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.
