Google Pay reports flat topline at Rs 1,500 crore in FY 25, net profit halves to Rs 50 crore

Google Pay reports flat topline

• Google Pay India reported flat revenue of Rs 1,547 crore for FY25
• Net profit halved to Rs 50 crore in FY25, down from Rs 110 crore in FY24
• Google Pay holds 33 percent UPI market share, trailing PhonePe and Paytm

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Google Pay’s India operations have reported a flat revenue from operations of Rs 1,547 crore for the financial year ending March 2025, while its net profit halved to Rs 50 crore during the period.

Google Pay is the country’s second-largest UPI payment app with around 33 percent market share. Around 90 percent of all digital payments in the country are processed by the UPI platform.

In FY 24, the company reported revenue of Rs 1,490 crore. Google Pay’s revenue has been flat for the past five financial years at around Rs 1,400-1,500 crore.

The company’s net profit was Rs 53 crore in FY 21, rising to Rs 110 crore in FY 24, before declining to Rs 50 crore in FY 25.

Google Pay in India is run by Google India Digital Services Private Limited. Moneycontrol accessed the financial statement uploaded on the Ministry of Corporate Affairs website through the business intelligence platform, Tofler.

Google Pay, as a brand, is used in multiple countries, but the Indian entity is separate, and the Indian operations are also distinct from other geographies.

Interestingly, its competitors, PhonePe and Paytm have reported close to Rs 7,500 crore in annual revenue. Publicly listed Paytm reported a net profit of Rs 225 crore in net profit during the December quarter.

Google Pay’s net worth has gone up from Rs 100 crore in FY 21 to RFs 420 crore in FY 25. The company has zero net debt, and the assets of the firm has gone up from Rs 1,100 crore in FY 21 to Rs 2,000 crore in FY 25.

Late last year, Google Pay launched a co-branded credit card in partnership with Axis Bank on the RuPay network, which can be linked to customers’ UPI accounts for merchant payments.

Similar to most UPI and payment apps, Google Pay offers a host of financial services, including personal and business loans.