M2P Fintech sees decline in operating revenue, export income in FY24
05 Mar 2025, 11:12 PMThe company witnessed a significant fall in its export income from Rs 19.3 crore reported in FY23 to Rs 4.6 crore in FY24.
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API infrastructure startup M2P Fintech's saw a decline in its operating revenue during FY24. The company's revenue from operations decreased 13.4% to Rs 382 crore in FY24 from Rs 441 crore in FY23.
The company, which claims to operate in 30 markets across the Asia Pacific, MENA, and Oceania regions, witnessed a significant fall in its export income from Rs 19.3 crore reported in FY23 to Rs 4.6 crore in FY24.
The company's total expenses fell to Rs 528 crore in FY24 from Rs 623 crore reported in FY23. Employee benefits accounted for 47.5% of total expenses -- increasing to Rs 251 crore in FY24 from Rs 188 crore in FY23.
The Chennai-based fintech posted a net loss of Rs 133.5 crore in FY24 from Rs 133.3 crore in the previous fiscal, M2P's financial statements sourced from the Registrar of Companies (RoC) show.
M2P was founded in 2014 by Madhusudanan R, Muthukumar A and Prabhu R. The fintech infra company closed a $100 million primary and secondary funding round in September last year. It has raised a total funding of over $200 million so far from the likes of Tiger Global, Helios Investment Partners, and BEENEXT.
In another news, M2P is reportedly acquiring Chennai-based AI startup Mad Street Den in a distress sale for approximately $10-15 million.
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