"Tiger Global and Microsoft are primed to fully exit PhonePe, the Walmart-backed Indian payments startup which has updated its IPO filing, offering investors and market watchers a rare peek at how global investors are cashing out of the venture boom via India's public markets. On Wednesday, PhonePe updated its IPO prospectus (PDF), detailing how many shares are up for sale. Tiger Global and Microsoft are offering up their full stakes in the company, while Walmart is choosing to retain its majority stake, and selling up to 45.9 million shares (about 9% of the company)."
"Up to 50.66 million shares are up for sale, marking a liquidity event for existing shareholders. PhonePe was valued at about $12 billion in a January 2023 funding round, though it is targeting a market capitalization of around $15 billion in the IPO, which could raise up to $1.5 billion, sources familiar with the matter told TechCrunch. The offer does not include any founder sell-downs, and the prospectus shows the share sale is being driven by existing investors rather than by PhonePe's management."
"PhonePe is the largest player in India's digital payments market, leading the UPI ecosystem in transaction volumes and staying ahead of Google Pay. In December 2025, it processed about 9.81 billion transactions worth roughly ₹13.6 trillion (about $148.6 billion), compared with Google Pay's 7.50 billion transactions worth about ₹9.6 trillion (around $104.5 billion), according to the latest NPCI data."
PhonePe's IPO prospectus lists up to 50.66 million shares for sale, enabling a liquidity event for existing investors. Tiger Global and Microsoft are offering their full stakes, while Walmart will retain majority ownership and may sell up to 45.9 million shares (about 9%). PhonePe targets a roughly $15 billion market capitalization and could raise up to $1.5 billion. The share sale excludes any founder sell-downs and is driven by existing investors rather than management. Founded in 2015 and spun off from Flipkart, PhonePe leads India's UPI payments volumes and processed about 9.81 billion transactions worth roughly ₹13.6 trillion in December 2025.
Read at TechCrunch
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