Niyo trims losses; revenue drops 28.6% in FY24
The company's total loss dropped 18.96% to Rs 143.47 crore, on the back of lower expenses. However, revenue from operations was down 28.6% to Rs 93.84 crore.
Finnew Solutions Private Limited, better known as Niyo Global, reported revenue from operations of Rs 93.84 crore in FY24, down 28.6% from Rs 131.44 crore in the previous fiscal year.
The company's total loss for the period was Rs 143.47 crore in FY24, dropping by 18.96% from the previous year’s loss of Rs 177.03 crore, on the back of lower expenses.
Total expenses fell by 20.3% to Rs 250.75 crore in FY24, down from Rs 314.69 crore in FY23. Employee expenses declined by 18.7% to Rs 90.55 crore, while other expenses dropped 19.1% to Rs 119.77 crore.
The fintech startup cut its advertising and promotional expenses by 59.1%, spending Rs 28.96 crore in FY24 compared to Rs 70.76 crore in FY23.
However, printing and stationery costs jumped 33.33% to Rs 27.68 crore in FY24. Spending on servers and IT infrastructure rose 108.6% to Rs 27.90 crore.
Niyo Global is a fintech startup based in Bengaluru founded in 2015 by Vinay Bagri and Virender Bisht. Bagri has a background in banking with experience at institutions such as Standard Chartered and Kotak Mahindra, while Bisht previously worked with MakeMyTrip.
The company initially focused on providing digital banking solutions, including prepaid payroll cards and cross-border travel payment cards. It has raised funding from investors including Accel, Lightrock, and Prime Venture Partners.
In pic: Niyo Global founders Virender Bisht and Vinay Bagri
Edited by Swetha Kannan