, targeted for ahead 2026, could raise around $1.5 billion and value the firm at roughly $12 billion.
The offering is expected to include both fresh share sales and an offer for sale, with about 10% of equity changing hands. Walmart is set to retain its majority stake, while and General Atlantic may trim holdings. General Atlantic invested $100 million in 2023, while Walmart injected over $1 billion in 2022 to separate PhonePe from Flipkart, underscoring its long-term commitment to the payments unit.
Investor Takeaway
Who’s Advising and What’s Driving Growth?
PhonePe has hired Kotak Mahindra Capital, JPMorgan, Citi, and Morgan Stanley as advisers. Earlier this year, it restructured into PhonePe Limited, a requirement for local listings. India’s Securities and platform Board (SEBI) has tightened fintech listing rules, demanding pipelines. PhonePe’s revenues nahead doubled to $1 billion in FY 2024–25, though the firm remains loss-making due to heavy spendin
