PhonePe FY26 Revenue Up 11.5%, Net Loss Widens, IPO Delayed
By Business Desk
PhonePe’s FY26 revenue grew 11.5% to ₹7,920 crore, but net loss widened to ₹2,792 crore due to one-off charges. IPO plans are deferred.
Fintech platform PhonePe recorded an 11.5% year-on-year increase in consolidated revenue from operations for FY26, reaching ₹7,920 crore. This marks a rise from ₹7,105 crore in the previous fiscal year, as the company navigates a period of growth and financial adjustments.
Despite revenue gains, PhonePe’s consolidated net loss expanded to ₹2,792 crore for FY26, up from ₹1,727 crore in FY25. The company has also temporarily postponed its proposed initial public offering (IPO) due to prevailing global capital market volatility.
Key Financials for FY26
- Consolidated revenue from operations: ₹7,920 crore
- Year-on-year revenue growth: 11.5%
- Consolidated net loss: ₹2,792 crore
- Operational net loss (excluding exceptional items): ₹1,377 crore
The widened net loss is primarily attributed to several one-off accounting items. These include a one-time employee stock option (ESOP) acceleration charge and a non-cash goodwill impairment.
Additional factors contributing to the loss involved gains from the sale of a partial stake in an associate and losses from discontinued operations. PhonePe also noted that revenue from the government’s UPI Digital Incentive (DI) scheme for FY26 has not yet been recognized.
IPO Outlook
The Bengaluru-based fintech had received SEBI approval for its IPO on January 20, 2026, after confidentially filing its draft offer document in September 2025. CEO Sameer Nigam confirmed the company’s commitment to listing in India, but stated the process would be revisited once market conditions improve.
PhonePe aims to raise up to ₹12,000 crore through an offer for sale (OFS) by existing shareholders. Major stakeholders such as Walmart, Tiger Global Management, and Microsoft are expected to divest approximately 10% of their holdings.
Expanding Ecosystem
PhonePe was last valued at around $12 billion following an investment from General Atlantic. The company re-domiciled from Singapore to India in December 2022, broadening its service offerings.
Its diversification extends beyond digital payments into several new segments and ventures:
- Stockbroking and wealth management
- Insurance distribution and lending
- Consumer technology platforms like Pincode
- The Android app marketplace, Indus Appstore
As of April 29, 2026, PhonePe reported a substantial user base with over 70 crore registered users. Its digital payments acceptance network covers more than 5 crore merchants across India.
The company demonstrated a compound annual growth rate (CAGR) of 56.25% between FY23 and FY25, underscoring its rapid expansion. This growth trajectory continues as PhonePe diversifies its offerings despite the current financial adjustments and market conditions affecting its IPO plans.