New Delhi, Feb. 3 -- As PhonePe prepares for its proposed initial public offering (IPO) in April 2026, its Draft Red Herring Prospectus (DRHP) offers a detailed look into how scale is translating into revenue across payments and financial services, even as monetisation in the UPI ecosystem remains structurally low.

According to the company's DRHP, PhonePe reported operational revenue of Rs.3,918 crore in the first half of FY26, up 22% year on year. Payments continued to be the company's largest revenue contributor, accounting for around 82% of total revenue, while lending and insurance accounted for 11.5% of the top line during the period.

The data shows that rising volumes are driving absolute revenue growth, with the company's large t...