FamPay (Now known as FamApp by Trio) posted 47% surge in revenue in FY24 rising to Rs 25.16 crore compared to Rs 17.01 crore in FY23.
Founded in 2019 by Kush Taneja and Sambhav Jain, FamPay is a neobank that allows teenagers to make payments through the FamX card. Fampay pivoted to become a UPI-focused app in March 2023.
The Bangalore-based fintech startup has raised Rs 314.33 crore in three rounds, with the latest being a series A round led by Elevation Capital and Sequoia Capital in June 2021.
Competing with Junio and Yodaa, the company’s current valuation remains undisclosed.
With the increase in revenue, the fintech platform managed to decline its expenses in FY24 reaching Rs 38.68 from Rs over 100 crore in FY23. The employee benefits costs made up 35% contribution towards these expenses. While depreciation accounted for about 3% contribution.
FamPay also managed to shrink its losses from over Rs 100 crore in FY23 to Rs 13.51 crore in FY24.
The company’s current EBITDA margin and ROCE though still negative reduced to -48.62% and -8.59% respectively.