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PhonePe's loss widens to ₹1,444cr despite 22% increase in revenue
22 Jan 2026

Walmart-owned digital payments company PhonePe has reported a 22% increase in its revenue for the April-September period. The company's revenue stood at ₹3,918 crore during this period.

However, despite the growth in revenue, PhonePe's net loss has widened to ₹1,444 crore from ₹1,203 crore last year due to rising expenses.

PhonePe's upcoming IPO: A pure offer-for-sale
IPO details

The Bengaluru-based company has filed an updated draft red herring prospectus (DRHP) for its upcoming initial public offering (IPO).

The offering will be a pure offer-for-sale of up to 5.06 crore shares with no fresh capital raised.

Walmart plans to sell up to 4.59 crore shares or about 9% of the company while Microsoft will sell up to 3,678,790 shares and Tiger Global will sell up to 1,039,160 shares as per the filing.

PhonePe's market share and transaction volume
Market dominance

According to National Payments Corporation of India (NPCI) data for December 2025, PhonePe commanded a market share of nearly 48% by volume among the top 10 UPI apps.

The company processed 9.8 billion transactions worth ₹13.6 lakh crore during this period.

Google Pay, Paytm, Navi and Flipkart-backed Super.money are some of the other major players in this space.

PhonePe's financial performance and cost structure
Financial breakdown

For the six months ending September 30, 2025, PhonePe's total income stood at ₹4,174.5 crore while total expenses rose to ₹6,069.3 crore.

This resulted in a loss before tax of ₹1,450.6 crore despite strong top-line growth.

Employee benefits were the largest cost head at ₹2,869 crore highlighting PhonePe's heavy investment in manpower and operations.