Tiger Global, Microsoft to fully exit Walmart-backed PhonePe via its IPO
Tiger Global and Microsoft are primed to fully exit PhonePe, the Walmart-backed Indian payments startup which has updated its IPO filing, offering investors and market watchers a rare peek at how global investors are cashing out of the venture boom via India’s public markets. On Wednesday, PhonePe updated its IPO prospectus (PDF), detailing how many shares are up for sale. Tiger Global and Microsoft are offering up their full stakes in the company, while Walmart is choosing to retain its majority stake, and selling up to 45.9 million shares (about 9% of the company). Up to 50.66 million shares are up for sale, marking a liquidity event for existing shareholders. PhonePe was valued at about $12 billion in a January 2023 funding round, though it is targeting a market…
