Indifi posts revenue jump in FY24; profit declines

07 Mar 2025, 07:54 PM

Indifi’s cost of bad debt written off surged two times to Rs 45 crore in FY24.

Team Head&Tale

MSME lender Indifi Technologies has reported a jump in its revenue from operations to Rs 317 crore in FY24 from Rs 198 crore in FY23.

According to its consolidated annual results accessed from the Registrar of Companies (RoC) by Entrackr, Indifi's revenue primarily came from processing fees charged to borrowers on loan disbursals and service fees collected from lenders for bundled services such as loan origination, servicing, and collection. 

Indifi earned Rs 24 crore from interest and other miscellaneous sources, bringing its total revenue to Rs 341 crore in FY24, up from Rs 213 crore in FY23.

The total expenses stood at Rs 335 crore in FY24 against Rs 203 crore reported in FY23.

In terms of expenses, interest cost surged Rs 107 crore in FY24 from Rs 66 crore in FY23, accounting for 32% of the company's total expenses. The employee benefits grew 28.6% to Rs 72 crore during the financial year ended March 31, 2024.

Indifi’s cost of bad debt written off surged two times to Rs 45 crore in FY24. The Gurugram-based NBFC, which offers loans to small businesses, claims to have disbursed over 1 lakh loans.

During the period, Indifi’s profit declined significantly. The net profit in FY24 stood at Rs 2.7 crore, compared to Rs 5.1 crore in FY23.

Indifi has raised over $80 million to date including its $35 million Series E round led by ICICI Venture and with the participation of existing investors. 

Who Reads Us

I enjoy reading The Head and Tale for their coverage on the Fintech landscape. The reporting is incisive and honest,  and it demonstrates a sharp understanding of the industry and the issues that concern it. I'd like to extend my best wishes to Arti for her continued success.

Rahul Chari, Co-Founder and CTO, PhonePe
Rahul Chari Co-Founder And CTO, PhonePe

Well-researched, informative and analysis based reporting makes an interesting read. 'The Head and Tale' news portal has been demonstrating this quite well covering fintech and emerging tech sectors. Their timely updates, exclusive stories and different perspectives on these sectors help me stay informed. Kudos to Arti Singh for pursuing her passion and best wishes to the team.

Rishi Gupta, MD & CEO, Fino Payments Bank
Rishi Gupta MD & CEO, Fino Payments Bank

The Head and Tale stands out for its deep industry knowledge and impressive network of sources. I especially appreciate that the reporting remains independent, rarely resorting to paid puff pieces, making it a publication I can genuinely trust. Having followed Arti’s work for years, I’ve come to rely on The Head and Tale for its unparalleled insight and truly independent coverage. Arti’s long-standing presence in the sector means her reporting is always informed, with access few can match.

Lizzie Chapman, co-founder, ZestMoney
Lizzie Chapman Co-founder, ZestMoney

What I really appreciate about The Head and Tale is that it doesn’t just report the news, it interprets it. The stories are well-researched, comprehensive, and bold. Arti brings a fearless lens to reporting, often asking the uncomfortable but necessary questions. She makes you pause, reflect, and rethink what it all means for the payments and fintech ecosystem. It’s rare to find journalism that’s this sharp, timely, and relevant to the work we do every day.

Mohit Bedi, co-founder, Kiwi
Mohit Bedi Co-founder, Kiwi

I’ve always valued journalism that goes beyond surface-level headlines. The Head and Tale does exactly that - it connects the dots, asks the tough questions, and brings clarity to the shifts shaping our evolving industry. I’ve even encouraged my team members to subscribe, because staying informed through credible, deeply reported stories is as important as building products. For me, The Head and Tale has become part of essential reading.

Cofounder of IPO-bound leading fintech lending company
Cofounder of IPO-bound leading fintech lending company