Necessary Always Active
Necessary cookies are required to enable the basic features of this site, such as providing secure log-in or adjusting your consent preferences. These cookies do not store any personally identifiable data.
|
||||||
|
||||||
|
||||||
|
Published on
June 25, 2025
5 min read
PhonePe Hires Bankers for IPO, Eyes $1.5 Billion Raise at $15 Billion Valuation
In a major development for India’s fintech space, PhonePe has hired bankers for IPO as it gears up for a massive public offering. As per CNBC TV18, PhonePe is reportedly aiming to raise $1.5 billion at an IPO valuation of $15 billion. This move signals the next phase of growth for one of India’s most successful digital payments platforms.
Preparing for One of India’s Biggest IPOs
According to media reports, PhonePe has hired bankers for IPO to handle the drafting and filing of regulatory documents as well as managing investor roadshows. The initial public offering is expected to hit the Indian markets in late 2025 or early 2026.
The public listing will help the company unlock fresh capital to strengthen its product offerings across insurance, lending, and investment services. With a high-profile presence in India’s UPI ecosystem, PhonePe’s IPO is expected to generate strong investor interest.
Strategic Growth Backed by Walmart
PhonePe’s investor, Walmart, has supported its aggressive expansion over the past few years. Walmart had acquired a majority stake in Flipkart, and by extension, became a major stakeholder in PhonePe. After the two companies separated in 2023, PhonePe became a fully independent entity.
The Walmart-backed PhonePe’s listing is viewed as a key moment not just for the company but also for the broader Indian fintech market. Walmart’s continued support brings international confidence and adds credibility to PhonePe’s growth plans.
Eyeing a $15 Billion Valuation
PhonePe’s IPO valuation of $15 billion reflects the company’s dominant role in the Indian fintech ecosystem. PhonePe currently facilitates over 6 billion UPI transactions per month and has a user base exceeding 500 million.
This valuation is also a result of previous successful fundraising rounds. In 2023, PhonePe raised $850 million from General Atlantic, Tiger Global, and other investors, taking its valuation to $12 billion. The upcoming IPO is expected to push that number even higher.
In an exclusive interview with CNBC-TV18 in May, Chief Executive Sameer Nigam stated that the company’s core payments business had achieved both maturity and market leadership. He added that PhonePe is now prepared to take on the transparency and accountability that come with becoming a publicly listed company.
Driving Financial Inclusion Across India
With the funds raised from the IPO, PhonePe plans to grow its services beyond urban centers. The company aims to tap into Tier 2 and Tier 3 markets, offering digital insurance, credit, and mutual funds to smaller towns and semi-urban users.
PhonePe has already built a strong merchant network and plans to continue onboarding local retailers. This is expected to enhance financial inclusion and bring more Indians into the formal financial system.
PhonePe hiring bankers for IPO highlights the company’s long-term vision and strategic intent. The digital payments apps’ IPO is set to be one of India’s biggest, and with backing from Walmart, it may well pave the way for more tech listings from India in the global market. As Walmart-backed PhonePe’s listing progresses, all eyes will be on how India’s fintech story unfolds on the public stage.
