Walmart-owned fintech firm PhonePe said it has seen its revenue grow 138 per cent to Rs 1,646 crore, while its losses (without ESOP costs) narrowed by 15 per cent year on year to Rs 671 crore in FY22. The increase in revenue was primarily driven by the robust growth PhonePe saw across all its lines of business. The company's contribution margin grew to 88 per cent from 84 per cent the previous year, on account of improved cost optimisation, process automation and a favourable product mix.
On the cost side, marketing investments grew to Rs 866 crore. The increase is largely attributable to the marketing campaign for its new insurance distribution business during the ICC Cricket World Cup in 2021, and