Tiger Global, Microsoft to fully exit Walmart-backed PhonePe via its IPO

Tiger Global and Microsoft are primed to afloat exit PhonePe, the Walmart-backed Indian payments startup which has updated its IPO filing, offering investors and marketplace watchers a uncommon peek astatine however planetary investors are cashing retired of the task roar via India’s nationalist markets.

On Wednesday, PhonePe updated its IPO prospectus (PDF), detailing however galore shares are up for sale. Tiger Global and Microsoft are offering up their afloat stakes successful the company, portion Walmart is choosing to clasp its bulk stake, and selling up to 45.9 cardinal shares (about 9% of the company).

Up to 50.66 cardinal shares are up for sale, marking a liquidity lawsuit for existing shareholders.

PhonePe was valued astatine astir $12 billion successful a January 2023 backing round, though it is targeting a marketplace capitalization of astir $15 cardinal successful the IPO, which could rise up to $1.5 billion, sources acquainted with the substance told TechCrunch.

The connection does not see immoderate laminitis sell-downs, and the prospectus shows the stock merchantability is being driven by existing investors alternatively than by PhonePe’s management.

Founded successful 2015 by Sameer Nigam, Rahul Chari, and Burzin Engineer and acquired by e-commerce elephantine Flipkart a twelvemonth later, PhonePe has emerged arsenic 1 of India’s astir palmy fintechs. The institution started with integer payments and has expanded into stockbroking, communal money investments, and adjacent offers an Android app store arsenic an alternative to the Google Play Store.

PhonePe is the largest subordinate successful India’s integer payments market, starring the UPI ecosystem successful transaction volumes and staying up of Google Pay. In December 2025, it processed astir 9.81 cardinal transactions worthy astir ₹13.6 trillion (about $148.6 billion), compared with Google Pay’s 7.50 cardinal transactions worthy astir ₹9.6 trillion (around $104.5 billion), according to the latest NPCI data.

The institution was spun disconnected aft Flipkart decided connected a partial split successful December 2020. PhonePe and Flipkart completed their separation successful December 2022, and Walmart remained the fintech’s ascendant shareholder.

In the six months ended September 2025, PhonePe’s gross from operations roseate 22% to ₹39.19 cardinal (about $427.79 million) from a twelvemonth earlier, portion its nonaccomplishment widened to ₹14.44 cardinal (around $157.70 million) from ₹12.03 cardinal (about $131.34 million), per the prospectus.