PhonePe Limited

PhonePe describes itself as a technology company operating across payments, digital distribution and financial services, built on top of UPI. Its January 2026 draft IPO prospectus names Walmart as promoter, holding roughly 72% of the company pre-IPO, with the offering structured as a pure offer-for-sale that raises no fresh capital for the company itself.

Consumer payments make up the largest share of revenue (about 63% in FY25), earned through transaction-processing fees, digital incentives on small UPI merchant payments, and select convenience fees, followed by merchant payment infrastructure and a growing financial-services distribution business spanning lending, insurance and wealth broking via subsidiaries, plus newer bets like the Share.Market broking platform and Indus AppStore.

FY25 revenue from operations was about ₹7,115 crore, up roughly 40% year-on-year, with 290 million monthly active users and 11.3 million monthly active merchants, though the company remains loss-making and faces a proposed NPCI cap limiting any single UPI app to 30% of transaction volume — a rule PhonePe’s roughly 48% market share would otherwise exceed.