PhonePe’s consolidated revenues surge 77% year-on-year to Rs 2,914 crore in FY23

PhonePe, backed by Walmart, reported a 77% increase in revenues to Rs 2,914 crore in FY23. The growth was attributed to market expansion in the digital payments sector and the launch of new products and businesses. However, EBITDA losses for the fintech firm’s standalone PhonePe India entity which houses its payments business shot up to Rs1,755 crore in FY23 against losses of Rs 1,612 crore reported in FY22.