Chennai-based fintech startup GrowXCD recorded a sixfold revenue increase in FY24, reaching Rs 3.75 crore climbing from Rs 60.71 lakh in FY23.
Founded in 2022 by Arjun Muralidharan and Sathish Kumar Vijayan, GrowXCD operates as a Non-Banking Financial Company (NBFC) that extends loans to MSMEs and low-income households. Its offerings include small mortgage loans secured by property and short-term unsecured loans for businesses.
GrowXCD has raised a total of Rs 50.01 crore in funding over 1 round, raised in Nov 2023 from a series A round led by Lok Capital. The company is currently valued at over Rs 120 crore.
Competing with platforms like Clix Capital and Indialends, GrowXCD’s majority shares are held by Lok Capital at over 30%. Arjun Muralidharan and K R Ganesh also hold significant shares in the company. Around 6% stake is allocated to ESOP.
In FY24, GrowXCD’s expenses increased from over Rs 80 lakh in FY23 to Rs 5.02 crore. Employee benefits constituted more than 40% of this expenditure, with finance costs and legal and professional fees also making up substantial portions.
With the revenue increase, The company’s losses also widened to Rs 88.56 lakh in FY24 from the losses of over Rs 20 crore in FY23.
GrowXCD’s current EBITDA margin and ROCE though improved stayed negative at -24.65% and -1.96% respectively.