PhonePe's financial year 2023 revenue surges 77% to Rs 2,914 crore

NEW DELHI: Walmart-backed PhonePe's revenues increased by 77% year-on-year to Rs 2,914 crore on a consolidated basis in FY23. The surge in revenues was helped by market expansion in the digital payments space and launch of new products and businesses like insurance distribution, the company said in a statement on Wednesday.

EBITDA losses for the fintech firm's standalone PhonePe India entity, which houses its payments business, shot up to Rs 1,755 crore in FY23 against losses of Rs 1,612 crore reported in FY22. EBITDA refers to earnings before interest, taxes, depreciation and amortisation. Excluding Esop (employee stock ownership plan) costs, EBITDA stood at a positive Rs 159 crore in FY23 compared to losses of Rs 455 crore in the year-ago period.

"Substantial Esops were granted in FY23 towards the corporate restructuring and as one-time reward for setting up and incentivising new business," the company said. Flipkart employees were given a one-time payout of around $700 million as part of separation of PhonePe from the Flipkart Group.