PhonePe IPO: ₹12,000 crore offer for sale, says report

Walmart, Tiger Global and Microsoft may sell up to 10% stake in the PhonePe through an initial public offering (IPO), according to a Moneycontrol report citing sources.The Bengaluru-based digital payments firm, one of the country’s top two players in the space, has draft papers submitted to the Securities and Exchanges Board of India (SEBI), seeking to raise ₹12,000 crore via an IPO through the confidential route, the report added.

The entire PhonePe IPO will be an offer for sale (OFS) by existing investors. Walmart is the majority shareholder in PhonePe. Other investors include the likes of  General Atlantic, Ribbit Capital, TVS Capital, Tencent and Qatar Investment Authority.

The nine-year-old PhonePe had aimed to raise $1.5 billion through the IPO at a valuation of up to $15 billion, CNBC-TV18 had reported earlier. The company’s operating revenue for FY25 was ₹7,114.8 crore, up over 40% year-on-year, according to filings with the Registrar of Companies (RoC).Consolidated net loss narrowed 13.4% to ₹1,727.4 crore in the same period.

Even as PhonePe has branched into credit distribution, insurance, and stockbroking, payments continue to dominate its revenue.