Coinswitch's parent sees dip in revenue from operations to Rs 38 crore

11 Nov 2024, 03:03 PM

Coinswitch parent PeepalCo's losses came down by 65% to Rs 151.4 crore ($18.13 million) in FY24 against Rs 434.2 crore in the previous year.

Team Head&Tale

PeepalCo, the parent entity of Indian cryptocurrency exchange Coinswitch, has witnessed decline in revenue from operations to Rs 38 crore ($4.56 million) in FY24 compared to Rs 70.2 crore (($8.41 million) reported in the previous fiscal year.

PeepalCo operates two businesses -- cryptocurrency trading through CoinSwitch and equities trading via Lemonn.

The company generated a majority of its revenue from investment sales, interest income, reversal of provisions on digital assets, reconciliation gains on digital assets, and others. This non-operating income stood at Rs 149.13 crore ($17.86 million) in FY24., Entrackr reported citing PeepalCo's consolidated financial statements filed in Singapore.

Overall, the company’s total expenditure declined 36.7% to Rs 318.6 crore ($38.15 million) during FY24. This was largely driven by employee benefits costs that stood at Rs 208.4 crore, which however declined 17% yoy.

PeepalCo's losses came down by 65% to Rs 151.4 crore ($18.13 million) in FY24 against Rs 434.2 crore in the previous year. 

In August, CoinSwitch said it has taken legal action against its rival WazirX following $230-million hack. CoinSwitch, in a post on micro-blogging platform X (formerly Twitter), said that it is taking legal action against WazirX. “It's been over a month since WazirX, a major crypto exchange operating in India, claimed that a cyber attack on their platform led to the theft of $230 million (~ Rs 2000 cr) worth of funds."

"We have attempted to be in regular touch with WazirX since the day of the incident but have not been able to reach a solution to recover the funds that are stuck on their platform. Further, their announcement earlier this week is unclear about how a full recovery would happen. So we are now taking steps, including legal action, detailed later in this thread to recover the funds stuck on WazirX," Coinswitch wrote.