PhonePe reports revenue of Rs 2,914 crore in FY23
Digital payments platform PhonePe on Wednesday said it has reported income of Rs 2,914 crore on a consolidated basis in FY23. This number represents an increase of 77% compared to FY2012 when its revenue stood at Rs 1646 crore.
PhonePe attributed the significant growth in FY23 to market expansion and revenue-contributing products like money transfer, mobile recharge and bill payments. In Unified Payment Interface (UPI) total payment value (TPV), PhonePe claimed a market share of 50.54% in March 2023.
PhonePe claimed that it also generated good revenue from speaker sales but did not disclose any figures. The company said in a press release that its total smart speaker deployment as of August 31, 2023 was 4.1 million.
According to the company, its EBITDA for payments business stood at negative Rs 1,755 crore in FY2013, compared to Rs 1,612 crore in FY2012.
The Company has also granted substantial ESOPs as one-time awards for corporate restructuring and new business setup and incentives in FY13. While its EBITDA (except ESOP) stood at Rs 159 crore in FY23.
PhonePe has maintained a leading position in the UPI ecosystem for the last three years. According to data received from NPCI, PhonePe made around 5 billion transactions through UPI in the last few months. Its direct competition is far behind Google Pay and Paytm in terms of volume and value.
Since its spinoff from Flipkart in December 2022, PhonePe has raised a total of $850 million and is expected to close another round of $150 million soon.
Its nearest rival Paytm grew 60.6% to Rs 7,990 crore in FY2013 from Rs 4,974 crore in FY2012. The company managed to control its losses by 26% to Rs 1,776 crore in FY23. The SoftBank-backed firm also filed its quarterly results (Q1 FY24), during which it rose only 0.3% to Rs 2,341.6 crore.
