India’s fintech landscape shifts as PhonePe’s IPO preparations reveal a merchant juggernaut in its DRHP. With 47.19 million registered merchants covering nearly all pincodes (98.61%), PhonePe mirrors 77-80% of the trade/services merchant population as of March 2025.
Vital stats: 11.31 million monthly actives in March 2025 (54% of UPI merchants), daily engagement up from 44% to 61% over two years. This traction fuels a revenue engine far beyond basic transactions.
Physical devices—9.19 million strong—transcend payments, serving as alert systems via smart speaker tech. Sustained by 25,657 employees and 31,000 agents, rural outreach defines scalability.
The lending arm accelerates: from 110 million rupees disbursed in FY23 to 45 billion in FY25. First-half FY26 revenue alone: 2.88 billion rupees, nearly matching last year’s full output, powered by data-driven, unsecured lending to its vast merchant base.
Merchant payments contributed 19.91 billion rupees to FY25 revenue (28% total), with TPV hitting 15 trillion yearly. PhonePe has alchemized payments infrastructure into a diversified money-maker, setting the stage for IPO glory and long-term fintech leadership.