Walmart-backed digital payments firm PhonePe has temporarily deferred its plans to go public, citing heightened geopolitical tensions and volatility in global capital markets.
“We sincerely hope for a swift return to peace in all the affected regions. We remain committed to a public listing in India,” said Sameer Nigam, CEO, PhonePe, adding that the company will resume the listing process once there is greater stability in global markets.
The Bengaluru-based fintech had received approval from the market regulator Securities and Exchange Board of India earlier this year for its initial public offering. The offering was expected to raise around $1.3 billion through an offer-for-sale and value the company at roughly $10 billion, according to people aware of the discussions.
The decision to pause the listing comes amid escalating geopolitical tensions, including the ongoing conflict involving Iran, Israel and the United States, which has rattled global financial markets and reduced risk appetite among investors.
Backed by retail giant Walmart, PhonePe is among India’s largest digital payments platforms. The company commands around 45% share of transactions on the Unified Payments Interface network, ahead of rival Google Pay, which holds roughly 35% share.
UPI has emerged as the backbone of India’s digital payments ecosystem, accounting for more than 85% of the country’s digital transactions. PhonePe alone processes nearly 10 billion transactions every month with a total value exceeding ₹12 lakh crore.
Beyond payments, the company has been steadily expanding into new financial services. Its offerings include stockbroking through Share.Market, as well as lending, insurance distribution and wealth management products.
PhonePe’s revenue from operations rose to ₹7,115 crore in FY25 from ₹5,064 crore in FY24. In addition, the firm recorded ₹516 crore as gains on financial assets, taking overall income to ₹7,631 crore in FY25 from ₹5,722 crore in FY24.
Payment processing charges stood as another major cost item at ₹1,688 crore in FY25. Advertising and sales promotion expenses fell 21.6% to ₹542 crore. As a result, PhonePe reported a net loss of ₹1,727 crore in FY25, down from ₹1,996 crore in FY24. On a comparable basis, excluding ESOP costs, the company would have posted a profit of ₹630 crore.