Key Highlights
– PhonePe’s revenue jumped by 74%, reaching INR 5,064 Cr in FY24, up from INR 2,914 Cr in FY23.
– The company reported an adjusted profit after tax (PAT) of INR 710 Cr for FY24, turning around from a loss of INR 194 Cr in FY23.
– PhonePe claimed a net adjusted profit after tax of INR 197 Cr for FY24, reversing a huge loss of INR 738 Cr from the previous year.
– Their popular UPI app now has over 550 million users and 40 million merchants, handling more than 270 million transactions daily.
– PhonePe holds a 48.3% share of the UPI market, outpacing its closest competitor, Google Pay, which has 37%.
– The company has expanded into insurance, lending, and stock broking services and just launched a new ‘Credit Line on UPI’ feature.
What’s the Buzz?
PhonePe just hit a major milestone, with its revenue soaring to INR 5,064 Crore in FY24—an impressive 74% jump from last year. They’ve also turned a corner on profitability, reporting an adjusted profit after tax of INR 197 Crore for FY24, bouncing back from a massive loss of INR 738 Crore the previous year. This is a big turnaround from their net loss of INR 2,795.3 Crore in FY23.
The payments side of PhonePe’s business did particularly well, with an adjusted PAT of INR 710 Crore in FY24, compared to a loss of INR 194 Crore the year before. CFO Adarsh Nahata credits their success to smart growth strategies, a more diverse revenue base, and a steady improvement in financial health.
PhonePe’s UPI app is still leading the charge in Indian payments, boasting over 550 million users and 40 million merchants. It processes more than 270 million transactions every day and has a solid 48.3% market share in UPI, putting it ahead of competitors like Google Pay and Paytm.
But PhonePe isn’t stopping at payments. They’ve branched out into insurance, lending, and stock broking, and just introduced a cool new feature: ‘Credit Line on UPI,’ which links users’ bank credit lines directly to UPI. Plus, they’re making moves in ecommerce with their Pincode app and the Indus App Store. This broad range of services is all about keeping customers engaged and driving even more growth.
