PhonePe, an Indian digital payments platform supported by Walmart, is reportedly advancing its plans for an initial public offering (IPO) in the coming months.

An anticipated fundraising target and valuation

The fintech company aims to raise up to USD 1.5 billion through this listing, potentially valuing PhonePe at around USD 15 billion. The draft prospectus is expected to be submitted by August, but official statements remain pending.

Following a funding round in 2023, during which it secured USD 100 million from investors like Ribbit Capital, Tiger Global Management, and TVS Capital Funds, PhonePe’s valuation was placed at approximately USD 12 billion.

A robust presence in India’s digital payment landscape

Launched in 2015, PhonePe has emerged as a significant player in India’s digital transactions sector, especially through the Unified Payments Interface (UPI) system. It boasts over 610 million registered users and processes daily volumes of more than 310 million transactions across 40 million merchants.

Preparations for the IPO

PhonePe officials have stated that preparations for the IPO are under way. While details about the timeline and financial specifics have not been publicly confirmed, this listing is expected to be one of the largest for a fintech firm in India recently. Multiple financial institutions, including Kotak Mahindra Capital, JPMorgan Chase, Citigroup, and Morgan Stanley, are involved in managing the offering.

Additional developments at PhonePe

In February 2025, PhonePe introduced a device tokenization solution for secure card transactions. Through this feature, users could tokenize their credit and debit cards within the PhonePe app for use across various services such as bill payments, recharges, travel bookings, insurance purchases, and online merchant payments via PhonePe’s payment gateway.

This launch aimed to enhance digital payment security by reducing risks associated with stolen or leaked card information. Initially, it supported tokenization of Visa credit and debit cards, with plans for further network integration and broader merchant coverage in the future.