IPO-bound Phonepe, one of the largest digital payment platforms, plans to invest in new platforms targeting digital investing and wealth management – Share.Market. It will also focus on indigenous mobile app store built for India – Indus Appstore.
Phonepe claims sustained leadership in market share from December 2020 to September 2025 in terms of the number of transactions and total payments value for customer-initiated UPI transactions.
Phonepe’s fresh investments in new platforms aim to diversify its business and revenue streams, with the objective to unlocking large new market opportunities.
UPI transactions accounted for 87 per cent of consumer payment value in FY25 and total consumer payments reached ₹301 lakh crore.
Merchant payments are also expanding, supported by innovations such as QR codes and payment devices. Increasing financial inclusion is a key growth driver, with total digital consumer payments projected to grow at a CAGR OF 15-18 per cent through FY30.
Product innovations and increasing digital penetration, especially in smaller cities are fuelling further expansion in payments industry.
“Each of these is a large TAM (Total Addressable Market) opportunity which we plan to capitalise, leveraging our in-house technology stack and the distribution and scale of PhonePe Platform, powered by a strong leadership and governance at the bedrock,” said Phonepe in its Updated DRHP1.
Majority shareholder, Walmart, proposes to divest about 9 per cent of its stake, but this sale is primarily driven by regulatory requirements. Two other shareholders Tiger Global (0.2 per cent) and Microsoft (0.7 per cent) are participating in sales.
General Atlantic’s 2025 transaction saw increase in its stake to 8.9 per cent through a $600 million investment. Interestingly, as a part of this transaction, the founders and employees exercised their vested stock options and converted them into shares.
They have sold only 39 per cent of their shares to General Atlantic, to cover the associated tax liabilities. This was a tax-planning exercise, not a liquidity event. No founders or employees received personal liquidity from this transaction, said an analyst.
Published on January 24, 2026
