India’s PhonePe Receives SEBI Approval to Move Forward with IPO Plans

Wednesday 21 January 2026 10:00

Digital payments company PhonePe has received approval from the Securities and Exchange Board of India (SEBI) to proceed with preparations for its initial public offering (IPO).

The Bengaluru-based firm had earlier submitted its draft red herring prospectus through the confidential filing route in September. The company is targeting to raise up to ₹12,000 crore through the public offering.

The IPO is expected to be structured primarily as an Offer for Sale (OFS), allowing existing shareholders — including Walmart and other investors — to partially divest their stakes. Upon listing, PhonePe’s valuation is projected to reach approximately $15 billion.

On the operational front, PhonePe continues to strengthen its leadership position within India’s real-time digital payments ecosystem. In December alone, the platform processed nearly 9.8 billion transactions, with a total value exceeding $164 billion.

Financially, the company reported 40.5% year-on-year growth in operating revenue during the last fiscal year, alongside a significant improvement in adjusted profitability, highlighting stronger operating efficiency and a resilient core business model.