PhonePe pauses IPO listing process amid global market volatility
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Digital payments platform PhonePe has temporarily deferred its public market listing process, citing ongoing geopolitical conflicts and volatility in global capital markets.
In a statement issued by the company, the Walmart-owned digital payments and financial services major said it would resume its plans for a public listing once there is greater stability in global markets.
Sameer Nigam, Chief Executive Officer of PhonePe, said the company remains committed to going public in India but has decided to pause the process in the current uncertain environment. “We sincerely hope for a swift return to peace in all the affected regions. We remain committed to a public listing in India,” he said.
The fintech major did not specify a revised timeline for restarting the IPO process. However, the company indicated that it will revisit its listing plans once geopolitical tensions ease and market conditions stabilise.
Looks to raise ₹12,000 crore via IPO
PhonePe is one of India’s leading digital payments platforms and has been preparing for a public listing as part of its long-term growth strategy. The decision to delay the IPO comes at a time when heightened geopolitical tensions and market volatility have weighed on investor sentiment globally. The equity benchmark Sensex and Nifty have fallen around 8% so far in March, as sustained foreign institutional investor (FII) selling, rising crude oil prices, and escalating geopolitical tensions weighed heavily on investor sentiment, eroding nearly ₹34 lakh crore in investor wealth.
The company received approval from the Securities and Exchange Board of India (Sebi) for its IPO on January 20, 2026, after it filed its draft papers through the confidential pre-filing route on September 23, 2025. Following the approval, the company filed its Updated Draft Red Herring Prospectus (UDRHP) on January 21, 2026.
The Bengaluru-based company is looking to raise up to ₹12,000 crore via the IPO, which is entirely an offer for sale (OFS) by its existing shareholders. Industry sources said Walmart, Tiger Global Management, and Microsoft plan to participate in the OFS, collectively looking to offload around 10% of their holdings.
Last raised capital at valuation of $12 bn
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.
As of August 2025, PhonePe has over 65 crore (650+ million) registered users and a digital payments acceptance network spread across more than 4.5 crore (45+ million) merchants. PhonePe also processes over 36 crore (360+ million) transactions daily, with an annualised 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 such as Pincode, a hyperlocal e-commerce platform, and Indus Appstore, a localised app store for the Android ecosystem in India.
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