Tiger Global and Microsoft to Fully Exit Walmart-Backed PhonePe Via its IPO

PhonePe IPO sees full exits by Tiger Global and Microsoft as India’s top UPI player targets $15B valuation.
Matilda
Tiger Global and Microsoft to Fully Exit Walmart-Backed PhonePe Via its IPO
PhonePe IPO: Tiger Global and Microsoft Exit Fully as $15B Fintech Goes Public In a major shift for India’s fintech landscape, PhonePe is set to go public—with early backers Tiger Global and Microsoft cashing out entirely. The Walmart-backed digital payments giant updated its IPO filing on January 22, 2026, revealing that both global investors will sell their entire stakes, while Walmart retains majority control. Valued at $12 billion in 2023, PhonePe now aims for a $15 billion market cap in what could become one of India’s most-watched tech listings. Credit: Nasir Kachroo / NurPhoto / Getty Images For investors and market watchers, this IPO isn’t just about fundraising—it’s a litmus test for how mature India’s startup ecosystem has become, especially after years of venture capital boom and bust cycles. Why the PhonePe IPO Matters Now India’s digital payments revolution has been building momentum for nearly a decade, but few companies embody its success like PhonePe. With over 9.8 billion …