According to media reports, fintech giant PhonePe Group has reported an adjusted profit after tax of Rs 197 crore for FY24, a significant turnaround from its loss of Rs 738 crore in FY23. This marks the first time the company has posted a profit on its consolidated numbers.
The Walmart-owned firm also recorded a 74 per cent rise in revenue for FY24, reaching Rs 5,064 crore, up from Rs 2,914 crore in the previous fiscal year. According to media reports, the company attributed this achievement to its strategic focus on automation and cost efficiencies, which have helped drive operational leverage.
Sameer Nigam, Founder and CEO of PhonePe, shared that the company’s disciplined financial management has played a crucial role in reaching profitability within its payments business—an uncommon feat in India. He emphasised that optimising investments, capital allocation and diversifying revenue streams have laid a solid foundation for the company’s continued success.
Furthermore, according to media reports, PhonePe’s standalone payments business recorded an adjusted PAT of Rs 710 crore for FY24, a notable improvement from the Rs 194 crore loss reported the previous year.
PhonePe, a major player in the UPI ecosystem, has also expanded into financial services such as insurance, lending, and wealth management, along with launching its consumer tech business, Pincode.
