PhonePe’s merchant network grew to 47.19 million businesses by Sept. 2025, with lending and payments driving its rise as a major financial services platform.

PhonePe’s merchant network reached 47.19 million businesses by September 2025, covering nearly 99% of India’s pin codes and serving 77% to 80% of trade and services merchants. Monthly active merchants hit 11.31 million in March 2025, with daily engagement at 60.77% of monthly actives by September. The company operates 9.19 million payment devices supported by 25,657 employees and over 31,000 agents, primarily in rural areas. Merchant lending surged from ₹0.11 billion in FY2023 to ₹45.07 billion in FY2025, with lending revenue reaching ₹2,880.87 million in the first half of FY2026. Merchant Payments generated ₹19,910.36 million in FY2025, accounting for 28% of total revenue, driven by a ₹15 trillion annual transaction volume. These figures, disclosed in PhonePe’s IPO draft prospectus, highlight its shift into a major financial services platform.