home Uncategorized B2B Online Lender Indifi’s Loss Narrows Over 10% To INR 32.8 Cr In FY22 Tapanjana Rudra

B2B Online Lender Indifi’s Loss Narrows Over 10% To INR 32.8 Cr In FY22 Tapanjana Rudra

Gurugram-based B2B online lender Indifi’s consolidated net loss narrowed 10.6% to INR 32.8 Cr in the financial year 2021-22 (FY22) from INR 36.7 Cr in the previous fiscal year, according to its regulatory filing.

The startup’s operating revenue jumped over 66% year-on-year (YoY) to INR 96.3 Cr in FY22 from INR 57.9 Cr in FY21. 

Indifi largely generated revenue from the sale of its services. The loan platform’s total revenue in FY22 grew 60.5% to INR 105.8 Cr as its other income, mostly from interest on fixed deposits and current investments, increased to INR 9.52 Cr from about INR 8 Cr in FY21.

On the other hand, its total expenses grew over 35% to INR 138.4 Cr in FY22 from INR 102.2 Cr in the previous fiscal year.

The startup’s employee benefit expenses had the highest share in total expenses, contributing about 32% to overall spending during the year. Indifi’s expenses towards employee benefits increased to INR 43.9 Cr in FY22 from INR 34.1 Cr in FY21.

The next biggest contributor to total expenses was finance cost, which grew 63.5% to INR 36.3 Cr in FY22.

The bad debt written off by the startup also doubled to INR 33.1 Cr during the year from INR 15.1 Cr in FY21. However, legal professional charges declined to INR 1.7 Cr from INR 3.9 Cr in FY21. 

The expenses towards rent also fell to INR 85.3 Lakh in FY22 from INR 1.1 Cr in the previous fiscal year. Meanwhile, advertising and promotional expenses increased 21% to INR 1.4 Cr in FY22.

Founded in 2016 by Alok Mittal, Siddharth Manhot, and Sudeep Sahi, Indifi provides term loans, invoice discounting, line of credit, and merchant cash advance services which can be customised for companies in ecommerce, travel, restaurants, retail, and hotels. Some of its business partners include Swiggy, Zomato, Flipkart, Amazon, and SpiceJet. 

It raised INR 340 Cr in a mix of equity and debt financing from CX Partners, OP Finnfund Global Impact Fund I, and other investors in November last year. 

Prior to that, the startup had raised INR 53 Cr in August last year. Other investors in the startup include Accel, CDC Group, Omidyar Network, and Elevar Equity.

The post B2B Online Lender Indifi’s Loss Narrows Over 10% To INR 32.8 Cr In FY22 appeared first on Inc42 Media.

Gurugram-based B2B online lender Indifi’s consolidated net loss narrowed 10.6% to INR 32.8 Cr in the financial year 2021-22 (FY22)… News, B2BInc42 Media

Leave a Reply

Your email address will not be published. Required fields are marked *

Generated by Feedzy