PhonePe reported strong revenue growth in FY26, with its consolidated revenue from operations rising to ₹7,920 crore, according to regulatory filings with the Registrar of Companies (RoC). This marks an increase of ₹815 crore, or 11.47%, compared to the previous financial year.
The company said it has not recognised revenue related to the UPI Digital Incentive (DI) for FY26, as the government is yet to disburse the incentive funds to the industry. The corresponding DI revenue is expected to be reflected in PhonePe's FY27 financial statements.
On a normalised operating basis, PhonePe posted a net loss of ₹1,377 crore in FY26, while its total consolidated net loss widened to ₹2,792 crore, compared with ₹1,727 crore in FY25—several one-off items, including an accelerated ESOP charge, a non-cash goodwill impairment, gains from the partial sale of a stake in an associate, and losses from discontinued operations impacted the FY26 loss.
Beyond its core digital payments business, PhonePe continued to expand its fintech ecosystem by securing regulatory approvals across multiple financial services segments, including payment aggregation, insurance broking, wealth management, and lending.
The fintech major also continues to enjoy strong backing from global investors, with Walmart, through WM Digital Commerce Holdings Pte Ltd, maintaining a 73.33% stake in the company.
Established in December 2015, PhonePe has grown into one of India's largest fintech platforms, promoting digital adoption among consumers and merchants. The company recently said it has surpassed 700 million lifetime registered users and 50 million lifetime registered merchants, with a significant presence across Tier 2, Tier 3, Tier 4 cities and beyond.
About upcoming PhonePe IPO
According to reports, earlier this year, PhonePe deferred its IPO plans due to the conflict in the Middle East and heightened market volatility. The fintech firm is now expected to restart the public listing process later this year.
In its Updated Draft Red Herring Prospectus (UDRHP), PhonePe said it anticipates a revenue impact of ₹550 crore to ₹600 crore in the second half of FY26 after discontinuing the option to pay rent via credit cards on its platform.
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