digital payment strong PhonePeThe consolidated deficit has narrowed marginally to Rs 1,728 crore in FY11, showed the latest filing with the Ministry of Corporate Affairs (MCA). Its consolidated loss stood at Rs 1,771.6 crore in FY20.

Revenue from operations stood at Rs 690 crore in FY2011 as against Rs 371.7 crore in the previous fiscal.

Total employee expenditure increased to Rs 1,235 crore in FY 2011 from Rs 480 crore in FY 2010.

Established in 2015 by East Flipkart Executives Sameer Nigam, Rahul Chari and Burjin Engineer, PhonePe was acquired by Flipkart in 2016.

In 2018, US retail giant Walmart acquired Flipkart, in which PhonePe was part of the transaction.

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

Along with the funding, the fintech firm also said that it is being spun off from the Flipkart Group.

Following the transaction, Flipkart continued to hold an 87% stake in the company, with Walmart holding a 10% stake, and existing investors, including New York-based investor Tiger Global Management, kept the rest.

PhonePe’s Singapore arm also raised $66.5 million (about Rs 500 crore) in a funding round led by Chinese tech company Tencent Holdings Ltd and $700 million in August 2021 with participation from Tiger Global.

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

stay high technology And Startup News that matters. to subscribe Get the latest and must-read tech news in our daily newsletter, delivered straight to your inbox.