Chennai-based fintech company Mylapay posted a revenue increase of over 82% in FY24, reaching Rs 3.65 crore compared to Rs 2 crore in FY23.
Founded in 2019, Mylapay is focused on revolutionizing digital transactions by offering fast, secure, and seamless payment solutions for businesses and individuals. The company aims to bridge the gap between traditional payment methods and modern financial technology.
Mylapay was co-founded by Mohanraj Ravi, Santhanakumar D., and Sundar B. The company has raised a total of Rs 4.57 crore through one seed funding round, completed in January 2024. The ESOP pool accounts for 16.59% of the shareholding, while CDM Capital and LetsVenture hold 7.24% and 1.21%, respectively.
The company’s expenses surged by over 94%, rising to Rs 3.26 crore in FY24 from Rs 1.68 crore in FY23. Employee benefit costs made up 50.2% of the total expenses in FY24, down from 59.5% in FY23. Depreciation and finance costs accounted for 3% each of the total expenses in FY24.
Despite the rise in expenses, Mylapay remained profitable, posting a profit of Rs 30.4 lakh in FY24, slightly higher than Rs 29 lakh in FY23. However, the EBITDA margin declined to 16.7% in FY24 from 20.23% in FY23, and the ROCE dropped to 7.33% from 25.39% in the previous year.