Macquarie flags ESOP costs, revenue concentration concerns over PhonePe IPO
Global broking firm Macquarie has raised key concerns about ESOP costs and revenue concentration for PhonePe ahead of its IPO. In its recent report, Macquarie highlighted that PhonePe’s high Employee Stock Ownership Plan (ESOP) expenses are a significant drag on its EBITDA margins. ESOP costs accounted for 46% of PhonePe’s revenue during the first half…