Indian fintech startup PhonePe, backed by Walmart, is witnessing Tiger Global and Microsoft fully exiting the company via its upcoming IPO. The move provides insight into how global investors are capitalizing on the venture boom through India’s public markets. PhonePe recently updated its IPO filing, revealing that Tiger Global and Microsoft are divesting their entire stakes, while Walmart intends to maintain its majority stake while selling up to 45.9 million shares, approximately 9% of the company.
The IPO will offer up to 50.66 million shares for sale, marking a significant liquidity event for existing shareholders. PhonePe, valued at $12 billion in a recent funding round, aims for a market capitalization of $15 billion in the IPO, potentially raising $1.5 billion. The prospectus indicates that the share sale is driven by existing investors rather than PhonePe’s management, with no founder sell-downs included.
Founded in 2015 and acquired by Flipkart in 2016, PhonePe has become a prominent player in India’s fintech sector, expanding from digital payments to services like stockbroking, mutual fund investments, and an Android app store alternative to Google Play. Leading India’s digital payments market, PhonePe outperformed Google Pay in transaction volumes in December 2025, processing 9.81 billion transactions worth approximately $148.6 billion.
Source: TechCrunch