IPO-bound fintech major PhonePe has clocked 600 million registered users.
The company has added over 100 million users in the past 16 months when it had announced that the firm had crossed over 500 million registered users on the platform.
Sameer Nigam, Co-founder & CEO, PhonePe, said, “Reaching 60 crore registered users is a proud moment for all of us at PhonePe. Every milestone we achieve brings us a step closer to realising our vision of building a truly inclusive financial ecosystem. We will continue building homegrown solutions to meet the evolving needs of our users and help drive India’s digital transformation.”
The company claims to have a base of over 40 million merchants. It processes over 330 million transactions daily and has recorded an Annualized Total Payment Value (TPV) of over ₹150 lakh crore .
‘Preparations for a potential listing’
Last month, the company said it had kicked off preparations for a potential listing in the country over two years after it reverse-flipped from Singapore.
Walmart-owned fintech major PhonePe losses have narrowed by 28.5 per cent to ₹1,997 crore in the financial year 2024 (FY24), from ₹2,792 crore it posted in FY23.
The PhonePe Group recorded revenue from operations of ₹5,064 crore for FY24, representing 74 per cent top-line growth from FY22-23 revenue of ₹2,914 crore.
The group also reported an adjusted Profit After Tax (i.e., PAT excluding ESOP costs) of ₹197 crore for FY23-24, as compared to loss of ₹738 crore in FY22-23. Furthermore, the standalone Payments business recorded Adjusted PAT of ₹710 crore for FY23-24 from ₹194 crore in the year ago period.
PhonePe is the largest player in the Unified Payments Interface (UPI) ecosystem and has cornered over 47 per cent market share.
