Indian Regulator Clears PhonePe’s IPO Filing Ahead of 2026 Listing – Fintech Singapore

PhonePe is preparing to go public in India after receiving regulatory approval, setting the stage for a mid-2026 IPO, according to people familiar with the process, as reported by Reuters.

The digital payments firm filed for the listing under India’s confidential route in September, and the latest clearance brings it closer to a public debut.

Existing shareholders are expected to use the offering to adjust their holdings, with Walmart likely to reduce its stake while Microsoft and Tiger Global are set to exit through share sales.

PhonePe declined to comment. Walmart, Microsoft and Tiger Global did not respond to requests for comment.

The planned listing comes amid strong activity in India’s equity markets, where IPO fundraising reached record levels in 2025.

PhonePe was last valued at around US$12 billion in 2023 following a private funding round.

Founded in 2015, PhonePe is one of the largest player on India’s Unified Payments Interface, which supports most real-time digital payments in the country.

The platform accounted for more than 45 percent of UPI transactions by volume as of December 2025, based on data from the National Payments Corporation of India.

In August, it processed nearly 10 billion of the roughly 22 billion UPI transactions recorded that month.

The company said it has more than 650 million registered users and works with over 47 million merchants across India.

In 2024, the National Payments Corporation of India extended the deadline for enforcing market share caps on UPI, a move that benefited dominant platforms such as PhonePe and Google Pay.

In its latest regulatory filing ahead of the IPO, PhonePe reported that its net losses narrowed to 17.2 billion rupees for the financial year ended March 2025, compared with nearly 20 billion rupees a year earlier.

Featured image: Edited by Fintech News Singapore, based on images by PhonePe and Borin via Freepik