PhonePe revenue up 77pc
Friday, 20 October 2023
BENGALURU, Oct 19 (Reuters): Walmart-owned PhonePe said on Wednesday its consolidated revenue for financial year 2023 surged 77 per cent, 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.
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.