LiquiLoans reports 3.4x jump in FY24 revenues to Rs 696 crore
12 Feb 2025, 08:19 PMIn August last year, the Reserve Bank of India (RBI) tightened regulations on the peer-to-peer (P2P) lending sector, leading most platforms to halt operations.
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Peer-to-peer lending platform LiquiLoans reported a 3.4 times jump in its FY24 operating revenue. The company's revenue from operations surged to Rs 695.63 crore in the financial year ended March 2024 from Rs 203.43 crore in FY23.
LiquiLoans made additional Rs 10 crore from interest income which pushed its total income to Rs 706 crore in FY24, reported Entrackr citing the P2P lender's financial statements sourced from the Registrar of Companies (RoC).
Service fee costs accounted for the largest cost centre -- increasing from Rs 140 crore in FY23 to Rs 578.57 crore in FY24. Commission payouts increased by 88% to Rs 64.72 crore, while employee benefit expenses rose 2.5x to Rs 40.80 crore.
Overall, LiquiLoans' total expenses reached Rs 704.59 crore in FY24, up from Rs 212.94 crore in FY23.
This led to a steep 88% drop in profits for the Mumbai-based P2P lending platform as it booked Rs 71 lakh in profits in FY24 from Rs 5.70 crore in FY23.
The Mumbai-based company reported cash and bank balances of Rs 33 lakh and current assets worth Rs 283 crore in FY24.
Liquiloans has raised $15 million to date from Matrix Partners and CRED among others.
In August last year, the Reserve Bank of India (RBI) tightened regulations on the peer-to-peer (P2P) lending sector, leading most platforms to halt operations. Liquiloans' FY25 financial results will offer a clearer view of the regulation's true impact.
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