PhonePe Separates from Walmart, Files for $5 Billion Mumbai Stock Exchange Listing

PhonePe, India's largest digital payments platform with 500 million users, has completed its separation from Walmart and filed for a $5 billion initial public offering on Indian stock exchanges in what would be India's largest-ever IPO.

The separation establishes PhonePe as a fully independent Indian entity headquartered in Mumbai. Walmart will retain a 25% stake post-IPO, down from its current 65% ownership. Indian investors including SBI, LIC, and HDFC are expected to be anchor investors. PhonePe has diversified beyond payments into insurance (PhonePe Insurance), lending (PhonePe Credit), wealth management (PhonePe Wealth), and e-commerce (PhonePe Shopping). These new verticals contributed 25% of the company's ₹8,400 crore revenue in FY26.

"PhonePe's journey from a Flipkart subsidiary to India's largest fintech company is a story of Indian entrepreneurship at its finest. An Indian listing for an Indian company serving Indian customers is the natural next step."

— Sameer Nigam, PhonePe CEO

The IPO proceeds will fund PhonePe's expansion into banking services through a small finance bank license application, AI-powered credit scoring for underserved segments, and international expansion to Southeast Asian markets. PhonePe's listing is expected to set a benchmark for Indian fintech valuations and could trigger a wave of tech IPOs in India. Companies like Razorpay, CRED, and Groww are watching closely for market reception. The company's independent status removes regulatory concerns about Chinese-affiliated ownership that have affected competitors. PhonePe is now positioned as a fully Indian entity with diverse Indian ownership.