Archive · 23 Jan 2026
PhonePe Files Updated DRHP for IPO
PhonePe, a big digital payments company in India, has filed important papers for its IPO.
Walmart, which owns most of PhonePe, will sell some of its shares.
Microsoft and Tiger Global will also sell all their shares.
PhonePe won't get any new money from this IPO because they're not selling new shares.
The company is very popular in India, with lots of users and merchants.
They're planning to start selling shares in the middle of 2026.
PhonePe is the biggest player in India's UPI system, which is like a super-fast way to pay for things using your phone.
They make a lot of money, but they also have big losses.
A group of big banks will help manage the IPO.
The IPO is structured as an offer for sale, with all funds raised going to existing shareholders.
The company has a high market share in UPI transactions and a large user base.
However, it also faces regulatory risks and has loss-making expansion initiatives.
PhonePe files updated DRHP for IPO, targeting a market debut by mid-2026.
Walmart plans to reduce its stake by selling 4,59,42,496 shares.
Microsoft and Tiger Global will fully exit their investments in PhonePe.
The IPO will be a pure offer-for-sale, with no fresh equity issued by PhonePe.
PhonePe is the largest player on India's UPI, with over 49.15% of transaction volumes.
- Who
- PhonePe, Walmart, Microsoft, Tiger Global
- What
- PhonePe files updated DRHP for IPO
- When
- January 22, 2026
- Where
- India
- Why
- Walmart to reduce stake, Microsoft and Tiger Global to exit
Investors
Company
Stake Reduction
Investors
Walmart, Tiger Global, and Microsoft are selling their stakes to exit or reduce their investments.
Company
PhonePe is not issuing new shares, so the IPO is purely an offer-for-sale.
- Company
- PhonePe
- Current Walmart Ownership
- 71.77%
- Shares to be Offloaded by Walmart
- 4,59,42,496
- Shares to be Offloaded by Microsoft
- 36,78,790
- Shares to be Offloaded by Tiger Global
- 10,39,160
- Total Shares Offered
- 5,06,60,446
- IPO Type
- Offer-for-sale (no fresh equity)
- Target Market Debut
- Mid-2026
- PhonePe's UPI Market Share
- 49.15%
- Monthly Active Customers
- 23.77 crore
- Daily Active Customers
- 44.82% of monthly active customers
- 30-Day Rolling Retention Rate
- 99.23%
- Revenue Growth in FY25
- 40.50%
- Adjusted EBITDA for FY25
- Rs 1,477.19 crore
- Restated Net Loss for FY25
- Rs 1,727.41 crore
- Share-Based Compensation Costs in FY25
- Rs 2,357.86 crore
- New Platforms Segment Adjusted EBITDA Loss in FY25
- Rs 454.65 crore
- Cash, Cash Equivalents and Investments as of Latest Reported Period
- Rs 12,159.77 crore
- Investment Banks Managing IPO
- Kotak Mahindra Capital, Goldman Sachs, JPMorgan, Citi, Morgan Stanley, Jefferies
- Walmart's Weighted Average Cost of Acquisition
- Rs 1,996.8 per share
- General Atlantic's Stake
- 8.9%
- Cofounders' Stake
- 2.55% each
- Revenue from Operations (H1FY26)
- Rs 3,918 crore
- Net Loss (H1FY26)
- Rs 1,444 crore
- Revenue from Lending and Insurance (H1FY26)
- Rs 452.6 crore
- UPI Market Share as of September 30, 2025
- 46.85%
Sources
PhonePe Files Updated DRHP: Walmart To Cut Stake Via IPO, Microsoft & Tiger Global To Exit
Walmart, Microsoft, Tiger Global to sell 50.7 million shares in PhonePe's IPO
Inside PhonePe’s exit-only IPO: What Walmart, Microsoft and Tiger know that you don’t
PhonePe moves closer to IPO; Walmart to trim stake, Microsoft and Tiger Global to exit - Telegraph India
Tiger Global, Microsoft set for full exit as PhonePe files updated IPO papers
Walmart To Trim Stake, Tiger Global And Microsoft To Exit Through PhonePe’s USD 1.5 Billion IPO
PhonePe set for mega IPO; Walmart, Microsoft, Tiger Global to offload stakes
PhonePe IPO: Walmart to lead sell-down as Tiger Global, Microsoft exit
PhonePe IPO: Walmart to lead sell-down as Tiger Global, Microsoft exit
