PhonePe, one of India’s leading fintech players, has officially transitioned into a public company, moving one step closer to its much-anticipated initial public offering (IPO). Backed by Walmart, this move sets the stage for PhonePe to potentially raise funds at a whopping $15 billion valuation.
The company, which started under Flipkart before separating in 2020, is now a fully independent entity. This shift to a public company is a crucial legal and regulatory milestone for any startup aiming to list on stock exchanges. While the exact IPO date is yet to be announced, PhonePe’s decision signals that it’s gearing up for a big market debut—possibly one of the largest in India’s fintech history.
Dominating the UPI Space
PhonePe currently leads India’s UPI (Unified Payments Interface) market by a significant margin. As of early 2025, it holds over 45% market share in UPI transactions, processing billions of payments every month. Its closest competitors include Google Pay, Paytm, and Amazon Pay.
With India’s digital payment market continuing to grow rapidly, PhonePe has expanded its services beyond peer-to-peer transfers. It now offers insurance, mutual funds, gold purchases, and even a shopping experience through its app. These new services are helping the company build a super-app ecosystem in the financial space.
Strong Backing, Strong Ambitions
Walmart, which owns a majority stake in PhonePe after acquiring Flipkart, continues to bet big on the Indian digital economy. The upcoming IPO is expected to unlock value for Walmart and bring more visibility to PhonePe’s financials and future growth strategy.
The company has already raised over $850 million in private funding since 2023, and the IPO could help it raise more capital for further expansion, product development, and possibly global play.
What’s Next?
As India’s fintech scene matures, PhonePe’s IPO could mark a turning point—not just for the company, but for the entire sector. Investors are watching closely, as this public listing could open doors for other fintech startups to test the public markets too.
With strong fundamentals, a massive user base, and investor confidence, PhonePe is positioning itself as a long-term player in India’s digital future.
