PhonePe’s revenue to grow by 85% in FY2009 and losses to reduce by 44%

Texas News Today

The pandemic has contributed to the exponential growth of the fintech sector, as revealed by the numbers submitted by PhonePe. According to regulatory filings, digital payments and financial services companies reported an 85% increase in operating revenue and a 44% reduction in losses in FY21.

PhonePe’s revenue increased from 372 KL in 2008 to 690 KL in 2009, but operating loss excluding Employee Ownership Scheme (ESOP) decreased from 1,570 KL in 2008, to about 884 KL in 2009. Losses were reduced due to higher revenue (due to an unprecedented increase in digital transactions) and lower operating costs (from 1016 Kl in 2008 to 535 Cl in 2009, a decrease of about 47%).

The 6-year-old startup has forayed beyond the realm of payments into financial services. Founded by former Flipkart executives Sameer Nigam, Rahul Chari and Burjin Engineer, it has over 300 million registered users and provides insurance, gold buying and investment trust services. Gross profit margin rose from 60% year-on-year to 84%, but ESOP hit a record high of Rs 84.3 billion in 2009, up from Rs 20.6 billion in FY08. In addition, its net loss during this period reached 1,727 Klor.

The startup has grown into one of the pioneers in UPI (United Payments Interface) and Bharat Bill Payment System (BBPS) covering the entire country. In fact, it accounts for 45% of the monthly volume of UPI and 47% of the monthly value of transactions. The company is the first UPI startup to achieve a turnover of $1 billion in a month. Earlier this year, he also obtained an insurance brokerage license from the Insurance Regulatory Development Authority of India (IRDAI).

It competes with names like Amazon Pay, Paytm and Google Pay, with total annual payments of over $473 billion.

PhonePe’s revenue to grow by 85% in FY2009 and losses to reduce by 44%

Source link PhonePe revenue to grow by 85% and loss to shrink by 44% in FY09

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