India, Dec. 30 -- PhonePe is already acting like a public limited company.

In 2024, PhonePe released its annual report sharing its consolidated, standalone financial numbers, publicly announcing the valuation at which it raised the last funding round and most importantly its profitability figures excluding ESOP costs.

This is unusual for any privately held company, but the Walmart-backed fintech major is clearly changing its tune. And it's about time too.

After raising more than $1 Bn in 2023 and continuing to retain the UPI market share lead, PhonePe was able to cross the INR 5,000 Cr revenue milestone in FY24, eclipsed only by Paytm in the fintech space.

And while Paytm had its own shares of troubles in 2024, PhonePe ended up going ...