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  5. PhonePe’s IPO bid puts focus on UPI dominance: How it fares against Google Pay, Paytm and MobiKwik

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PhonePe’s IPO bid puts focus on UPI dominance: How it fares against Google Pay, Paytm and MobiKwik

Kamal Joshi
By Kamal Joshi

4 min read | Updated on September 24, 2025, 14:58 IST

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SUMMARY

The IPO action has put focus on the unified payments interface (UPI) space, which is currently led by PhonePe. The second spot is taken by Google Pay, followed by Paytm.

PhonePe turned free cash flow positive in FY25, with net cash flow from operations amounting to ₹1,202 crore. | Image: Shutterstock

PhonePe turned free cash flow positive in FY25, with net cash flow from operations amounting to ₹1,202 crore. | Image: Shutterstock

PhonePe IPO: Walmart-controlled digital payment and financial services provider PhonePe has started its journey to set foot in Dalal Street. The company has filed a draft red herring prospectus (DRHP) with capital markets regulator SEBI through the confidential pre-filing route, a media report said.
The fintech major is looking to raise ₹12,000 crore solely via an offer for sale (OFS) component by Walmart, Microsoft and Tiger Global, Moneycontrol reported, quoting multiple sources.

The IPO action has put focus on the unified payments interface (UPI) space, which is currently led by PhonePe. The second spot is taken by Google Pay, followed by Paytm.

According to the National Payments Corporation of India's (NPCI) August 2025 data, PhonePe took the first position, with 9,152.54 million customer-initiated transactions (CITs). The value of the transaction was ₹11,99,457.73 crore.

The second largest player, Google Pay, processed 7,063.76 million CITs worth ₹8,83,682.27 crore. Paytm, which is next in line, handled 1,407.23 million CITs aggregating to ₹1,43,484.97 crore.

MobiKwik was placed 16th, completing 48.14 million CTIs aggregating to ₹6,010.88 crore.

UPI August 2025 volumes: Check top 20 list

Application NameVolume (Mn)Value (Cr)
PhonePe9,152.5411,99,457.73
Google Pay7,063.768,83,682.27
Paytm1,407.231,43,642.97
Navi504.4525,396.91
super.money256.649,290.21
Cred150.0055,756.24
FamApp by Trio135.651,708.85
Axis Bank Apps30.375,482.37
BHIM100.1615,002.68
Amazon Pay98.9810,830.80
Whatsapp78.215,583.34
ICICI Bank Apps73.4814,644.94
HDFC Bank Apps49.6616,107.74
Kotak Mahindra Bank Apps71.878,662.31
Yes Bank Apps53.919,408.85
MobiKwik48.146,010.88
Pop Club44.531,694.22
Airtel Payments Bank Apps21.401,650.42
Slice Small Finance Bank Apps20.752,716.14
India Post Payments Bank Apps19.581,892.61

Paytm and MobiKwik, which are also in the digital payment space, are listed in the stock market. While Paytm's parent, One 97 Communications, debuted in 2021, MobiKwik got listed in December 2024.

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Paytm share price

Shares of Paytm were trading 1.26% lower on Wednesday, September 24, at ₹1,164.50 apiece on the NSE at 2:50 pm. The stock is down 45.83% from the issue price of ₹2,150.

In the first quarter of the financial year 2025-26, the company posted a consolidated net profit of ₹122.5 crore as against a net loss of ₹840.1 crore a year back. Its revenue from operations climbed 27.69% year-on-year (YoY) to ₹1,917.5 crore in the latest June quarter.

MobiKwik share price

Shares of One MobiKwik Systems descended 3.3% to ₹278.51 per unit on the NSE at 2:50 pm. The stock is down 0.17% from the issue price of ₹279.

In the June quarter, the company posted a net loss of ₹41.92 crore vs ₹6.61 crore loss a year back. Its revenue declined 20.71% YoY to ₹271.36 crore in Q1 FY26.

PhonePe financials

In the financial year 2024-25, PhonePe narrowed its losses to ₹1,727.4 crore as against ₹1,996.1 crore a year back.

The company’s revenue from operations surged 40.5% year-on-year (YoY) to ₹7,115 crore in FY25.

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About The Author

Kamal Joshi
Kamal Joshi is a business journalist who covers industries, markets, and IPOs. He is passionate about breaking news and enjoys playing tennis, especially flexing his backhand. He was previously associated with Republic TV and LatestLY.

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