The ET GenAI Hackathon 2026 has announced the results of its Idea Submission phase, with the shortlist finalised after evaluating entries from more than 54,000 builders across India. Shortlisted teams now advance to the Prototype Development Phase
The fast-expanding war between the United States, Israel, and Iran has captured global attention largely because it is disrupting oil and gas supplies from the Persian Gulf. Yet another resource is now emerging as far more critical to the survival of the region’s societies. Water
Indian technology stocks have seen an unprecedented rout over the past few weeks over fears of artificial intelligence upending the traditional outsourcing model that powers the country's $300bn (£223bn) back-office industry. The sell-off - part of a global correction in traditional software and
The ruling Bharatiya Janata Party-led National Democratic Alliance (NDA) on Monday managed an easy victory in the biennial polls to five Rajya Sabha seats in Bihar, with its candidates including Chief Minister Nitish Kumar and BJP national president Nitin Nabin
Star Brazilian forward Neymar didn’t receive a call-up to the national team squad for the upcoming friendlies against France and Croatia, although striker Endrick found a spot. With this snub, Neymar’s hopes of playing at the upcoming FIFA World Cup have received a massive blow
If one wants to explore the many debates and controversies surrounding the Congress and its role in shaping India’s political trajectory, there may soon be a new address in the capital to turn to. At 3, Safdarjung Lane, the official residence of Nishikant Dubey — the Bharatiya Janata Party MP
Chelsea have been handed a Premier League record fine of £10.75m and a suspended transfer ban. It was a result of the club making secret payments to unregistered agents and third-parties over transfers between 2011 and 2018. But it could have been a lot worse
Iran’s National Security Chief Ali Larijani on Monday penned a note to Muslim countries, questioning their lack of support for Tehran as the US-Israeli war is now entering its third week with no clear end in sight, disrupting global energy supplies and raising fears of a spike in global inflation
PhonePe targets IPO valuation lower than at its last funding round
PhonePe targets IPO valuation lower than at its last funding round
PhonePe targets IPO valuation lower than at its last funding round
There are lingering questions around PhonePe's ability to monetise its user base—a key reason it may not achieve a valuation closer to its last funding round.
Published on: Mar 04, 2026 1:14 PM IST Reuters Share via Copy link PhonePe Ltd., India's largest payments app controlled by Walmart Inc., is aiming for a valuation of $9 billion-10.5 billion in an IPO in 2026, according to sources. PhonePe is India's largest UPI app by user base. (HT) That kind of valuation pegs the size of the PhonePe IPO at $900 million to $1.05 billion, but that's still smaller that the $12-billion valuation that the company enjoyed when it raised $100 million in 2023. Walmart is planning to offload about 12% stake in the PhonePe IPO, which will give an exit to investors Tiger Global and Microsoft Corp, according to a draft red-herring prospectus filed with India's market regulator. In all, the three companies will sell 50.7 million shares in the PhonePe IPO. No new shares will be on offer. PhonePe, which competes with Google Pay and Paytm in India, filed for its IPO in September 2025 and aims to complete the process by April 2026, sources said. The timeline could shift depending on capital market conditions, including any impact from the ongoing, and escalating, Iran war. PhonePe's listing would make it India's second-largest fintech IPO, after Paytm's $20 billion debut in 2021. Paytm currently trades at a market capitalisation of $7.1 billion.PhonePe financials
PhonePe has more than 650 million registered users and processed nearly 10 billion of the 21.7 billion transactions on UPI in January, according to regulatory data. But payments in India remain a low-margin business. India launched UPI in 2016 and barred companies from charging fees for the instant payment service to spur digital payments and reduce cash use in Asia's No.3 economy. PhonePe's losses widened to ₹1,444 crore in the six months to 30 September 2025, from ₹1,203 crore a year ago, while revenue rose about 22% to ₹3,918 crore, according to its IPO papers.PhonePe IPO: Valuation Concerns
Two portfolio managers, who met the company's management in IPO roadshows, said excitement around the country's fintech sector had cooled and that there were lingering questions around PhonePe's ability to monetise its user base—a key reason it may not achieve a valuation closer to its last funding round. ALSO READ | The need for an urgent rollout of UPI market-share caps “Monetisation remains a question mark. Active users aren't growing at the same pace so the game is all about upsell and that remains to be seen,” one of the portfolio managers said. Investors also see India's fintech market as overcrowded with little differentiation among players, said a third source, a banker to the issue. Business News Stock Market Stay updated with the latest Business News on Petrol Price, Gold Rate, Income Tax Calculator along with Silver Rates, Diesel Prices, Budget 2026 LIVE on Hindustan Times. News / Business / PhonePe Targets IPO Valuation Lower Than At Its Last Funding Round See LessPhonePe Ltd., India's largest payments app controlled by Walmart Inc., is aiming for a valuation of $9 billion-10.5 billion in an IPO in 2026, according to sources.
That kind of valuation pegs the size of the PhonePe IPO at $900 million to $1.05 billion, but that's still smaller that the $12-billion valuation that the company enjoyed when it raised $100 million in 2023.
Walmart is planning to offload about 12% stake in the PhonePe IPO, which will give an exit to investors Tiger Global and Microsoft Corp, according to a draft red-herring prospectus filed with India's market regulator. In all, the three companies will sell 50.7 million shares in the PhonePe IPO. No new shares will be on offer.
PhonePe, which competes with Google Pay and Paytm in India, filed for its IPO in September 2025 and aims to complete the process by April 2026, sources said. The timeline could shift depending on capital market conditions, including any impact from the ongoing, and escalating, Iran war.
PhonePe's listing would make it India's second-largest fintech IPO, after Paytm's $20 billion debut in 2021. Paytm currently trades at a market capitalisation of $7.1 billion.
India launched UPI in 2016 and barred companies from charging fees for the instant payment service to spur digital payments and reduce cash use in Asia's No.3 economy.
PhonePe's losses widened to ₹1,444 crore in the six months to 30 September 2025, from ₹1,203 crore a year ago, while revenue rose about 22% to ₹3,918 crore, according to its IPO papers.
ALSO READ | The need for an urgent rollout of UPI market-share caps
“Monetisation remains a question mark. Active users aren't growing at the same pace so the game is all about upsell and that remains to be seen,” one of the portfolio managers said.
Investors also see India's fintech market as overcrowded with little differentiation among players, said a third source, a banker to the issue.
Source: HindustanTimes
Related Posts: Walmart-backed PhonePe targets up to $10 Space startup Agnikul Cosmos raises ₹150 crore in fresh funding round at $500 million valuation Devotional platform Vama nets Rs 22 crore in funding round Elon Musk's xAI raises $20 billion in Nvidia-backed funding round Urban Company sets IPO price band that pegs its valuation at $1 Myanmar holds its last election round with the army already certain to keep control over government Walmart-backed PhonePe files confidential IPO IPO-bound PhonePe cofounders sold stake worth $430 million to General Atlantic in 2025 PhonePe gets SEBI nod for India’s second largest fintech IPO IPO-bound PhonePe nears 10 billion monthly UPI transactions
Nagaon MP Pradyut Bordoloi expressed strong displeasure over Dr. Asif Nazar being considered for the Lahorighat Assembly ticket, citing Nazar's alleged association with an individual charged in an attack on Bordoloi. Bordoloi wrote to AICC General Secretary Jitendra Singh
5 hours ago
A sessions court in Gujarat’s Gir Somnath district on Monday convicted five persons and acquitted 35 others in connection with a 2016 case in which seven Dalits were assaulted in the town of Una, The Indian Express reported. Additional Sessions Judge Jignesh Pandya of the court in Veraval
5 hours ago
It's Hollywood's biggest night. The 98th Academy Awards featured emotional speeches, comical relief and a bevy of backstage fun. But it was perhaps a night to forget for Timothée Chalamet. As well as losing out to Michael B Jordan for best actor and One Battle After Another for best picture
5 hours ago
US President Donald Trump on Monday said more than 30 mine laying ships of Iran have been destroyed which has affected Tehran’s capacity to threaten commercial shipping in the Strait of Hormuz. “We are hammering their capacity to threaten commercial shipping in the Strait of Hormuz with more
5 hours ago
Love Horoscope Today for March 17, 2026: A spontaneous moment could lead to a meaningful connectionLove Horoscope Today, March 17, 2026: Find daily astrological predictions for all sun signs. Published on: Mar 17, 2026 7:28 AM IST By Neeraj Dhankher Share via Copy link Aries: Mars is pushing you to
5 hours ago
Dubai arrests Iranian drone strike survivors after they sent explosion photos to loved ones3 foreigner nationals who survived drone strike in Dubai have been arrested after sending photos of the explosions to family members. Updated on: Mar 16
5 hours ago
‘Firms need to move to adaptive, energy-efficient AI models’Sarah Hooker is convinced that the future lies in AI systems that use less computing power, cost less to run and can adapt to the needs of users. Published on: Mar 17, 2026 6:58 AM IST By Shweta Taneja Share via Copy link In the last
5 hours ago
Baghdad witnessed a significant drone and rocket attack on the U.S. embassy early Tuesday. This incident marks the most intense assault since the commencement of the U.S.-Israel war with Iran. Iraqi security forces have heightened their presence across the capital. The Green Zone
5 hours ago
Russell Wilson trade update: Chiefs hand a shock to Giants QB with Justin Fields move Published on: Mar 17, 2026 5:03 AM IST By Khushi Arora Share via Copy link New York Giants quarterback Russell Wilson (3) waves to fans after the game against the Dallas Cowboys (IMAGN IMAGES via Reuters Connect)
5 hours ago
![London [UK], March 17 (ANI): The Premier League has completed a disciplinary process with Chelsea FC in respect of historical breaches relating to Financial](http://newsorbit360.com/files/news/en/imgs/chelsea-fined-and-faces-supended-transfer-ban-by-premier-league.webp?height=520)
London [UK], March 17 (ANI): The Premier League has completed a disciplinary process with Chelsea FC in respect of historical breaches relating to Financial Reporting and Third Party Investment.In 2022, Chelsea FC’s current owners voluntarily reported to the League that they had evidence of
5 hours ago
A Bengaluru-based cafe has drawn attention on social media after adding a 5 per cent “Gas Crisis Charge" to a customer’s lemonade order, sparking debate on social media platform X. The unusual fee, applied on a bill for two mint lemonades, has left many users amused and some questioning its
5 hours ago
Editorial independence is core to our work. Some links may earn us a commission, without influencing our opinions.Still using an older laptop? These Intel 13th Gen laptops show what modern performance feels likeIntel 13th Gen laptops bring improved performance
5 hours ago
US President Donald Trump said on Monday that he is planning to delay a high stakes visit to China later in March by about a month because of the Iran war. "We've requested that we delay it a month or so," he told reporters at the White House
5 hours ago
LDF ally ISJD, UDF ally RSP name candidates for four seats eachThe ISJD and RSP announced their candidates for Kerala Assembly polls, with ISJD's K Krishnankutty retiring from politics and RSP seeking assembly representation. Published on: Mar 17, 2026 7:30 AM IST By Vishnu Varma
5 hours ago
Horoscope Today, March 17, 2026: Operational strategies at work need refinementHoroscope Today: Read the astrological predictions for each zodiac sign based on an expert's guidance on March 17, 2026. Published on: Mar 17, 2026 7:19 AM IST By Dr Prem Kumar Sharma
5 hours ago
Viswanathan Anand has defended Cyprus as the host of the upcoming FIDE Candidates Tournament, saying the island nation offers a high-quality setting for one of chess’ most important events despite concerns over regional tensions. Cyprus has been in focus due to its proximity to the evolving Gulf
5 hours ago
A parliamentary panel has flagged the Ministry of Social Justice and Empowerment for surrendering nearly a quarter of funds sanctioned for Scheduled Caste welfare schemes. The committee found the ministry's inability to utilize allocated funds and its consistent budget scaling down at revised
5 hours ago
Fino Payments Bank clarifies the ongoing probe relates only to certain programme managers and merchants associated with multiple banks. Also Read :10 people dead after fire breaks out at Odisha’s Cuttack SCB Medical College; CM announces Rs 25 lakh ex-gratia assistanceFino Payments Bank clarifies
5 hours ago
When the daytime air feels like an oven and night brings no relief, people in Karachi, Pakistan, say the heat “goes straight to the head”. They mean more than dizziness or sweat. It’s the creeping panic of a body that cannot cool down: restless nights, frayed tempers, a household on edge
5 hours ago
Dozens of people are feared dead or injured at a drug treatment centre in Kabul, Afghanistan after an air strike that the Taliban government blamed on Pakistan. The hospital was hit on Monday evening, killing some people and injuring others, the government's spokesman said on X
5 hours ago
The report from Elara Capital said retail gasoline and diesel prices “could be fully protected through excise cuts until roughly $110/bbl, beyond which price hikes on diesel and gasoline would become inevitable”. Also Read :Fino Payments Bank Shares Fall To 52-Week Low Amid Probe Reports;
5 hours ago
Shocked Karan Johar reveals his 9-year-old son Yash's ‘business proposal’ as he wants to pay rent to him. WatchKaran Johar and his son Yash had a fun conversation as they discussed a business proposal. Watch their banter here. Mar 17, 2026, 06:00:58 IST By Ananya Das Share via Copy link
5 hours ago
Punjab Assembly session: House passes motion against LoP Bajwa over ‘band player’ remarkThe Punjab assembly condemned opposition leader Partap Singh Bajwa for alleged derogatory remarks about a minister, leading to chaos and a walkout by Congress. Published on: Mar 17
5 hours ago
More than a thousand citizens in Ladakh's Leh and Kargil regions rallied on Monday, echoing calls for statehood and adherence to the Sixth Schedule. Leaders from the Apex Body Leh alongside the Kargil Democratic Alliance expressed their discontent regarding the central government's stance
5 hours ago
Menstrual pain is often dismissed as an inevitable part of being a woman. But when cramps become debilitating, interfere with daily life or are accompanied by chronic pelvic discomfort, they may signal something more serious. One such condition is endometriosis – a long-term disorder affecting
5 hours ago
Khushbu Sundar comes out in support of Trisha amid her viral pics with Vijay: ‘She is one of the most dignified women’Khushbu Sundar has addressed the online chatter surrounding the public appearance of Vijay and Trisha Krishnan, after the divorce petition filed by Sangeeta. Mar 17, 2026
5 hours ago
Rex Culpepper's fiancee pays sweet tribute after tragic bike accident death: ‘I don’t regret' Published on: Mar 17, 2026 4:55 AM IST By Yash Nitish Bajaj Share via Copy link Former Syracuse quarterback Rex Culpepper died after an accident on Saturday (Instagram/Rex Culpepper) Rex Culpepper
5 hours ago
