PhonePe, India’s biggest digital payments platform, has put its IPO plans on hold, citing geopolitical tensions and a volatile stock market.

On Monday, the Bengaluru-based company said it had paused its IPO plans, but remains committed to going public once market conditions improve. The move comes less than two months after the fintech filed an updated IPO prospectus , targeting a listing on Indian stock exchanges later this year.

Escalating tensions in the Middle East have rattled global financial markets and pushed oil prices higher, prompting investors to retreat from stock markets.…