The Walmart-backed startup’s total revenue rose 133% to INR 1,692.7 Cr in FY22
Led by an over 40% jump in ESOP costs, PhonePe’s total expenses jumped 1.5X to INR 3,705.6 Cr in FY22
PhonePe also spent INR 866.2 Cr on advertising and promotional activities as against INR 534.9 Cr in FY21
Fintech major PhonePe witnessed a 133% year-on-year (YoY) jump in its total revenue in the financial year ending March 31, 2022. The Walmart-backed startup posted a total consolidated revenue of INR 1,692.7 Cr in FY22 as against INR 725.3 Cr in FY21.
However, a 1.5X jump in total expenses to INR 3,705.6 Cr in FY22 from INR 2,456.8 Cr in FY21, led by an over 40% increase in ESOP expenses, resulted in widening of its net loss. PhonePe’s net loss rose 16.4% to INR 2,013.7 Cr from INR 1,728.7 Cr in FY21, as per its consolidated financial statements uploaded on the website of the Ministry of Corporate Affairs.