New Delhi, March 16 (AHN) PhonePe on Monday announced that it has temporarily deferred its public market listing process due to the current geopolitical conflicts and market volatility and will resume the listing process once there is some stability in global capital markets.

Sameer Nigam, PhonePe's CEO said "We sincerely hope for a swift return to peace in all the affected regions. We remain committed to a public listing in India."

As of September 30, 2025, PhonePe has over 65 crore registered users and a digital payments acceptance network spread across over 4.7 crore merchants.

Meanwhile, according to its updated draft red herring prospectus (DRHP), the company's merchant infrastructure has evolved into a multi-billion rupee revenue engine.

The disclosures in its draft paper shed light on the massive scale and sophisticated monetisation of its merchant ecosystem.

The data filed with the Securities and Exchange Board of India (SEBI) reveals that PhonePe has achieved near-total coverage of the Indian market:

As of September 30, 2025, PhonePe’s registered merchant base reached 47.19 million, covering 98.61 per cent of all pin codes in India. As of March 31, 2025, this base represented between 77 per cent and 80 per cent of India's total trade and services merchant population.

Monthly active merchants stood at 11.31 million in March 2025, accounting for approximately 54 per cent of all active UPI merchants in the country.

As per its DRHP, daily active merchant engagement rose significantly to 60.77 per cent of monthly actives by September 2025, up from 44.18 per cent in March 2023.