Neo-banking unicorn Open's FY23 revenue rises 24%, losses down 3%
The Bengaluru-based fintech's revenue from operations was Rs 29.9 crore in FY23, while the company's total loss was Rs 242.2 crore, a slight improvement from Rs 249.3 crore in FY22.
Unicorn neo-banking platform has reported a 24% rise in revenue from operations at Rs 29.9 crore in FY23, from Rs 24.1 crore in FY22. The company's total loss for FY23 was Rs 242.2 crore, a slight improvement from Rs 249.3 crore in FY22.
Total income increased 31.8% to Rs 53.1 crore from Rs 40.3 crore a year ago.
The Bengaluru-based company's total expenses for FY23 increased slightly to Rs 296.5 crore from Rs 289.6 crore in FY22.
Employee benefit expenses constituted the highest portion of the company's expenditure, amounting to Rs 149.2 crore, rising 32.9% from Rs 112.2 crore in FY22.
Other operating expenses were Rs 114.6 crore, a 26.1% decrease from Rs 155.2 crore in the previous fiscal period.
Payment gateway charges incurred by the company increased to Rs 3.4 crore in FY23 from Rs 66 lakh in FY22. Cards issue charges also saw an increase to Rs 1.3 crore in FY23 from Rs 27 lakh in FY22.
In December last year, the fintech startup received final approval from the Reserve Bank of India (RBI) to operate as a payment aggregator/payment gateway. The company had received an in-principle approval from the RBI for the licence in 2022.
Launched in August 2017 by Anish Achuthan and Mabel Chacko, along with Deena Jacob and Ajeesh Achuthan, Open is a neo-banking platform dedicated to assisting small businesses in handling cash flows, automating accounting, and accessing credit lines.
In May 2022, Open raised $50 million in a Series D round from IIFL, along with existing investors Temasek Holdings, Tiger Global Management, and 3one4 Capital, thus becoming the 100th unicorn in India.
Edited by Swetha Kannan