KredX, a Bengaluru-based fintech company founded in 2015, reported 25% growth in revenue for FY24, reaching Rs 41.61 crore compared to Rs 33.25 crore in FY23. Over 84% of the revenue is derived from its operations, which increased from 80% in FY23.
The company specializes in supply chain financing solutions, offering services such as invoice discounting and working capital management. KredX facilitates efficient cash flow within the supply chain ecosystem by working closely with suppliers, corporates, and investors. Its long-term vision is to become the fastest operating system for supply chain finance globally.
Over its journey, KredX has raised Rs 232.96 crore across three funding rounds, with the latest round completed in November 2019. The company’s co-founders, Manish Kumar and Anurag Jain, hold stakes of 20.09% and 15.36%, respectively, while Tiger Global owns 13.76%.
In FY24, total expenses rose slightly to Rs 72.79 crore from Rs 72.41 crore in FY23. Employee benefit costs formed the largest share, accounting for 50.64% of expenses, a marginal decrease from 53.25% in FY23. Advertisement costs were reduced from 2.48% in FY23 to 1.83% in FY24, reflecting cost control measures. Depreciation expenses also dropped to 0.36% of total expenses, compared to 0.45% in FY23.
Despite this growth, the company continued to operate at a loss, reducing its net loss by 21% to Rs 31.21 crore in FY24 from Rs 39.16 crore in FY23. While losses persist, EBITDA margins showed improvement, moving from -116.73% in FY23 to -74.28% in FY24. However, the ROCE declined further, reaching -45.97% in FY24 from -40.23% in FY23.