PhonePe gets Sebi nod for IPO; Microsoft, Walmart to pare stake in OFS

January 20, 2026

Walmart-backed PhonePe has secured Sebi approval for its IPO, clearing a major hurdle for one of India’s biggest fintech listings. The $14.5-billion startup plans a $1.5-billion OFS, with Walmart, Tiger Global, and Microsoft set to sell shares. Strong payments dominance and rising revenues underpin investor confidence.

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