INDmoney has showcased remarkable growth in the fiscal year ending March 2024. The Tiger Global-backed platform recorded a significant 73.2% year-on-year jump in operating revenue, with a relatively modest 12% increase in net losses during the same period.
The company’s revenue from operations climbed to Rs 70 crore in FY24, up from Rs 40.6 crore in FY23, as per its consolidated financial statements filed with the Registrar of Companies (RoC).
INDmoney, which provides users with tools to manage investments in mutual funds and Indian and overseas stocks, claims to have attracted 10 million users to its platform. Revenue from distribution services formed the majority of its earnings, accounting for 76% of operating revenue, which rose by 56% to Rs 53.6 crore. Additionally, income from broking activities saw a meteoric rise to Rs 10.7 crore in FY24 from just Rs 10 lakh in FY23, while allied services contributed Rs 6 crore during the year.
The Gurugram-based company also earned Rs 57.7 crore from interest and gains on current investments, bringing its total revenue to Rs 128 crore for FY24. This substantial other income stemmed from its current financial assets, which were valued at Rs 725 crore as of March 2024.
On the expense front, employee benefits represented the largest cost category, increasing by 11% to Rs 124.53 crore in FY24 from Rs 111.86 crore in FY23. IT-related costs amounted to Rs 57.18 crore, while marketing expenses stood at Rs 33.80 crore. Overall, the company’s total expenditure grew by 17% to Rs 233.6 crore in FY24 from Rs 199 crore in FY23.
As a result, INDmoney’s net losses increased by 12% to Rs 82.55 crore in FY24. The company’s ROCE and EBITDA margin stood at -11.47% and -75.6%, respectively, with an operational cost of Rs 3.32 for every rupee earned during the year.
Founded in 2019 by Ashish Kashyap, INDmoney has raised $133 million to date, with its latest funding round of $75 million in January 2022 pushing its valuation past $600 million.
Despite its steady growth trajectory and robust fundraising capabilities, INDmoney operates in a challenging market. With increasing competition and a need to expand into areas like overseas investing—where consumer awareness remains low—the company faces hurdles in achieving profitability. Navigating this complex landscape will likely require bold strategies to secure its foothold and drive long-term sustainability.
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