PhonePe’s consolidated revenue surged 77% to Rs 2,914 crore in fiscal 2023 from Rs 1,746 crore the previous year, which the digital payments company attributed to the expansion of the market where it is the leader, and the launch and scale-up of products and businesses.
Operating loss, or loss before interest, tax, depreciation and amortisation, for PhonePe India, the standalone payments business widened to Rs 1,755 crore from Rs 1,612 crore the year before. However, excluding expenses on employee stock option plans, it posted an operating profit of Rs 159 crore, compared with an operating loss of Rs 455 crore in FY22.
The Bengaluru-based firm said it incurred a major Esop expense owing to corporate restructuring, which led to an increase in stock options being granted in the last fiscal year and a one-time pay-out towards this.
Responding to ET’s queries on its roadmap towards profitability, a company spokesperson said: “In FY23, PhonePe Payments business has achieved a significant milestone of positive Ebitda (before Esop costs). We expect the business to continue the growth momentum and drive towards higher profitability.”
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PhonePe is currently processing an annualised total payment value run rate of $1.2 trillion. As of March 2023, the company said its market share in the Unified Payments Interface (UPI) stood at 50.54%. Data from UPI operator NPCI show that PhonePe recorded almost 5 billion transactions in September, the highest among all third-party apps on UPI.
PhonePe gets the bulk of its payments from merchant transactions done by consumers at offline stores through QR codes. It has acquired more than 36 million merchants across the country.
The company has deployed 4.1 million smart speakers, which are voice-based terminals that announce confirmation of a payment transaction.
On the way forward the PhonePe spokesperson said multiple new business lines which have been set up by the company should start contributing to the revenue in the coming years.
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“We believe the combination of our sustainable and profitable payments business along with the suite of new businesses will result in a well-diversified revenue portfolio with robust growth and group-level profitability in the ensuing years,” the company said.
Over the last year or so, PhonePe expanded its product suite beyond payments, venturing into insurance, merchant lending and wealth management.
PhonePe's consolidated revenue surged 77% to Rs 2,914 crore in fiscal 2023 from Rs 1,746 crore the previous year, which the digital payments company attributed to the expansion of the market where it is the leader, and the launch and scale-up of products and businesses.
PhonePe, a leading fintech company backed by General Atlantic, has reported a consolidated net loss of INR 2,795.3 crore for the financial year 2022-23 (FY23), marking a 39% increase from the previous fiscal year's loss of INR 2,013.7 crore.
However, PhonePe's adjusted earnings before interest, tax, depreciation, and amortization (Ebitda) excluding employee costs stood at Rs 159 crores in profit as against a loss of Rs 455 crores in FY22.
PhonePe, the digital payments and financial services company, reported a consolidated revenue of ₹2,914 crore in FY23, registering a growth of 77% over FY22 revenue of ₹1,646 crore.
“PhonePe is doing an amount of – the equivalent in their business is TPV, Total Payment Volume versus GMV in our business. They are doing roughly $1.3 Tn in Total Payment Volume. And that is at the same scale as the largest fintech players in the US. Like, to put that in context.
PhonePe is now owned by the American multinational Walmart, and Google Pay is headquartered in California, United States. Back in August 2023, the Chief Executive Officer of One 97 Communications Limited, Sharma, and the promoter entities became the largest shareholder in Paytm.
PhonePe is one of the most convenient and secure payment methods for digital transactions. To ensure smooth transactions and protect users from fraudulent activities, PhonePe has set transaction limits for various banking activities.
History. PhonePe was incorporated in December 2015. In April 2016, the company was acquired by Flipkart and as part of the acquisition, the FxMart license was transferred to PhonePe and rebranded as the PhonePe wallet.
Like GPay, you dont have the option for secure login using PIN or password. Sometimes your transaction gets stuck in between for long duration, so that's a technical bug with this app. if you are booking your travel tickets with PhonePe and in case you cancelled it. Then you wont get any refunds for that.
Though PhonePe is owned by Walmart, Nigam said that the retail giant's backing only came after the firm had set up its guard rails. Its investors paid Rs 8,000 crore in tax, largely led by Walmart, to allow the firm to change its domicile from Singapore to India.
PhonePe or Google Pay is almost same in every condition like transaction success rate, simple interface, security, provided features and much more. but if you choose one from both then i prefer you Google Pay for security reason.
We all know that PhonePe provides online mobile recharge services (Prepaid and Postpaid) to your mobile very easily. Hence, Phonepe earns a commission from the telecom operator when recharging is done and recently, it charges platform fees in the range of ₹1 to ₹2 per transaction mobile recharge done for above ₹50.
PhonePe is India's leading digital payments company with 50 crore (500 Million) registered users and 3.7+ crore (37+ Million) merchants covering over 99% of the postal codes across India.
The PhonePe UPI transaction limit is Rs. 1 lakh (Rs 100,000) daily for all users. This limit applies to both P2P and P2M transactions. The PhonePe UPI transaction limit is set by the National Payments Corporation of India (NPCI).
PhonePe Security - Every Payment is Protected on PhonePe. That's why we have an advanced security infrastructure to keep your transactions safe. We do what it takes to earn the trust that you and 55+ crore Indians have placed in us.
Yes, it is safe to invest in PhonePe Mutual Funds. The app uses 128-bit SSL encryption to ensure that your transactions and personal information are secure. Moreover, the mutual funds offered through PhonePe are managed by registered and regulated asset management companies. Q.
PhonePe's consolidated revenue surged 77% to Rs 2,914 crore in fiscal 2023 from Rs 1,746 crore the previous year, which the digital payments company attributed to the expansion of the market where it is the leader, and the launch and scale-up of products and businesses.
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