The company saw a seven percent decline in net loss from Rs 1,904 crore in FY19 to Rs 1,771 crore in FY20, according to Tofler.
This is a 1 percent jump in volume and a 6.4 percent surge in value for UPI from November which had seen 2.21 billion transactions worth Rs 3,90,999 crore.
PhonePe raises Rs 150 crore from majority stakeholder Flipkart bringing its valuation to $5.5 billion
PhonePe currently has over 250 million registered users and competes with the likes of Paytm, GooglePay and WhatsApp Payments.
In unnamed funding round, Flipkart backed PhonePe raises fresh funds thereby taking its valuation to $5.5 billion.
High gold prices, logistical constraints on delivery, uncertainties surrounding wedding schedules, income anxieties and lockdown in various degrees make it an unusual period that is bound to seriously restrict gold demand.
PhonePe partners Bajaj Allianz for hospitalisation insurance policy for COVID-19; offers cover of Rs 50,000
Users can purchase the policy from the PhonePe app, and the customer is issued policy documents within the app, it said.
Bengaluru, Delhi and Hyderabad lead digital merchant payments; account for over 40% transactions in 2019: Report
Digital transactions are estimated to have grown by 338 percent from 2018 to 2019, according to the Razorpay report
Is PhonePe, the payments arm of Flipkart, the hidden gem in Walmart’s Indian crown with a valuation of $10 billion? Or is it something rather less dazzling?
Flipkart fintech isn’t focussed on individual payments or UPI. It’s an affordability construct both for customers and sellers.
Flipkart-owned digital payments company PhonePe has received a fund infusion of about Rs 585.66 crore from its parent firm in another round, according to regulatory filings
Paytm raises $1 bn from Japan’s SoftBank, China’s Ant Financial; plans to invest Rs 10,000 cr for expansion
When its rivals like Google Pay and PhonePe are spending massively on cashbacks, Paytm said it would use Rs 10,000 crore to add as many small merchants and businesses as possible into its fold.
PhonePe FY19 losses surge to Rs 1,905 cr amid battle against rivals Paytm, Google Pay; revenue jumps 331%
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
Amazon Seller Services, the online marketplace arm of the e-commerce giant in India, has narrowed its loss to Rs 5,685 crore for 2018-19
Binny Bansal sells Flipkart shares worth over $14 million to Tiger Global; Tiger Fund increases stake in e-tailer
In June this year, Bansal is said to have sold a small portion of his shares to FIT Holdings SARL, Walmart’s Luxembourg entity, for about $76.4 million
The deadline to do the KYC verification has been extended from February to 31 August.
Flipkart-owned digital payments company PhonePe has received a fund infusion of about Rs 698 crore from its parent firm, as per regulatory filings
Amazon Corporate Holdings has pumped in Rs 449.95 crore, while the remaining came from Amazon.com.incs Ltd.
RBI removes charges on RTGS, NEFT transactions: Central bank's decision will give a much-needed boost to digital transactions
The Narendra Modi government’s Digital India drive has definitely got a boost with this RBI initiative.
Google Pay has consolidated its lead as the top UPI payment app, closely followed by Flipkart-owned PhonePe.
"If it wasn't for UPI, we wouldn't be where we are right now with digital payments."