Lightspeed-backed OkCredit’s FY25 loss narrows to Rs 23 Cr; revenue climbs 63%

OkCredit sharply cut its annual loss after a jump in operating revenue, even as it wound down its peer-to-peer lending feature in response to tighter regulatory conditions.

The company reduced its net loss by a substantial 34%, reporting a loss of Rs. 23.24 crore in FY25, down from Rs. 35.18 crore in FY24.

The Bengaluru-based bookkeeping app reported revenue from operations of Rs 23.33 crore for FY25, up 63.6% from a year earlier, with total income climbing 60.6% to Rs 25.29 crore.

Expenses fell modestly as the company continued to rein in costs. Total expenses declined 4.7% to Rs 48.53 crore, led by a 47.5% drop in finance costs and a 47% cut in depreciation.

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Employee benefits expenses slipped 6.9% to Rs 25.07 crore, while other costs were broadly steady at Rs 22.72 crore.

The company's strategic shift included the voluntary shutdown of its proprietary investment platform, OkNivesh, in January 2025. This decisive move was a response to tighter central bank regulations that made the instant-withdrawal P2P model unviable.

OkCredit was founded in 2017 by Harsh Pokharna, Gaurav Kumar, and Aditya Prasad as a digital bookkeeping app for small businesses to manage credit and receivables digitally.

It raised $15.5 million in a Series A round in June 2019, led by Tiger Global Management, with participation from Lightspeed India Partners, Y Combinator, and others. Three months later, in September 2019, OkCredit secured $67 million in a Series B round co-led by Lightspeed India Partners and Tiger Global Management, with other existing investors also participating.