Google Pay’s India operations reported largely stable revenue in FY25, even as profitability took a notable hit. According to a Moneycontrol report, the company posted revenue from operations of Rs 1,547 crore for the financial year ended March 2025, marginally higher than Rs 1,490 crore in FY24. This performance continues a five-year trend of stagnation, with annual revenue consistently hovering between Rs 1,400 crore and Rs 1,500 crore.

Net profit, however, declined sharply. Google Pay India recorded a profit of Rs 50 crore in FY25, nearly half of the Rs 110 crore reported in the previous year. The company had earlier posted a net profit of Rs 53 crore in FY21, which rose steadily until FY24 before reversing in the latest fiscal.

Despite the profit drop, Google Pay remains a dominant player in India’s digital payments ecosystem. It is the second-largest Unified Payments Interface (UPI) app in the country, with an estimated market share of around 33 per cent. UPI itself accounts for nearly 90 per cent of all digital payment transactions in India, underlining the platform’s scale and importance.

The India business operates under Google India Digital Services Private Limited, with its financials filed with the Ministry of Corporate Affairs and accessed via Tofler. These numbers are distinct from Google Pay’s global operations.

While rivals PhonePe and Paytm have reported significantly higher annual revenues of around Rs 7,500 crore, Google Pay’s balance sheet shows strengthening fundamentals. Its net worth rose from Rs 100 crore in FY21 to Rs 420 crore in FY25, with no net debt and total assets doubling to Rs 2,000 crore.

To expand beyond payments, Google Pay has been diversifying its offerings. In late 2024, it launched a co-branded RuPay credit card with Axis Bank, enabling UPI-linked merchant payments, alongside personal and business loan products.