Tiger Global and Microsoft are positioned to fully exit PhonePe, the Walmart-backed Indian payments startup. The company has updated its initial public offering filing, providing a rare look at how global investors are cashing out of the venture boom through India’s public markets.
PhonePe updated its IPO prospectus on Wednesday, detailing the shares available for sale. Tiger Global and Microsoft are offering their entire stakes. Walmart, however, will retain its majority stake while selling up to 45.9 million shares, representing about 9% of the company. In total, up to 50.66 million shares are for sale, creating a liquidity event for existing shareholders.
The company was valued at approximately $12 billion in a funding round in January 2023. It now targets a market capitalization of around $15 billion in its IPO, which could raise up to $1.5 billion according to sources familiar with the matter. The offer does not include any sales by founders, indicating the share sale is driven by existing investors rather than PhonePe’s management.
Founded in 2015 by Sameer Nigam, Rahul Chari, and Burzin Engineer, PhonePe was acquired by e-commerce giant Flipkart a year later. It has grown into one of India’s most successful fintech companies. Starting with digital payments, it has expanded into stockbroking, mutual fund investments, and even offers an Android app store as an alternative to the Google Play Store.
PhonePe is the largest player in India’s digital payments market, leading the UPI ecosystem in transaction volume ahead of Google Pay. In December 2025, it processed about 9.81 billion transactions worth roughly 13.6 trillion rupees, or about $148.6 billion. This compares to Google Pay’s 7.50 billion transactions worth about 9.6 trillion rupees, or around $104.5 billion, according to the latest data.
The company was spun off after Flipkart decided on a partial split in December 2020. PhonePe and Flipkart completed their separation in December 2022, with Walmart remaining the fintech’s dominant shareholder.
For the six months ended September 2025, PhonePe’s revenue from operations rose 22% to 39.19 billion rupees, or about $427.79 million, from the same period a year earlier. Its loss during that period widened to 14.44 billion rupees, around $157.70 million, from 12.03 billion rupees, or about $131.34 million.