PhonePe IPO at $15 billion: Can the marquee valuation trigger a re-rating for its rival Paytm?

PhonePe’s proposed IPO at a $13–15 billion valuation could become a landmark fintech listing in India and may trigger a valuation re-rating for Paytm, according to Macquarie. The company dominates the UPI ecosystem with about 45% market share, supported by over 657 million registered users and 47 million merchants, staying ahead of rivals like Google Pay and Paytm.