India’s digital payments leader PhonePe is gearing up for a highly anticipated IPO, but it’s doing so quietly and strategically. By late September 2025, PhonePe will file its draft red herring prospectus (DRHP) with SEBI through the confidential filing route, a relatively new mechanism that keeps its financial numbers, strategy, and risks hidden from the public until closer to the launch.
The company is targeting to raise ₹10,000–13,000 crore ($1.2–1.5 billion) through a mix of fresh share issue and investor sell-downs, which could value PhonePe between $10–12 billion. If the plan goes through, this will be one of India’s largest fintech IPOs, potentially joining the league of Paytm and Zomato in terms of market buzz.
Walmart’s Continued Backing
Walmart, which holds over 70% stake in PhonePe, will stay invested post-listing, signaling its long-term commitment to the company’s growth. Early backers like Tiger Global and General Atlantic, however, may partially offload stakes to book profits and reallocate capital.
Why the Confidential Route Matters
The confidential filing process is becoming increasingly popular among Indian startups and unicorns because it gives companies timing flexibility. In a market where valuations fluctuate quickly, PhonePe can wait until market conditions improve before making its financials public, ensuring better pricing for investors.
PhonePe’s Growth Story
Founded in 2015, PhonePe has grown into India’s largest UPI-based payments platform, with over 500 million registered users and significant market share in digital payments, insurance distribution, mutual funds, and lending products. Its ability to cross-sell financial services makes it one of the most promising players in the fintech ecosystem.
What to Expect in 2026
The IPO is expected to launch in early 2026, likely riding on strong market sentiment post-festive season. If successful, it will not only unlock value for existing investors but also set the tone for future fintech listings in India. Analysts believe this could attract more global investors to the Indian fintech and payments sector, boosting valuations across the board.