PhonePe Files for Indian IPO via Confidential Route

Walmart-backed fintech PhonePe has submitted a confidential IPO application with SEBI, aiming for a mid-2026 listing. The firm is targeting to raise about $1.35 billion with existing investors, including Walmart and Microsoft, expected to sell shares. The move comes amid a buoyant Indian primary market, where firms like Pine Labs and LG’s Indian arm are preparing large listings. PhonePe’s valuation in prior rounds was ~$12 billion.