Tiger Global and Microsoft are selling their entire stakes in PhonePe, an Indian payments startup backed by Walmart, as part of its IPO. The company aims for a market cap of around $15 billion and is looking to raise up to $1.5 billion from the share sale. PhonePe leads India's digital payments market, surpassing competitors like Google Pay.

PhonePe has filed for a USD 1.5 billion IPO through a confidential process, potentially valuing the company at USD 15 billion. The offering will feature both new shares and an offer for sale, with backing from Walmart, Tiger Global, and Microsoft. Despite reporting a net loss of USD 194.79 million for FY25, PhonePe remains a major player in India's digital payments market, boasting 600 million registered users.