Walmart-backed PhonePe's losses shrink ahead of anticipated listing

The company reported a loss of 19.96 billion rupees in the year ended March 2024.

PhonePe, among the most widely used apps in India to make payments via the country's popular unified payments interface (UPI), is preparing for a public listing on the country's stock exchanges, the firm said in a statement released earlier this year.

It has more than 600 million registered users across 40 million merchants and processes over 310 million online transactions daily.

Its revenue from operations rose 40% to 71.15 billion rupees ($805.63 million).

($1 = 88.3037 Indian rupees)