Finnovation Tech Solution reports 26.5% rise in profit for FY24
The parent company of KreditBee reported a 17.2% decline in revenue from operations for the same period.
Finnovation Tech Solution, the parent company of lending platform , has reported a 26.5% rise in profit to Rs 126.4 crore from Rs 99.92 crore in the previous year, helped by decline in expenses during the period, according to regulatory filings.
During the year ended March 31, the company managed to cut down its expenses by about 19% to Rs 531.3 crore helped by a decline in employee benefit expenses, that include salaries, wages and bonuses, as well as other expenses.
According to data website Tracxn, the company saw a 68% drop in total number of employees year-over-year as of March 2024.
The company, however, reported a 17.2% decline in revenue from operations bogged down by a decline in its revenue from services, which includes service and processing fees.
KreditBee also added in the report that it is in the process of voluntary liquidation of its Singapore-based holding company Finnov Private Limited. According to reports, the company had obtained the liquidator's approval to dissolve its overseas unit in a move to shift its domicile to India.
In an interview with YourStory, CEO and co-founder Madhusudan Ekambaram said that KreditBee is probably one round away from its initial public offering (IPO).
The fintech platform in March raised $9.4 million from existing investors in an extended Series D round after raising $43 million in the last quarter of FY22.
Founded in 2017 by Ekambaram, Karthikeyan Krishnaswamy, and Vivek Veda, the company is an online lending marketplace for personal loans that connects borrowers and lending partners. The platform provides its users with a range of financing products to choose from based on interest rates and loan terms.
(The copy has been updated)
Edited by Megha Reddy