PhonePe clocks 600 mn registered users, adds 100 mn in past 16 months

The company claims to have a base of over 40 million merchants. It processes over 330 million transactions daily and has recorded an annualized total payment value of over Rs 150 trillion

Fintech major PhonePe has clocked 600 million registered users on the platform as the Bengaluru-based company gears up for potential initial public offering (IPO). The company added over 100 million users in the past 16 months when it had announced that the firm had crossed over 500 million registered users on the platform.

 

The company claims to have a base of over 40 million merchants. It processes over 330 million transactions daily and has recorded an Annualized Total Payment Value (TPV) of over Rs 150 trillion.

 

“Reaching 60 crore registered users is a proud moment for all of us at PhonePe. Every milestone we achieve brings us a step closer to realising our vision of building a truly inclusive financial ecosystem,” said Sameer Nigam, co-founder and chief executive officer (CEO), PhonePe.

 

PhonePe is the largest player in the Unified Payments Interface (UPI) ecosystem. It has cornered over 47 per cent market share on India’s real-time payments system, data from the National Payments Corporation of India (NPCI) shows.

 

Last month, the company said it had kicked off preparations for a potential listing in the country over two years after it reverse-flipped from Singapore. The announcement came as the company completed a decade in business operations.

 

PhonePe had to pay about $1 billion in capital gains taxes to the Indian government to complete the domicile shift back to the country.

 

Its consolidated revenue from operations grew 73.8 per cent to Rs 5,064 crore in FY24, up from Rs 2,914 crore in FY23. It narrowed its net loss to Rs 1,996 crore in FY24 from Rs 2,795 crore in FY23.

 

The PhonePe Group’s portfolio of businesses includes the distribution of financial products such as insurance, lending, and wealth management. It runs consumer tech businesses such as Pincode for hyperlocal ecommerce and Indus AppStore localised app store for the Android ecosystem in India.