FinnUp recorded a revenue growth of over 3.2x, reaching Rs 3.4 crore in FY24 compared to Rs 1.07 crore in FY23. The fintech startup has not raised any external funding yet, operating sustainably through its revenue streams.
FinnUp operates as a B2B enterprise debt platform, connecting lenders and borrowers to meet various debt requirements. Its product offerings include short-term loans with flexible repayment options, long-term loans for diverse financing needs, non-fund-based limits for letters of credit and bank guarantees, and alternative financing options like unsecured business loans and personal loans.
Expenses surged to Rs 2.54 crore in FY24 from Rs 75.1 lakh in FY23, reflecting expansion efforts. Employee benefit costs accounted for 62.59% of total expenses in FY24, up from 58.60% in FY23. Advertisement costs rose to 5.9% from 3.43%.
Net profit increased to Rs 64.39 lakh in FY24 from Rs 31.41 lakh in FY23, showcasing strong financial growth. The EBITDA margin stood at 25.51% in FY24 compared to 29.58% in FY23. ROCE improved to 72.48% from 69.14% in the previous year.
Co-founders Abhishek Agarwal and Rahul Agarwal lead the Mumbai-based startup, driving innovation in enterprise debt automation using cloud technology.
Founded in 2022, FinnUp is among the first few companies in India to build automation solutions in the enterprise debt industry, with plans to integrate AI-driven fintech platforms in the future.