PhonePe, a finance firm, had a strong fiscal year that ended in March 2023, with total revenue surpassing INR 2,914 Crores. This indicates an almost 77% increase in revenue over the previous fiscal year's revenue of INR 1,646 Crores. This increase in revenue was ascribed by the corporation to increased activity in money transfers, mobile recharges, and bill payments.

Furthermore, PhonePe's expansion into new product offerings and companies, such as smart speakers, rent payments, and insurance distribution, helped to drive this significant revenue increase. Notably, PhonePe has not released its net loss figures for 2022-23. During this time, PhonePe reached key milestones, including the deployment of 4.1 million smart speakers by August 2023 and a strong 50.54% market share in total payments value (TPV) for the Unified Payments Interface (UPI) in March 2023. Paytm, Google Pay, and CRED compete with the company in the UPI transactions space.

Crucially, the increase in total revenue enabled PhonePe’s payments business to a positive adjusted EBITDA (EBITDA before factoring in ESOP costs). The standalone EBITDA for PhonePe India Pvt Ltd, which houses the payments business, was INR -1,755 Crores in FY23, compared to INR -1,612 Crores in FY22. However, when adjusted for ESOP costs, the EBITDA stood at INR 159 Crores in FY23, a significant improvement from INR -455 Crores in FY22.

While precise amounts were not provided, PhonePe stated that as part of its organizational reorganization efforts in FY23, it dispersed "substantial" Employee Stock Ownership Plans (ESOPs). PhonePe raised INR 7,021 crores (about $850 million) in equity funding in FY23, valuing the company at $12 billion. This fundraising milestone is significant, especially in a climate where many firms are struggling to raise funding or are experiencing markdowns. PhonePe also made the strategic decision to relocate its headquarters from Singapore to India and concluded its separation from the Flipkart Group.