PhonePe's revenue up 40% as it gears up for IPO

Business Oct 06, 2025

PhonePe, one of India's top digital payment apps, is gearing up for an IPO.
In FY25, its revenue jumped 40%, while net losses shrank.

PhonePe dominates UPI payments

PhonePe leads India's UPI payments with a 45% market share and earns most of its money from merchant services like point-of-sale devices and transaction fees.
It also uses its huge user base to offer financial products—think credit, insurance, and mutual funds—broadening its reach beyond just payments.

Lending and insurance revenue doubled

Subsidiaries in lending and insurance are growing fast—revenue from these doubled to ₹615 crore (now 9% of total income), with lending alone up nearly six times.
PhonePe is expanding services beyond UPI at a time when margins are getting tighter across the industry.