PhonePe’s nine-month 2022 revenue, backed by Walmart, jumped to $234 million

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PhonePe posted revenue of $234.3 million in the first nine months of 2022, India’s most valuable fintech startup revealed in a filing.

Its nine-month financial statements mark a jump from the $201.6 million revenue generated by its Bengaluru headquarters during the 12-month fiscal period ended last March.

PhonePe, which is valued at $12 billion, forecasts revenue of $325 million in calendar year 2022 and $504 million in 2023, according to a valuation report prepared by accounting firm KPMG and filed by PhonePe. The accounting firm’s estimates are based on information provided by PhonePe’s management, the document said.

The Walmart-backed startup does not expect positive EBIDTA, a key measure of profitability, until calendar year 2025, KMPG wrote in its valuation report. PhonePe’s financial data and statistics from the valuation report have not been released before.

PhonePe's nine-month 2022 revenue, backed by Walmart, jumped to $234 million

Image credits: PhonePe regulation registration

With a valuation of $12 billion, PhonePe is India’s most valuable fintech startup. The startup competes with Google Pay and Paytm. Paytm, which aims to reach $1 billion in revenue by March this year, is currently valued at $4.1 billion.

PhonePe, of course, is the clear market leader in mobile payments on UPI, a network built by a coalition of retail banks in India. UPI has become the most popular way for Indians to transact online, processing over 7 billion transactions per month. The seven-year-old PhonePe manages about 40% of all these transactions.

One concern for PhonePe’s growth was that Indian regulators were applying market capitalization controls to every player, but the deadline for the new guidelines was extended last month and will now not take effect until 2025, giving PhonePe another two years of rapid growth.


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