Fintech company Fisdom witnessed a revenue of Rs 67.47 crore with losses amounting to Rs 70.5 crore in FY23. It saw over 60% of its total expense, Rs 138 crore, being spent in employee benefits and close to 23% in advertisements and promotional costs. The Bengaluru-based company currently stands at a valuation of Rs 1166 crore.
The year saw a significant increase in revenue as compared to the Rs 25.7 crore it received in FY22. It also witnessed an increase in expenses and a dip in losses to Rs 136.9 crore and -Rs 111.24 crore respectively. In FY22, it spent over 50% of its total expense in employee benefits.
Fisdom was founded in 2015 by Anand Dalmia and Subramanya S V. It provides investment management services through digital platforms and offers a range of investment products like mutual funds, stocks, exchange-traded funds (ETFs), derivatives, bonds, alternative investment funds (AIF) etc. to help users achieve their financial goals.
It has raised total of Rs 319.41 Cr in funding over 7 rounds. Its latest round, Series C, was raised in January 2022. Its investors include the likes of Alteria Capital, Quona, Saama Capital, PayU, Accion, and Saama among others.
While PayU is the highest shareholder with over 26% of the company shares, founders Anand Dalmia and Subramanya S V hold close to 10% and over 14% of the company respectively.
So far, the fintech has acquired one company, Tax2win in 2021.
Competitors of Fisdom in the field include unicorns like Zerodha and Groww, and Delhi-based Paytm Money.