PhonePe doubles FY20 rev due to uptick in MF, insurance offerings & earnings in ad dollars
The company's revenue from operations shot up to Rs 371.76 crore for the fiscal ended 31st March 2020 from Rs 184.22 crore in FY19
Prior to that, Flipkart had partially spun-off PhonePe. The company had said that the partial spin-off also provides PhonePe an opportunity to constitute a new Board of Directors focused on supporting its development, and to create a tailor-made equity incentive or ESOP program for its employees.
Flipkart had also stated that PhonePe will be raising $700 million in primary capital at a post-money valuation of $5.5 billion from existing Flipkart investors led by Walmart. Flipkart will remain PhonePe’s majority shareholder, and the two businesses will retain their close collaboration.
In just four years since its founding, PhonePe has crossed the 250 million registered user milestone, with over 100 million monthly active users (MAU) generating nearly one billion digital payment transactions in October 2020.
“Out of the 250 million registered users, PhonePe has 100 million monthly active users, 2.5 billion app fires in a month, 13 million merchants across 500 cities, 1 billion monthly transactions and $275+ billion annualized TPV run rate," PhonePe Founder & CEO Sameer Nigam had said during a keynote session at exchang4media's ‘Mobillion: Connecting the Next 500 Million’ virtual conference.
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