United States: PhonePe has filed for a confidential Initial Public Offering (IPO) in the United States, according to regulatory disclosures and company sources. The digital payments firm, majority-owned by Walmart, submitted documents under provisions that allow companies to delay public release of financial details until closer to listing. The filing was made under the U.S. JOBS Act of 2012, which permits confidential IPOs for firms with annual revenue under $1 billion. The company is expected to list on a U.S. exchange, with Nasdaq and NYSE under consideration.
PhonePe has engaged Cyril Amarchand Mangaldas in India and Sullivan & Cromwell LLP in the U.S. as legal advisors. The Securities and Exchange Board of India (SEBI) continues to regulate its domestic operations, including its payments business under the Payment and Settlement Systems Act, 2007. Additional disclosures may be required if a dual listing is pursued.
Market Position and Financials Founded in 2015 and separated from Flipkart in 2022, PhonePe has over 500 million registered users. According to National Payments Corporation of India (NPCI) data, it processed more than 4.2 billion transactions per month in Q2 FY2025. Industry estimates place its FY2024 revenue between ₹9,000–₹11,000 crore, though figures remain undisclosed due to the confidential filing. Walmart is the largest shareholder, alongside investors such as Tiger Global, General Atlantic, and Qatar Investment Authority.
As of August 2025, NPCI data shows PhonePe held 48.2% of the UPI market share, followed by Google Pay with 33.5% and Paytm with 12.1%. Competitors also include Amazon Pay. The IPO follows increased regulation in India’s fintech sector. The Reserve Bank of India has tightened digital lending rules and Know Your Customer (KYC) compliance. PhonePe is subject to the RBI’s Digital Payments Security Controls Directions, 2021, and provisions of the Data Protection Bill, 2023.
Analyst reports project PhonePe’s valuation in the range of $18–$22 billion, depending on market conditions. The offering is expected to provide partial exits for early investors and finance expansion into lending and wealth management. Other Indian fintech firms, including Cred, Groww, and BharatPe, are also preparing for listings.
