Bengaluru-based SaaS firm Happay recorded a 28% rise in scale in the fiscal year ending March 2023. It revenue stands at Rs 106.5 crore, a sharp rise from the preceding fiscal’s Rs 83 crore.
Its operating revenue rose 30% to Rs 103 crore from FY22’s Rs 79 crore.
Incorporated by Varun Rathi and Anshul Rai, Happay provides expense management for corporates to manage travel and tax benefits for their employees. It also enables large enterprises to issue prepaid and credit cards.
Happay was acquired by the Kunal Shah led firm CRED in a cash-and-stock deal worth $180 million in 2021.
The firm’s losses shrunk an almost 45% to Rs 65.4 crore in FY23 from FY22’s Rs 118 crore. While its EBITDA improved to -58.18%, its ROCE dropped from positive to -217.67%.
The decade old company has secured over Rs 150 crore through 9 fundraises. Its last raised two rounds in 2020- a Series B and debt round both led by Alteria Capital.
Post its Series B round, Sequoia Capital became the largest shareholder of the firm. Prime Venture Partners and the founders also held significant shares.
Happay is currently valued at Rs 1568 crore.
As for expenses, the firm spent over 53% on employee benefits. While over 6% went on commissions, it spent close to 4% on travelling costs.
The total expenditure for the fiscal dropped 14% to Rs 171.7 crore as compared to the preceding fiscal’s Rs 201 crore.