Flipkart-owned PhonePe on Friday said it has achieved an annual total payment value (TPV) run rate of $ 95 billion, while clocking 335 million transactions in July.

“PhonePe’s TPV run rate has grown nearly 5X in the past year, since crossing the $ 20 billion mark in June 2018. This phenomenal growth has come on the back of the exponential expansion of PhonePe’s merchant network, both online and offline,” a statement said. TPV run rate refers to the total transaction value through the platform in a given time period.

The company, which competes with the likes of Paytm, Google Pay, Amazon Pay and others in India’s digital payments space, recently received a fund infusion of about Rs 698 crore from PhonePe Pvt Ltd, Singapore (formerly Flipkart Payments).

“We are thrilled by the rapid adoption of PhonePe services across India. Last month alone, the PhonePe app was used by 60 million users. This means one out of every 15 Indian adults used the PhonePe app in July. This is both exciting and humbling for our company which was launched less than 3 years ago,” PhonePe Chief Executive Officer and founder Sameer Nigam said.

The Bengaluru-headquartered company has over 150 million users. PhonePe is accepted across 50 lakh merchant outlets as well as online platforms such as Ola, Myntra, IRCTC, Goibibo, redBus, OYO, and Treebo.

Digital payments have seen significant growth in India after the government’s demonetisation drive in 2016. There have been reports that Flipkart is looking at hiving off PhonePe into a separate entity, a move that would help the payments company raise $ 1 billion independently.

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