PhonePe FY19 losses surge to Rs 1,905 cr amid battle against rivals Paytm, Google Pay; revenue jumps 331%

New Delhi: Flipkart-owned PhonePe has seen its losses mount to Rs 1,904.72 crore in 2018-19 from the previous fiscal, as it continues to battle against rivals like Paytm, Google Pay and Amazon Pay. The company’s losses stood at Rs 791.03 crore for the year ended March 2018, as per regulatory documents. [caption id=“attachment_3216118” align=“alignleft” width=“380”] PhonePe app screengrab[/caption] However, PhonePe also saw its revenue from operations rise manifold to Rs 184.22 crore in FY19 as against Rs 42.79 crore earlier, documents sourced by business intelligence platform Tofler showed. E-mails sent to PhonePe did not elicit a response. The digital payments segment in India has witnessed strong growth post-demonetisation in November 2016. Players like PhonePe, Paytm and others have witnessed strong growth in user base as well as transaction value and volumes. Previously, PhonePe had stated that it had seen 380 million transactions on its platform in August 2019, as compared to 290 million in the month of June. Like PhonePe, Amazon Pay India – which is rival Amazon’s digital payments unit – has also seen its losses surge. Amazon Pay India saw its loss widen to Rs 1,160.8 crore in FY19 from Rs 334.2 crore in FY18. The unit’s revenues for 2018-19, however, more than doubled to Rs 834.5 crore over the previous fiscal.