PhonePe losses surge to Rs 1,907 crore in FY 2019

Flipkart owned digital payment platform, PhonePe has reported a surge in losses in FY 19′ to Rs 1,907 crore compared to a loss of Rs 791 crore in FY’18, according to (RoC) filings, accessed by business intelligence platform Paper.vc.

In terms of revenue, the company has seen a massive increase, reporting a net income of Rs 245 crore for FY’19, up from Rs 49 crore in the FY18. The firm has also reported a whopping 308% increase in its employee benefits expense in FY19. It stood at Rs 531 crore for FY 19 crore from Rs 130 crore in FY 18, the filings said.

The Bengaluru-based startup which competes with other products such as Google Pay, Paytm, BharatPe, and others also reported a 3X rise in expenses during FY19′ with the company reporting expenses of Rs 2,153 crore in FY19, up from Rs 840 crore in FY18. Finance cost went down to Rs 20.1 lakh from Rs 5.6 crore, as per the filings.