PhonePe, India’s most valuable fintech startup with a $12 billion valuation, revealed in a filing that it recorded a revenue of $234.3 million in the first nine months of 2022.
This marks a significant increase from its revenue of $201.6 million in the financial year ending March 2021. The company projects a revenue of $325 million for 2022 and $504 million for 2023, according to a valuation report prepared by KPMG.
The report also states that PhonePe, backed by Walmart, does not expect to become EBIDTA positive until 2025. These financials and metrics have not been previously reported.
PhonePe, with a valuation of $12 billion, is India’s top valued fintech startup, leading the mobile payment market on UPI with a 40% market share of the 7 billion transactions processed monthly.
The company faces competition from Google Pay and Paytm, which has a valuation of $4.1 billion and aims to reach $1 billion in revenue by March this year.
PhonePe’s growth was previously threatened by potential regulatory limitations, but the deadline for these guidelines was extended and will not take effect until 2025, allowing for continued growth for the next two years.
