India, Sept. 24 -- PhonePe Ltd., India's biggest UPI app backed by Walmart Inc., has filed for an initial public offering via the confidential route.

The PhonePe IPO will see the Flipkart Group company raise as much as Rs.12,000 crore (about $1.35 billion), Moneycontrol reported citing people familiar with the matter. The company spokesperson did not disclose the details of the planned fundraise.

PhonePe is among the most widely used apps in India to make payments via the country's popular unified payments interface. It has more than 60 crore registered users across 40 crore merchants and processes more than 31 crore online transactions daily.

In the fiscal ended 31 March 2025, PhonePe's losses narrowed to Rs.1,720 crore as against Rs....