PhonePe announced consolidated revenue of 2,914 crore in FY23, a 77% increase over sales of 1,646 crore in FY22.

According to the company, the growth is being driven primarily by the company's focus on market expansion and leadership in the digital payments sector, particularly in important revenue-contributing use cases such as Money Transfers, Mobile Recharges, and Bill Payments.

In March 2023, the market share of UPI Total Payments Value (TPV) was 50.54%. The launch and expansion of new goods and businesses such as Smart Speakers, Rent Payments, and Insurance Distribution also contributed to revenue growth. 

"FY 22-23 has been a pivotal year for PhonePe - we continued our rapid top-line growth, diversified our revenue from non-payment businesses, progressed towards positive EBITDA (before ESOP cost) and executed key strategic actions geared towards long-term future growth," the company said in a press release.

The standalone PhonePe India Pvt Ltd firm (which includes our Payments business) lost Rs. 1,755 crore in FY23, compared to Rs. 1,612 crore in FY22.On an Adjusted basis (excluding ESOP expenses), it was 159 crore in FY23 vs negative 455 crore in FY22, the company added, signifying a significant milestone for our Payments business.