Walmart-owned digital payments and fintech firm, PhonePe Internet Pvt Ltd, has reported a close to 70% growth in consolidated income, according to regulatory filings.
The company’s consolidated gross income touched Rs 725.45 crore in FY20--a 69.8% jump from Rs 427.21 crore in FY19. Its standalone revenue from operations jumped 85% from Rs 371.7 crore for the year ended FY20 to Rs 689 crore for the year ended FY 21.
Its operating losses dropped to Rs 888 crore for the financial year that ended in FY21 from Rs 1570 crore the previous year after a reduction in expenses. But net loss of the company reduced marginally from Rs 1775 crore for the year ended 31 March 2020 to Rs.1730 crore for the year ended 31 March 2021.
This is because of the enhanced allotment of Employee Stock Exchange Options (ESOPs) in FY21. The company allotted ESOPs worth Rs 843 crore in FY21, up from Rs 206.25 crore in FY21, according to the filings.
PhonePe competes with the likes of PayTM and Mobikwik, both of which are slated to go public later this year. Both PayTM and Mobikwik reported a drop in revenue this year.
PayTM, operated by One97 Communications, saw its revenue shrink to Rs 3186.8 crore for fiscal year 2020 -2021 (FY’21) compared to Rs 3540.77 crore in FY’20, Mint reported in July. The company also cut losses by 42% toRs 1701 crore in the fiscal ending March 2021 (FY’21), on a consolidated basis. For FY’20, PayTM’s losses stood at Rs 2942.3 crore, MInt reported.
Mobikwik reported revenue for FY21 at Rs 288.57 crore down from Rs 355.67 crore in FY20. Its losses stood comparably at Rs 110.99 crore in FY 21 up from Rs 99.16 crore in FY20.
Flipkart Pvt Ltd acquired PhonePe in 2016. The combined entity got acquired by Walmart in 2018. PhonePe has more than 300 million users in India, Walmart Inc. president and chief executive officer (CEO) Doug McMillon, said in August.
PhonePe, which entered the insuretech segment in January 2020, secured an insurance license in August from the Insurance Regulatory and Development Authority of India (IRDAI), which will allows it to provide personalised insurance products to its customers.
Last month, PhonePe launched an interactive geospatial website, PhonePe Plus, which provides granular data on the Indian payments ecosystem. For July this year, PhonePe clocked close to 1.5 billion transactions on its network worth Rs2.88 lakh crore, Mint reported last month.