PhonePe owner: Walmart holds 71.77%, with General Atlantic and Headstand next
PhonePe is owned by Walmart with 71.77%, followed by General Atlantic (about 9%) and Headstand (5.73%). Founders Sameer Nigam and Rahul Chari hold 2.55% each. The IPO was postponed in March 2026.
PhonePe is owned by Walmart, which holds 71.77% through its subsidiary WM Digital Commerce Holdings, followed by General Atlantic with about 9% and Headstand with 5.73%. The figures come from the updated draft IPO prospectus filed on 21 January 2026, and the listing, which would sell about 9% of Walmart’s holding, was postponed in March 2026 with no new date announced as of July. Co-founders Sameer Nigam and Rahul Chari hold 2.55% each, as reported by Indian Startup News. 12
Who owns PhonePe? Pre-IPO shareholding
| Shareholder | Stake |
|---|---|
| Walmart (WM Digital Commerce Holdings) | 71.77% |
| General Atlantic Singapore | 8.98% |
| Headstand Pte Ltd | 5.73% |
| Sameer Nigam | 2.55% |
| Rahul Chari | 2.55% |
| 3State Ventures | 1.03% |
| Microsoft | 0.71% |
| Tiger Global | 0.20% |
Walmart’s stake is described as that of a promoter in the filing. Earlier Tracxn estimates had put Walmart at 73.6% and General Atlantic at 4.5%, before General Atlantic bought more shares in the second half of 2025. 234
How did Walmart become PhonePe’s owner?
Sameer Nigam, Rahul Chari and Burzin Engineer founded PhonePe in 2015, and Flipkart bought it in 2016. Walmart came to own it through its 2018 purchase of Flipkart, and PhonePe separated from Flipkart in December 2022 and moved its domicile from Singapore to India. See our PhonePe company page and our report on who owns Flipkart. 35
What did General Atlantic buy?
General Atlantic bought $600 million of shares in a secondary deal on 30 October 2025 at a valuation of about $14.5 billion, which lifted its holding to about 9%, with proceeds largely funding employee stock option tax obligations. Nigam and Chari also sold shares worth about ₹3,937 crore ($430 million) to General Atlantic in September 2025, five days after being allotted new shares under founder award schemes. 678
What does the IPO change?
The planned IPO is a pure offer for sale of up to 5.06 crore shares, so PhonePe would receive no money. Walmart would sell about 4.59 crore shares, roughly 9%, and keep a majority near 63%, while Microsoft and Tiger Global would exit entirely. The target was about $1.5 billion at a valuation near $15 billion. PhonePe postponed the IPO on 16 March 2026, citing geopolitical uncertainty and volatile markets, and Nigam said, “We remain committed to a public listing in India.” 1910
Is PhonePe an Indian company?
PhonePe is based in Bengaluru and has been incorporated in India since 2022, but it is controlled by Walmart, a US company. It dominates UPI payments with more than 590 million users and 40 million merchants. 15
What happens next
If PhonePe relists its IPO, the final prospectus will show the offer’s size and Walmart’s post-issue stake, and the company would then file quarterly shareholding patterns. For other fintech owners, read who owns Paytm.
Frequently asked questions
Who is the owner of PhonePe?
PhonePe is owned mainly by Walmart, which holds 71.77% through WM Digital Commerce Holdings. General Atlantic holds about 9% and Headstand 5.73%.
Who founded PhonePe?
Sameer Nigam, Rahul Chari and Burzin Engineer founded PhonePe in Bengaluru in 2015.
Has the PhonePe IPO happened?
PhonePe postponed its IPO on 16 March 2026, citing geopolitical uncertainty and volatile markets. No new date had been announced as of July 2026.
Is PhonePe owned by Flipkart?
Walmart bought control of Flipkart in 2018, and PhonePe was then part of Flipkart. PhonePe separated from Flipkart in December 2022 but Walmart remained its dominant shareholder.
