Tiger Global and Microsoft have started to fully exit PhonePe, the Walmart-backed Indian payments startup that updated its IPO filing, giving investors and market watchers a rare glimpse of how global investors are cashing in on the venture’s boom through India’s public markets.

Wednesday, PhonePe Updated its IPO prospectus (PDF), detailing the number of shares for sale. Tiger Global and Microsoft are offering their entire stakes in the company, while Walmart is opting to retain its majority stake and sell 45.9 million shares (about 9% of the company).

Up to 50.66 million shares are up for sale, marking a liquidity event for existing shareholders.

There was PhonePe Value is about $12 billion In a January 2023 funding round, though, it is targeting a market capitalization of about $15 billion in an IPO, which could raise up to $1.5 billion, sources familiar with the matter told TechCrunch.

The offer does not include any founder sell-down and the prospectus shows that the share sale is being conducted by existing investors rather than PhonePe’s management.

Founded by Sameer Nigam, Rahul Chari and Burjin Engineer in 2015 and acquired by e-commerce giant Flipkart a year later, PhonePe has emerged as one of India’s most successful fintechs. The company started with digital payments and has expanded into stockbroking, mutual fund investing and even offers Android App Store as an alternative on the Google Play Store.

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

The company was shut down after Flipkart took a decision Partially split In December 2020. PhonePe and Flipkart Their separation is complete In December 2022, and Walmart was Fintech’s dominant shareholder.

In the six months ended September 2025, PhonePe’s income from operations rose 22% to ₹39.19 billion (about $427.79 million) from a year ago, while its loss widened from ₹12.03 billion to ₹14.44 billion (about $157.70 million) (probably $13.4 million per us).