Mosambee FY24 profit surges 86% to Rs 28 crore

05 Dec 2024, 12:39 PM

Mosambee's profits grew by 86.7% to Rs 28 crore in FY24, from Rs 15 crore reported in the previous financial year.

Team Head&Tale

Mobile point-of-sale provider Mosambee's FY24 operating revenue stood at Rs 240 crore, compared to Rs 187 crore reported in FY23.

Service rental, transaction processing, and settlement generated 68% of the total revenue at Rs 163 crore in FY24.

The rest of the operating revenue generated from the sale of PoS (point of sale) devices which saw a 3.4% decline to Rs 77 crore in FY24, compared to Rs 80 crore in FY23, reported Entrackr.

The Pine Labs-backed fintech's total expenditure surged by 19.4% to Rs 203 crore in FY24, compared Rs 170 reported in FY23. 

The cost of procurement of devices became the largest cost center forming 40% of the overall cost. This cost increased 15.3% to Rs 83 crore in FY24 from Rs 72 crore in FY23; whereas employee benefit expense increased to Rs 61 crore in FY24.

Mosambee's profits grew by 86.7% to Rs 28 crore in FY24, from Rs 15 crore reported in the previous financial year.

In April 2022, Pine Labs acquired a majority stake in payment solutions firm Mosambee at upwards of $100 million valuation. In February 2022, Mosambee acquired Benow, a disruptive payments and EMI technology platform.