PhonePe is currently valued at $5.5 billion from existing Flipkart
investors led by Walmart with the e-commerce player holding majority shares in
the company.
Walmart-owned
digital payments firm PhonePe has posted a 7 per cent decline in its net loss
for FY20 at Rs 1,771 crore, as compared to the previous financial year. This is
the first time the platform has reported a decline in net loss since it was
launched in 2015.
According to data
accessed by business intelligence platform Tofler, the firm reported a 74 per
cent rise in revenue at Rs 427 core for FY20, as compared with Rs 245 crore in
FY19. It’s expenses, however, were slightly up by 2 per cent to Rs 2,202 crore
in FY20, as compared to FY19.
PhonePe, which
competes with technology giants such as Patym and Google Pay in the digital
payments space, has ambitions to go public by 2023 for which Flipkart announced
a partial spin-off of PhonePe to help it access dedicated, long-term capital to
fund its growth ambitions.
Earlier in
December, PhonePe raised $700 million in primary capital from existing Flipkart
investors, including Tiger Global. The funding would help it to compete with
rivals and help the company to hire 700 people, expand financial services and
build solutions for small and medium businesses.
PhonePe
is currently valued at $5.5 billion from existing Flipkart investors led by
Walmart with the e-commerce player holding majority shares in the company.
While the company
crossed the 250 million registered user milestone, it reported over 100 million
monthly active users (MAU) and 2.3 billion app sessions in October 2020.
No comments:
Post a Comment