‘Bengaluru’ Walmart-owned payment service provider PhonePe’s consolidated operating revenue more than doubled, up 138% 1,646 crore during the year ended March 31, the company said in a statement. “The growth in revenue is primarily driven by the strong growth that PhonePe has seen across all its businesses,” the company said.
The fintech major’s earnings before interest, taxes, depreciation and amortization fell to 15% without accounting for employee stock ownership plan costs 671 crore during the year.
The company had posted a net loss of ₹727.87 crore in FY 2021, showed its latest available financial statements filed with the Registrar of Companies.
However, the expenses of the Bengaluru-based startup also jumped over the last year. Marketing expenses, which account for a large portion of company costs, increased nearly 62% 866 crores during the year.
“This growth is largely due to marketing campaigns for its new insurance delivery business during the ICC Cricket World Cup in 2021 and again during the IPL in 2022,” PhonePe said.
Employee costs up 41% 555 crore in FY 2022.
PhonePe reported other operating expenses 697 crore during the year, up 57%.
Earlier this month, the company said it had moved its domicile from Singapore to India ahead of its initial public offering.
All the businesses and entities of the PhonePe Group are now wholly owned and consolidated by PhonePe Pvt Ltd, India.
PhonePe was founded in 2015 by Sameer Nigam, Rahul Chari and Burjin Engineer. It offers a range of financial services including investment and insurance on its platform and has over 400 million registered users.
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