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Section 06

TAM Analysis

Projections to CY30/CY35 Total Addressable Market across business verticals

$30.7T

Digital Payments TAM

CY30 projection

₹6.7T

Merchant Payments

CY30 TAM

₹139T

Retail Lending

CY30 outstanding

₹20.5T
Insurance Premium
CY30 TAM

Market Opportunity Overview

PhonePe operates across multiple large and rapidly growing TAMs in India's digital economy. The digital payments market is projected to reach $30.7 trillion by CY30, growing at 16% CAGR. Beyond payments, PhonePe has significant optionality in merchant acquiring (₹6.7T TAM), retail lending (₹139T outstanding by CY30), insurance distribution (₹20.5T premium by CY30), and wealth management (₹318T AUM by CY30). The Indus Appstore represents an additional call option on India's $45B mobile gaming and app economy.

Digital Payments TAM Evolution

Analyst View

UPI TPV: ₹246T in CY24 → ₹710T by CY30.

UPI CAGR: 19% (CY24-CY30).

Digital payments: 80% of total by CY30 (vs 66% today).

Merchant payments revenue: ₹6.7T TAM by CY30.

UPI TPV (₹T)

Digital Payments % of Total

Source: RBI, Redseer, Datum Analysis Get the data

Retail Lending Market Opportunity

Analyst View

Current retail credit: ₹75T outstanding.

CY30 projection: ₹139T (+13% CAGR).

Unsecured lending: ₹22T by CY30.

Digital lending share: 40%+ by CY30.

Source: RBI, Redseer Get the data

Insurance Market Opportunity

Analyst View

Current premium: ₹10T (CY24).

CY30 projection: ₹20.5T (+12% CAGR).

Digital distribution: 25% by CY30 (vs 8% today).

PhonePe Insurance Premium Lifetime to Date: ₹22.9B (Sep 2025).

Life Insurance

General Insurance

Health Insurance

Source: IRDAI, Redseer Get the data

Total Addressable Market Summary by Vertical

Vertical	CY24	CY30	CAGR	PhonePe Position
Digital Payments TPV	$11.0T	$30.7T	16%	#1 (49.15% UPI share)
UPI TPV	₹246T	₹710T	19%	Market Leader
Merchant Payments Revenue	₹2.5T	₹6.7T	18%	47.19M merchants
Retail Credit Outstanding	₹75T	₹139T	13%	Emerging
Insurance Premium	₹10T	₹20.5T	12%	₹22.9B Premium Lifetime to Date
Mutual Fund AUM	₹68T	₹318T	29%	₹15.7B AUA
Broking Revenue Pool	₹0.35T	₹1.06T	20%	Share.Market
Mobile App Distribution	$15B	$45B	20%	Indus Appstore

Source: RBI, IRDAI, SEBI, Redseer, Datum Analysis Get the data

Key Growth Opportunities

Core Business

Payments & Merchant Acquiring

UPI continues to grow at 19% CAGR. Merchant payments revenue pool of ₹6.7T by CY30 with PhonePe's 47.19M merchant base.

₹710T

UPI TPV CY30

19%

CAGR

High Growth

Lending & Credit

Retail credit to reach ₹139T by CY30. PhonePe's transaction data enables credit underwriting for 'new-to-credit' users.

₹139T

Credit CY30

13%

CAGR

Emerging

Insurance Distribution

Insurance premium to double to ₹20.5T by CY30. Digital distribution to grow from 8% to 25% share.

₹20.5T

Premium CY30

12%

CAGR

Disclaimer: This report is for informational purposes only and does not constitute investment advice, financial advice, trading advice, or any other sort of advice. The information provided should not be relied upon for making any investment decisions. Past performance is not indicative of future results. Always conduct your own research and consult with a qualified financial advisor before making any investment decisions.