Walmart-owned fintech unicorn PhonePe narrowed its FY24 loss to Rs 1,996 crore from Rs 2,795 crore in FY23, even as its share based payment expenses rose during period.
Not counting its employee stock option (ESOP) expenses, the company logged an 'Adjusted profit after tax' of Rs 197 crore for the first time, its annual report showed.
Its ESOP cost has been growing quite fast - Rs 843 crore in FY21, Rs 1186 crore in FY22, Rs 2057 crore in FY23 and Rs 2193 crore in FY24.
According to sources, ESOP cost went up due to a series of one-off factors like the company's redomicile to India and the rise of its valuation from $5.5 billion and to $12 billion in the latest round of funding.
Advertisement
Meanwhile, the fintech's first annual report showed that its revenue zoomed 74% to Rs 5064 crore in FY24, compared to Rs 2914 crore in FY23.
"We believe this achievement of top-line growth in conjunction with sustainable bottom-line improvement is a result of PhonePe’s focus on driving operating leverage through automation and cost efficiencies," the company said.
"PhonePe has been able to achieve growth and diversification of revenue through a combination of market leadership, platform reliability and cross-selling a diverse product portfolio," it added.
As of March 2024, the company had 53 crore registered users, approximately 20 crore monthly active customers, 50+ Lakh net payment devices deployed, and we process 770+ crore transactions monthly amounting to Rs 10.5 lakh Crore ($1.5 trillion on an annualised basis) in total payment value.
Just one email a week