PhonePe generated revenue of $234.3 million in the first nine months of 2022, the most valuable Indian fintech startup has disclosed in a filing.

The nine-month financials mark a jump from the $201.6 million in revenue generated by the Bengaluru headquarters in the 12-month fiscal year ended last March.

PhonePe, which is valued at $12 billion, has forecast revenue of $325 million for calendar year 2022 and $504 million for 2023, according to a valuation report prepared by accounting firm KPMG and filed by PhonePe. The accounting firm’s estimates were based on information provided by PhonePe management, the document said.

The startup, backed by Walmart, does not expect EBIDTA to turn positive, a key measure of profitability, until calendar year 2025, KMPG wrote in its valuation report. PhonePe’s financials and statistics from the valuation report have not been previously reported.

Image credits: PhonePe regulatory filing

With a valuation of $12 billion, PhonePe is India’s most valuable fintech startup. The startup competes with Google Pay and Paytm. Paytm, which expects to reach $1 billion in revenue by March this year, is currently valued at $4.1 billion.

PhonePe is undoubtedly the clear leader in the mobile payment market on UPI, a network built by a coalition of retail banks in India. UPI has become the most popular way for Indians to transact online, processing over 7 billion transactions per month. The seven-year-old PhonePe manages about 40% of all these transactions.

A concern for PhonePe’s growth has been Indian regulators imposing a market cap check on every player, but the deadline for the new guidelines was extended last month and will now not take effect until 2025, giving PhonePe another two years to quickly can grow.