PhonePe reaches 700 million people
What stands out in this journey is not just the scale, but also the pace of development. PhonePe took 136 days to reach its first million users, and now this is achieved every 6 days. From FY 2023 to FY 2025, the company has maintained a steady compound annual growth rate (CAGR) of 56.25 per cent, underscoring the sustainability of its expansion despite undertaking massive scale-up.
PhonePe said its growth is fueled by its commitment to building a seamless and secure financial services ecosystem. With an emphasis on speed, reliability and user-centric design, the platform has been evolving to suit the needs of an increasingly digital India.
Commenting on the milestone, Sameer Nigam, Founder and CEO, PhonePe, said, “Crossing 700 million registered users is a significant moment in our journey and speaks to the trust that users across the country have placed in us. Equally exciting is the pace at which we are growing today, reflecting the growing relevance of digital payments in everyday life. As we move forward, our focus remains on building products that are simple, secure, and accessible to all. Be accessible to, and also continue to contribute to, India’s digital economy.”
As adoption continues to grow in India’s digital ecosystem, PhonePe intends to continue expanding its offerings and invest in an ecosystem of multiple population-level digital platforms for Indians.
The development comes at a time when PhonePe averted India’s most-awaited public listing just weeks after filing an updated IPO prospectus, as India’s benchmark indices weakened after the conflict escalated in West Asia. The company had received SEBI approval for a $1.5 billion IPO, which could value the fintech at around $15 billion.
PhonePe co-founder Rahul Chari recently described the IPO as “a milestone” rather than a capital-raising exercise, noting that the company is already free-cash-generative and wants to become a publicly listed, independently governed entity. PhonePe is not raising “any primary” capital through the listing, he said.
Chari said the company faced “no pressure to come up with an IPO”.
PhonePe reported revenue from operations of ₹7,631 crore in FY2025 – more than double the FY2023 figure – and reached positive adjusted EBITDA margin, indicating that the company’s payments-based model is generating internal capital to finance the next phase of its expansion.
