Indian fintech giant PhonePe, backed by retail giant Walmart, has disclosed a significant reduction in its losses for the fiscal year ending in March 2025. According to a regulatory filing, the company reported losses of Rs 17.2 billion ($194.78 million), down from Rs 19.96 billion in the previous fiscal year.
The news comes just as PhonePe gears up for its highly anticipated initial public offering, set to be listed on India's stock exchanges. Known for its widespread usage in India as a platform for making payments through the unified payments interface (UPI), PhonePe boasts a massive user base of over 600 million registered users and serves 40 million merchants. The fintech firm handles a staggering 310 million online transactions on a daily basis.
In addition to the decrease in losses, PhonePe also saw a significant boost in its revenue from operations, which climbed by 40% to Rs 71.15 billion ($805.63 million) for the fiscal year.
The upbeat financial performance and growing user base of PhonePe have positioned the company as a strong contender in the fiercely competitive Indian fintech market. With the impending IPO, the company aims to capitalize on its success and investor interest.
As the Indian fintech sector continues to evolve and attract significant investment, PhonePe's public offering is expected to draw substantial attention from investors eager to tap into India's fast-growing digital payment landscape. With its established market presence and impressive financials, PhonePe seems poised to make a big splash in the stock market.
