Startups Walmart-backed PhonePe's nine-month sales in 2022 rose to $234...

Walmart-backed PhonePe’s nine-month sales in 2022 rose to $234 million ukbusinessupdates.com

-

PhonePe generated 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 mark a jump from the $201.6 million in revenue generated by the Bengaluru headquarters in the 12-month fiscal year ended last March.

PhonePe, which is valued at $12 billion, has forecast revenue of $325 million for calendar year 2022 and $504 million for 2023, according to a valuation report prepared by accounting firm KPMG and filed by PhonePe. The accounting firm’s estimates were based on information provided by PhonePe management, the document said.

The startup, backed by Walmart, does not expect EBIDTA to turn positive, a key measure of profitability, until calendar year 2025, KMPG wrote in its valuation report. PhonePe’s financials and statistics from the valuation report have not been previously reported.

Image credits: PhonePe regulation registration

With a valuation of $12 billion, PhonePe is India’s most valuable fintech startup. The startup competes with Google Pay and Paytm. Paytm, which expects to reach $1 billion in revenue by March this year, is currently valued at $4.1 billion.

PhonePe is undoubtedly the clear leader in the mobile payment market on UPI, a network built by a coalition of retail banks in India. UPI has become the most popular way for Indians to transact online, processing over 7 billion transactions per month. The seven-year-old PhonePe manages about 40% of all these transactions.

A concern for PhonePe’s growth has been that Indian regulators were imposing a market cap check on every player, but the deadline for the new guidelines was extended last month and will now not take effect until 2025, giving PhonePe another two years of has rapid growth.

Shreya Christinahttp://ukbusinessupdates.com
Shreya has been with ukbusinessupdates.com for 3 years, writing copy for client websites, blog posts, EDMs and other mediums to engage readers and encourage action. By collaborating with clients, our SEO manager and the wider ukbusinessupdates.com team, Shreya seeks to understand an audience before creating memorable, persuasive copy.

Latest news

Mostbet Azərbaycan Orc Və Kazino Bonus 550 Azn Başlanğıc

Virtual Oyunlarda oyunçular oyunun müxtəlif aspektlərinə, məsələn, cümlə hesaba, vurulan qolların sayına, qalibə və s. Bu, oyunçulara mərclərini öz...

“pin Up 306 Online Casino Proloq Qeydiyyat, Bonuslar, Yuk

ContentAzərbaycanda Flag Upward Live CasinoIqtibas: Pin-up Bukmeker Kontorunun Üstünlükləri Və Mənfi CəhətləriSadiqlik Proqramı Pin Upwards – Pincoins Nədir?Pin Up...

Пин Ап Казино Официальный Сайт Pin Up Casino Онлайн

ContentElektron Cədvəl – Pinup-ın XülasəsiNəyi Tökmək Lazımdır: Saytın Mobil Versiyası Və Ya Bir Tətbiq?Etibarlılıq ProqramıPin Up: Kazino Va Rasmiy...

Лучшие Игровые Автоматы В Онлайн Казино Самые Популярные Слоты, Рейтинг 2024 незадолг

Лучшие Игровые Автоматы В Онлайн Казино Самые Популярные Слоты, Рейтинг 2024 незадолгоРейтинг Лучших Онлайн Казино 2024 года На Реальные...

такие Онлайн Казино Рейтинг Топ Казино для Игр

такие Онлайн Казино Рейтинг Топ Казино для ИгрыЛучшие Онлайн Казино 2024 ⭐топ Казино На Деньги от Casino OnlineContentКазино ОнлайнEverbet...

Mostbet-az 45 Azərbaycanda Bukmeker Və Kazino Bonus 550+250 คณะวิศวกรรมศาสตร์ มหาวิทยาลัยนครพนม

Mostbet nadir bukmeker şirkəti bahisçiləri cəlb eləmək üçün səxavətli “Sən buna layiqsən” bonus proqramı təqdim edir. Hesabı yaratdıqdan sonra...

Must read

You might also likeRELATED
Recommended to you