IPO · Financial Services

PhonePe revives IPO plans, targets March 2027 listing

By Startup Enthusiast · 12 September 2026

What they do

PhonePe plans to file updated IPO papers by end of 2026, aiming for a valuation of $10 billion

The fintech targets a public listing between February and March 2027 after gaining clarity on UPI MDR

CEO Sameer Nigam defended the new 0.4% MDR on large UPI transactions, saying merchants can absorb the cost

PhonePe has prepared for a public listing structured entirely as an offer for sale (selling existing stock without fresh shares).
Backers will offload up to 50,660,446 equity shares carrying a nominal face value of one rupee each.
Promoter WM Digital Commerce Holdings intends to sell as many as 45,942,496 shares in the offering.
Early backers Microsoft Global Finance and Tiger Global will part with 3,678,790 and 1,039,160 shares respectively.
Company leader Sameer Nigam avoided naming a firm listing date or committing to a fiscal year 2027 debut.
Staff members took ownership of 4.7 million vested stock options through an early exercise plan cleared by the board.
Parent corporation Walmart recorded a non-cash expense of $0.7 billion after altering employee equity awards before the listing.

Digital payment firms absorbed around $5 billion in losses and capital outlays over ten years creating systems for Indian users.
Parent firm Walmart saw its holding slip from roughly 84% to 73% as staff exercised option plans.
The business was previously diluted when raising $0.7 billion in new funding during fiscal year 2024.

PhonePe facilitates consumer transactions through UPI payments, travel bookings, mobile recharges, and everyday utility bills.
The app distributes financial products such as mutual funds, digital gold, silver, credit services, and insurance policies.
Retail units access point-of-sale hardware, a dedicated payment gateway, web links, and promotional merchant software.
The business infrastructure runs on roughly 30,000 servers processing between 700 million and 800 million daily entries.
Cross-border transaction acceptance extends to foreign destinations including Singapore, the UAE, Nepal, and Sri Lanka.
The organization offers users partnered credit cards together with lenders State Bank of India and HDFC Bank.

PhonePe aims to make both its merchant wing and consumer division individually gainful without relying on pooled profits.

WM Digital Commerce Holdings (seller) — Walmart international investment arm owning 71.77% of equity before the proposed secondary share sale.
Microsoft Global Finance Unlimited Company (seller) — Corporate institutional shareholder participating as a selling party in the initial public offering.
Tiger Global PIP 9-1 Ltd. (seller) — Institutional investment vehicle participating in the secondary stock offload.