Walmart-backed PhonePe Ltd. has shelved its planned initial public offering in India, citing deteriorating market conditions and heightened geopolitical tensions. The digital payments company, which is India's largest fintech platform by transaction volume, had been preparing for what would have been one of the country's most significant tech IPOs in recent years.

Market volatility has intensified across global equity markets, with Indian stocks experiencing sharp declines amid concerns over rising interest rates and international conflicts. PhonePe's decision to defer its listing comes as investors grow increasingly risk-averse, particularly toward high-growth technology companies that require substantial capital investment. The company had been valued at approximately $12 billion in its last funding round.

The IPO postponement highlights the challenges facing Indian startups seeking public market exits during uncertain economic times. PhonePe's move follows similar decisions by other major tech firms globally, as companies reassess their listing strategies amid volatile trading conditions. The digital payments sector, while showing strong growth fundamentals, has become particularly sensitive to market sentiment shifts.