IPO · Financial Services

PhonePe pauses IPO plans amid market volatility

By Startup Enthusiast · 5 March 2026

What they do

PhonePe is a digital payments and financial services company in India

It paused its IPO after SEBI approval, citing global market volatility and the West Asia war

The delay could affect other startups like Razorpay, Zepto, and OYO planning to list

PhonePe paused its IPO plans, citing global equity market volatility and the West Asia war.
The company received SEBI approval for its IPO in January 2026, with up to 12 months to launch.
The IPO was targeting a valuation between $9 billion and $10.5 billion.
It was set to be an offer-for-sale, with backers offloading 5.07 crore equity shares.
PhonePe intends to restart the IPO process once global capital markets stabilize.
The pause could force firms like Razorpay, Moneyview, Zepto, and OYO to reassess IPO timelines.
India's markets shed more than 12% since January, with a sharp decline after the Iran conflict escalation.
Foreign institutional investors were net sellers, with over $9 billion in outflows in the month.

The IPO was seen as a bellwether for the fintech space and other startup listings.
A lower valuation could pressure General Atlantic, which invested at an $11 billion valuation.
Bankers advised IPO-bound companies to cut valuation expectations by 20-30%.
More than 48 startups were preparing to go public, and this delay could affect their plans.

PhonePe is a digital payments and financial services platform in India.
It offers services like UPI payments, insurance, mutual funds, and gold purchases.
The company had 4,282 full-time employees as of September 30, 2025, excluding sales force.
It invested ₹3,373 crore in technology infrastructure since 2016.
PhonePe built institution-grade governance architecture ahead of its public listing.
It completed redomiciling to India, cementing its India-domiciled status.

PhonePe intends to restart the IPO process once global capital markets stabilize.

General Atlantic (existing) — General Atlantic is a New York-based growth equity investor that invested in PhonePe at an $11 billion valuation.