Flipkart-owned PhonePe has lost an amount of Rs 1,904.72 crore in 2018-19 from the past financial, as it proceeds to battle facing opponents like Amazon Pay, Paytm and Google Pay.
The losses of the company remained at Rs 791.03 crore for the year closed March 2018, as per supervisory reports.
Although, PhonePe also witnessed its income from services increase manifold to Rs 184.22 crore in FY19 as against Rs 42.79 crore initial, reports sourced by business intelligence platform Tofler presented.
Messages addressed to PhonePe didn’t incite an acknowledgment.
The digital payments division in India has observed substantial extension post-demonetization in November 2016. Performers like PhonePe, Paytm and others have observed substantial growth in user support as well as transaction price and quantities.
Earlier, PhonePe had said that it had seen 380 million transactions on its program in August 2019, as contrasted to 290 million in June.
Similar to PhonePe, Amazon Pay India — which is competing Amazon’s digital payments unit — has also seen its losses mount. Amazon Pay India saw its loss increase to Rs 1,160.8 crore in FY19 from Rs 334.2 crore in FY18.
The unit’s earnings for 2018-19, nonetheless, more than multiplied to Rs 834.5 crore over the past fiscal.