PhonePe's FY23 revenue surges 77% to Rs. 2,914 crore
PhonePe has seen a whopping 77% surge in its consolidated revenue for FY23, hitting Rs. 2,914 crore, compared to Rs. 1,646 crore in FY22. This impressive growth is thanks to the company's expansion in the digital payments arena and the introduction of innovative products and businesses, including Smart Speakers, Rent Payments, and Insurance Distribution. As of August 31, 2023, PhonePe has rolled out 41 lakh Smart Speakers.
UPI market share stands strong
PhonePe India Pvt Ltd, which houses PhonePe's payments business, posted an operating loss of Rs. 1,755 crore in FY23, up from Rs. 1,612 crore in FY22. Despite the mounting losses, PhonePe's Unified Payments Interface (UPI) Total Payments Value (TPV) market share held strong at an impressive 50.54% as of March 2023. The company credits its robust market position to its complete spinoff from Flipkart Group and shifting its domicile to India from Singapore.
Equity fundraising and pre-money valuation
PhonePe has wrapped up an equity fundraising round of Rs. 7,021 crore from long-term investors like Walmart, General Atlantic, Ribbit Capital, Tiger Global, and TVS Capital Funds. This fundraising round has valued PhonePe at a $12 billion pre-money valuation. In comparison, the company's direct competitor Paytm reported a 61% YoY increase in consolidated revenue from operations, reaching Rs. 7,990 crore in FY23.
