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.