One of the most valuable Indian fintech startups, PhonePe, said in a filing that it generated $234.3 million in revenue in the first nine months of 2022. The revenue for the nine months has increased from the $201.6 million that the Bengaluru-based company brought in during the 12-month financial year that ended in March of last year.
According to a valuation estimate created by the auditing firm KPMG and submitted by PhonePe, which has a $12 billion valuation, the company expects revenues of $325 million for the financial year 2022 and $504 million for the year 2023. According to the document, the auditing firm’s predictions were based on data that was given to it by PhonePe management.
According to KMPG’s valuation report, the business, which is funded by Walmart, won’t expect to achieve positive EBIDTA, a crucial measure of profitability, until the year 2025. Financial information and indicators from the valuation assessment for PhonePe have not yet been published.
PhonePe is the most valued fintech startup in India, with a $12 billion valuation. The firm faces off against giants such as Paytm and Google Pay. Paytm is presently valued at $4.1 billion and plans to reach $1 billion in sales by March of this year.
In the UPI network, which was created by a group of Indian retail banks, PhonePe is unquestionably the market leader in mobile payments. With over 7 billion transactions handled each month, UPI has emerged as the most popular online payment method in India. PhonePe, a seven-year-old company, controls around 40% of all these payments.
Indian regulators, who put a market cap on all participants, have been a hindrance to the company’s growth, but the deadline for the new rules was delayed last month and won’t take effect until 2025, providing the payment giant an additional 2 years of rapid expansion.
