AI-enabled AML platform IntelleWings posted a 3.3X increase in revenue in FY24, recording Rs 3 crore, up from Rs 89 lakh in FY23.
Founded in 2019 by Pramod Sharma, IntelleWings is a SaaS-based RegTech company that offers AI-driven Anti-Money Laundering (AML) and Countering the Financing of Terrorism (CFT) solutions. Its platform provides financial institutions with real-time screening for sanctions, transaction monitoring, and adverse media search across global datasets.
The Chandigarh-headquartered company has raised a total of Rs 6.2 crore across four funding rounds, with the latest being a pre-Series A round in March 2022. Co-founder Pramod Sharma holds the largest share at 30.96%, followed by the ESOP pool at 8.15%, and SucSEED Indovation at 3.44%.
Despite the revenue growth, the company’s losses narrowed slightly from Rs 1.5 crore in FY23 to Rs 1.27 crore in FY24. Total expenses rose from Rs 2.4 crore to Rs 4.35 crore during the same period. Employee benefit costs accounted for the largest share, making up 73.5% of total expenses in FY24, compared to 68.5% in FY23. Legal and professional fees made up 4.1%, while advertising costs stood at 2.3% of total expenditure.
IntelleWings also improved its EBITDA margin from -167.81% in FY23 to -39.43% in FY24, showing signs of operational discipline. However, ROCE dipped to -57.9% in FY24, down from -43.1% in FY23.