PhonePe IPO: How the company’s large user base supports expansion beyond payments
As PhonePe prepares for its proposed initial public offering (IPO) in April 2026, its Draft Red Herring Prospectus (DRHP) offers a detailed look into how scale is translating into revenue across payments and financial services, even as monetisation in the UPI ecosystem remains structurally low.
According to the company’s DRHP, PhonePe reported operational revenue of ₹3,918 crore in the first half of FY26, up 22% year on year.
