The IPO comes at a time when India’s primary markets remain buoyant, with equity fundraising touching a record high in 2025 amid strong investor appetite and a steady pipeline of new listings
Walmart-backed digital payments firm PhonePe has secured regulatory approval from the Securities and Exchange Board of India (SEBI) for its proposed stock market listing, Reuters reported on Tuesday, citing sources familiar with the matter.
The Bengaluru-headquartered firm had confidentially filed its draft red herring prospectus with SEBI in September, the report said.
According to the report, Walmart, Microsoft and Tiger Global are expected to offload part of their shareholding as part of the public offering.
PhonePe declined to comment on the report.
The IPO comes at a time when India’s primary markets remain buoyant, with equity fundraising touching a record high in 2025 amid strong investor appetite and a steady pipeline of new listings.
Founded in 2015, PhonePe is India’s top payments platform on the Unified Payments Interface (UPI). It commands over 45 per cent market share by volume as of December 2025. According to data from the National Payments Corporation of India (NPCI), PhonePe processed 9.8 billion of the 21.6 billion UPI transactions recorded in August.
It has more than 600 million registered users and offers payments solutions for nearly 50 million merchants.
In a regulatory filing ahead of the IPO, PhonePe disclosed that its losses narrowed in the year ended March 2025 to 17.2 billion rupees.
The company reported a loss of 19.96 billion rupees in the year ended March 2024.
With inputs from agencies.
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