Bengaluru-based fintech company New Street’s revenue ballooned to Rs 37.16 crore in FY23 as compared to Rs 10.67 crore in FY22, marking a significant 3.5X increase.
While the firm saw a little over 99% coming from operations, over Rs 36 crore was generated through rendering services.
Co-founded by Sajeev Viswanathan and Mohit Davar in 2017, New Street specializes in creating and operating Hi-tech ecosystems. Its products include MiFiX, enabling connections between banks, NBFCs, and customers for loan origination, KYC, underwriting, etc.
The company’s rapid expansion came along with increased expenses which rose a massive 3.4X to Rs 35.26 crore in the fiscal year ending March 2023. It had previously incurred expenses worth Rs 10 crore in FY22.
Employee benefits contributed over 19% to this while depreciation and legal and professional expenses took up close to 6% and a little more than 3% respectively.
The six-year-old startup last secured its Series A round of about Rs 30 crore in late 2021. While the round was led by Vittal Kadapakkam and Unitus Ventures, it also saw support from the likes of Rahul Anne, Mohit Davar, and Michael Pizer.
Notably, Sajeev Viswanathan remained the largest shareholder, with significant stakes also held by T&J Capital (20%) and Unitus Seed Fund (16%).
Although New Street’s expenses widened, its profits soared 5X from Rs 38 lakhs in FY22 to Rs 1.93 crore in FY23. Its current EBITDA margin and ROCE stand at 10.38% and 5.11% respectively.