PhonePe, a digital payments platform backed by the US-based retailer walmart Inc. and Domestic Ecommerce Unit FlipkartET has reported revenue of Rs 690 crore in the last fiscal, a jump of 85%, according to its latest regulatory documents.

PhonePe, which competes with Paytm, Google Pay and Amazon Pay, has marginally reported a net loss of Rs 1,727 crore for the period.

a. except
Lump sum allocation for employee stock options, the loss is around Rs 884 crore, which is about 44% less.

Compressed loss results phonepe reduction in operating costs. It has reduced its marketing and promotional expenses by about 47% to about Rs 535 crore from Rs 1,016 crore in FY15.

Its revenue has increased as it continues to expand outbound payments to create a financial services business that has begun to generate revenue for the company.

Last month, co-founder and chief executive Sameer Nigam told ET that the company
Can apply for Asset Management Company (AMC) License, which would allow it to sell its own mutual funds.

PhonePe already sells mutual funds of companies other than insurance policies on its platform.

The company is also a leader in Unified Payments Interface (UPI) as well as Bharat Bill Payment System.