Payments major revenue contributor for PhonePe, Paytm diversified

Despite similar toplines, Paytm and PhonePe differ sharply in revenue mix, with PhonePe heavily reliant on payments while Paytm draws more from financial services

Despite similar revenue from operations, fintech rivals Paytm and PhonePe show divergent revenue mixes, with PhonePe far more reliant on payments.

 

Paytm’s revenue from operations is diversified across categories, including financial services, which include lending, insurance distribution and stockbroking, along with payments.

 

PhonePe recorded ₹3,918.46 crore in operational revenue in the first half of the financial year 2025-26 (H1 FY26), whereas Paytm’s stood slightly higher at ₹3,979 crore during the same period.

 

Almost 82 per cent of PhonePe’s revenue comes from payments, whereas the category contributes around 55 per cent of Paytm’s total operational revenue, data show.

 

About ₹2,193.13 crore of PhonePe’s total payments revenue was attributed to the consumer segment, while ₹1,038.59 crore came from merchants.

 

The Walmart-promoted company’s revenue from payments was 47.5 per cent higher than Paytm’s. Meanwhile, Paytm’s revenue from financial services was more than twice that of PhonePe.

 

PhonePe is preparing to list publicly by mid-2026. The proposed initial public offering (IPO) is a pure offer for sale (OFS).

 

Paytm was listed in 2021 at an issue price of ₹2,150 per share. The stock closed at ₹1,140.75 per share on Friday on the Bombay Stock Exchange (BSE).