PhonePe, a digital payments platform supported by Walmart, has submitted draft documents for an IPO via a confidential route to raise approximately USD 1.5 billion.

A company representative mentioned that the firm intends to raise around USD 1.5 billion through the initial public offering (IPO), potentially valuing the fintech firm at about USD 15 billion. Reports suggest that the IPO will include both new shares and an offer for sale (OFS) options, with participation from Walmart, Tiger Global, and Microsoft. From the USD 1.5 billion, 10% of the company’s equity is intended to be offered during this phase.

PhonePe’s IPO Process

The confidential pre-filing route permits a firm to keep details of its Draft Red Herring Prospectus (DRHP) private from the public initially. According to media reports, submitting a pre-filed DRHP does not necessitate the company to proceed with the IPO.

PhonePe has also been publishing its financial results for the fiscal year 2024-2025 (FY25). The company reported a net loss of USD 194.79 million, compared to a net loss of USD 224.75 million in fiscal year FY24.

PhonePe’s IPO discussion took place in 2025. In June of that year, the fintech company aimed to raise USD 1.5 billion through an initial public offering (IPO), potentially valuing the firm at around USD 15 billion. The draft prospectus was anticipated to be submitted by August, but no formal announcement has been made. In September of the same year, the company announced that it was gearing up to file the confidential IPO by the end of that month.

PhonePe is one of the most widely used applications in India for UPI-based payments. The company claims to have 600 million registered users across 40 million merchants and processes over 310 million online transactions daily.