PhonePe reported it's FY24 results
Written by: Diksha Kalra
Published: Sep 16, 2026
Updated: Sep 16, 2026
3 min read
- Financial Highlights: In FY24, the company experienced significant revenue growth, increasing to ₹5,064 Cr from ₹2,914 Cr in FY23, reflecting a robust growth of over 73.8%. The net loss improved to ₹1,996 Cr compared to ₹2,795 Cr the previous year, highlighting better cost management and operational efficiency. Employee benefit expenses rose to ₹3,603 Cr, up from ₹3,096 Cr, indicative of continued investment in human capital, while other expenses increased to ₹3,001 Cr from ₹2,251 Cr. Total assets grew to ₹12,711 Cr from ₹11,840 Cr, and total equity rose significantly to ₹9,455 Cr from ₹7,518 Cr due to fresh equity infusions and reserves adjustments. Operating activities reported a negative cash flow of ₹628 Cr, slightly worse than the negative ₹579 Cr in FY23, but the company saw a positive cash inflow of ₹1,515 Cr from financing activities, driven by share issuances and borrowings.
- Operation Highlights: PhonePe has made significant strides in expanding its operations across diverse sectors, including insurance, wealth broking, and lending services. The subsidiaries have collectively contributed to a total asset value of ₹26 Cr, reflecting their impact on the company’s consolidated financials. This growth aligns with PhonePe's broader strategy to diversify and strengthen its market presence. In terms of investments, the company has ramped up its capital expenditure to ₹2,376 Cr, with a notable increase in spending on intangible assets, now totaling ₹228 Cr. This investment is part of PhonePe’s commitment to innovation and growth, focusing on research and development, human capital, and marketing efforts. Employee compensation remains a priority, with ₹2,149 Cr allocated towards share-based payment reserves and employee stock options for FY24.
- Future outlook: Looking ahead, PhonePe anticipates further revenue growth driven by the increasing adoption of digital payments and a strategy to enhance market share. The company is actively working on operational improvements to streamline processes and enhance cost efficiencies, aiming to reduce losses while maintaining growth momentum. By diversifying into wealth management, lending, and insurance sectors, PhonePe is set to create new revenue streams, with technology investments, particularly in AI and financial innovations, positioned as key drivers of future success.
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