PhonePe’s revenue grew 40.5% to ₹7,114.8 Cr in FY25, up from ₹5,064.1 Cr last year
Net loss reduced by 13.5% to ₹1,727.4 Cr, compared to ₹1,996.1 Cr in FY24
Payments business remained the top contributor, generating ₹6,299.7 Cr, a 31.5% rise
IPO-bound fintech player PhonePe saw its operating revenue climb over 40% in FY25 to ₹7,114.8 crore as compared to ₹5,064.1 crore in the previous year. The Walmart-backed fintech has attributed the rising revenue to stronger topline growth and improved margins.
The start-up’s net loss reduced by 13.5% to ₹1,727.4 crore from ₹1,996.1 crore in FY24, according to financial statements sourced from the Registrar of Companies (RoC), as quoted by The Economic Times.
The report stated that payments segment remained the biggest revenue source for Phonepe. It earned ₹6,299.7 crore from payments services in FY25, a 31.5% jump from ₹4,788.5 crore in the previous fiscal.
However, the sharpest growth came from its insurance and lending vertical, where revenue surged 207.7% to ₹557.6 crore from ₹181 crore in FY24. The fintech has generated an additional ₹57.2 crore from other service streams.
PhonePe’s total expenditure also surged 21.2% from ₹7,754.2 crore in FY24 to ₹9,394 crore in the financial year 2025. It has also witnessed 54% to ₹413.6 crore in FY25 from ₹903.1 crore in FY24. Its EBITDA margin also improved to -6% from -18% in FY24.
PhonePe IPO
PhonePe is reportedly planning to file its IPO papers via confidential route by the end of September 2025. The fintech is expected to launch its IPO on Indian bourses by early 2026.
The platform aims to raise around $1.5 billion through the initial public offering. The public issue is expected to value PhonePe at around $10 billion to $12 billion. The IPO will comprise both new shares issuance and an offer for sale (OFS).
Of $1.5 billion, about 10% of the company’s equity will be offered for sale in the IPO. While majority shareholder Walmart is expected to retain most of its holding, investors like Tiger Global and General Atlantic may leverage the listing for partial exit.
Earlier reports confirmed that the Walmart-owned firm has appointed advisers, including Kotak Mahindra Capital, JP Morgan, Citi, and Morgan Stanley for the IPO.
In April, PhonePe formally changed its name from “PhonePe Private Limited” to “PhonePe Limited” following approval at a general meeting—an important legal step for companies planning to list on Indian stock exchanges.
It has recently received final approval from the Reserve Bank of India (RBI) to operate as a payment aggregator. With this license, PhonePe can expand its presence among online merchants to focus on small and medium businesses.
