As PhonePe Limited polishes its IPO filings, the updated DRHP offers a deep dive into its merchant fortress. Spanning 47.19 million registered traders by September 30, 2025, the network blankets 98.61% of India’s pincodes, embodying 77-80% of the trade and services merchant base.
Activation is key: March 2025 saw 11.31 million monthly active merchants, commanding 54% of UPI’s active merchant share. Daily engagement leaped from 44.18% in March 2023 to 60.77% by September 2025, reflecting unparalleled loyalty.
Hardware amplifies the model. Beyond 9.19 million payment devices, they function as smart speakers relaying critical business intel. This infrastructure thrives on 25,657 team members and 31,000+ agents, prioritizing underserved rural markets.
Lending steals the spotlight for growth velocity. Harnessing 47 million merchants’ data, PhonePe underwrites unsecured credit through fintech partners. Loan volumes surged from 0.11 billion rupees (FY23) to 45.07 billion (FY25), with H1 FY26 income at 2,880.87 million—88% of FY25’s total.
Core merchant payments delivered 19,910.36 million rupees in FY25, nearly 28% of overall revenue. TPV scaling to 15 trillion annually underscores the evolution into a multifaceted financial ecosystem. PhonePe’s DRHP doesn’t just disclose numbers—it blueprints a fintech giant’s ascent.