PhonePe has introduced PulsePro, an enterprise intelligence platform aimed at commercializing transaction data, marking a new revenue stream as it prepares for its IPO.
New Delhi, India Jul 30, 2026 ALN: Since the introduction of UPI and digital payments, fintech startups have amassed a goldmine of transaction data. While these datasets have powered underwriting, fraud detection, and internal analytics, PhonePe is now looking to commercialize them as a standalone enterprise offering, potentially opening up a new monetization avenue ahead of its long-awaited IPO.
On Thursday (July 30), the Walmart-backed fintech giant launched PulsePro, an enterprise intelligence platform built on aggregated and anonymized transaction data from its payments network.
“PhonePe serves both consumers and businesses, and PulsePro fits right in as an enterprise data intelligence offering. Over time, we anticipate this to become a meaningful revenue vertical,” PhonePe’s strategy head Karthik Raghupathy stated.
The launch comes at a time when the fintech major is evaluating sustainable revenue streams beyond UPI ahead of its IPO. Earlier this week, the fintech major reported that its net loss widened 62% YoY to ₹2,792 Cr in FY26 despite a 12% increase in its operating revenue to ₹7,920.5 Cr.
After filing for a public offering, comprising solely an offer for sale component of over 5 Cr shares, the startup deferred those plans later. While it released a statement highlighting broader market volatility as the main reason for the delay, the company has been aggressively strengthening its business fundamentals before going public.
In this regard, PulsePro could add another layer to PhonePe’s diversification strategy, which in the past has included merchant lending, advertising, and financial services.
The launch also signals what could become the next frontier in fintech monetization, with payment companies increasingly looking to commercialize the vast pools of transaction data accumulated over the past decade.
Built on PhonePe’s database accrued from over 70 Cr users and 5 Cr merchants spread across India, the startup believes PulsePro can evolve into a meaningful revenue stream beyond its core payments business.
In essence, the offering is a commercial extension of PhonePe Pulse, its free open-data platform launched in 2021, which is used by startups, researchers, policymakers, and academia to study India’s digital economy.
According to Raghupathy, the popularity of Pulse revealed an opportunity to build an enterprise offering around more customized market intelligence.
“Since the launch of PhonePe Pulse in 2021, we have seen incredible adoption by enterprises, startups, academia, and think tanks. Especially, post-Covid, we started receiving inbound requests from organizations for deeper and more customized intelligence that can help them form their growth strategies… PhonePe PulsePro is our response to that demand,” Raghupathy said.
Apart from allowing businesses to monitor consumer spending across categories, regions, and time periods, the offering is also designed to answer complicated operational questions such as where to open the next store, which districts offer the biggest expansion opportunities, how distribution networks should be optimized, or whether local economic activity justifies entering a new market.
To support these use cases, PhonePe has introduced three enterprise modules:
The platform is primarily targeting large enterprises across FMCG, retail, and D2C sectors. Businesses can use the platform as per their consumer requirements, fine-tune the outputs as per regional economic activity, identify new markets for expansion, and optimize physical distribution networks.
Rather than following a standard SaaS pricing model, commercial engagements will be tailored to each client, ranging from one-off projects to subscription or retainer-based arrangements, Raghupathy shared.
For data privacy, PhonePe maintains that the platform only provides aggregated and anonymized insights and never shares data attributable to an individual consumer or merchants. It claims that the platform has been audited by privacy experts and is compliant with the DPDP Act, with all customized data requests subject to the same safeguards.
PhonePe said its biggest differentiator from traditional market intelligence offerings lies in the nature of the underlying data.
Unlike conventional market research, which typically relies on surveys and representative samples, PulsePro draws insights from actual transactions occurring across the platform, which account for almost half of all UPI payments that take place in India. This allows enterprises to make decisions based on observed market behavior rather than reported consumer preferences.
That is a significant distinction. As per market research firm Kantar’s specialist businesses director Puneet Avasthi, the transaction data PhonePe commands offers businesses a near real-time view of marketplace behavior, enabling them to understand where spending is occurring, how categories are evolving, and how consumer demand differs across geographies.
However, he cautioned that while payments data is effective at explaining “what happened” and “where it happened,” it cannot explain why consumers made those choices, how they perceive brands, or what they are likely to do next.
“The strongest insights emerge when observed behavioral data and consumer-reported insights are used together. As competition intensifies, organizations increasingly want actionable insights closer to real-time rather than relying exclusively on periodic reporting cycles,” Awasthi noted.
The trend is already beginning to play out across India’s digital economy.
For instance, quick commerce startup Zepto launched Zepto Atom, a subscription-based data insights platform that offers brands on its platform access to hyperlocal market share data, minute-by-minute sales metrics, customer retention trends, and AI-powered analytics.
Like PhonePe PulsePro, Zepto Atom is positioned as a way to monetize the vast volumes of behavioral data generated on its platform, signaling that data intelligence is increasingly emerging as a standalone enterprise business rather than merely an internal capability.
PulsePro represents PhonePe’s attempt to monetize one of its most valuable yet underutilized assets: the vast pool of transaction data generated across its payments network, at a time when it is looking to diversify beyond consumer payments and build new revenue streams ahead of an eventual public listing.
Moreover, the implications could extend beyond PhonePe as India’s largest fintechs and digital commerce platforms sit on enormous volumes of behavioral and transaction data.
If PhonePe succeeds in commercializing these datasets, which have a huge addressable enterprise market, it could pave the way for peers to develop similar enterprise intelligence offerings.
To learn more about the latest developments in Funding & Investments, stay updated with our exclusive reports and analyses on AiLensNews.
