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PhonePe just raised. Here's exactly what to do next.

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PhonePe is proposing an IPO to raise $1.5 billion, with backing from investors like Walmart and Tiger Global. The IPO will be structured as a pure offer-for-sale by existing shareholders.

PRIVATESep 25, 2025•8 months ago

Amount Raised

$1.5 Billion

Round Type

funding round

Delhi

Investors

MicrosoftTiger GlobalWalmart

Description

PhonePe, backed by Walmart, is planning a $1.5 billion IPO of equity shares, filing its draft red herring prospectus through SEBI’s confidential filing route. The IPO will be structured as a pure offer-for-sale by existing shareholders. Key stakeholders include Walmart, Tiger Global, and Microsoft, diluting about 10% of their combined stake. The company recently obtained a payment aggregator license from the Reserve Bank of India to enhance its digital payments ecosystem.

Company Information

Company

PhonePe

Location

Delhi, Delhi, India

About

PhonePe was founded in December 2015 and has emerged as India’s largest payments app, enabling digital inclusion for consumers and merchants alike. With 48 crore (480 Million) registered users, one in four Indians are now on PhonePe. The company has also successfully digitized 3.6 crore (36 Million) offline merchants spread across Tier 2,3,4 and beyond, covering 99% of the postal codes across India. PhonePe is also the leader in Bharat Bill Pay System (BBPS), processing over 45% of the transactions on the BBPS platform. PhonePe forayed into financial services in 2017, providing users with safe and convenient investing options on its platform. Since then, the company has introduced several Mutual Funds and Insurance products that offer every Indian an equal opportunity to unlock the flow of money and access to services. PhonePe was recently recognized as the Most Trusted Brand for Digital Payments as per the Brand Trust Report 2023 by Trust Research Advisory (TRA).

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Fundz is a real-time business intelligence platform powered by agentic AI that proactively delivers personalized daily signals — including funding rounds, executive changes, M&A activity, 13F institutional filings, SEC 8-K events, investor activity, and website modifications — based on each user's watchlist and ICP. A trusted data source at firms such as BlackRock, Oracle, Kleiner Perkins, LinkedIn, HubSpot, and Cloudflare, Fundz democratizes the institutional-grade intelligence that previously required a PitchBook or Bloomberg terminal. Features include FundzWatch™ for automated website change detection, Daily Briefing for AI-powered daily briefings, and unified cross-signal alerts across 200,000+ companies.

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