PhonePe's revenue grew 85% to Rs 690 cr in FY21, losses drop by 44%

The 85% YoY revenue growth was due to a rise in transactions. PhonePe has a lion's share of the volumes on United Payment Interface and Bharat Bill Payment System

Walmart-owned digital payments firm PhonePe reported a drop of 44 per cent in losses for the financial year 2021 (FY21) on a standalone basis as compared to the previous fiscal. The operational losses, excluding the Employee Stock Ownership Plan (ESOP), costs stood at Rs 888 crore in FY21 versus Rs 1,570 crore in FY20, according to regulatory filings by the company.

The drop in losses is due to higher revenues and a reduction in operating costs. The Bengaluru-based company’s revenue increased from Rs 372 crore in FY20 to Rs 690 crore in FY21.

The 85 per cent year-on-year growth in