PhonePe files $1.5B IPO with 657M users and 48% of India's UPI market

PhonePe has filed its updated Detailed Red Herring Prospectus (DRHP) with SEBI, marking the formal start of India's most anticipated fintech IPO. The company is targeting a $15 billion valuation and plans to raise $1.5 billion through the public offering.

The scale of PhonePe's dominance in digital payments is unambiguous. It serves 657 million registered users and processes 48% of India's UPI transactions—a commanding share of the country's real-time payment infrastructure.

The IPO represents a significant exit opportunity for major shareholders. Walmart, Tiger Global, and Microsoft are among the stakeholders preparing to sell stakes as the company moves toward public markets.