Progcap, which provides debt to small and micro businesses, has reported a significant jump in its FY24 revenue from operations. The company saw its operating revenues double to Rs 139 crore in FY24 from Rs 71 crore in FY23.

Overall, the company’s total expenses grew to Rs 203 crore in FY24, compared to Rs 149 crore in the previous fiscal, reported Entrackr.

On the expense side, employee benefit costs remained the largest expenditure, accounting for 61% of the total expense. This cost grew by 15% to Rs 124 crore in FY24. While finance costs increased to Rs 22.5 crore from just Rs 1 crore in FY23. 

Other major expenses included collection deficiency charges (Rs 9.5 crore), travel expenses (Rs 6 crore), and miscellaneous costs.

The fintech firm saw a marginal improvement in losses as it came down by 6% to Rs 46 crore in FY24 from Rs 49 crore in FY23. 

Founded by Pallavi Shrivastava and Himanshu Chandra, Progcap has raised a total $112 million in funding till date. It counts Tiger Global, Peak XV, Creation Investments and GrowX Ventures as its lead investors.