Fintech startup, Cube Wealth’s revenue grew by 7.2% to Rs 1.94 crore in FY24, up from Rs 1.81 crore in FY23.
Founded in 2016, Cube Wealth is a financial advisory firm that combines personalized guidance from dedicated Wealth Coaches with top-tier investment managers, offering clients a user-friendly app for seamless investment management. The company offers a range of investment services, including mutual funds, SIP investments, retirement planning, and fixed deposits, with a focus on simplifying wealth creation for busy professionals. Its revenue primarily comes from wealth management services.
The company has raised Rs 34.90 crore in funding across four rounds, with the latest funding raised in June 2020. Cube International hold majority of the share while other shareholders include Zephyr Trading, Pink Ginger and Save Power LLP.
The company’s expenses dropped by 26.5% in FY24 to Rs 1.31 crore, compared to Rs 1.78 crore in FY23. Employee benefit costs increased significantly, making up 54.03% of total expenses in FY24, up from 38.60% in FY23. Cube Wealth achieved a profit of Rs 63.54 lakh in FY24, a significant improvement from profit of Rs 3.5 lakh in FY23.
Cube Wealth’s EBITDA margin improved dramatically to 32.68% in FY24 from 1.74% in FY23. Its ROCE surged to 45.92% in FY24 from 4.04% in FY23, reflecting a strong turnaround in its financial performance.