Walmart-owned digital payments and financial services major PhonePe has filed a confidential draft prospectus with the markets regulator to raise up to ₹12,000 crore via an initial public offering (IPO). The IPO of the Bengaluru-based company is entirely an offer for sale (OFS) by its existing shareholders, according to industry sources.

Industry sources said that Walmart, Tiger Global, and Microsoft plan to participate in the OFS, collectively looking to offload around 10% of their holdings.

In the first half of 2025, 12 new-age firms, including unicorns such as Meesho, Groww, boAt, and PhysicsWallah, opted for the confidential route in India. The list also includes Shiprocket, Aequs, Shadowfax Technologies, and Steamhouse India.

In February this year, Fortune India was among the first to report that PhonePe had commenced preparatory steps for its potential IPO. It had engaged four investment banks—Kotak Mahindra Capital, Citi, Morgan Stanley, and JP Morgan—for its mega public issue.

PhonePe, currently the leader in India’s Unified Payments Interface (UPI) market, last raised capital from growth equity firm General Atlantic at a pre-money valuation of $12 billion.

In December 2022, PhonePe re-domiciled from Singapore to India and established a new corporate structure, with each of its non-payment ventures operating as fully owned subsidiaries. The fintech platform expanded into stockbroking in 2023 and, in 2024, launched the Indus Appstore, positioning itself as a competitor to the Google Play Store on Android devices.

Last week, PhonePe received final authorization from the Reserve Bank of India (RBI) to operate as an online payment aggregator. The RBI authorization enables the company to expand its reach and tap into online merchants, with a particular focus on small and medium businesses (SMEs) across the country.

“The company’s focus on serving both established enterprises and emerging businesses aligns with its goal of enabling broader digital financial inclusion,” said Yuvraj Singh Shekhawat, CBO Merchant Business at PhonePe, on the development.

As of August 2025, PhonePe has over 65 crore (650+ million) registered users and a digital payments acceptance network spread across over 4.5 crore (45+ million) merchants. PhonePe also processes over 36 crore (360+ million) transactions daily, with an annualized Total Payment Value (TPV) of over ₹150 lakh crore.

PhonePe’s portfolio of businesses includes the distribution of financial products (Insurance, Lending, and Wealth) as well as new consumer tech ventures (Pincode – hyperlocal e-commerce, and Indus AppStore – a localised app store for the Android ecosystem) in India.

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