PhonePe Revenue Soars 77% To R.s 2,914 Crore in FY23 By CIOTechOutlook Team

PhonePe Revenue Soars 77% To R.s 2,914 Crore in FY23

CIOTechOutlook Team | Wednesday, 18 October 2023, 11:34 IST

PhonePe announced consolidated revenue of 2,914 crore in FY23, a 77% increase over sales of 1,646 crore in FY22. According to the firm, the increase is being driven largely by the company's focus on market development and leadership in the digital payments sector, particularly in important revenue-contributing use cases such as Money Transfers, Mobile Recharges, and Bill Payments.

UPI Total Payments Value (TPV) market share stood at 50.54% in March 2023. Revenue growth was also driven by the launch and scale-up of new products and businesses such as Smart Speakers, Rent Payments, and Insurance Distribution, as per livemint

“FY 22-23 has been a pivotal year for PhonePe - we continued our rapid top-line growth, diversified our revenue from non-payment businesses, progressed towards positive EBITDA (before ESOP cost) and executed key strategic actions geared towards long-term future growth," PhonePe said in a release.

The standalone PhonePe India Pvt Ltd firm (which includes our Payments business) lost Rs. 1,755 crore in FY23, compared to Rs. 1,612 crore in FY22.

On an Adjusted basis (excluding ESOP expenditures), it was 159 crore in FY23 vs negative 455 crore in FY22, the firm added, signifying a significant milestone for our Payments business.

PhonePe is a digital payments and financial services firm based in Bengaluru, Karnataka. Sameer Nigam, Rahul Chari, and Burzin Engineer started PhonePe in December 2015. In August 2016, the PhonePe app, which is based on the Unified Payments Interface (UPI), went online.