MSME Lender Indifi Technologies revenue grows to Rs 198Cr in FY23

MSME lender Indifi Technologies has reportedly witnessed a 2.06X increase in its revenue from Rs 96 crore in FY22 to Rs 198 crore to Rs 198 crore in FY23.

This growth trajectory comes on the heels of the MSME lender's $35 million fundraising in June, which was led by ICICI Venture. 

The company earlier said that by March 2023, it had crossed Rs 1,500 crore in Assets Under Management (AUM) by the disbursement of over 73,000 loans, amounting to a whopping Rs 4,100 crore across India.

The company's primary revenue stream, processing and service fees on loans, witnessed a 102% growth, reaching Rs 198 crore in FY23. Additionally, Indifi reported other income sources, primarily from interest on deposits and miscellaneous activities, amounting to Rs 15 crore during the same fiscal year.

In terms of expenses, interest charges and borrowing costs constituted a significant chunk, accounting for 32.5% of the total outlay. Employee benefit costs also saw a rise, indicating the company's expansion in terms of its workforce.

The financial year 2023 proved to be a turning point for Indifi as it transitioned from a loss of Rs 32.8 crore in FY22 to registering a profit after tax (PAT) of Rs 5.16 crore. This positive shift is a testament to the company's strategic approach and its ability to adapt to market dynamics.

Founded in 2015 by Alok Mittal and Siddharth Mahanot, The startup is backed by Flourish Ventures, Omidyar Network India, CX Partners, British International Investments, OP Finnfund Global Impact Fund I, and SIDBI, among others.

Also Read:

• Servotech to invest Rs 300 crore to establish EV Charger Manufacturing Plant in Uttar Pradesh