PhonePe to file IPO papers by August, aims to raise $1.5 billion

PhonePe, India’s leading digital payments platform and a subsidiary of Walmart Inc., is preparing to file its draft red herring prospectus (DRHP) with Indian regulators by early August. The company aims to raise up to $1.5 billion through an initial public offering (IPO), which could value the fintech major at approximately $15 billion, according to a Bloomberg report.

PhonePe has engaged top investment banks, including Kotak Mahindra Capital, JPMorgan Chase, Citigroup, and Morgan Stanley, to manage the issue. The company was originally incorporated in Singapore but shifted its legal domicile to India in 2022, a move widely seen as a precursor to its public market debut.

Founded in 2015, PhonePe has emerged as the top player on the Unified Payments Interface (UPI), India’s real-time digital payment system. As of January 2025, it serves over 40 million merchants and has over 590 million registered users, processing more than 310 million online transactions daily. In May 2025 alone, the platform handled 8.68 billion UPI transactions worth ₹12.56 trillion, capturing nearly half of the total market.

In 2023, the company raised $100 million from Ribbit Capital, Tiger Global, and TVS Capital at a $12 billion valuation. To date, it has attracted over ₹18,000 crore in funding from marquee global investors, including General Atlantic, Microsoft, Tencent, and Qatar Investment Authority, in addition to its parent Walmart.

PhonePe recently added Zarin Daruwala, former CEO of Standard Chartered Bank India, to its board. She joins a high-profile group of directors comprising Walmart executives John David Rainey, Donna Morris, Leigh Hopkins, TeamLease vice-chairman Manish Sabharwal, former Indian bureaucrat Tarun Bajaj, chairman Rohit Bhagat, and co-founders Sameer Nigam and Rahul Chari.

For detailed information on this IPO, click here.