PhonePe recorded $234.3 million in revenue in the first nine months of 2022. This is the most valuable Indian fintech startup, according to filings.
The nine-month results mark a leap from the $201.6 million in revenue that the Bengaluru-based company generated in the 12 months ending last March’s fiscal year.
PhonePe is valued at $12 billion and forecasts revenues of $325 million in calendar year 2022 and $504 million in 2023, according to a valuation report prepared by audit firm KPMG and filed by PhonePe. I’m here. The auditor’s estimates are based on information provided by PhonePe’s management, the documents said.
The Walmart-backed startup does not expect EBIDTA, a key profitability metric, to be positive until calendar year 2025, KMPG wrote in its valuation report.
Image Credit: PhonePe Regulatory Application
With a valuation of $12 billion, PhonePe is India’s most valuable fintech startup. The startup competes with Google Pay and Paytm. Paytm, which is expected to reach $1 billion in revenue by March this year, is currently valued at $4.1 billion.
PhonePe is undoubtedly the clear leader in the mobile payments market for UPI, a network built by a federation of retail banks in India. UPI has become the most popular way for Indians to transact online, with him processing over 7 billion transactions per month. The 7-year-old PhonePe conducts about 40% of all those transactions.
Concerns over PhonePe’s growth were that Indian regulators had been conducting market capitalization checks on each player, but with new guidelines extending their deadline last month and not coming into force until 2025, PhonePe will face another two years of steep growth. You will grow.
