PhonePe revenue jumps 77% to ₹2,914 crore in FY23

Digital payments and financial services company PhonePe reported consolidated revenue of Rs 2,914 crore in FY23, registering a growth of 77% over FY22 revenue of Rs 1,646 crore.

The company said the growth is primarily driven 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.

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, rental payments, and insurance distribution.

“FY22-23 has been a pivotal year for PhonePe – we continued our rapid top-line growth, diversified our revenue from non-payment businesses, progressed towards EBITDA (before ESOP cost), and implemented key long-term strategic actions. “Future growth,” PhonePe said in a statement.

EBITDA loss for standalone entity PhonePe India Pvt Ltd (which includes our payments business) was Rs 1,755 crore in FY23, compared to EBITDA loss of Rs 1,612 crore in FY22.

On an adjusted basis (excluding ESOP expenses), it stood at Rs 159 crore in FY23 versus negative Rs 455 crore in FY22, thus marking an important milestone for our payments business, the company said.

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