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EasyRewardz’s revenue spikes 30% in FY23, losses widen 14%

  • July 3, 2024
  • By Team TheKredible
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B2B loyalty management platform EasyRewardz recorded an almost 30% spike in its top scale to touch Rs 45.65 crore in FY23.

With a 31% spike seen in its operating revenue to Rs 44 crore in FY23 as compared to FY22’s Rs 34 crore, a large chunk came in from LPaaS retainer revenue. Revenue generated through campaign, online, and banking customers also significantly contributed to the overall amount.

Headquartered in Gurugram, EasyRewardz helps brands and banks manage loyalty points. It organizes and assists customers willing to earn, burn and redeem loyalty points.

The firm led by Soumya Chatterjee, Angad Singh, and Tejas Kadakia, saw its expenses widen 25% to Rs 65.25 crore in FY23 as compared to its preceding fiscal’s Rs 52 crore.

 Employee benefits contributed over 45% of this, while the cost of procuring materials pitched in more than 30%. Travelling costs took up close to 3% of the overall expenses incurred in the fiscal.

The 2011 incorporated firm last secured an extended Series B round led by IIFL Finance held in 2022. The round also saw support from the likes of Netcore, Ashish Kacholia, and Abhijit Mangalmoy Mukherjee among others.

Post the round, Flipkart was the largest shareholder with over 17%, while an ESOP pool of close to 12% was allotted. IIFL held more than 8% of the firm.

It raised its Series B round of about Rs 6 crore led by Netcore a year prior.

As for losses, the number spiked 14% to Rs 19.6 crore in the fiscal year ending March 2023 as compared to FY22’s Rs 17 crore. While its current EBITDA improved to -37.67%, its ROCE slipped to a negative of -1,007.89%.