PhonePe reaches 700 million users milestone amid strong fintech growth

What stands out in this journey is not just the scale, but the pace of growth. It took PhonePe 136 days to reach its first million users, and now it is achieved every 6 days.From Fiscal Year 2023 to Fiscal Year 2025, the company has maintained a steady compound annual growth rate (CAGR) of 56.25 per cent , underlining the consistency of its expansion even as it operates at a massive scale.

PhonePe said its growth has been fueled by its commitment to building a seamless and secure financial services ecosystem. With a strong emphasis on speed, reliability, and user-centric design, the platform has continued to evolve in line with the needs of a rapidly digitizing India.

Commenting on the milestone, Sameer Nigam, Founder and CEO of PhonePe, said, “Crossing 700 million life-till-date registered users is a significant moment in our journey and speaks of the trust that users across the country have placed in us. What is equally exciting is the pace at which we are growing today, which reflects the increasing 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, while continuing to contribute to India’s digital economy.”

As adoption within India’s digital ecosystem continues to grow, PhonePe intends to continue expanding its offerings and investing in an ecosystem of multiple population-scale digital platforms for Indians.

The development comes at a time when PhonePe paused what would have been one of India's most anticipated public listings just weeks after filing an updated IPO prospectus, as India's benchmark indices weakened following the escalation of conflict in West Asia. The company had received Sebi approval for a $1.5 billion IPO that 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 the company is already free-cash-generative and seeks 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 go IPO.”