The company also said it has achieved profitability, excluding employee stock ownership plan (Esop) costs, with an adjusted net profit of Rs 197 crore for FY24, compared to a loss of Rs 738 crore in FY23.
“We believe a focus on disciplined financial management will help us continue in the progression towards profitability of our payments business which by itself is a unique feat in the Indian context,” said founder and CEO Sameer Nigam.
“We also view that the optimization of investments and capital allocation, in conjunction with building a diversified revenue model, and remaining customer-focused, will provide a solid foundation for sustained future success.”
In the June quarter of FY24, PhonePe processed 24 billion transactions across all payment instruments, with a total transaction value of Rs 31.8 lakh crore. The company remains the largest Unified Payments Interface (UPI) payment app in India, holding approximately 48% market share in terms of the number of transactions.
On August 7, ET reported that PhonePe is exploring the expansion of its retail payment operations into new geographies, including Southeast Asia and the Gulf. This comes as the National Payments Corporation of India (NPCI) leads efforts to extend UPI to new markets like Sri Lanka, Bhutan, Nepal, Singapore and France.
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PhonePe’s financials have been announced amid reports that the government-proposed 30% market share cap in the UPI segment is unlikely to be enforced, with just over four months remaining.