PhonePe clocked a revenue of $234.3 million in the first nine months of 2022, the most valuable Indian fintech startup has disclosed in a filing.
The nine-month financials marks a jump from the $201.6 million revenue that the Bengaluru-headquartered generated in the 12-month period ending in financial year March last year.
PhonePe, which is valued at $12 billion, has projected a revenue of $325 million in the calendar year 2022 and $504 million in 2023, according to a valuation report prepared by the auditing firm KPMG and filed by PhonePe. The auditing firm’s estimates relied on information provided by the PhonePe management, the document said.
The startup, backed by Walmart, doesn’t expect to turn EBIDTA positive, a key profitability metric, until the calendar year 2025, KMPG wrote in its valuation report.
At a $12 billion valuation, PhonePe is India’s most valuable fintech startup. The startup competes with Google Pay and Paytm. Paytm, which expects to reach $1 billion revenue by March this year, is currently valued at $4.1 billion.
PhonePe, to be sure, is the clear leader in the mobile payments market on UPI, a network built by a coalition of retail banks in India. UPI has become the most popular way Indians transact online, and processes over 7 billion transactions a month. Seven-year-old PhonePe commands about 40% of all these transactions.
A concern for PhonePe’s growth was Indian regulators enforcing a market cap check on each player, but the deadline for the new guidelines was extended last month and now won’t come into effect until 2025, giving PhonePe another two years of fast-growth.