Tiger International and Microsoft are primed to totally exit PhonePe, the Walmart-backed Indian funds startup which has up to date its IPO submitting, providing buyers and market watchers a uncommon peek at how international buyers are cashing out of the enterprise growth by way of India’s public markets.
On Wednesday, PhonePe up to date its IPO prospectus (PDF), detailing what number of shares are up on the market. Tiger International and Microsoft are providing up their full stakes within the firm, whereas Walmart is selecting to retain its majority stake, and promoting as much as 45.9 million shares (about 9% of the corporate).
As much as 50.66 million shares are up on the market, marking a liquidity occasion for current shareholders.
PhonePe was valued at about $12 billion in a January 2023 funding spherical, although it’s concentrating on a market capitalization of round $15 billion within the IPO, which might increase as much as $1.5 billion, sources aware of the matter instructed TechCrunch.
The provide doesn’t embody any founder sell-downs, and the prospectus exhibits the share sale is being pushed by current buyers quite than by PhonePe’s administration.
Based in 2015 by Sameer Nigam, Rahul Chari, and Burzin Engineer and bought by e-commerce big Flipkart a yr later, PhonePe has emerged as one among India’s most profitable fintechs. The corporate began with digital funds and has expanded into stockbroking, mutual fund investments, and even presents an Android app retailer as a substitute for the Google Play Retailer.
PhonePe is the most important participant in India’s digital funds market, main the UPI ecosystem in transaction volumes and staying forward of Google Pay. In December 2025, it processed about 9.81 billion transactions price roughly ₹13.6 trillion (about $148.6 billion), in contrast with Google Pay’s 7.50 billion transactions price about ₹9.6 trillion (round $104.5 billion), based on the most recent NPCI knowledge.
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The corporate was spun off after Flipkart selected a partial cut up in December 2020. PhonePe and Flipkart accomplished their separation in December 2022, and Walmart remained the fintech’s dominant shareholder.
Within the six months ended September 2025, PhonePe’s income from operations rose 22% to ₹39.19 billion (about $427.79 million) from a yr earlier, whereas its loss widened to ₹14.44 billion (round $157.70 million) from ₹12.03 billion (about $131.34 million), per the prospectus.
