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FinBox recorded over two fold rise in scale in FY23

  • May 17, 2024
  • By Team TheKredible
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Mumbai based fintech firm FinBox witnessed its top scale rising over two fold to generate a revenue of Rs 36.2 crore in the fiscal year ending March 2023. The same year saw over 91% of the income contributed by operations.

Previously in FY22, the company’s revenue stood at Rs 16.8 crore with over Rs 16 crore coming in from operations.

Founded by Rajat Deshpande, Anant Deshpande, and Nikhil Bhawsinka, FinBox enables any fintech and non-fintech digital platform to launch digital credit products such as BNPL, personal loans, working capital loans, invoice financing and others.

Its data products additionally provide intelligence for credit decisions making it easier for any business to provide tailored credit products to their customers and partners.

The decade old company spent over Rs 28 crore on employee benefits in FY23. While legal and professional charges took more than Rs 5 crore, depreciation took close to Rs 2 crore.

This pushed its overall expenses for FY23 to Rs 59 crore, an over 3X growth from the preceding fiscal year’s Rs 17 crore.

FinBox last raised more than Rs 116 crore from A91 Partners in an extended Series A round held in 2022. Post the round, while the investor held close to 20% of the company’s shares, founders Rajat Deshpande and Anant Deshpande own an equal share of over 18% each.

Prior to the round, it has secured an approximate of Rs 6 crore from IIFL Finance in 2021.

The firm’s losses widened 21X to Rs 23 crore in FY23 from Rs 1 crore incurred in FY22. Its current EBITDA margin and ROCE stand at -58.23% and -21.15% respectively.