PhonePe, India’s top digital payments app, gained SEBI approval for its IPO in 2026, with existing investors set to sell shares.

PhonePe, India’s largest digital payments platform with over 45% of UPI transaction volume, has received SEBI approval for its initial public offering, marking a key milestone. The IPO, structured as an Offer for Sale by existing shareholders, will not raise new capital. The company, which processed 9.8 billion UPI transactions in December 2025, reported a 40% revenue increase to ₹7,115 crore in FY25 and narrowed its net loss. Major investors including Walmart, Microsoft, and Tiger Global may sell stakes. The listing is expected in mid-2026 amid strong market conditions.