Reaching Rs 5,064 crore for FY24, on the back of cost efficiency and product diversification, fintech giant PhonePe has reported a significant 73 percent increase in revenue.

The firm had garnered Rs 2,914 crore revenue in the previous fiscal, while, the PhonePe Group has also turned its Adjusted Profit After Tax (PAT) positive, thereby recording INR 197 crore, a staggering improvement from the INR 738 crore loss reported the previous year.

Furthermore, this noteworthy performance comes on the back of robust results from PhonePe's standalone Payments business. It has showcased an Adjusted PAT of Rs 710 crore which stands at a turnaround from a INR 194 crore loss in FY23. Also, the company has attributed this success to a strategic focus when it comes to driving operating leverage through automation and cost efficiencies.

“We believe a focus on disciplined financial management will help us continue in the progression towards profitability of our Payments business, which by itself is a unique feat in the Indian context. Optimization of investments and capital allocation, along with building a diversified revenue model and remaining customer-focused, will provide a solid foundation for sustained future success," said Sameer Nigam, Founder and CEO at PhonePe.

"Our financial strategy is anchored on three key pillars: predictable and sustainable growth in revenue, diversification of revenue streams, and continuing improvements to the bottom line," added Adarsh Nahata, CFO of PhonePe. He further emphasized that these pillars have been instrumental in steering PhonePe to scale rapidly while maintaining the much needed profitability.