Walmart-owned PhonePe revenue soars 77% to Rs 2,914 crore in FY23

Walmart-owned PhonePe said on Wednesday its consolidated revenue for financial year 2023 surged 77%, as more customers used its platform to send and receive money in India's booming digital payments market.

The company's loss before interest, taxes, depreciation and amortisation on a standalone basis widened to Rs 1,755 crore from Rs 1,612 crore a year ago, PhonePe said in a statement.

Consolidated revenue grew to Rs 2,914 crore from Rs 1,646 crore a year ago.

"Revenue growth was also driven by the launch and scale-up of new products and businesses such as smart speakers, rent payments, and insurance distribution," it said.

The company had last fiscal year raised Rs 7,021 crore from investors such as General Atlantic, Walmart and Tiger Global at a pre-money valuation of $12 billion, turning it the country's most valuable payments firm.

PhonePe, which has more than 490 million registered users, had a near 51 per cent share of the value of transactions on instant money transfer system, Unified Payments Interface (UPI), as of March end.

The company, which moved its domicile to India from Singapore last October, intends to list on the domestic stock exchanges, though it is yet to give a timeline.