Fi Money losses widen to Rs 301 Cr, expenses balloon to Rs 365.7 Cr
The fintech company's revenue from operations grew to Rs 38 crore in FY23 compared to Rs 17.5 crore in the previous year.
Fintech firm, also known as Epifi Technologies Private Limited, saw its losses widen in FY23. The company posted Rs 301.07 crore in losses, an increase of nearly 20% compared to FY22 where it posted Rs 249.7 crore in losses, as per its regulatory filings.
The company's revenue from operations grew to Rs 38 crore in FY23 compared to Rs 17.5 crore in the previous year. Its revenue from financial services accounted for the largest portion of the revenue generated at Rs 36.09 crore.
Founded in 2019 by Sujith Narayanan and Sumit Gwalani, Fi Money is a neo-banking platform offering digital services, including quick account opening and online KYC (know your customer). It also provides discounts on shopping. The firm is backed by Ribbit Capital, B Capital, Sequoia Capital, and Temasek.
The neo-banking platform was last valued at $522 million in 2022. The company also announced its foray into mutual funds to attract more retail investors in 2022.
Expenses for the company widened in FY23, with the company posting Rs 365.7 crore, a jump of nearly 34% from FY22, when the company spent Rs 271.9 crore. Employee benefit expenses accounted for the largest chunk of the expenses in FY23, with the company spending Rs 96.5 crore.
As per a report by Inc42, the company laid off about 10% of its workforce as part of a restructuring exercise in September this year.
Edited by Affirunisa Kankudti