Fintech firm PhonePe earns revenue of $234M in first 9 months of 2022

PhonePe, the well-known Indian digital payment and fintech company backed by Walmart, has reportedly recorded a revenue of nearly $234.3 million within the first three quarters of 2022, the firm disclosed in a filing.

The revenue generated by the company during the fiscal year that ended in March 2022 increased to $201.6 million during the first nine months of this year.

Based on a valuation report created by the auditing firm KPMG and filed by PhonePe, the $12 billion company has projected revenues of $325 million for the fiscal year 2022 and $504 million for 2023. The document stated that the auditing firm's predictions were based on data supplied by PhonePe management.

According to KMPG's valuation report, the business does not anticipate turning EBIDTA positive, a crucial profitability metric, until the fiscal year 2025. Financial data and indicators obtained from PhonePe’s valuation assessment for have not yet been published.

For the record, PhonePe is the most valued fintech startup in India, with a $12 billion valuation. The startup faces off against Paytm and Google Pay. Paytm is valued at $4.1 billion and anticipates reaching $1 billion in revenue by March of this year.

Undoubtedly, PhonePe is the industry leader in mobile payments on the UPI network, which was formed by a group of retail banks in India. UPI currently processes over 7 billion transactions per month, making it the most widely used online payment method in India. PhonePe, which has been in business for seven years, also controls almost 40% of all transactions.

A market cap control imposed by Indian regulators on every company was a concern for PhonePe's progress, but the deadline for the new regulations was extended last month and will now take effect in 2025, offering the firm another two years of rapid growth.

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