Digital lender CASHe reports 95% dip in FY24 profit
11 Dec 2024, 03:52 PMCASHe’s total expenses increased by 22.4% to Rs 665.8 crore FY24, up from Rs 544.1 crore in FY23.
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Digital lending platform CASHe reported a 16% increase in its revenue from operations at Rs 650.9 crore in FY24, compared to Rs 560.6 crore in FY23.
The company generated Rs 492.5 crore from sale of services -- which accounted for 75.66% of total operational revenue. Its income from other operating activities surged 4.4x to Rs 158.4 crore, Entrackr reported.
CASHe also made an additional Rs 17.6 crore from interest income which pushed its total income to reach Rs 668.54 crore in FY24.
CASHe’s total expenses increased by 22.4% to Rs 665.8 crore FY24, up from Rs 544.1 crore in FY23. Impairment loss on financial assets remained the largest expense at Rs 256.84 crore and finance costs stood at Rs 147.39 crore. Its customer acquisition costs surged by 63.5% to Rs 40.38 crore.
Collection expenses and employee benefits grew by 41.1% and 29.5%, respectively.
CASHe has secured approximately $38 million in funding to date. This includes equity funding of $19 million raised from its Singapore-based holding company, TSLC Pte Ltd, in January 2022.
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