Fintech firm PhonePe is targeting an IPO valuation of up to $10.5 billion (₹96,890 crore), Reuters reported. The deal would mark a cut from the $12 billion valuation at which PhonePe last raised $100 million in private markets in 2023. Walmart will trim its stake in PhonePe ​by about 12%, while Tiger Global and Microsoft plan to exit their stakes.