Business Standard

PhonePe annual loss more than doubles to Rs 1,905 crore in 2018-19

According to previous RoC filings, the net loss in 2017-18 was Rs 791 crore, way higher than the Rs 129 crore in FY17.

PhonePe
Premium

Neha AlawadhiKaran Choudhury New Delhi/Bengaluru
PhonePe, the Walmart-owned digital payment platform, more than doubled its losses in 2018-19 to Rs 1,905 crore compared to a year before, according to a registrar of companies (RoC) filing.

The firm, facing stiff competition from financial technology giant Paytm, as well as Google Play, has been working hard on gaining market share. Revenue in FY19 rose fivefold, to Rs 245.8 crore. According to previous RoC filings, the net loss in 2017-18 was Rs 791 crore, way higher than the Rs 129 crore in FY17. 

Employee benefit expense in FY19 had risen 308 per cent to Rs 531 crore from a year

Don't miss the most important news and views of the day. Get them on our Telegram channel

First Published: Oct 30 2019 | 1:32 AM IST

Explore News

To read the full story, subscribe to BS Premium now, at just Rs 249/ month.

Key stories on business-standard.com are available only to BS Premium subscribers.

Register to read more on Business-Standard.com