24/10/2024
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Sachin-Jigar, Vishal Dadlani, Mellow D, Jigar Saraiya•Paisa Hai Toh
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PhonePe is on an exciting journey in the digital payments world!
In 2023, they raised nearly $1 billion from big investors like General Atlantic and Walmart.
Thanks to this funding and smart cost management, they hit over Rs 5,000 crore in revenue while cutting down their losses in FY24.
For the fiscal year ending in March 2024, PhonePe’s revenue jumped by an impressive 73.8%, reaching Rs 5,064 crore. Most of this comes from their payment services, but they also earned Rs 661 crore in interest from deposits and investments. Overall, their total revenue climbed to Rs 5,725 crore, up from Rs 3,085 crore the previous year.
A big part of their expenses—about 46.45%—went toward employee benefits, which rose by 16.4% to Rs 3,603 crore. This includes Rs 1,876 crore in employee stock option (ESOP) expenses, with only Rs 288 crore paid in cash.
PhonePe is not just growing its business but also investing in its people. Exciting times are ahead for this digital payments leader!
tharungowdaa
One of the worst upi app
