PhonePe Unicorn

Zero-MDR UPI payments enabling instant money transfer and bill/recharge payments across 11 Indian languages, positioned as the largest UPI app in India.

Company mission stated as offering every Indian equal opportunity to accelerate progress by unlocking the flow of money and democratizing access to financial and other services (payments, insurance, lending, investments, gold, travel).

PhonePe reports roughly 600 million registered users across India using the app for peer-to-peer and peer-to-merchant UPI payments, recharges, bills, insurance and investments.

Small and large merchants using PhonePe's payment acceptance (QR, POS, payment gateway) and offline merchant solutions, an ecosystem PhonePe expanded via its 2018 Zopper Retail acquisition.

Primary distribution channel is the PhonePe Android/iOS app, live since August 2016, built on UPI.

PhonePe launched the Indus Appstore (native Android app store) on February 21, 2024 as an additional distribution/discovery channel, built on the Indus OS acquisition.

PhonePe partnered with HDFC Bank to launch UPI-linked co-branded RuPay credit cards (Ultimo and UNO variants), announced June 26, 2025.

SBI Card and PhonePe formed a strategic partnership launching two co-branded credit cards (PURPLE and SELECT BLACK), announced July 22, 2025.

Walmart maintains majority ownership of PhonePe after its 2022 separation from Flipkart, and injected an additional $200M primary-capital tranche in March 2023.

Core payments (P2P and P2M transactions) form the base of PhonePe's revenue, which reached over ₹7,000 crore in FY25.

PhonePe earns commissions distributing insurance policies and loans without carrying underwriting or credit risk itself; this segment grew from ₹28 Cr in FY23 to ₹452.8 Cr in H1 FY26 (~11.55% of revenue).