PhonePe IPO: Tiger Global and Microsoft Set for Full Exit in $1.5 Billion Indian Public Offering
Tiger Global and Microsoft are set to fully exit PhonePe in its upcoming $1.5 billion IPO. We analyze the exit strategy of global investors in the Indian fintech market.
A massive liquidity event is brewing in India's fintech scene. Tiger Global and Microsoft are preparing to cash out their entire stakes in PhonePe as the Walmart-backed startup eyes a $15 billion valuation in its upcoming IPO. According to an updated prospectus, the offering could raise as much as $1.5 billion.
PhonePe IPO Exit Strategy for Global Investors
The latest filing reveals a significant reshuffle in ownership. While Walmart intends to retain its majority control, it's selling up to 45.9 million shares, roughly 9% of the company. In contrast, Tiger Global and Microsoft are opting for a clean break, offering their full stakes to the public. This move provides a rare glimpse into how major venture players are exiting high-growth Indian startups as the market matures.
Dominating the UPI Ecosystem: PhonePe vs Google Pay
PhonePe currently leads India's Unified Payments Interface (UPI) ecosystem. In December 2025, it processed a staggering 9.81 billion transactions, significantly outpacing its main rival, Google Pay. Despite this dominance, the company's losses widened to ₹14.44 billion ($157.7M) in the first half of fiscal 2025, even as revenue climbed by 22%.
| Metric (Dec 2025) | PhonePe | Google Pay |
|---|---|---|
| Transaction Volume | 9.81 Billion | 7.50 Billion |
| Transaction Value | ₹13.6 Trillion | ₹9.6 Trillion |
| Market Share | Leader | Runner-up |
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