Walmart’s PhonePe revenue up 74% to Rs 427 crore in FY20; losses decline first time since launch

Walmart’s PhonePe, which was recently spun off partially from the Flipkart Group, has reported its losses narrowing for the first time since its launch in December 2015. The e-commerce payment and digital wallet company PhonePe saw a 7 per cent decline in net loss from Rs 1,904 crore in FY19 to Rs 1,771 crore in FY20, according to the regulatory filings sourced from business intelligence platform Tofler. From Rs 4.06 crore in FY16, the losses exploded to Rs 129 crore in FY17, and further to Rs 791 crore in FY18. However, revenues also for the Paytm and Google Pay rival continued to improve year-on-year. For FY20, PhonePe earned Rs 427 crore in total revenue, up 74 per cent from Rs 245 crore in FY19. Since Rs 273 crore revenue in FY16, the jump in four years has been over 156 times. On the other hand, PhonePe’s expenses were also up, though marginally, by 2.3 per cent to Rs 2,202 crore in FY20 from Rs 2,153 crore in FY19.

To be updated…