Walmart-backed digital payments firm PhonePe has postponed its initial public offering. The company cited rising geopolitical tensions and volatile global capital markets as the primary reasons for the delay.
PhonePe currently processes nearly half of all transactions on India’s Unified Payments Interface (UPI). CEO Sameer Nigam confirmed the company remains committed to a public listing in India once market conditions stabilize.
The anticipated IPO was expected to value the firm between $9 billion and $10.5 billion. The listing would have provided a partial exit for investors including Tiger Global and Microsoft, while Walmart also planned to trim its stake.