Valued at $12 billion, PhonePe is India’s most valued fintech startup.
Walmart-backed Indian fintech platform PhonePe reported revenue of $234 million in the first nine months of 2022, according to a TechCrunch report. This is a jump from the $201.6 million that the company earned in the financial year 2022 or the 12-month period that ended in March 2022.
India’s most valued fintech company has forecasted revenue of $325 million for the calendar year 2022 and $504 million for this year, the media report citing KPMG added. However, PhonePe does not expect to turn its earnings before interest, taxes, depreciation, and amortization (or EBIDTA) positive until 2025.
Valued at $12 billion, PhonePe accounts for nearly half of total united payments interface, or UPI, transactions in December. The startup was acquired by Indian e-commerce major Flipkart in 2016, but the two firms completed the separation process last year.
Over the last couple of years, UPI has evolved as one of the most popular modes of daily online digital transactions. According to data from the National Payments Corporation of India, record UPI transactions worth more than Rs 12.8 trillion were made in December 2022. It was just above Rs 30 million in August 2016, its launch year.
Earlier this month, India extended UPI service to Non-Resident Indians. NRIs from 10 countries that have NRE/NRO accounts have initially been permitted to transfer funds via the digital payment service.
