Delhi-based fintech firm AVIOM India Housing’s top line recorded an impressive 53% increase to touch Rs 241.90 crore in FY23 as compared to the previous fiscal year’s revenue of Rs 158 crore.
The firm’s operating revenue primarily came from interest income, which contributed a substantial 86% of the total revenue. Fees and commissions made up about 10%, while net gains on the derecognition of financial instruments under the amortized cost category accounted for close to 3%.
Founded in 2016 by Kaajal Aijaz Ilmi, Aviom Finance is a housing finance company catering to low-income households in semi-urban areas. It offers loans to individuals for home improvements, renovations, and sanitation.
With the rise in revenue, it also saw an increase in its expenses. The company’s total expenses in FY23 amounted to Rs 219.91 crore, a 56% jump from FY22’s Rs 140.43 crore. The primary contributor to these expenses was finance costs, which constituted more than 52% of the total expenditure. Employee benefit costs followed at about 27%, while depreciation costs stood at over 3%.
The firm has raised a total of Rs 584.31 crore across 10 funding rounds. In June, it secured Rs 42 crore in a debt round from the InsuResilience Investment Fund. The firm’s shareholding structure as of October 18, 2021, reveals that Gojo & Company Inc holds a majority stake, while founder Kaajal Aijaz Ilmi and Capital 4 Development are also significant shareholders. The Series C funding round, led by Sabre Partners India, further solidified AVIOM’s financial standing.
Despite the rise in expenses, AVIOM India Housing posted a notable profit growth in FY23. Its profits reached Rs 16.06 crore, about a 32% growth from the Rs 12 crore profit recorded in FY22. The company’s EBITDA margin stood at 59% and ROCE was at over 11%.