PhonePe clocks 335M transactions in July, hits annual TPV run rate of $95B
According to the company, PhonePe’s TPV run rate has grown nearly five times in the past year. Over the past few months, the fintech firm has been aggressively investing in expanding its offline network.
Bengaluru-based PhonePe on Friday said that it has achieved an annual TPV (total payment volume) run rate of $95 billion. In addition to this, the fintech major clocked close to 335 million transactions in the month of July this year.
According to the company, PhonePe’s TPV run rate has grown nearly five times in the past year, since crossing the $20 billion mark in June 2018.
It has attributed this growth to the expansion in its merchant network, both online and offline. Over the past few months, PhonePe has been aggressively investing in expanding its offline network.
Earlier, in June this year, PhonePe said that it has an offline merchant base of over five million. This is a strong increase from January 2019, when the total offline merchants on the platform stood at one million, which crossed three million in April.
This year, PhonePe was also seen investing in marketing activities. It was the official co-presenting sponsor for the TV broadcast of VIVO IPL 2019 and the official co-presenting sponsor for the TV broadcast of ICC World Cup 2019.
Speaking on the milestone, Sameer Nigam, CEO and Founder PhonePe said,
"We are thrilled by the rapid adoption of PhonePe services across India. Last month alone, the PhonePe app was used by 60 million users. This is both very exciting and very humbling for our company which launched less than three years ago.”
At present, PhonePe claims to have over 150 million users and is accepted across 50 lakh merchant outlets nationally.
It registered its wealth management division in December last year. Further, in March, PhonePe launched its wealth management business in partnership with two asset management companies (AMCs) - ICICI Prudential and Aditya Birla Sun Life, offer equity linked savings schemes (ELSS) to help people save taxes under Section 80C of the Income Tax Act.
(Edited by Evelyn Ratnakumar)
Tarush is driven towards delivering unbiased and accurate reportage while engaging with as many mediums as possible to narrate a fresh perspective. Working for the past few years in the digital space with YourStory, he has covered the Indian technology ecosystem extensively, focusing on new age Fintech companies, while building strong connects within the industry.