Fintech firm Altum Credo registered a remarkable revenue rise of 64% to Rs 118.76 crore in the fiscal year ending March 2023, a significant increase from Rs 72.28 crore in FY22.
On the revenue side, interest income represented 84.288% of total revenue, while processing fees and other charges contributed 15.712%.
Altum Credo, founded in 2016 by Vikrant Bhagwat and Ashish Tewari, provides housing finance solutions to those who have traditionally faced significant challenges in accessing credit from formal channels. By focusing on first-time homebuyers in semi-urban and rural areas, the company plays a crucial role in enhancing financial inclusion and accessibility.
The company raised about Rs 335 crore in its Series C round held in April, with Z3Partners and Oikocredit as the lead investors. Post the round, Aavishkar Capital emerged as the largest shareholder, with Sheela Pai Cole and Sunaina Pai Ocalan each holding a 13.46% stake in the company.
Expenses for FY23 amounted to Rs 93.48 crore, up from Rs 60.42 crore registered the previous fiscal year, reflecting a 54% hike. Finance costs constituted a major 48% of total expenses, employee benefit costs accounted for 35%, and legal and professional charges made up 6%.
Despite the increased expenses, Altum Credo achieved a profit of Rs 19.98 crore in FY23, compared to Rs 8.95 crore in FY22, marking a nearly 12% rise in profits.
Its current EBITDA margins and ROCE stand at 60.21% and 10.73% respectively.