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

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