 "PhonePe")
PhonePe, the Walmart-owned digital payment platform, more than doubled its losses in 2018-19 to Rs 1,905 crore compared to a year before, according to a registrar of companies (RoC) filing.
The firm, facing stiff competition from financial technology giant Paytm, as well as Google Play, has been working hard on gaining market share. Revenue in FY19 rose fivefold, to Rs 245.8 crore. According to previous RoC filings, the net loss in 2017-18 was Rs 791 crore, way higher than the Rs 129 crore in FY17.
Employee benefit expense in FY19 had risen 308 per cent to Rs 531 crore from a year
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