PhonePe, India’s digital payments platform backed by Walmart, is preparing an initial public offering that could raise $1.5 billion, according to a Bloomberg report citing people familiar with the matter. The company is expected to file its draft red herring prospectus by August 2025, aiming for a valuation of approximately $15 billion. Founded in 2015 and originally acquired by Flipkart, PhonePe became independent in 2022, with Walmart retaining majority ownership in both firms. The platform now has over 610 million registered users and reportedly processes transactions worth 340 million rupees daily. It raised $100 million in February 2023 at a $12 billion valuation, followed by another $200 million shortly after, also supported by Walmart.
PhonePe's IPO preparations come amid India’s ongoing shift to digital payments, accelerated by the 2016 launch of the Unified Payments Interface and a broader push toward mobile-first financial services. PYMNTS Intelligence reports that digital wallets now account for 55% of India’s retail purchases. Globally, mobile wallet usage continues to grow, contributing to 35% of online and 21% of in-store transactions in 2024. A PhonePe spokesperson declined to comment on the IPO when contacted by PYMNTS.
