Digital payments unicorn PhonePe reported a 2.4% YoY drop in its net loss in FY21 to ₹1,728 crore against an 85% YoY rise in revenue from operations to ₹690 crore, according to data accessed by business intelligence firm Tofler. PhonePe halved its advertising and promotional expenses to ₹535 crore. It currently holds a market share of 47% in monthly volumes.