return to news
  1. Upstox
    /
  2. News
    /
  3. Market News
    /
  4. IPO
    /
  5. PhonePe IPO: UDRHP filed with SEBI, Walmart to cut stake; a look at financials

Market News

PhonePe IPO: UDRHP filed with SEBI, Walmart to cut stake; a look at financials

Kamal Joshi
By Kamal Joshi

3 min read | Updated on January 22, 2026, 11:17 IST

Twitter Page
Linkedin Page
Whatsapp Page

SUMMARY

PhonePe IPO: The proposed initial share sale is exclusively an offer for sale of 5.06 crore shares. There is no fresh issue component, according to the UDRHP.

PhonePe provides payment, digital distribution and financial services. | Image: Shutterstock

PhonePe provides payment, digital distribution and financial services. | Image: Shutterstock

PhonePe IPO: Digital payments and financial services provider PhonePe has filed an updated draft red herring prospectus (UDRHP) with the markets regulator, the Securities and Exchange Board of India (SEBI), to raise funds through an initial public offering (IPO).

Open FREE Demat Account within minutes!
Join now

The proposed initial share sale is exclusively an offer for sale of 5.06 crore shares. There is no fresh issue component, according to the UDRHP.

Since there is no fresh issuance of shares, the company will not get any proceeds from the issue. The funds raised will go to the selling shareholders.

Under the OFS, promoter WM Digital Commerce Holdings Pte Ltd, owned by Wal-Mart International Holdings Inc, is selling 4.59 crore shares, which represents 9.06% of total paid-up equity. It currently holds a 71.77% stake in PhonePe.

Investors Tiger Global PIP 9-1 and Microsoft Corporation's Irish subsidiary Microsoft Global Finance Unlimited Company are also offloading their stake.

PhonePe had received SEBI's approval for an IPO on January 20. The company had filed issue papers via a confidential route.

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

The Walmart group firm had last raised ₹7,021 crore (around USD 850 million) at a pre-money valuation of USD 12 billion (about ₹1 lakh crore) from investors like General Atlantic, Ribbit Capital, Walmart, Tiger Global, and TVS Capital Funds in the financial year 2022-23. Founded in 2016, PhonePe has raised ₹18,000 crore to date.

Jio IPO update: Company awaits govt notification on SEBI recommendations to advance public issue plans

PhonePe IPO: Financials

For the six months ended September 2025, PhonePe had posted a 22.16% increase in its revenue from operations to ₹3,918.46 crore. The revenue stood at ₹3,207.51 crore in the year-ago period.

The company reported a net loss of ₹1,444.42 in H1 FY26, compared to a ₹1,727.41 crore loss a year back.

(₹ Crores)FY25FY24FY23
Revenue7,114.855,064.132,914.28
Total Assets18,205.2312,706.4711,840.28
Net Profit/(Loss)(1,727.41)(1,996.17)(2,796.06)

PhonePe provides payment, digital distribution and financial services. It is India’s largest digital payments platform, with a leadership in market share from December 2020 to September 2025 in terms of the number of transactions and total payment value (TPV) for customer-initiated UPI transactions, as per National Payments Corporation of India (NPCI) data.

To learn more about IPOs, their listings, schedules, and upcoming IPOs, visit our page.
To add Upstox News as your preferred source on Google, click here.
SIP
Consistency beats timing.
promotion image

About The Author

Kamal Joshi
Kamal Joshi is a business journalist who covers industries, markets, and IPOs. He is passionate about breaking news and enjoys playing tennis, especially flexing his backhand. He was previously associated with Republic TV and LatestLY.

Next Story