Mumbai based fintech Trica’s scale dropped over 28% to Rs 5.7 crore in the fiscal year ending March 2023 as compared to FY22’s Rs 8 crore.
FY23 generated over Rs 5 crore from the sale of services contributing more than 94% to the company’s overall revenue. It previously saw over Rs 7 crore coming in through operations in FY22.
Founded by Nimesh Kampani and Sanjay Jha, Trica is LetsVenture’s equity management and growth stage transactions platform.
Its product lineup includes ‘Trica equity’, a SaaS solution for cap table and ESOP management, and ‘Trica capital’, a platform that aids in investing for family offices and UHNIs in growth and pre-IPO companies.
The platform provides startups with tools for equity management, ESOP digitization, cap table organization, and HR advisory among other services.
The three year old firm recorded an over two fold rise in its expenditure for the fiscal year ending March 2023. While employee benefit costs weighed heavily contributing over 70% of the overall expenses, legal charges and advertising costs took close to 15% and more than 2% respectively.
The firm recorded an overall expense of Rs 17.9 crore in FY23, a considerable gap as compared to it preceding fiscal year’s Rs 8 crore.
The firm raised a Seed round of about Rs 23 crore led by Accel, Secocha Ventures, and Swip Holdings in late 2021. The likes of QED Innovation Labs, Indigo Capital, and Anumap Mittal also participated in the fundraise.
Post the round, while parent company LetsVenture was the majority shareholder, Nimesh Sudhir Kampani held over 7% and Swip Holdings owned more than 5% of the company’s shares.
The equity management platform’s losses rose to Rs 12.2 crore in FY23, a stark growth from FY22’s Rs 38 lakhs. Its current EBITDA margin and ROCE stand at -211.18% and -158.49% respectively.