PhonePe reports 7% decline in net losses for FY20, revenue rises 74%

PhonePe is currently valued at $5.5 billion from existing Flipkart investors led by Walmart with the e-commerce player holding majority shares in the company

Walmart-owned digital payments firm PhonePe has posted a 7 per cent decline in its net loss for FY20 at Rs 1,771 crore, as compared to the previous financial year. This is the first time the platform has reported a decline in net loss since it was launched in 2015. 

According to data accessed by business intelligence platform Tofler, the firm reported a 74 per cent rise in revenue at Rs 427 core for FY20, as compared with Rs 245 crore in FY19. It’s expenses, however, were slightly up by 2 per cent to Rs 2,202 crore in FY20, as compared to