Fintech leader PhonePe has reached a significant financial milestone, reporting profitability (before ESOP expenses) for the financial year 2023-24 (FY24). This marks a major turnaround from the previous year’s reported an after-tax loss of INR 738 Cr.
- PhonePe recorded a reported before-tax profit of INR 197 Cr in FY24.
- Revenue grew a staggering 74% YoY, reaching INR 5,064 Cr in FY24 compared to INR 2,914 Cr in FY23.
- PhonePe attributes this growth to its market leadership, platform reliability, and diverse product portfolio.
- The company emphasizes predictable revenue growth, diversification, and consistent bottom-line improvements as core financial principles.
- PhonePe’s standalone payments business witnessed a significant turnaround, recording adjusted profits before tax of INR 710 Cr in FY24 compared to an adjusted loss of INR 194 Cr in FY23.
UPI Dominance:
- Over 550 million registered users
- Over 40 million merchants on its platform
- Processing over 270 million daily transactions
- Handling an annualized total payment value exceeding $1.5 trillion
Continued Expansion:
- Financial services like insurance, lending, and stock broking (Share.Market app)
- Recently launched “Credit Line on UPI” feature for easy access to credit
PhonePe’s financial performance and strategic expansion solidify its position as a frontrunner in India’s booming fintech sector. The company’s focus on disciplined financial management and user-centric services paves the way for continued growth and innovation.
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