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flag PhonePe's 2026 IPO aims for $9B–$10.5B valuation, with Walmart reducing its stake and investors exiting.

flag PhonePe, India’s largest digital payments platform backed by Walmart, is preparing for an IPO targeting a valuation of $9 billion to $10.5 billion, down from its $12 billion private valuation in 2023. flag The offering, expected by April 2026, will be a pure "offer for sale" with no new shares issued, allowing Walmart to reduce its stake by about 12% and investors Tiger Global and Microsoft to exit entirely. flag The company, which processed nearly 10 billion UPI transactions in January and has over 650 million users, reported a 22% revenue increase but saw losses widen to ₹1,444 crore. flag The IPO, India’s second-largest fintech listing after Paytm’s 2021 debut, faces challenges from low-margin payments, slow user growth, and a crowded market, with timing potentially affected by global economic conditions.

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