PhonePe hits 600M registered users, gains 100M in 16 months
What's the story
PhonePe, one of the leading players in the fintech sector, has announced that it now has 600 million registered users.
The company reached this major milestone after adding over 100 million users in the past 16 months.
PhonePe co-founder & CEO Sameer Nigam expressed his pride at this achievement and reaffirmed the company's commitment to building a truly inclusive financial ecosystem.
Merchant network
PhonePe's extensive merchant base and transaction volume
PhonePe has a strong network of over 40 million merchants. The company handles over 330 million transactions every day, which highlights its importance in India's digital economy.
From a financial standpoint, PhonePe has also reported an Annualized Total Payment Value (TPV) of over ₹150 lakh crore, which speaks volumes about the scale and reach of its operations across the country.
IPO plans
PhonePe's journey toward potential IPO
In March, PhonePe announced its plans for a potential initial public offering (IPO) after reverse-flipping from Singapore two years ago.
Owned by Walmart, the company has been making major strides in the fintech industry.
Despite losses, PhonePe has been able to narrow them down by 28.5% to ₹1,997 crore in FY24 from ₹2,792 crore in FY23.
Financial performance
PhonePe reports revenue growth and adjusted profit
In FY24, PhonePe Group posted a revenue from operations of ₹5,064 crore, a 74% rise over the last fiscal's revenue of ₹2,914 crore.
The group also revealed an adjusted Profit After Tax (PAT) of ₹197 crore for FY23-24, as opposed to a loss of ₹738 crore in FY22-23.
Additionally, the standalone Payments business posted an adjusted PAT of ₹710 crore for FY23-24 against ₹194 crore in the previous year.