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Fintech Vyapar’s revenue spiked 1.5X in FY23, expenses grew 71%

  • January 19, 2024
  • By Team TheKredible
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Bengaluru-based fintech Vyapar witnessed a 1.5X growth to Rs 32 crore in FY23 with revenue from operations contributing over Rs 20 crore. Established in 2018 by Ruqiya Irum, Shubham Agrawal, and Sumit Agarwal, the company has previously recorded a revenue close to Rs 21 crore in FY22.

Business accounting software Vyapar helps SMEs keep track of their receivables and payables, inventory management, send customized invoices, payment reminders and transaction messages in multiple languages. With aims to simplify accounting and inventory management application, it claims to have served over 10 million customers till date.

Along with the rise in revenue, the company also saw a 71% spike in expenses in the fiscal year 2023. Among the top expenses of the year were employee benefits and depreciation. It spent close to Rs 60 crore and over Rs 1.5 crore, respectively, on each of the segments. Comparatively, it saw employee benefits and advertisements and promotional costs are the two major expenses in FY22.

As for losses, Vyapar witnessed an almost 68% rise to Rs 44.7 crore in FY23. The preceding year it saw losses of over Rs 26 crore. Its EBITDA margins and ROCE for the fiscal year ending March 2023 stood at -197.61% and -36.20% respectively.

Vyapar has raised a total of Rs 266.76 crore over 3 funding rounds. Its latest round, Series B, was raised in January 2022 and raked in over Rs 224 crore with WestBridge leading the round. It acquired Jaipur-based SaaS firm NeoDove in a couple months after raising its Series B round.

Investor IndiaMart is the largest shareholder in the company with over 25% company shares. Founders Sumit Agarwal, Shubham Agarwal, and Ruqiya Irum each hold over 15%, 10% and 1% of the company respectively.