PhonePe revenue soars 77% in FY23 on booming digital payments market

BENGALURU (Reuters) - Walmart-owned PhonePe said on Wednesday its consolidated revenue for financial year 2023 surged 77%, as more customers used its platform to send and receive money in India's booming digital payments market.

The company's loss before interest, taxes, depreciation and amortisation on a standalone basis widened to 17.55 billion rupees ($210.8 million) from 16.12 billion rupees a year ago, PhonePe said in a statement.

Consolidated revenue grew to 29.14 billion rupees from 16.46 billion rupees a year ago.

"Revenue growth was also driven by the launch and scale-up of new products and businesses such as smart speakers, rent payments, and insurance distribution," it said.