Tiger Global and Microsoft are set to exit their investments in PhonePe, the Indian payments startup backed by Walmart. PhonePe recently updated its IPO filing, revealing that it plans to sell up to 50.66 million shares, with Tiger Global and Microsoft divesting their entire stakes. Walmart will maintain its majority ownership but will sell about 9% of the company, totaling up to 45.9 million shares. This IPO marks a significant liquidity event for current shareholders as PhonePe aims for a market capitalization of around $15 billion, up from a $12 billion valuation in January 2023. Founded in 2015 and acquired by Flipkart the following year, PhonePe has grown into a leading player in India’s digital payments sector. It has expanded its services beyond digital payments to include stockbroking and mutual fund investments, along with launching an Android app store. In December 2025, PhonePe processed nearly 9.81 billion transactions worth roughly ₹13.6 trillion (about $148.6 billion), outpacing Google Pay, which handled 7.50 billion transactions worth around ₹9.6 trillion (approximately $104.5 billion). Despite the growth in revenue—22% increase to ₹39.19 billion (about $427.79 million) in the six months ending September 2025—PhonePe reported a widening loss of ₹14.44 billion (around $157.70 million). The company completed its separation from Flipkart in December 2022. The upcoming IPO reflects a broader trend of global investors cashing out in India's public markets, showcasing the evolving dynamics of investment in the fintech sector.