‘Growth & profitability are not a zero-sum game’

As PhonePe prepares for its public listing, CEO Sameer Nigam says lending remains the biggest untapped opportunity in India as he shares with Ayanti Bera his optimism that a sustainable UPI monetisation model will emerge.

- @ SAMEER NIGAM, FOUNDER & CEO, PHONEPE

Excerpts:PhonePe has expanded far beyond UPI into insurance, wealth, and lending. Where do you see the biggest growth coming from?

We view the next decade as a massive compounding opportunity for Indian fintech. In the wealth space, as Gen Z enters the workforce, we anticipate the number of active market participants will double, moving in lockstep with Sebi’s market expansion goals. Similarly, insurance remains a national priority — post-pandemic, we are seeing a structural shift toward digital-first adoption.

While our scale and data sophistication allow us to capture significant shares in these sectors, lending remains the single largest untapped opportunity. By leveraging our massive distribution and refined risk models, we are well-positioned to bridge the credit gap for both consumers and merchants.

As competition in fintech intensifies, how is PhonePe balancing growth with profitability, and which new segment is closest to becoming profitable?