PhonePe plans $1.5 billion IPO at $15 billion valuation

India’s oldest payments dawg PhonePe is officially prepping to go public.

The Walmart-backed fintech is planning to raise $1.5 billion in its IPO at a reported $15 billion valuation, according to Bloomberg. The DRHP is expected to drop by early August, with JP Morgan, Citi, Morgan Stanley, and Kotak Mahindra Capital running point.

The scale backs it up. In May 2025, PhonePe processed ₹12.5 trillion worth of UPI payments, nearly half of all UPI transactions in India. Google Pay was next, Paytm a distant third.

The company, which flipped its base to India in 2022, now boasts 610M+ users, a tight grip on India’s digital money rails, and a board stacked with veterans from Walmart, ICICI, Standard Chartered, and the Indian bureaucracy.

But: the road ahead is crowded. Google Pay is still holding share, and Jio Financial is lurking with deep pockets. Regulations are shifting, and margins in payments remain razor-thin.

Still, this could be India’s biggest fintech debut yet, and one of the most-watched listings of the year.