Walmart-owned digital payments firm PhonePe’s revenue rose 74% year-on-year in the financial year ended March 2024, aided by the company’s platform reliability and diverse product portfolio.
The company’s consolidated revenue rose to Rs 5,064 crore in FY24 from Rs 2,914 crore a year ago.
It posted a consolidated net profit of Rs 197 crore in the period under review, versus a loss of Rs 738 crore a year ago. The standalone payments business recorded an adjusted net profit of Rs 710 crore in 2023-24, as opposed to the Rs 194 crore loss a year ago.
In a press release, PhonePe attributed the topline growth and sustainable bottomline improvement to PhonePe’s focus on driving operating leverage through automation and cost efficiencies.
“PhonePe 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,” the release said.
PhonePe is backed by the likes of General Atlantic Service Co, Ribbit Capital, TVS Capital Funds, Tiger Global Management and the Qatar Investment Authority.
PhonePe also processes over 270 million daily transactions with an annualised total payment value of over $1.5 trillion. Apart from payments, the company has also expanded into financial services like insurance distribution, lending, wealth, as well as new consumer technology businesses.
“Our financial strategy is anchored on predictable and sustainable growth in revenue, diversification of revenue streams, and continuing improvements to the bottom line,” Adarsh Nahata, chief financial officer, PhonePe said.
“These pillars have guided our strategic decisions, enabling us to scale rapidly, while maintaining a focus on profitability and our healthy financial position,” he added.