Walmart-owned India’s PhonePe revenue soars 77% in FY23

BENGALURU (Reuters) – 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 17.55 billion rupees ($210.8 million) from 16.12 billion rupees a year ago, PhonePe said in a statement.

Consolidated revenue grew to 29.14 billion rupees from 16.46 billion rupees 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 70.21 billion rupees 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% share of the value of transactions on India’s 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.

($1 = 83.2420 Indian rupees)

(Reporting by Rama Venkat in Bengaluru; Editing by Dhanya Ann Thoppil)