Google India Digital Services, the company that houses digital payment platform Google Pay, has reported 2% growth in FY21 revenue to Rs 1467 crore compared to Rs 1498 crore in the previous fiscal.
According to financial data accessed by business intelligence platform Tofler, the company's net profit jumped 61% to Rs 53 crore from Rs 33 crore.
Income from business support services came in at Rs 255 crore, an increase of 4% from Rs 266 crore. Revenue from direct customers rose 3.9 times to Rs 279 crore from Rs 72 crore.
Reimbursement of cost of rewards and interest net of interest income on fixed deposits dropped 20% to Rs 933 crore from Rs 1160 crore.Total expenses stood increased 4% to Rs 1403 crore from Rs 1458 crore. Advertising promotional expenses rose 28% to Rs 59 crore from Rs 46 crore.
Incorporated on January 25, 2017, Google India Digital Services has been set up to undertake business of any form of electronic payment facilitation mechanism through operation of Google Pay application in India.
Incorporated on January 25, 2017, Google India Digital Services has been set up to undertake business of any form of electronic payment facilitation mechanism through operation of Google Pay application in India.
Google Pay is used by 150 million people in 30 countries every month. It competes with PhonePe and Paytm.
As reported recently, PhonePe's FY21 revenue expanded by 86% to Rs 689.8 crore from Rs 371.7 crore, with the majority of its revenue coming from payments and allied services. EBITDA loss narrowed 6.42% to Rs 1630.7 crore from Rs 1742.6 crore. Net loss for the fiscal fell 2.47% to Rs 1727.8 crore from Rs 1771.6 crore.
PhonePe's advertising promotional expenses for the fiscal had dropped 47.38% to Rs 534.95 crore from Rs 1016.64 crore in the previous fiscal. Total expenses rose 12% to Rs 2455.9 crore from Rs 2202.6 crore.