New Delhi, March 16 -- PhonePe has decided to temporarily postpone its plans for an initial public offering, citing ongoing geopolitical tensions and instability in global financial markets.

Chief executive Sameer Nigam said the company remains committed to eventually listing in India but will wait for more stable market conditions before proceeding. "We sincerely hope for a swift return to peace in all the affected regions. We remain committed to a public listing in India," Nigam said, adding that the company will restart the process when global capital markets become more predictable.

Founded in 2016, PhonePe has grown into one of India's largest digital payments platforms that serves more than 65 crore registered users and has built ...