The Walmart-owned company is seeking to raise around Rs 12,000 crore ($1.3 billion) through an offer for sale (OFS). People now are also more willing to adopt digital services. PhonePe, which completed separation from Flipkart in late 2022 and shifted base to India from Singapore has now expanded beyond digital payments to cover insurance, wealth, lending and stockbroking over the years.End of ArticleFollow Us On Social MediaPhotostoriesFrom Nimona to Samosa: 9 delicious local dishes made with Green Peas5 reasons you could be on the next layoff list of your companyBaby names as beautiful as a melody‘Sheila Ki Jawani’, ‘Munni Badnaam Hui’, ‘Baby Doll’: Bollywood item songs that broke the internet with their zany lyricsRanbir Kapoor's ‘Badtameez Dil’ to Nora Fatehi's 'Dilbar': Iconic dance steps from Bollywood songs everyone still tries to copyFrom Mrunal Thakur's 'Do Deewane Sehar Mein' to Preity Zinta's 'Kal Ho Naa Ho': Meet Bollywood's queens who won hearts with geeky looksFrom Smriti Irani to Amar Upadhyay: How much the Kyunki Saas Bhi Kabhi Bahu Thi star cast earns per episode12 traditional dishes that are must-try in KochiTop shows to binge-watch this week on Prime VideosKobe Bryant's inspirational quotes for children123Hot PicksSilver price todayBudget 2026Karnataka DGP ScandalGold price predictionNitin NabinPublic holidays January 2026Bank Holidays JanuaryTop TrendingMatthew StaffordDraymond GreenOskar Sundqvist InjuryAndrew CallaghanAtlanta Braves RumorsRoger FedererKlay ThomponJohn Harbaughs WifeBengaluru WeatherDC Robert SalehTired of too many ads?go ad free nowTrending StoriesIn BusinessEntire WebsiteHyderabad's AM Group to set up 1GW AI compute hub in Gr Noida at $25 billion investmentGold price today: How much 22K, 24K gold cost in Delhi, Mumbai & other cities – Check ratesChina criticises US tariffs at World Economic Forum; promises wider opening of economyITC hotels records record revenue & profit in Q3 FY26‘Cusp of historic trade agreement’: EU chief says they are close to signing FTA with India; visit scheduled next week'A deal is a deal': EU chief pushes back as Trump threatens 100% tariffs over Greenland; calls punitive measures a 'mistake'Silver prices soar!

Big players such as Zepto and Oyo are in the IPO queue while Walmart’s other India business Flipkart is also gearing up for a listing this year. Even as domestic liquidity is boosting the IPO market, the broader markets have been choppy due to geopolitical tensions with many startups tempering their valuation targets.

PhonePe competes with players such as Google Pay and Paytm in India’s growing fintech market where there is enough and more room to expand given that many people remain underbanked. PhonePe is expected to file updated draft IPO papers with SEBI in the next few days, the people said.

An OFS allows existing company shareholders to offload their stakes and exit their investments; no money goes into the firm’s coffers. The company, last valued at $12 billion, plans to get listed on the bourses sometime in April, they added. More startups are taking the IPO route to grow and give exit to investors amid a widening primary market which is enabling new age companies to go public.