Walmart-Backed PhonePe Targets $9-10.5 Billion Valuation in Upcoming IPO

Walmart-backed Indian fintech firm PhonePe is targeting an IPO valuation between $9 billion and $10.5 billion, aiming to raise approximately $900 million to $1.05 billion by April 2026. This valuation is lower than the $12 billion valuation from its last private funding round in 2023. Walmart plans to reduce its stake by about 12%, while Tiger Global and Microsoft intend to exit, selling around 50.7 million shares. PhonePe, with over 650 million users, faces challenges in monetisation amid a competitive, low-margin payments market. Market conditions and geopolitical factors may affect the IPO timeline.