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Fintech firm Siply recorded 17X growth in scale in FY23, losses drop 4%

  • February 7, 2024
  • By Team TheKredible
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Continuing its significant growth streak, fintech firm Siply recorded its FY23 revenue spiking 17X to Rs 37.5 crore with 87% of the total revenue coming in from operations. The preceding fiscal year saw Rs 2.2 crore in revenue with 66% of it coming in from operations.

Bengaluru-based Siply was established by Sousthav Chakrabarty and Anil Bhat to help the underserved masses inculcate savings behavior through a tech-enabled micro savings platform. The firm allows users to start investing from as low as Re 1.

It provides the saving platform with the help of a vernacular approach, digital onboarding, instant withdrawal, and a wide range of investments. It enables micro-savings for users of other platforms through a platform-as-a-service (PaaS) model.

The four-year-old company’s losses dropped 4% to Rs 35.4 crore the same year as compared to FY22’s Rs 37 crore losses it incurred. Its EBITDA margin and ROCE both stood at negatives of 63.89% and 8.29% respectively.

Its expenses amounted to Rs 73.84 crore in the fiscal year ending March 2023, almost a twofold rise as compared to the preceding fiscal year’s Rs 39.2 crore. While cost of materials took up the top spot contributing over 28% to the total expenses, advertisement and promotional costs and commissions contributed over 18% and close to 16% respectively.

Siply has raised over Rs 193 crore through 3 funding rounds with its latest being a pre-Series A round held on June 2022. Its raised over Rs 148 crore from the likes of Qi Ventures, LetsVenture, JITO, and Vivek Sunder among others.

Post the round, while founders Sousthav Chakrabarty and Anil Bhat held over 25% and close to 19% of the company shares, investor Qi Ventures held over 11% shares.

Siply competes against the likes of Capitalfloat, Simpl, and Indifi.