Indian Payments Giant PhonePe Plans IPO at $10.5 Billion Valuation

Walmart-controlled PhonePe is India's largest UPI digital payments platform. It had planned an Indian listing at a valuation of $9 billion to $10.5 billion, seeking to raise about $900 million to $1.05 billion. If completed, it would be India's second-largest fintech IPO, behind only Paytm's 2021 listing at a valuation of about $20 billion.

PhonePe secured listing approval from the Securities and Exchange Board of India in January 2026, but announced on March 16 that it was pausing the IPO because of escalating conflict in the Middle East and turmoil in global capital markets. The company said it would restart the process once markets stabilized. Its target valuation of $9 billion to $10.5 billion, set in early March, was also below the $12 billion valuation from its 2023 fundraising.