Yubi, previously known as CredAvenue, reported substantial growth in the fiscal year ending March 2024. The debt platform achieved a notable 47.6% increase in operating revenue, reaching Rs 483.7 crore, up from Rs 327.57 crore in FY23. Alongside revenue growth, Yubi reduced its losses by 22.4%, reflecting effective operational efficiency and cost-saving initiatives, as highlighted in its filings with the Registrar of Companies (RoC).
Yubi’s services are integral to the financial sector, providing debt restructuring, credit assessments, and collection solutions to banks, fintechs, non-banking financial companies (NBFCs), and enterprises. The company’s product offerings include a lending marketplace, supply chain financing, and specialized platforms for real estate and infrastructure financing. Platform services, which represented 45.6% of its income, generated Rs 220.54 crore, while collection revenue contributed Rs 133.95 crore in FY24. Additionally, fee-based services and corporate database subscriptions brought in Rs 89.38 crore and Rs 44.46 crore, respectively.
Employee expenses were Yubi’s largest cost category, totaling Rs 379.98 crore—a 12.1% year-over-year decrease. However, depreciation and amortization surged 66.5% to Rs 134.05 crore, and IT and marketing expenses saw a 9.4% rise, amounting to Rs 405.09 crore. Total expenses grew marginally by 1.7%, with the year-end total standing at Rs 938.82 crore.
Despite increased spending, Yubi managed to bring down its losses to Rs 395.8 crore, compared to Rs 509.83 crore in the prior fiscal year. Return on Capital Employed (ROCE) and EBITDA margins were negative, at -29.28% and -39.74%, respectively. The company’s cost to revenue ratio indicated it spent Rs 1.94 for each rupee earned in FY24.
After becoming a unicorn in March 2022, Yubi’s valuation reached $1.5 billion in 2023. CEO Gaurav Kumar reinforced the company’s growth by injecting Rs 250 crore ($30 million) in equity capital in August. Vivriti Capital, Yubi’s NBFC arm, retains a majority stake in the firm, holding just over 50%.
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