Mswipe posts flat revenue in FY24; payments biz turns profitable
02 Jan 2025, 06:14 PMOn consolidated basis, Mswipe saw marginal fall in its losses at Rs 46.2 crore in FY24, from Rs 49 crore reported in FY23.
Team Head&Tale
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Point-of-sale company Mswipe has reported Rs 276.9 crore in revenue from operations during FY24, compared to Rs 274.4 crore in FY23.
Transaction processing fees grew 7.6% yoy to Rs 174.7 crore and continued to remain the largest revenue source for Mswipe, which accounted for 63.09% of total operating revenue, reported Entrackr.
Support service fees grew by 4% to Rs 70.1 crore, while income from signup fees declined significantly by 44.4% to Rs 5 crore.
IT expenses increased by 5.2% to Rs 164.2 crore, representing 50.16% of total expenses; whereas employee benefit expense decreased by 2.2% to Rs 77.3 crore. Overall, Mswipe's total expenses stood at Rs 327.3 crore for the fiscal year ending March 2024, compared to Rs 328.3 crore reported in the previous fiscal.
Mswipe saw marginal fall in its losses at Rs 46.2 crore in FY24, from Rs 49 crore reported in FY23.
However, in a separate release Mswipe said its core payments business turned profitable in FY24. The company said its payments business posted a profit of Rs 4.5 crore, compared to a loss of Rs 1.1 crore in FY23.
While the payments revenue grew marginally by 6.25% to Rs 275.4crore in FY24 from Rs 259.2 crore in FY23.
The total payment value (TPV) more than doubled from Rs 24,381 crore in FY23 to Rs 50,417 crore in FY24, MSwipe added.
Mswipe, which has also received a payment aggregator licence from the Reserve Bank of India, is backed by investors including Alpha Wave Global, Matrix Partners, B Capital, DSG Consumer Partners, Epiq Capital, UC-RNT, and Ola. It has raised $126 million across till date. As of October 2024, Mswipe reported approximately 4 lakh active terminals.
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