Crypto unicorn CoinDCX turns profitable, earns Rs 28 Cr in FY23 as it curbs expenses
While CoinDCX's employee benefit expenses surged to Rs 178 crore in FY23, up from Rs 51 crore in FY22, its total expenses declined by Rs 100 crore.
's Indian entity, Neblio Technologies, has turned profitable, reporting a net profit of Rs 28 crore in FY23. In the preceding fiscal year, it suffered a net loss of Rs 41 crore.
The total revenue from operations in FY23 amounted to Rs 456 crore, a decline from Rs 588 crore earned in FY22. In the same period, employee benefit expenses surged to Rs 178 crore in FY23, up from Rs 51 crore in FY22.
Conversely, total expenses for FY23 were Rs 429 crore, marking a decrease from Rs 630 crore in FY22. The operating expenses specifically accounted for Rs 67 crore in FY23, whereas it was Rs 185 crore in FY22. Other expenses also more than halved to Rs 180 crore from Rs 391 crore in FY22.
In a recent announcement, the company revealed its plan to provide a 1% bonus to users who transfer their assets to the platform from offshore or non-compliant exchanges.
The company is allocating up to $1 million from its treasury to facilitate this initiative, as stated in an official statement. The bonus is applicable to all users making crypto deposits between January 9 and January 17 of this year.
This move follows notices from the Financial Intelligence Unit (FIU) to foreign crypto exchanges like Ministry of Electronics and Information Technology to block the URLs of nine entities operating illegally in violation of the PML Act in India.and for non-compliance with anti-money laundering laws. The FIU has urged the
Edited by Kanishk Singh