PhonePe India Earnings Release

National, October 18th, 2022: PhonePe, India’s leading fintech platform, today released its financials for FY-21-22. The company stated that it has seen a revenue growth of 138%, with revenues at Rs. 1646 crs, while its losses (w/o ESOP costs) reduced to Rs. -671 crs (15% reduction from previous financial year) in FY21-22. The increase in revenue is primarily driven by the robust growth PhonePe has seen across all its lines of businesses. PhonePe’s contribution margin grew to 88% vs 84% the previous year, on account of improved cost optimization, process automation and a favorable product mix.  

On the cost side, marketing investments grew to Rs. 866 crs. The increase is largely attributable to the marketing campaign for its new Insurance distribution business during the ICC Cricket World Cup in 2021, and again during IPL in 2022. Employee costs have increased by Rs. 162 crs in FY21-22, on account of rapid hiring to build future product lines (Insurance, Wealth Services and others). 

About PhonePe:

PhonePe was founded in December 2015, and has emerged as India’s largest payments app, enabling digital inclusion for consumers and merchants alike. With 400 million registered users, one in four Indians are now on PhonePe. The company has also successfully digitized 30+ million offline merchants spread across Tier 2,3,4 and beyond, covering 99% pin codes in the country. PhonePe forayed into financial services in 2017, providing users with a safe and convenient option to buy 24-karat gold, and has recently also launched silver on its platform. Since then, PhonePe has introduced several Mutual Funds and Insurance products like tax-saving funds, liquid funds, international travel insurance, life insurance, COVID-19 insurance amongst others. Using PhonePe, users can also send and receive money, recharge mobile, DTH, pay at stores and make all their utility payments. PhonePe was recently recognized as the Most Trusted Brand for Digital Payments as per the Brand Trust Report 2022 by Trust Research Advisory (TRA).

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