Bengaluru-based digital wallet PhonePe has reported a 140 per cent spike in its losses to Rs 1,904.72 crore in FY19. The Flipkart-owned payments business incurred a loss of Rs 791.03 crore in FY18.
The company's losses are mounting amid stern competition against rivals like Paytm, Google Pay and Amazon Pay.
Meanwhile, PhonePe's revenue from operations also shot up to Rs 184.22 crore in FY19 as compared to Rs 42.79 crore in the year ago period, documents accessed by business intelligence platform Tofler revealed.
The digital payments segment in India has witnessed strong growth post demonetisation in November 2016. Players like PhonePe, Paytm and others have witnessed strong growth in user base as well as transaction value and volumes.
Previously, PhonePe had stated that it had seen 380 million transactions on its platform in August 2019, as compared to 290 million in the month of June.
Like PhonePe, Amazon Pay India -- which is rival Amazon's digital payments unit -- has also seen its losses surge. Amazon Pay India saw its loss widen to Rs 1,160.8 crore in FY19 from Rs 334.2 crore in FY18.
The unit's revenues for 2018-19, however, more than doubled to Rs 834.5 crore over the previous fiscal.
(With PTI inputs)