Banking business correspondent platform SAVE Solutions’ revenue jumped 1.7X to Rs 419.8 crore in FY23 with operations contributing about Rs 416 crore.
The preceding fiscal year, the startup generated a revenue of Rs 252 crore with over Rs 248 crore coming in from operations.
Established by Ajeet Kumar Singh, Delhi-based SAVE Solutions has a network of around 12,000 customer service points across the country catering to a customer base of over 14 million functioning as an extended arm for its banking partners.
Currently valued at Rs 852 crore, the fintech has raised over Rs 270 crore over 5 funding rounds. Its extended Series B scooped up about Rs 60 crore led by Maj Invest.
The 2009 founded company’s overall expenses spiked 1.1X to Rs 246.67 in the fiscal year ending March 2023. While over Rs 111 crore was spent on financial cost, employee benefits accounted for over Rs 100 crore and depreciation amounted to Rs 15.7 crore.
After two continuous years of profits, the company saw losses amounting to Rs 13.15 crore in the last fiscal year. In FY22, its profits touched Rs 15 crore. While it saw a slight improvement in its EBITDA margin to 26.22%, its ROCE dropped to -13.66%.