Walmart-Backed PhonePe’s Loss Crosses INR 2,500 Cr Mark In FY23

SUMMARY

PhonePe’s consolidated net loss rose 39% to INR 2,795.3 Cr in FY23 from INR 2,013.7 Cr in FY22

Operating revenue surged 77% to INR 2,913.7 Cr during the year under review from INR 1,646.2 Cr in FY22

On the back of a 73% year-on-year rise in ESOP expenses to INR 2,057 Cr, PhonePe’s total expenditure grew INR 5,886.3 Cr in FY23

General Atlantic-backed fintech giant PhonePe’s net loss crossed the INR 2,500 Cr mark in the financial year ended March 31, 2023. The Bengaluru-based decacorn’s consolidated net loss rose 39% to INR 2,795.3 Cr in the financial year 2022-23 (FY23) from INR 2,013.7 Cr in the previous fiscal year due to a sharp increase in its ESOP expenses. PhonePe’s operating revenue surged an impressive 77% to INR 2,913.7 Cr during the year under review from INR 1,646.2 Cr in FY22. In comparison, the operating revenue of the startup’s archrival, Paytm, zoomed 61% to INR 7,990.3 Cr in FY23.PhonePe

PhonePe primarily earns revenue through its payments and allied services. It earned INR 2,707.1 Cr from this revenue stream during the year under review as compared to INR 1,6301.4 Cr in the previous fiscal year. Founded in December 2015 by Sameer Nigam, Rahul Chari, and Burzin Engineer, PhonePe offers financial services to users. It offers digital payments service, mutual funds and insurance products.Fintech2015BengaluruBurzin Engineer +2$2.3 BnFintech2015BengaluruBurzin Engineer +2$2.3 Bn