Mumbai-based fintech innovator Ftcash reported a 32.7% growth in revenue to Rs 36.91 crore in FY24, compared to Rs 27.81 crore in FY23. Over 97% of its revenue was derived from its operations in FY24, up from over 95% in FY23.
Its operating revenue streams include service fee income, contributing over 62% to operating revenue in FY24; interest income from loans, contributing over 21%; commission income, contributing over 13%; processing charges, contributing over 2%; and documentation charges, contributing 0.69%.
Founded in 2015, Ftcash offers software and hardware-based payment solutions, lending an average of Rs 3 lakh to small businesses. Its comprehensive platform integrates credit cards, debit cards, mobile wallets (Paytm, Mobikwik), and PayPal under a unified channel.
The company’s expenses increased by 10.9% to Rs 42.76 crore in FY24, compared to Rs 38.56 crore in FY23. Employee benefit costs dominated the expense structure, accounting for 46.77% of total expenses in FY24, compared to 50.06% in FY23. Finance costs rose sharply, contributing 6.15% of expenses in FY24, up from 1.50% in FY23. Advertisement costs and depreciation accounted for 0.13% and 0.46% of total expenses, respectively, reflecting minimal spending in these areas.
Despite its growth, Ftcash reported reduced losses of Rs 6.22 crore in FY24, compared to Rs 9.69 crore in FY23. The company’s EBITDA margin improved to -8.16% in FY24, from -35.67% in FY23, while its ROCE rose to -10.63%, up from -20.11% in FY23, signaling progress in operational efficiency.
Ftcash has raised a total of Rs 105.04 crore across seven funding rounds, with its latest Series A round closed in July 2024. The company’s shareholding structure includes co-founders Sanjeev Chandak (10.05%), Deepak Kothari (7.43%), and Rashmi Chandak (3.75%), alongside major investor Accion (21.22%).
Ftcash continues to position itself as a vital enabler of financial inclusion, leveraging innovative technology to support India’s vast micro-merchant and SME ecosystem.