BENGALURU, Oct 18 (Reuters) – Walmart Inc’s Phonepe (WMT.N) said on Wednesday it would consolidate its 2023 financial year as more customers use its platform to send and receive money in India’s fast-growing digital payments market. The company announced that its sales increased by 77%.
On a standalone basis, PhonePe’s loss before interest, taxes, depreciation and amortization widened to 17.55 billion rupees ($210.8 million) from 16.12 billion rupees a year ago, PhonePe said in a statement.
Consolidated sales increased to 29.14 billion rupees from 16.46 billion rupees in the same period last year.
“Revenue growth was also driven by the launch and expansion of new products and businesses, including smart speakers, rent payments, and insurance distribution.”
The company raised Rs 70.21 billion at a pre-money valuation of $12 billion from investors including General Atlantic, Walmart and Tiger Global last fiscal, making it the country’s most valuable payments company.
With over 490 million registered users, PhonePe accounted for nearly 51% of transactions on India’s instant money transfer system Unified Payments Interface (UPI) as of the end of March.
The company, which moved its headquarters from Singapore to India in October last year, intends to list on a domestic stock exchange, but has not yet disclosed the timing.
(1 dollar = 83.2420 Indian rupees)
Reported by Rama Venkat in Bangalore.Editing: Danya Ann Topil
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