Digital payments company PhonePe has received approval from market regulator Securities and Exchange Board of India (SEBI) to launch its Initial Public Offering (IPO), according to a Reuters report that cited sources.
The company had earlier filed its draft IPO papers through the confidential route in September last year.
Reports suggest that some existing investors — including Walmart, Microsoft, and Tiger Global — may sell part of their stake in the company through this IPO.
Strong Focus on Digital Payments
PhonePe is a fintech company owned by the American retail giant Walmart. It was launched in 2015 and has since grown rapidly. Today, it has become the leading payments platform on India’s Unified Payments Interface (UPI) network.
By December 2025, PhonePe is expected to hold around 45% market share in terms of transaction volume on UPI.
In the draft papers submitted to SEBI, the company clearly stated that digital payments will remain its main growth driver. To achieve this, PhonePe plans to expand its platform, grow its user base, and increase its presence across markets.
The total addressable market for digital consumer payments in India was estimated at ₹301 trillion in FY2025. This figure is expected to grow significantly to between ₹602 trillion and ₹681 trillion by 2030.
Strong User and Merchant Base
PhonePe has built a large and strong customer base over the years. According to data from the National Payments Corporation of India (NPCI), out of 2,160 crore total UPI transactions recorded in August, 9.8 billion transactions were processed through PhonePe alone.
The company currently has more than 600 million registered users. It also provides digital payment services to around 50 million merchants across India, making it one of the largest digital payments platforms in the country.