PhonePe vs Paytm: revenue, valuation and funding compared
The short answer
Paytm reported the highest revenue, ₹8,437 crore in FY26, against PhonePe ₹7,920 crore in FY26. Paytm was profitable in the latest year reported.
PhonePe and Paytm are the two best-known UPI payments apps in India, and both have widened into insurance, investments and merchant services. Paytm is run by the listed company One97 Communications and is based in Noida. PhonePe is based in Bengaluru and has filed for an IPO. They are compared because they compete for the same payment users and merchants.
Both companies' latest numbers belong to FY26, the year to March 2026. Paytm's figures are consolidated annual results, taken from a financial data site and not checked against the filing, as its profile says. PhonePe's revenue is revenue from operations as reported, and its profit figures are left out of the profile because sources disagree. Every number on this page comes from the two profiles.
Side by side
| PhonePe | Paytm | |
|---|---|---|
| Founded | — | — |
| Based in | Bengaluru | Noida |
| What it sells | UPI payments and financial services app, preparing an IPO | Digital payments and financial services app, run by One97 Communications |
| Status | IPO filed | Listed |
| Revenue, latest year | ₹7,920 crore FY26 | ₹8,437 crore FY26 Bigger |
| Revenue, year before | ₹7,115 crore FY25 Bigger | ₹6,900 crore FY25 |
| Growth | +11% (FY25 to FY26) | +22% (FY25 to FY26) |
| Net profit (loss), latest year | — | ₹552 crore FY26 |
| Last disclosed valuation | $10 billion Sep 2026 report | — |
| Total raised | — | — |
| Last round | — | — |
| Profile | PhonePe on StopDown | Paytm on StopDown |
Scale
Paytm reported consolidated revenue from operations of ₹8,437 crore in FY26, up from ₹6,900 crore in FY25. PhonePe reported ₹7,920 crore in FY26, up about 11% from ₹7,115 crore in FY25. Paytm is therefore slightly ahead on the latest year, though Paytm's revenue in FY24 was higher still, at ₹9,978 crore.
The profiles carry no user, transaction or market share figures for either company, so this page compares them on revenue only. Paytm's September 2026 quarter revenue was ₹2,648 crore.
Money
Paytm turned a profit in FY26: ₹552 crore consolidated, after losses of ₹663 crore in FY25 and ₹1,422 crore in FY24. The profile calls it the company's first full year of profit. PhonePe's profit or loss for FY26 is not in its profile, because reports give two different figures for its net loss.
PhonePe received SEBI approval for its IPO in January 2026. The IPO is a 100% offer for sale, so no money goes to the company. It paused the offer in March 2026 over market volatility, and a September 2026 report said it targets a listing by March 2027 at a valuation of about $10 billion. That is a target reported by the press, not a completed valuation. Paytm is already listed, and its profile gives no market valuation.
Where they are heading
PhonePe rebranded Share.Market as PhonePe Invest in October 2026, renamed its Indus Appstore, closed its US engineering office in September 2026 and got a UAE licence. Paytm plans to invest ₹100 crore in its European unit, which won a Luxembourg payment institution licence in July 2026. In August 2026 SEBI issued Paytm a show-cause notice over the timing of a 2023 loan disclosure.
The numbers behind the table
PhonePe: revenue and profit by year
| Year | Revenue | Profit or loss | Note |
|---|---|---|---|
| FY26 | ₹7,920 crore | — | revenue from operations as reported; net loss left out because reports give two different figures |
| FY25 | ₹7,115 crore | — | revenue from operations as reported; profit measures differ by source and are left out |
Paytm: revenue and profit by year
| Year | Revenue | Profit or loss | Note |
|---|---|---|---|
| FY26 | ₹8,437 crore | ₹552 crore | consolidated; per a financial data site, not checked against the filing |
| FY25 | ₹6,900 crore | ₹663 crore loss | consolidated; per a financial data site |
| FY24 | ₹9,978 crore | ₹1,422 crore loss | consolidated; per a financial data site |
Questions people ask
Which is bigger, PhonePe or Paytm?
Paytm, narrowly, on revenue. It reported ₹8,437 crore of consolidated revenue from operations in FY26, against ₹7,920 crore for PhonePe in the same year.
Is PhonePe profitable?
The PhonePe profile does not give a figure. Reports differ on its FY26 net loss, so the number is left out here. Paytm made a consolidated profit of ₹552 crore in FY26, after a loss of ₹663 crore in FY25.
Who owns Paytm, and who founded PhonePe?
Paytm is run by the listed company One97 Communications, and Vijay Shekhar Sharma is its CEO. The PhonePe profile names no founders, so this page does not name them.
Which listed first, PhonePe or Paytm?
Paytm is the listed one. PhonePe has SEBI approval for an IPO from January 2026, paused it in March 2026, and a September 2026 report said it aims to list by March 2027.
Every figure on this page comes from the companies' StopDown profiles, which list the filing or statement behind each number: PhonePe, Paytm. Revenue is revenue from operations unless the note says otherwise; valuations are as disclosed at a round or by the company; nothing here is investment advice. How StopDown counts.