UPI payments giant PhonePe's consolidated revenue has reached Rs 2,914 crore, marking a 77% year-on-year growth from the previous fiscal year's Rs 1,646 crore.
According to PhonePe, The growth can be attributed to the company's strategic expansion in the digital payments sector, particularly in key revenue-generating areas such as Money Transfers, Mobile Recharges, and Bill Payments.
PhonePe's revenue growth wasn't solely reliant on its core services. The company launched and scaled new products and ventures, including Smart Speakers, Rent Payments, and Insurance Distribution.
As of August 31, 2023, the deployment of Smart Speakers stood at 4.1 million. Such diversification has played a pivotal role in the company's financial success in FY23.
While the standalone entity, PhonePe India Pvt Ltd, which focuses on the company's payments business, reported an operating loss of Rs 1,755 crore in FY23, PhonePe's adjusted EBITDA (excluding ESOP expenses) showcased a profit of Rs 159 crore.
Recently, The fintech giant completed its full spinoff from the Flipkart Group, shifted its domicile from Singapore to India.
The company also raised equity funds of Rs 7,021 crore from global investors, valuing PhonePe at a pre-money valuation of $12 billion.
{{ primary_category.name }}