On Wednesday, PhonePe filed an updated IPO prospectus. Read on for the biggest, juiciest bites from this fintech startup’s highly-anticipated filing, which is set to be India’s largest share sale so far. The company intends to sell 50.66 million shares. This transaction is a critical liquidity event for current shareholders and paves the way for future investments.
As the major leader in India’s digital payments market, PhonePe has consistently led its rivals. It’s at the head of the Unified Payments Interface (UPI) ecosystem by transaction volume, over 5 times stronger than Google Pay. In December 2025, PhonePe accounted for about 9.81 billion transactions worth a total of ₹13.6 trillion (about $148.6 billion) processed. In comparison, Google Pay transacted 7.50 billion transactions in the same time period. In total, these transactions were worth an estimated $104.5 billion (about ₹9.6 trillion).
The IPO comes at a critical juncture for PhonePe. This company, based in Bangalore, was an early unit of Flipkart before it was spun off entirely in December 2020. However, the full divorce from Flipkart was not completed until December 2022. Subsequent to this separation, Walmart became the largest shareholder of PhonePe. This tactical maneuver gives PhonePe the freedom to function solo, using Walmart’s vast assets and store experience to cut through India’s red tape and additional currents.
In January 2023, PhonePe’s valuation skyrocketed to around $12 billion during a funding round. This record haul is a testament to overwhelming investor confidence in the company’s future growth prospects and increasing market presence. It has surely been a long and tumultuous journey for PhonePe, but the upcoming IPO represents an exciting new chapter. It further underlines the growing importance of digital payments in India’s economy.
India is moving at breakneck speed towards a cashless, digital financial utopia. As such, PhonePe’s leadership position is set to get even stronger, particularly with its preparation for a soon-to-come IPO. The company’s commitment to innovation, technology and superior customer service is evident. It is this commitment that has driven its meteoric advance through the industry.
Leave a Reply