Monday, October 18, 2021

Digital Payment Firm PhonePe's revenue grew 85% in FY21


PhonePe's revenue grew 85% to Rs 690 cr in FY21, losses drop by 44%

Walmart-owned digital payments firm PhonePe reported a drop of 44 per cent in losses for the financial year 2021 (FY21) on a standalone basis as compared to the previous fiscal. The operational losses, excluding the Employee Stock Ownership Plan (ESOP), costs stood at Rs 888 crore in FY21 versus Rs 1,570 crore in FY20, according to regulatory filings by the company.

The drop in losses is due to higher revenues and a reduction in operating costs. The Bengaluru-based company’s revenue increased from Rs 372 crore in FY20 to Rs 690 crore in FY21.

PhonePe was started in 2015, to solve payments at scale and enable digital inclusion for over 100 crore Indians. Over 22.4 billion transactions have happened to date on the platform. 

The firm now has over 314 million registered users and has coverage across 19,098 pin codes in the country. The company which competes with players such as Google Pay, Paytm and Amazon Pay said it has 46 per cent UPI (unified payments interface) market share. It has an annualised total payment volume of over $473 billion.

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