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Below is a comparative snapshot of PhonePe’s key peers across payment volume, user base, financial scale and strategic positioning. Each section covers market share, user metrics, funding/valuation or revenues, and core business focus.

Google Pay UPI Market Share (Apr ’24): 37.5% of total UPI volumes (35% by value) .

User Base: ≈150 million MAUs globally, including >25 million monthly transacting users in India .

Business Model & Strengths: Pure-play UPI app with seamless Android integration; no onboarded wallet, driving bank-to-bank flows. Leverages Google’s ecosystem for scale and offers rewards via partner banks.

Paytm UPI Market Share (Apr ’24): 8.3% of UPI volumes .

FY24 Revenue: ₹9,978 Cr, +25% YoY .

Monthly Transacting Users: 96 million (9.6 Cr MTU) in Q4 FY24, +7% YoY .

Profitability: Reported first full-year EBITDA (pre-ESOP) of ₹559 Cr in FY24; remains net-loss-making due to regulatory headwinds on its payments bank license .

Positioning: “Super-app” play with UPI, wallet, banking, e-commerce, financial services; battling compliance challenges that have capped new UPI users .

Amazon Pay UPI Market Share (Mar ’25): ~0.6%, ranking 8th among UPI apps .

Registered Users: >100 million UPI users since launch in 2019 .

FY24 Operating Revenue: ₹2,286 Cr, +9.2% YoY; loss narrowed 39% to ₹911 Cr .

Transaction Footprint: Processed ~72.4 million UPI transactions in July 2024 (≈0.5% of network) .

Focus: Leverages Amazon’s e-commerce ecosystem for payment adoption; expanding into insurance and credit offerings for sellers.

BharatPe UPI Market Share (Feb ’22): 13.5% of UPI app volumes (3rd largest) .

2024 Revenue: ₹1,490 Cr (Mar 31, 2024) .

Valuation: ~$2.75 billion (latest growth-equity rounds) .

Funding Raised: ~$424 million over 8 rounds; backed by Sequoia, Coatue, Insight, Ribbit .

Employee Count: ~605 as of Oct 2024 .

Positioning: QR-code merchant aggregator with lending and investment overlays; strong SME focus.

CRED UPI Market Share (2024): ~1% of total UPI volumes .

Monthly Active Users: 13 million MAUs as of June 2024 .

Valuation: $6.4 billion (Jun 2023) .

Total Funding: ~$867 million across 10 rounds; investors include Tiger Global, GIC, Dragoneer .

Niche: Rewards-driven platform targeting high-credit-score millennials with credit-card bill and lending services.

Razorpay Valuation: $7.5 billion post-Series F ($375 million) in Dec 2021 .

Focus: SME-oriented payment gateway, Neo-banking, and API-driven financial services. Powers millions of merchants with invoicing, payouts, lending.

Pine Labs Valuation Marks: $5.8 billion (Baron Funds) and $4.8 billion (Invesco) as of Dec 2023 .

Business: Merchant POS devices and financing; leading physical point-of-sale player with significant BNPL offerings.

Summary: While PhonePe leads UPI with ~49% share, Google Pay (~37%) and Paytm (~8%) remain its primary volume rivals. Amazon Pay, BharatPe and CRED each command single-digit shares but differentiate through deep e-commerce integration, merchant-lending, or premium-user positioning. Razorpay and Pine Labs, though outside pure UPI, dominate the merchant-gateway and POS financing segments—critical adjacencies to PhonePe’s future super-app ambitions.