Tiger Global and Microsoft have decided to completely exit Walmart-backed PhonePe through an IPO

Tiger Global and Microsoft are preparing for a full exit from PhonePe, the Walmart-backed Indian payments company that has updated its IPO filing, offering investors and market watchers a rare peek into how global investors are cashing in on the venture boom across India’s public markets.

On Wednesday, PhonePe Updated the IPO prospectus (PDF), details of the number of shares offered for sale. Tiger Global and Microsoft are offering their full stakes in the company, while Walmart is opting to retain a majority stake, selling up to 45.9 million shares (about 9% of the company).

There are up to 50.66 million shares up for sale, representing a liquidity event for existing shareholders.

It was PhonePe Its value is estimated at approximately $12 billion In a financing round in January 2023, though, it is targeting a market capitalization of about $15 billion in an IPO, which could raise as much as $1.5 billion, sources familiar with the matter told TechCrunch.

The offer does not include any sale to the founders, and the prospectus shows that the share sale is being conducted by existing investors and not by PhonePe management.

Founded in 2015 by Sameer Nigam, Rahul Chari, and Burzin Engineer, and acquired by e-commerce giant Flipkart a year later, PhonePe has emerged as one of the most successful fintech companies in India. The company started with digital payments and has expanded to include stock brokerage, mutual fund investments, and even offerings Android App Store as an alternative To the Google Play Store.

PhonePe is the largest player in India’s digital payments market, leading the UPI ecosystem in terms of transaction volume and remaining ahead of Google Pay. In December 2025, it processed about 9.81 billion transactions worth about INR 13.6 trillion (about US$148.6 billion), compared to Google Pay’s 7.50 billion transactions worth about INR 9.6 trillion (about US$104.5 billion), according to the latest NPCI. Data.

The company was demerged after Flipkart decided Partial split In December 2020. PhonePe and Flipkart They completed their separation In December 2022, Walmart remained the dominant shareholder in the fintech.

In the six months to September 2025, PhonePe’s revenue from operations rose 22% to ₹39.19 billion (about $427.79 million) from a year earlier, while its losses widened to ₹14.44 billion (about $157.70 million) from ₹12.03 billion (about $131.34 million), according to the prospectus.