Lending-tech platform Credit Fair witnessed a 2X surge in revenue in FY23, reaching Rs 19.60 crore, up from Rs 7.84 crore in FY22.
Founded in 2018, Credit Fair provides customized, low-cost lending solutions and unsecured loans at the point of sale for businesses and consumers. Its loan offerings range from educational loans, medical loans, and e-vehicle loans, to lifestyle loans.
Competing with Kreditbee and Simpl, Credit Fair has raised a total of Rs 206.07 crore in funding across 5 rounds, with the latest raised in December 2022 through Debt Financing led by SBI.
The Mumbai-based fintech currently stands at a valuation of over Rs 140 crore. Co-founder Aditya M Damani holds the majority share which is around more than half of the company. Mahesh Kumar Damani and Nueva Capital also hold a significant share in the company with each holding more than 5%.
Along with revenue the company’s expenses also hiked by 2X, rising from Rs 7.33 crore in FY22 to over Rs 16 crore in FY23, with finance costs being the largest contributor at around 40%. While employee benefits, legal and professional charges also have a significant impact on the expenses along with advertising costs.
Despite rising expenses, Credit Fair recorded a profit of Rs 57 lakh in FY23, an increase from over Rs 30 lakh in FY22.
The company’s EBITDA margin and ROCE also followed suit increasing by 51.85% and 15.88%, respectively.