With UPI MDR Clarity, PhonePe Eyes IPO By March 2027

With greater clarity around the monetisation of UPI payments following’ the introduction of a new Merchant Discount Rate (MDR) framework, Walmart-backed fintech PhonePe is set to revive its initial public offering (IPO) plans, which were put on hold earlier this year. Sources told Inc42 that the fintech startup is now targeting a public listing between February-March 2027. “They have an almost 45% share of merchant payments.