07:59 AM EST, 01/20/2026 (MT Newswires) -- Walmart ( WMT )-backed (WMT) PhonePe has obtained regulatory approval for its initial public offering in India following a confidential filing in 2024, Reuters reported Tuesday, citing two sources familiar with the matter.

Walmart ( WMT ), Microsoft ( MSFT ) , and Tiger Global are expected to reduce their stakes by selling some shares in the upcoming offering, the report said.

PhonePe, which was valued at $12 billion during its 2023 private funding round, is targeting a stock market listing by mid-2026, Reuters said.

Walmart ( WMT ), Microsoft ( MSFT ), and PhonePe did not immediately respond to MT Newswires' request for comment.

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