The above graph represents the PhonePe revenue and net loss by year, starting from fiscal 2016 to fiscal 2019. Walmart-owned digital payment startup PhonePe witnessed a huge jump in its revenue and losses during the financial year ended March 2019. PhonePe revenue in FY19 increased an astonishing 401.3% year-over-year to Rs 245.8 crore, from Rs 49.03 crore in FY18. While the company’s net losses swelled over 141.1% YoY during the year ended March 2019, to Rs 1,907.4 crore. In FY18, PhonePe net losses clocked Rs 791.03 crore.
PhonePe Revenue, Net Losses: History
|Source||Registrar of Companies (RoC)|
|Last Updated||30 October 2019|
|Note||India fiscal year – June 01 – March 31st|
In FY17, PhonePe recorded a whopping 1,489% YoY growth in its annual revenue, increased to Rs 3.02 crore, from just 19 lakh in the previous financial year. However, the digital payment startup burned around Rs 129.01 crore in net losses during FY17, way higher than Rs 4 crore in FY16.
In 2017-18 (FY’18), PhonPe strengthened its market presence as the company’s revenue increases 16 folds to Rs 49.03 Cr. On the flip side, the losses of PhonePe also increased more than 6 folds during the same financial year.
As the digital payment industry in India witnessed a record jump in the number of transaction in CY 2018, PhonePe emerged as one of the big gainers along with Paytm and Google Pay. In 2018, the exploded adoption of UPI made PhonePe and other wallet companies integrate the offerings in their apps. In FY 2018-19 the total number of UPI transactions increased from 190.08 million in April 2018 to 799.54 million in March 2019, amounting to Rs 133,460 Cr.
UPI transactions have had a direct impact on the total revenue of PhonePe in FY’19 as the company revenue totalled to 245.8 Cr in FY’19 (2018-19). However, the PhonePe losses are mounted as the company accumulated over 1,907 Cr loss during the same financial year.
PhonePe Private Limited (Formerly known as FX Mart Pvt Ltd) is an Indian digital payment company, founded in December 2015 by Sameer Nigam, Rahul Chari and Burzin Engineer. The company has its headquarters in Bengaluru, India.
In April 2016, PhonePe was acquired by Flipkart.
PhonePe, the first mobile wallet app that integrated Unified Payments Interface (UPI), went live on Google Play Store in August 2016 and the iOS App Store in January 2017.
With currently over 60 million MAUs in India, PhonePe app allows users to send and receive money, recharge mobiles and data cards, make utility payments, order food online, book Ola rides, movie tickets, IRCTC train, flights and Redbus tickets, etc.
On January 31, 2018, PhonePe announced its strategic partnership with FreeCharge. This partnership has empowered over 45 million users to link their existing FreeCharge wallets to the PhonePe app. The company’s other strategic partnerships include redBus (Feb 26, 2018), Ola (June 28, 2018), Jio Money, Airtel Money, etc.
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