IPO · Financial Services

PhonePe files IPO papers for secondary sale

By Startup Enthusiast · 21 February 2026

What they do

PhonePe operates India's largest UPI payment app by transaction volume

The company filed an updated draft red herring prospectus for an offer-for-sale initial public offering in January

Walmart and Tiger Global are selling existing shares as part of this secondary sale event

PhonePe filed an updated draft red herring prospectus for an offer-for-sale initial public offering in January.
The offer-for-sale allows existing shareholders to sell their equity shares to the public without raising new capital for the company.
Walmart is selling up to 4.59 crore equity shares through this offer-for-sale process.
Tiger Global is selling 10.39 lakh shares via the PhonePe offer-for-sale.
Microsoft is selling 36.78 lakh shares through the PhonePe offer-for-sale.
The total number of shares offered for sale is up to 5.06 crore equity shares.
This filing marks a significant step toward PhonePe's potential listing on Indian stock exchanges.
The move signals that major investors are looking to exit or reduce their stakes in the startup.

PhonePe holds a dominant 46.6% market share in UPI transactions for January.
The company processed 991.3 crore transactions valued at ₹13.7 lakh crore in January.
Its market share increased from 45.3% in December to 46.6% in January.
Google Pay held the second position with 722.9 crore transactions in January.
The offer-for-sale structure means no new money enters PhonePe's coffers during this IPO.

PhonePe provides digital payment services through its mobile application platform.
It facilitates Unified Payments Interface transactions between users and merchants across India.
The company generated ₹13.7 lakh crore in transaction value during January alone.
It processed 991.3 crore individual transactions in the month of January.
PhonePe competes directly with Google Pay and other fintech players in the market.
The platform supports various payment modes including peer-to-peer and merchant payments.
Its growth is driven by increasing adoption of digital payments in rural and urban areas.
The company leverages technology to ensure secure and fast transaction processing.
Market leadership is maintained through aggressive user acquisition and retention strategies.

Walmart (seller) — Promoter WM Digital Commerce Holdings is selling 4.59 crore shares.
Tiger Global (seller) — Investor Tiger Global is selling 10.39 lakh shares.
Microsoft (seller) — Investor Microsoft is selling 36.78 lakh shares.