Phonepe’s non-core revenue share growing steadily, chipping in now around 14 per cent

MUMBAI: PhonePe, the Walmart-owned digital payments platform that accounts for nearly half of India’s UPI transaction volumes, has been diversifying its revenue streams to improve profitability and cash generation ahead of its planned public listing.

Of its Rs 7,114.9 crore revenue in FY25, about Rs 6,299.7 crore, roughly 86%, came from core payment services, including merchant payments. The remaining revenue was generated from businesses such as co-lending, insurance distribution and mutual fund services.