IndiaLends recorded a 2X rise in revenue in FY23, reaching Rs 73.05 crore from Rs 26.10 crore in FY22.
Founded in 2014 by Gaurav Chopra and Mayank Kachhwaha, IndiaLends is an online marketplace offering financial products like personal loans, business loans, and credit cards. With 50+ lending partners across 400 cities, IndiaLends claims to disburse loans within 48 hours.
The Gurugram-based company has raised a total of Rs 206.92 crore across 6 funding rounds, the latest being a Series C round in March 2021 led by ACP Partners and DSG Consumer Partners. Currently, IndiaLends stands at a valuation of over Rs 200 crore.
IndiaLends competes with fintech platforms like Kissht, Loantap, and Kreditbee. ACP Lens Limited holds the majority shares of IndiaLends at over 30%, followed by DSG Consumer Partners and Gaurav Chopra each holding more than 10% stake in the company. American Express and Mayank Kachhwaha are also significant shareholders in the company.
While revenue surged, the company’s expenses also climbed, reaching Rs 72.45 crore in FY23 from over Rs 30 crore in FY22. Employee benefits costs accounted for the majority contribution at over 30%. Followed by legal costs, travelling expenses, and depreciation.
Despite the high expenditure, IndiaLends turned profitable in FY23 at Rs 60.19 lakhs, recovering from a loss of over Rs 10 crore in FY22.
The company’s current EBITDA margin and ROCE turned positive reaching 1.38% and 1.44% respectively.