Tiger World and Microsoft are primed to completely exit PhonePe, the Walmart-backed Indian funds startup which has up to date its IPO submitting, providing traders and market watchers a uncommon peek at how world traders are cashing out of the enterprise increase by way of India’s public markets.
On Wednesday, PhonePe updated its IPO prospectus (PDF), detailing what number of shares are up on the market. Tiger World 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 present shareholders.
PhonePe was valued at about $12 billion in a January 2023 funding spherical, although it’s focusing on a market capitalization of round $15 billion within the IPO, which might increase as much as $1.5 billion, sources conversant in the matter instructed TechCrunch.
The supply doesn’t embody any founder sell-downs, and the prospectus reveals the share sale is being pushed by present traders slightly than by PhonePe’s administration.
Based in 2015 by Sameer Nigam, Rahul Chari, and Burzin Engineer and purchased by e-commerce large 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 affords an Android app retailer as a substitute for the Google Play Retailer.
PhonePe is the biggest 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 value roughly ₹13.6 trillion (about $148.6 billion), in contrast with Google Pay’s 7.50 billion transactions value about ₹9.6 trillion (round $104.5 billion), in response to the newest NPCI data.
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The corporate was spun off after Flipkart selected a partial break 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.
