OkCredit reports 72% YoY rise in annual revenue to Rs 14.3 Cr
The app-based bookkeeping and accounting solutions company reported a narrower loss of Rs 35.2 crore for the year ended March 31.
Tiger Global-backed OkCredit on Tuesday reported a 72% rise in annual revenue to Rs 14.3 crore for the year ended March 31, compared to Rs 8.3 crore in the previous year, helped by revenue from advertisements, subscription income and service fees.
The company also reported a narrower loss for the year of Rs 35.2 crore compared to a loss of Rs 47.7 crore in FY23, according to filings with the Ministry of Corporate Affairs.
Founded in 2017 by Harsh Pokharna, Gaurav Kumar, and Aditya Prasad, OkCredit is an app-based solution that provides merchants with simple and reliable means of keeping credit and payments records for their businesses carried out on credit basis by recording them digitally.
During FY24, OkCredit’s total expenses declined by 11% to Rs 50.9 crore. The company managed to reduce its finance costs, depreciation expenses and other expenses during the period. It also reported a marginal increase in employee benefits expenses to Rs 26.9 crore in FY24 compared to Rs 26.1 crore in FY23.
Employee benefit expenses refer to total costs incurred by a company to provide compensation and benefits to its employees including wages, bonuses and gratuity.
Rising revenue from operations and other income contributed to the company’s 65% rise in total income to Rs 15.7 crore in FY24 compared to Rs 9.5 crore in FY23.
The company, which initially struggled to generate any revenue from its operations despite receiving funding from prominent investors such as Lightspeed and Tiger Global, has managed to gradually show signs of revenue growth and focus on narrowing its losses.
Edited by Jyoti Narayan