PhonePe operates one of India’s largest digital payments apps, processing roughly 8.9 billion UPI transactions in September 2025—about 45-46 % of overall UPI volume. The company is broadening its suite beyond payments, building businesses in unsecured lending, insurance distribution, and stock-broking. For FY25 it generated operating revenue of ₹7,114.8 crore, a year-on-year increase of about 40 %, while narrowing consolidated net losses to ₹1,727.4 crore. Excluding ESOP charges, profitability has improved materially, and the firm ended FY25 with an estimated ₹6,000 crore in cash. Management is preparing for a domestic IPO targeted for early next year. Regulatory proposals to cap any single UPI app’s market share at 30 % and the challenges of scaling newer financial-services verticals remain key risks.

Total raised

$1.4B

Funding rounds

3

Latest round

Equity

Latest activity

Oct 2025