Walmart-backed PhonePe shelves IPO as global tensions rattle markets

PhonePe, India's largest digital payments platform valued at ~$12B, has paused its IPO plans citing geopolitical tensions and volatile markets, despite filing an updated prospectus targeting Indian stock exchanges. Investment bankers had reportedly suggested lowering its valuation target from $15B to ~$9B, though PhonePe denies valuation concerns played a role. The IPO would have provided exits for investors including Tiger Global, Microsoft, and majority owner Walmart.