PhonePe revenue grows 40% to ₹7,115 cr in FY25

Walmart-backed PhonePe formally converted into a public limited entity on May 1, 2025, signalling its readiness for going public after a 10:1 stock split in March, new independent directors, and the creation of statutory board committees. It has tapped JPMorgan, Kotak Mahindra Capital, Morgan Stanley and Citigroup ahead of its offering. A Bloomberg report estimated the likely IPO value at $1.5 billion, which would put PhonePe's valuation at $15 billion.

Total income stood at ₹7,631.38 crore, compared to ₹5,722.20 crore in FY24. Consolidated net loss fell to ₹1,727 crore from ₹1,996 crore a year ago, marking a 13% improvement. Consolidated expenses rose to ₹9,394 crore from ₹7,754 crore, underscoring spending on technology, customer acquisition, and subsidiary scaling.

Substantial cash reserves

The company also maintains substantial cash reserves and investments totaling ₹3,899 crore across standalone operations, providing adequate runway for continued expansion without immediate capital requirements. Authorised share capital stands at ₹1,000 crore divided into 100 crore equity shares of ₹1 each, while the paid-up capital is ₹443 crores across 44.3 crore outstanding shares. This structure provides flexibility for future fundraising through ..

From payments app to financial services hub

PhonePe’s subsidiaries span insurance broking, lending, wealth management, technology services and e-commerce. This mix has reduced dependence on lower-margin UPI transactions, enabling the company to pitch itself as a broad financial services and consumer tech platform.

The MCA filings are testament to this. Revenue from payments went from ₹478 crore to nearly ₹630 crore, marking a 31.5% year-on-year increase. Revenue from insurance and lending distribution services rose 208% from ₹181 crore to ₹557.6 crore. Revenue from other services (stock broking, mutual fund distribution, marketplace platform services) was up nearly 157%.

Continued investments in renewable energy

In its public filings, PhonePe also said it is investing capital in alternate sources of energy beyond the hydro and solar power that powers most of its office premises. The company is planning to install a solar power system at its registered office, a move aimed at covering a significant portion of its electricity requirements through captive green energy. The bigger push, however, is in data centres, which account for a growing share of PhonePe’s energy use. The company has built India’s first large-scale alternative cooling data centre, deploying advanced technologies such as Direct Contact Liquid Cooling and Liquid Immersion Cooling. This next-generation cooling system, PhonePe said, makes its facilities more energy-efficient, delivers substantial electricity savings, and dramatically cuts its overall carbon footprint.