PhonePe gets Sebi approval for IPO after confidential filing: Report

Payments firm PhonePe has secured regulatory approval from the Securities and Exchange Board of India (Sebi) for its proposed initial public offering (IPO), news agency Reuters reported on Tuesday, citing sources familiar with the matter. The approval follows the company's confidential filing for a public issue in September last year.

According to the report, existing shareholders, including Walmart, Microsoft and Tiger Global, are expected to pare a portion of their stake through the IPO. Business Today, however, has not independently verified these details at the time of publishing.

Founded in 2015, PhonePe is backed by US retail giant Walmart and has emerged as the top payments platform on India's unified payments interface (UPI) network. The platform commands around 45 per cent market share by transaction volume as of December 2025.

Data from the National Payments Corporation of India (NPCI) shows that PhonePe processed 980 crore transactions out of the total 2,160 crore UPI transactions recorded in August. The company has built a wide user base, with more than 60 crore registered users, and provides digital payment solutions to nearly 5 crore merchants across the country.

Ahead of the IPO, PhonePe stated that it had narrowed losses for the financial year ended March 2025 (FY25). It posted a loss of Rs 1,720 crore as against Rs 1,996 crore recorded in the previous financial year ended March 2024 (FY24).