PhonePe IPO listing process temporarily paused amid geopolitical tensions and market conditions

Digital payments platform PhonePe has temporarily paused its initial public offering listing process amid the ongoing geopolitical tensions and market volatility.

Sameer Nigam, PhonePe's chief executive officer (CEO), said, "We sincerely hope for a swift return to peace in all the affected regions. We remain committed to a public listing in India."

The proposed initial share sale of PhonePe is solely an offer for sale by existing investors.

The company's shareholders, including Walmart, Microsoft Global Finance and Tiger Global, will sell stakes totalling ₹10,115 crore, as per the updated draft papers of the fintech firm.

Its promoter, WM Digital Commerce Holdings Pte, will sell shares worth ₹1,996.8 per share.

Microsoft and Tiger Global have plans to exit from the firm during the IPO.

The Walmart-backed fintech firm had filed a draft paper for an IPO via the confidential route in September.

Over the past three financial years, the company has posted strong revenue growth. Revenue from operations advanced to ₹7,114.85 crore in the financial year from ₹2,914.28 crore in FY23, reflecting a CAGR (compound annual growth rate) of 56.25%.

The fintech platform's revenue is diversified significantly beyond core UPI payments.

Merchant Payments' contribution increased 30.78% by September 2025, compared to 14.75% in FY23 to

The contribution of financial services swelled from 0.96% in FY23 to 11.55% in H1 FY26.

Restated losses fell by over ₹1,060 crore between FY23 and FY25 to ₹1,727.41 crore.

PhonePe, founded in 2016 and headquartered in India, had more than 65 crore registered users and a merchant network of over 4.7 crore as of September 30, 2025. Its offerings include consumer and merchant payments solutions, insurance distribution, lending, share market and Indus App Store, among others.

Kotak Mahindra Capital Company, Axis Capital, JP Morgan India, JM Financial, Jefferies India, Morgan Stanley India, Citigroup Global Markets India and Goldman Sachs (India) Securities are the issue's book-running lead managers, while KFin Technologies serves as the registrar.