PhonePe, supported by Walmart, has grown from a simple UPI app into a major tech player with impressive revenue. For the financial year 2024, it made over INR 5,000 crore, becoming the second Indian startup to hit this mark. PhonePe's leadership mixes different management styles, helping it efficiently expand into various financial services.
The fintech giant Phonepe has announced ₹2,800 crore investment aimed at ramping up its infrastructure across India. This includes building new data centers as part of its commitment to data localization.
PhonePe has cut its customer support staff by 60% over the last five years, showing just how much AI technology is taking over. This shift highlights the need for businesses to adapt to automation, impacting jobs and the industry as a whole.
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…