PhonePe Targets ₹97,000 Crore IPO—How It Stacks Up Against Paytm

India’s fintech sector is preparing for one of the most-watched public listings in recent years. PhonePe, the Walmart-backed digital payments giant, is planning a massive IPO that could value the company at nearly ₹97,000 crore to ₹1.2 lakh crore, depending on final pricing. The upcoming public offering has sparked intense debate among investors, analysts, and fintech experts because it will directly compare the market valuation of PhonePe with its biggest rival, Paytm.