BENGALURU: Fintech major PhonePe on Monday reported a 74% jump in its revenue at Rs 5,064 crore for the financial year 2023-24 (FY24)compared to Rs 2,914 crore in the previous fiscal.
The Walmart-backed firm has achieved profitability (excluding ESOP costs), as it reported an adjusted profit after tax (PAT) of Rs 197 crore for FY24 compared to Rs 738 crore loss in FY23.
Its standalone Payments business recorded adjusted PAT of Rs 710 crore for FY24 compared to Rs 194 crore loss for FY23.
“We believe a focus on disciplined financial management will help us continue in the progression towards profitability of our Payments business which by itself is a unique feat in the Indian context,” Sameer Nigam, Founder and CEO of PhonePe said.
He added, “We also view that the optimisation of investments and capital allocation, in conjunction with building a diversified revenue model, and remaining customer-focused, will provide a solid foundation for sustained future success.”
The company said it has been able to achieve growth and diversification of revenue through a combination of market leadership, platform reliability and cross-selling a diverse product portfolio.
“Our financial strategy is anchored on three key pillars- predictable and sustainable growth in revenue, diversification of revenue streams, and continuing improvements to the bottom line. These pillars have guided our strategic decisions, enabling us to scale rapidly, while maintaining a focus on profitability and our healthy financial position,” Adarsh Nahata, chief financial officer of PhonePe, said.
PhonePe also processes over 270 million daily transactions with an annualised total payment value (TPV) of more than $1.5 trillion.
Recently, the company announced the launch of a pre-approved term life insurance feature on its platform. The company has partnered with insurers to enable this feature on its platform. Also, it launched Credit Line on UPI on its platform.
Company processes 270 million daily transactions
PhonePe said it has achieved growth and diversification of revenue via a combination of market leadership, platform reliability and cross-selling diverse product portfolio. It processes 270 million daily transactions with annualised total payment value (TPV) of over $1.5 trillion.