Revenue for the company grew 74 per cent year-on-year to Rs 5,064 crore for FY24, up from Rs 2,914 crore in FY23.
The company stated that this achievement of top-line growth, coupled with sustainable bottom-line improvement, is a result of PhonePe’s focus on driving operating leverage through automation and cost efficiencies.
“We believe that a focus on disciplined financial management will help us continue progressing towards the profitability of our payments business, which by itself is a unique feat in the Indian context. We also believe that the optimisation of investments and capital allocation, combined with building a diversified revenue model and remaining customer-focused, will provide a solid foundation for sustained future success,” said Sameer Nigam, founder and CEO of PhonePe.
The standalone payments business recorded an adjusted profit after tax (PAT) of Rs 710 crore for FY24, compared to a loss of Rs 194 crore in FY23.
“Our financial strategy is anchored on three key pillars: predictable and sustainable growth in revenue, diversification of revenue streams, and continued improvements to the bottom line. These pillars have guided our strategic decisions, enabling us to scale rapidly while maintaining a focus on profitability and a healthy financial position,” said Adarsh Nahata, CFO of PhonePe.
PhonePe is the largest player in the UPI ecosystem and has also expanded into financial services, including insurance, lending, and wealth management.
The group also operates a consumer tech business called Pincode.
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