PhonePe, which competes with Paytm, Google Pay and Amazon Pay, has reported marginally lower net loss of Rs 1,727 crore for the period.
one-time allocation for employee stock options, the loss is around Rs 884 crore, down around 44%.
The narrowed losses is an outcome of PhonePe cutting operational costs. It has significantly reduced its marketing and promotional spends, by around 47%, to about Rs 535 crore from Rs 1,016 crore in FY20.
Its revenue has increased as it continues to expand outside payments to build a financial services business that has started generating revenue for the company.
Last month, cofounder and chief executive Sameer Nigam told ET that the company
may apply for an Asset Management Company (AMC) licence, which will allow it to sell its own mutual funds.
PhonePe already sells mutual funds of other companies on its platform, besides insurance policies.
The company is the leader on the Unified Payments Interface (UPI) as well as the Bharat Bill Payment Systems.