PhonePe grows revenue at 74% y-o-y and turns Adjusted PAT positive

National, August 26th, 2024: The PhonePe Group today reported revenue of INR 5064 Cr for FY23-24 (fiscal year ending March 31, 2024) which represents 74% top-line growth from FY22-23 revenue of INR 2914 Cr. The Group also reported an Adjusted Profit After Tax (i.e., PAT excluding ESOP costs) of INR 197 Cr for FY23-24 versus INR 738 Cr loss for FY22-23. Furthermore, the standalone Payments business recorded Adjusted PAT of INR 710 Cr for FY23-24 versus INR 194 Cr loss for FY22-23.

We believe this achievement of top-line growth in conjunction with sustainable bottom-line improvement is a result of PhonePe’s focus on driving operating leverage through automation and cost efficiencies. PhonePe has been able to achieve growth and diversification of revenue through a combination of market leadership, platform reliability and cross-selling a diverse product portfolio. 

“Our financial strategy is anchored on three key pillars: (1) predictable and sustainable growth in revenue, (2) diversification of revenue streams, and (3) continuing improvements to the bottom line. These pillars have guided our strategic decisions, enabling us to scale rapidly, while maintaining a focus on profitability and our healthy financial position”, said Adarsh Nahata, CFO of PhonePe.

“We believe a focus on disciplined financial management will help us continue in the progression towards profitability of our Payments business which by itself is a unique feat in the Indian context. We also view that the optimization of investments and capital allocation, in conjunction with building a diversified revenue model, and remaining customer-focused, will provide a solid foundation for sustained future success”, said Sameer Nigam, Founder and CEO of PhonePe.

About PhonePe Group: 

PhonePe Group is India’s leading fintech company. Its flagship product, the PhonePe digital payments app, was launched in Aug 2016. In just 8 years, the company has scaled rapidly to become India’s leading consumer payments app with 550+ million registered users and a digital payments acceptance network of 40+ million merchants. PhonePe also processes over 270 million daily transactions with an annualised Total Payment Value (TPV) of USD 1.5+ Trillion. 

On the back of its leadership in digital payments, PhonePe Group has expanded into financial services (Insurance, Lending, Wealth) as well as new consumer tech businesses (Pincode – hyperlocal e-commerce and Indus App Store – India’s first localised App Store). PhonePe Group is an India headquartered technology company with a portfolio of businesses aligned with the company’s vision to offer every Indian an equal opportunity to accelerate their progress by unlocking the flow of money and access to services.

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