BharatPe vs PhonePe
Business model, scale, and a side-by-side Litmus framework score — which model wins, and for whom.
PhonePe wins on UPI scale and distribution; BharatPe wins on merchant-lending depth and underwriting data.
At a glance
| Metric | BharatPe | PhonePe |
|---|---|---|
| Revenue | ₹1,667 Cr (FY25, +17% YoY) | ₹7,115 Cr (FY25) |
| Profit | -₹88 Cr net loss (down 82%); adj. PBT +₹6 Cr | ₹(1,727) Cr net loss; adjusted PAT ₹630 Cr (FY25) |
| Active users | 1.3 Cr+ merchants | 650M+ registered users |
| Employees | 2,000+ | ~5,000 |
| Founded | 2018 | 2015 |
| HQ | New Delhi, India | Bangalore, India |
LLitmus Framework Score
Overall: BharatPe 88 · PhonePe 89
Customer Segment
95
95
Value Proposition
96
92
Marketing Channel
87
88
Engagement
90
94
Income Source
93
82
Asset Validation
85
90
Core Operations
82
85
Strategic Alliance
89
96
Expense Validation
76
78
BharatPe leads 2 modules, PhonePe leads 6. Overall edge: PhonePe.
Head to head
| Dimension | BharatPe | PhonePe |
|---|---|---|
| Strength | Cash-flow-based merchant lending | Dominant UPI share + distribution |
| Offline UPI | ~20% of offline merchant UPI | Market-leading UPI volumes |
| Lending muscle | NBFC arm ₹211 Cr revenue (FY25) | Thinner merchant-lending muscle |
| Bank access | Unity SFB stake | Operates via partner rails |
FAQ
Is BharatPe or PhonePe a better business?
PhonePe wins on UPI scale and distribution; BharatPe wins on merchant-lending depth and underwriting data. It depends on what you optimise for — see the module-by-module breakdown above.
What is the difference between BharatPe and PhonePe's business model?
BharatPe operates in Fintech (Business Badhao), while PhonePe is Fintech (India ka Digital Wallet). Their revenue, scale and Litmus scores are compared in detail above.
Which is more profitable, BharatPe or PhonePe?
BharatPe: -₹88 Cr net loss (down 82%); adj. PBT +₹6 Cr. PhonePe: ₹(1,727) Cr net loss; adjusted PAT ₹630 Cr (FY25).