PhonePe said it has decided to defer its proposed public market listing for now, citing heightened geopolitical uncertainty and volatility across global financial markets. The company said it will revisit its listing plans once conditions stabilise.
“We sincerely hope for a swift return to peace in all the affected regions. We remain committed to a public listing in India,” Sameer Nigam, CEO of PhonePe, said in a statement.
The decision comes at a time when escalating geopolitical tensions in West Asia and broader market turbulence have made equity markets more volatile, prompting several companies preparing for IPOs to reassess their launch timelines.
Analysts say companies planning public offerings are increasingly evaluating whether to proceed at reduced valuations or delay launches until investor sentiment improves.
Also read: PhonePe hits pause on IPO as Iran war roils primary market sentiment
PhonePe is one of India’s largest digital payments companies. Launched in 2016, the platform had over 65 crore registered users and a merchant acceptance network spanning more than 4.7 crore merchants as of September 2025.
The company operates a wide range of digital platforms spanning consumer and merchant payments, insurance and lending distribution, and digital commerce. It has also expanded into adjacent businesses such as Share.Market, a stock broking and mutual fund distribution platform, and Indus Appstore, an Android-based mobile application marketplace.
The pause in PhonePe’s IPO plans reflects a broader trend in the primary market, where companies are becoming more cautious about timing their listings amid volatile equity markets.
According to data from Prime Database Group, 141 companies currently have regulatory approvals to launch IPOs that together could raise around Rs 1.64 lakh crore. Of these, at least 80 companies still have three to nine months of validity left to bring their public issues to market.
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