IndMoney's revenue from operations surges to Rs 70 crore in FY24
18 Nov 2024, 04:18 PMThe Gurugram-based wealth-based fintech witnessed its losses grow to Rs 82.55 crore in FY24 from Rs 73.87 crore in FY23.
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Wealth-tech startup IndMoney's revenue from operations increased by 73.2% to Rs 70 crore in the fiscal year ending March 2024. In the previous financial year FY23, the company reported Rs 40.6 crore in revenue from operations.
The Gurugram-based fintech witnessed its losses grow to Rs 82.55 crore in FY24 from Rs 73.87 crore in FY23, Entrackr reported.
IndMoney earned Rs 53.6 crore in income from distribution services, which increased by 56% yoy, whereas income from broking activities was Rs 10.7 crore in FY24 from Rs 10 lakh in FY23. The company added another Rs 6 crore from allied services in FY24.
The company also made Rs 57.7 crore from interest and gain on sale of current investments which pushed its total revenue to Rs 128 crore in FY24.
Employee benefits expenses grew 11% to Rs 124.53 crore in FY24 from Rs 111.86 crore in FY23. IndMoney spent Rs 57.18 crore on IT expenses and Rs 33.80 crore in marketing in FY24.
The Ashish Kashyap-led company has raised $133 million till date. It counts Tiger Global, Steadview Capital, ABG Capital, DF International Partners among its investors.
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