Walmart-Backed Fintech PhonePe’s Operating Revenue Jumps 74%
- PhonePe released its first detailed annual report on Monday
- The fintech saw its loss shrink 28% to about 20 billion rupees
A grocery store advertises the use of the PhonePE digital payment system in Bengaluru, India.
Photographer: Samyukta Lakshmi/BloombergThis article is for subscribers only.
India’s PhonePe, a digital-payments startup that is backed by retail giant Walmart Inc., said its revenue surged and its loss narrowed in its latest fiscal year.
The Bengaluru-based financial-technology giant reported a 74% year-over-year jump in revenue from operations, which reached 50.64 billion rupees ($602 million). Meanwhile, its net loss dropped by 28% to 19.96 billion rupees, according to the company’s annual report published on its website on Monday.