Payments
1 audited teardown. Data first, narratives last.
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Google Pay
Google Pay India's Profit Halved. License Fees to Singapore Grew 13x.
Google India Digital Services (GIDS) reported FY2025 PAT of ₹50.10 Cr, down 55% from ₹110.40 Cr. Revenue grew only 3%. The audit reveals the cause: license fees paid to Google Asia Pacific (Singapore parent) jumped from ₹40.30 Cr to ₹532.30 Cr, a 13x increase. Gross transaction-facilitation revenue actually grew 58% (₹1,041 Cr to ₹1,641 Cr) before that license fee deduction. The headline profit fall is a transfer-pricing arrangement reset, not an operating-business decline.
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