PhonePe, the fintech company, has significantly reduced its customer support staff over the past five years. The number of agents has been cut by 60%, from approximately 1,100 to just over 400, as per the company’s recent annual report. This decision aligns with PhonePe’s focus on AI-powered solutions. Notably, during this period, the company witnessed a 40-fold increase in transactions, spanning from FY19 to FY24.
It holds nearly 50% of the market share in terms of both transaction volume and value.
The fintech company has created over 22,000 jobs across India through its technological advancements. The company employs more than 1,500 of India’s top engineers, who are developing cutting-edge solutions to support the country’s booming digital payments ecosystem.
The company’s revenue for the fiscal year ending March 2024 reached Rs 5,064 crore, marking a robust 74% increase from the previous year’s Rs 2,914 crore. Moreover, PhonePe has reached profitability, excluding ESOP costs. The company reported an adjusted net profit of Rs 197 crore for FY24, a significant turnaround from the Rs 738 crore loss incurred in FY23.
PhonePe raised nearly $1 billion in funding from General Atlantic, Walmart, Tiger Global, and other investors in 2023. This significant investment, combined with effective cost management, enabled PhonePe to exceed Rs 5,000 crore in revenue while reducing its losses in FY24.
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