PhonePe’s 5% dilemma: Payments still dominate revenue as it gets IPO-ready

As it prepares for an initial public offering (IPO), Walmart-backed digital payments firm PhonePe remains firmly tethered to its core business: payments. This is despite its diversification into a full-stack financial services platform, offering credit, insurance, and stockbroking over the past three years.

The numbers paint a telling picture. In FY24, PhonePe’s financial services business brought in Rs 207.4 crore—a mere 4% of its Rs 5,064 crore total revenue, according to filings with the Ministry of Corporate Affairs.

While PhonePe multiplied…