PhonePe Revives $10 Billion IPO Plans for March 2027

16 Sept 2026, 6:14 pm · 3h ago · 1 min read · Inc42

Stage

IPO

Walmart-backed fintech giant PhonePe is set to revive its initial public offering plans following the Indian government's introduction of a new merchant discount rate framework for UPI payments. The Bengaluru-based startup is targeting a public listing between February and March 2027 and plans to refile its draft IPO papers by the end of this year, eyeing a valuation of $10 billion. The new framework introduces a 0.4% fee on merchant transactions exceeding ₹2,000, giving PhonePe clearer visibility on monetising UPI payments, where it currently commands an estimated 45% market share in merchant transactions.