The company’s expenses grew by just 2% to INR 2,202 Cr in FY20, resulting in lower overall loss
PhonePe is currently valued at $5.5 Bn after Flipkart announced a partial spin-off of the company in December
Employee benefit expenses were the only expense item to see a decline in FY20, while every other expense increased
With IPO expectations in the air, PhonePe has posted its first ever decline in losses since being founded in 2015. The Walmart-owned digital payments startup posted a 7% decline in its net losses at INR 1,771 Cr for FY20, as compared to 2019, when it reported INR 1,905 Cr in losses.
For the year ending March 31, 2020, PhonePe revenue surged by a massive 74% to INR 427 Cr from INR 245 Cr in FY19. And while its expenses also grew, it was only by 2% to INR 2,202 Cr in FY20, resulting in lower overall loss, data accessed from business intelligence platform Tofler showed.
Surprisingly, employee benefit expenses were the only expense item to see a decline in the year, while…