Walmart-backed fintech giant PhonePe is preparing to launch one of India’s most anticipated initial public offerings, targeting a valuation of nearly $9–10.5 billion. The company aims to raise around $1 billion through the IPO, making it one of the biggest fintech listings expected in the country.
PhonePe dominates India’s digital payments ecosystem with hundreds of millions of registered users and a major share of UPI transactions. However, industry analysts note that monetising the massive user base remains a challenge due to thin margins in the payments business.
If market conditions remain favourable, the IPO could be completed in 2026 and may become one of the most closely watched listings in India’s fintech sector.
