Phonepe is stepping into the public markets with a $15 billion IPO. For Walmart, which has pumped billions into the payments firm, this is both a chance to cash in and a test of its India strategy.

Unlike Paytm’s disastrous, hype-heavy listing in 2021, Phonepe is going in with steadier financials, fewer regulatory scrapes, and the scale to back its story. Yet, the timing isn’t without risk: subsidies are shrinking, UPI share caps are on the horizon, and investor appetite has cooled since 2021.

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