PhonePe’s loss marginally declined to Rs 1,728 crore in fiscal year 21.

Digital payments solid PhonePeThe company’s cumulative loss fell marginally to Rs 1,728 crore in fiscal year 21, latest filings with the Ministry of Corporate Affairs (MCA) showed. The company’s cumulative loss in fiscal year 2020 was Rs 1,771.6 crore.

Operating income was Rs 690 crore in FY 21 compared to Rs 371.7 crore in the previous fiscal year.

Total employee expenses rose to Rs 1,235 crore in FY 21 from Rs 480 crore in FY 20.

Founded in 2015 by former Flipchart executives Sameer Nigam, Rahul Chari and Burzin Engineer, PhonePe was acquired by Flipkart in 2016.

In 2018, American retail giant Walmart acquired Flipkart and PhonePe was part of the deal.

In December 2020, the company raised $700 million led by promoters Flipkart and Walmart at a $5.5 billion valuation.

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In addition to funding, the fintech company also said it was splitting from Flipkart Group.

Following the deal, Flipkart continued to own 87% of the company, Walmart held 10%, and existing investors, including New York-based investor Tiger Global Management, retained the remainder.

PhonePe Singapore also raised $66.5M (around Rs 500 crore) in a funding round led by Chinese tech company Tencent Holdings Ltd with participation from Tiger Global, which completed a $700M fundraiser in August 2021.

PhonePe plans to increase its workforce to 5,200 by the end of December 2022 as part of its expansion strategy.

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