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Business News/ Companies / Company Results/  PhonePe revenue jumps 77% to 2,914 crore in FY23
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PhonePe revenue jumps 77% to ₹2,914 crore in FY23

PhonePe's revenue growth is led primarily by the company’s focus on market expansion and leadership in the digital payments market, especially in major revenue-contributing use cases like Money Transfers, Mobile Recharges and Bill Payments, the company said.

UPI Total Payments Value (TPV) market share of PhonePe stood at 50.54% in March 2023. (Image: Bloomberg)Premium
UPI Total Payments Value (TPV) market share of PhonePe stood at 50.54% in March 2023. (Image: Bloomberg)

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.

The growth is led primarily by the company’s focus on market expansion and leadership in the digital payments market, especially in major revenue-contributing use cases like Money Transfers, Mobile Recharges and Bill Payments, the company said.

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. 

“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.

EBITDA loss for the standalone PhonePe India Pvt Ltd entity (which houses our Payments business) stood at 1,755 crore in FY23 as compared to EBITDA loss of 1,612 crore in FY22.

On an Adjusted basis (excluding ESOP expenses), it stood at 159 crore in FY23 versus negative 455 crore in FY22, thus marking a significant milestone for our Payments business, the company said.

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Published: 18 Oct 2023, 02:48 PM IST
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