PhonePe IPO: Can the fintech giant convince markets it’s about more than payments?

According to the updated draft IPO papers filed last week, the contribution of payments to the Walmart-owned firm’s operating revenues declined to 86.92% in H1FY26 from 92.32% a year prior, as newer verticals like lending and insurance scaled faster. While still dominant, payments are no longer the sole growth engine PhonePe is relying on to make its case before the public markets.