PhonePe Secures SEBI Approval for IPO

Mumbai, India - Walmart-backed digital payments giant PhonePe has secured approval from the Securities and Exchange Board of India for its initial public offering, paving the way for one of the country's most anticipated fintech listings. The company plans to file its updated draft prospectus this week, according to sources familiar with the matter.

The proposed IPO will take the form of an offer for sale by existing shareholders, including major investors such as Walmart, Microsoft, and Tiger Global, who are expected to reduce portions of their stakes. PhonePe will not raise any fresh primary capital through the listing. The firm has already appointed Kotak Mahindra Capital, JPMorgan Chase, Citigroup, and Morgan Stanley as bankers to manage the process. This follows a confidential filing submitted in September under SEBI's pre-filing framework, which allowed the company to address regulatory feedback before public disclosure.

Founded in 2015, PhonePe has grown into India's dominant player in the unified payments interface network, holding more than 45 percent market share by transaction volume. In December 2025, it processed 9.8 billion transactions, data from the National...