PhonePe, a subsidiary of Walmart, has announced a staggering 77% growth in its consolidated revenue for the financial year 2023. This remarkable surge is attributed to the increasing adoption of its platform for digital payments and money transfers in India's rapidly growing digital payments market.
The company reported that, on a standalone basis, its loss before accounting for interest, taxes, depreciation, and amortization widened to INR 17.55 billion ($210.8 million) compared to INR 16.12 billion from the previous year. This fact illustrates the substantial investments made by PhonePe to expand its services and drive growth.
In terms of consolidated revenue, PhonePe's figures soared to INR 29.14 billion, a remarkable rise from the INR 16.46 billion reported a year earlier.
PhonePe attributes this impressive revenue growth to the successful launch and expansion of new products and businesses, including smart speakers, rent payments, and insurance distribution. These new offerings have contributed significantly to the company's expansion.
During the previous fiscal year, PhonePe secured an astounding INR 70.21 billion in investments from prominent backers like General Atlantic, Walmart, and Tiger Global. These investments came at a pre-money valuation of $12 billion, making PhonePe the most valuable payments firm in India.
PhonePe, boasting over 490 million registered users, held nearly 51% of the transaction value on India's instant money transfer system, the Unified Payments Interface (UPI), as of the end of March. Its dominant presence in the digital payment landscape further underscores its growth potential.
Moreover, PhonePe, which relocated its headquarters from Singapore to India in October of the previous year, has expressed its intention to go public on the domestic stock exchanges. However, the company has yet to provide a specific timeline for this highly anticipated move.
PhonePe's impressive revenue growth and its commitment to further expansion and public listing demonstrate its unwavering dedication to delivering efficient digital payment solutions to millions of users across India.