PhonePe Receives SEBI Approval for IPO with Offer-for-Sale by Existing Shareholders

PhonePe, a Walmart-backed digital payments firm, has received regulatory approval from SEBI to proceed with its initial public offering (IPO). The Bengaluru-based company, a leader in India's UPI market with over 45% transaction share, plans a pure offer-for-sale (OFS) raising around Rs 12,000 crore. PhonePe reported a 40% revenue increase to Rs 7,115 crore in FY25 and turned free cash flow positive. Major investors including Walmart, Microsoft, and Tiger Global are expected to sell shares in the IPO, which could value the company near $15 billion.