Walmart-backed PhonePe’s nine-month 2022 revenue surged to $234 million • TechCrunch
PhonePe posted revenue of $234.3 million for the first nine months of 2022, India’s most valuable fintech startup has revealed in a filing.
The nine-month financial report marks a huge jump from the $201.6 million in revenue the Bengaluru-based company generated during the 12-month financial year period ending March last year.
PhonePe, that’s worth 12 billion USD, has projected revenue of $325 million for calendar year 2022 and $504 million for 2023, according to a valuation report prepared by audit firm KPMG and filed by PhonePe. The document indicates the audit firm’s estimates based on information provided by PhonePe management.
KMPG wrote in its valuation report that the Walmart-backed startup doesn’t expect to turn EBIDTA into a positive, a key profitability metric, until calendar year 2025. and PhonePe figures from the valuation report have not been reported before.
With a valuation of $12 billion, PhonePe is India’s most valuable fintech startup. Startup competes with Google Pay and Paytm. Paytm, which is expected to hit $1 billion in revenue in March of this year, is now valued at $4.1 billion.
PhonePe is undoubtedly the clear leader in the mobile payments market on UPI, a network built by a consortium of retail banks in India. UPI has become the most popular way Indians transact online and processes over 7 billion transactions per month. Seven-year-old PhonePe accounts for about 40% of all these transactions.
One concern for PhonePe’s growth is that Indian regulators enforce market cap checks on individual players, but the deadline for new guidelines was extended last month and now. hour will not come into force until 2025giving PhonePe another two years of rapid growth.