PhonePe has expanded its services into financial products like insurance, loans and investments, alongside its core payment platform The company is preparing for an IPO after transitioning to a public company in April 2025, marking a significant step in growth PhonePe launched an upgraded smart speaker to support digital payments for offline merchants with improved connectivity and battery efficiency Fintech unicorn PhonePe has launched an upgraded version of its smart speaker, aimed at boosting digital payments for offline merchants across the country. The latest Made In India device retains all the key features of its predecessor and comes with enhancements in connectivity and power efficiency, the company said in a statement. It utilises a 4G network for faster speed and higher network reliability. PhonePe further claims that the new device will get completely charged in around 75 minutes and also has an extended battery life. “….with these smart speakers, we are not only driving financial inclusion for merchants nationwide, especially in underserved areas, but also fostering domestic innovation and ensuring that Indian manufacturers become integral participants in the country’s digital transformation,” said Yuvraj Singh Shekhawat, chief business officer of merchant business at PhonePe. First launched in 2022, PhonePe’s smart speaker was designed to help merchants in getting instant audio alerts for transactions made via UPI. The device gained popularity for its voice support in 21 Indian languages and an optional celebrity voice feature. It helped shopkeepers confirm payments without checking SMS or any mobile apps. This comes at a time when PhonePe looks to expand its hardware tools to reach more merchants. The company is targeting smaller shops in areas with weak internet or limited access to smartphones. While most UPI payments are made via mobile phones, hardware like smart speakers help improve reliability. This is especially useful for small businesses that handle many quick, low-value transactions. As of March 2025, PhonePe had over 60 Cr registered users and more than 4 Cr merchant partners. It processes over 33 Cr transactions every day. Its annual total payment value (TPV) stands at more than INR 150 Lakh Cr. For FY24, its operating revenue was up 74% year on year at INR 5,064 Cr. Moreover, it has maintained the YoY revenue growth rate seen in FY23 at 77% previously. Alongside this, the company has been able to pave the path towards profitability since FY24. It narrowed its consolidated net loss by 28% to INR 1,996 Cr in FY24 from the INR 2,795 Cr loss in FY23, led by a boost in its topline and cost efficiency. The company has also expanded into financial services. It now offers insurance, loans, and investment products. It also runs Pincode, a hyperlocal ecommerce app and the Indus Appstore for Android users. Last month, PhonePe was officially converted into a public company, changing its name from ‘PhonePe Private Limited’ to ‘PhonePe Limited’ following approval at an extraordinary general meeting on April 16, 2025. This transition marks a significant step in the company’s preparations from its upcoming initial public offering (IPO), with four investment banks reportedly advising on the process. Also in April, PhonePe launched UPI Circle on its app, enabling users to manage payments for trusted contacts without linking a bank account.

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