India, Jan. 20 -- Fintech giant PhonePe has received approval from market regulator Securities and Exchange Board of India (SEBI) for its much anticipated $1 Bn+ IPO, sources told Inc42.

The company is likely to file an updated draft red herring prospectus (UDRHP) within the next few days, the sources added.

Inc42 has reached out to PhonePe for comments on the development. The story will be updated on receiving a response.

The development was first reported by Moneycontrol.

The Walmart-owned fintech giant filed its DRHP with SEBI through the confidential route in September 2025. Back then, reports claimed that the company was looking to raise about INR 12,000 Cr ($1.35 Bn) via a complete offer for sale (OFS).

The Bengaluru-based comp...