PhonePe’s FY26 revenue grows to ₹7,920 crore

Demonstrating strong top-line momentum, PhonePe’s consolidated revenue from operations rose to ₹7,920 crore in FY26, according to regulatory filings with the Registrar of Companies (RoC).

This represents a top-line expansion of Rs 815 crore, marking an 11.47% increase compared to the previous fiscal year.

As the government is yet to release the UPI Digital Incentive (DI) funds for FY26 to the industry, the revenue associated with DI has not been recognized in FY26.

This portion of the FY26-related DI revenue is expected to accrue in PhonePe’s FY27 financials.

On a normalised operational basis, PhonePe’s net loss for FY26 stood at ₹1,377 crore, while the total consolidated net loss was reported at ₹2,792 crore (vs. ₹1,727 crore in FY25).

Notably, the FY26 net loss included several one-time items: a one-time ESOP acceleration charge, a non-cash goodwill impairment, a gain on the sale of a partial stake in an associate, and losses from discontinued operations.

Beyond core payments, PhonePe continues to deepen its presence as a multi-sector fintech ecosystem.

The company has successfully secured regulatory licenses to operate across a wide spectrum of financial services, including payment aggregation, insurance broking, wealth management, and lending.

PhonePe also continues to receive strong corporate backing from major global institutional investors, with Walmart (via WM Digital Commerce Holdings Pte Ltd) retaining a dominant 73.33% stake.

Founded in December 2015, PhonePe has established itself as India’s leading fintech platform, driving digital inclusion for consumers and merchants alike. The company recently announced that it has crossed 700 million lifetime registered users and 50 million lifetime registered merchants spread across Tier 2, 3, 4 cities and beyond.