PhonePe plans a mid-2026 IPO via OFS worth $1.5B at $15B valuation, with no fresh funds raised for growth..Over 90% of PhonePe volumes come from zero-MDR UPI, limiting direct revenue and delaying profitability..NPCI’s 30% UPI market cap risks PhonePe’s ~45% share, which could force user limits and slow growth..Heavy reliance on Walmart (71.77% stake) means strategy shifts or exits may impact PhonePe’s future..Rising losses, risky lending expansion, and strong rivals like Google Pay add pressure before listing..Read More Stories