PhonePe, the fintech startup, reported a robust financial performance for the fiscal year ending on March 31, 2023, with total revenue reaching INR 2,914 Crores. This represents a significant growth of nearly 77% compared to the INR 1,646 Crores in revenue from the previous fiscal year, FY22. The company attributed this revenue surge to increased activity in money transfers, mobile recharges, and bill payments.

Furthermore, PhonePe’s expansion into new product offerings and businesses, including smart speakers, rent payments, and insurance distribution, contributed to this substantial revenue growth. Notably, PhonePe has not disclosed its net loss figures for the financial year 2022-23.

PhonePe achieved significant milestones during this period, with the deployment of 4.1 million smart speakers as of August 31, 2023, and a noteworthy 50.54% market share in total payments value (TPV) for the Unified Payments Interface (UPI) in March 2023. The company faces competition in the UPI transactions space from players like Paytm, Google Pay, and CRED.

Crucially, the increase in total revenue enabled PhonePe’s payments business to report a positive adjusted EBITDA (EBITDA before factoring in ESOP costs). The standalone EBITDA for PhonePe India Pvt Ltd, which houses the payments business, was INR -1,755 Crores in FY23, compared to INR -1,612 Crores in FY22. However, when adjusted for ESOP costs, the EBITDA stood at INR 159 Crores in FY23, a significant improvement from INR -455 Crores in FY22.

While specific figures were not disclosed, PhonePe mentioned that it distributed “substantial” Employee Stock Ownership Plans (ESOPs) as part of its corporate restructuring efforts in FY23.

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In FY23, PhonePe achieved a significant equity fundraise, securing INR 7,021 Crores (approximately $850 million) at a valuation of $12 billion. This fundraising milestone is noteworthy, particularly in a climate where many startups are grappling with capital raising challenges or facing markdowns. PhonePe also made the strategic move of transitioning its domicile from Singapore to India and completed its spin-off from the Flipkart Group.

PhonePe, the fintech startup, reported a robust financial performance for the fiscal year ending on March 31, 2023, with total revenue reaching INR 2,914 Crores. This represents a significant growth of nearly 77% compared to the INR 1,646 Crores in revenue from the previous fiscal year, FY22. The company attributed this revenue surge to increased activity in money transfers, mobile recharges, and bill payments.

Furthermore, PhonePe’s expansion into new product offerings and businesses, including smart speakers, rent payments, and insurance distribution, contributed to this substantial revenue growth. Notably, PhonePe has not disclosed its net loss figures for the financial year 2022-23.

PhonePe achieved significant milestones during this period, with the deployment of 4.1 million smart speakers as of August 31, 2023, and a noteworthy 50.54% market share in total payments value (TPV) for the Unified Payments Interface (UPI) in March 2023. The company faces competition in the UPI transactions space from players like Paytm, Google Pay, and CRED.

Crucially, the increase in total revenue enabled PhonePe’s payments business to report a positive adjusted EBITDA (EBITDA before factoring in ESOP costs). The standalone EBITDA for PhonePe India Pvt Ltd, which houses the payments business, was INR -1,755 Crores in FY23, compared to INR -1,612 Crores in FY22. However, when adjusted for ESOP costs, the EBITDA stood at INR 159 Crores in FY23, a significant improvement from INR -455 Crores in FY22.

While specific figures were not disclosed, PhonePe mentioned that it distributed “substantial” Employee Stock Ownership Plans (ESOPs) as part of its corporate restructuring efforts in FY23.

Exciting news! We’re now on WhatsApp Channels too.  Subscribe today by clicking the link and stay updated with the latest insights in the startup ecosystem! Click here!

In FY23, PhonePe achieved a significant equity fundraise, securing INR 7,021 Crores (approximately $850 million) at a valuation of $12 billion. This fundraising milestone is noteworthy, particularly in a climate where many startups are grappling with capital raising challenges or facing markdowns. PhonePe also made the strategic move of transitioning its domicile from Singapore to India and completed its spin-off from the Flipkart Group.