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Peak XV backed FloBiz recorded a 76% rise in scale in FY23, profits grow 60%

  • February 9, 2024
  • By Team TheKredible
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Peak XV backed FloBiz recorded a 76% rise in revenue to Rs 44.9 crore in FY23 as compared to the preceding fiscal year’s Rs 25.4 crore. Subsequently, the firm’s revenue from operations increased 78.8% same year.

The Bengaluru-based company is a neobank for SMBs. The platform’s products and solutions are designed to introduce a new way of doing business for small and medium enterprises with the use of technology. Its offering include myBillBook which digitizes invoicing and other accounting practices. It supports Hindi, Gujarati and Tamil as well as English.

Established by Rahul Raj, Aditya Naik, and Rakesh Yadav, Flobiz is backed by the likes of Sequoia Capital, Elevation Capital, Greenoaks Capital, Beenext and Think Investments. The company claims to have over a million monthly active users and sees transactions worth over $1 billion every month from SMBs.

The five-year-old company has raised a total of over Rs 324 crore since inceptions. Its latest round held on late 2021 scooped by over Rs 228 crore led by Peak XV Partners and Think Investments. The round also saw support from the likes of Beenext, Elevation, Paytm’s Vijay Shekhar Sharma, and CRED’s Kunal Shah among others.

As for expenses in FY23, the SaaS based firm saw over 68% of the total expenses being contributed from employee benefit costs. This was a 2.2X rise as compared to the previous fiscal year’s over Rs 11 crore used by the same segment. The company’s overall expenses spiked 1.8X to Rs 38.3 crore the same fiscal year.

In FY23, Flobiz witnessed profits amounting to Rs 4.9 crore, a 60% growth when compared to FY22. Its EBITDA and ROCE stood at positive 18.5% and 53.3% respectively.