Indifi Technologies maintained its path of financial success by demonstrating more than 60% growth in annual revenue during its fiscal year that ended in March 2024. The company doubled its operational growth and achieved profitable results that came after a striking FY23 performance.
The Registrar of Companies (ROC) reports that Indifi recorded operating revenue growth from Rs 198 crore in FY23 to Rs 317 crore in FY24. Indifi extends financial services to small businesses operating within travel, hospitality, e-commerce and restaurant, trading, and retail industries which traditional financial institutions frequently reject. Indifi has developed its business to include the distribution of 1,00,000 loans and partnerships with 80 financial institutions to serve 400+ cities.
The company derives income from borrower processing fees as well as lender service fees for loan origination together with servicing and collection components. The company earned Rs 24 crore from interest income and miscellaneous sources which added to its total revenue of Rs 341 crore during FY24 compared to the previous year's total of Rs 213 crore.
Indifi established partnership deals with banks and NBFC's for co-lending which resulted in interest expenses becoming its main spending point. The expenses grew 62.1% to reach Rs 107 crore in FY24 compared to Rs 66 crore in FY23 which made up 32% of total expenses. The year-on-year growth of employee benefit costs reached 28.6% and rose to Rs 72 crore for the period.
The company’s bad debt write-offs increased 2.1 times to Rs 45 crore in FY24 due to business expansion. Total expenditure grew by 65 percent to Rs 335 crore in FY24 thanks to increasing expenses related to advertising, legal, IT, and operational overheads when compared to Rs 203 crore in FY23.
The company experienced declining net profit of Rs 2.7 crore in FY24 despite revenue growth because employee costs and bad debt expenses exceeded the growth rate. Each transaction unit at Indifi cost Rs 1.06 to generate one rupee of profit. The company maintained total current assets worth Rs 1,169 crore in FY24 with Rs 232 crore as cash and bank balances.
Indifi received an aggregate of 80 million USD from investors while accomplishing a 35 million USD Series E funding round which ICICI Venture led along with present investors' involvement. Startup data platform TheKredible shows that CDC Group stands as Indifi’s chief external investor while Accel and Omidyar Network follow in second place.
