Pincap, a fintech startup founded in 1995, posted a significant revenue increase in FY23, rising to Rs 13.18 crore from Rs 7.72 crore in FY22.
The Gurugram-based digital lending platform uses technology and data-driven analytics to evaluate creditworthiness, offering a range of financial products, including personal loans, business loans, and vehicle loans.
Since its inception, Pincap has raised Rs 5.16 crore across three funding rounds by 2018-19. At present the company stands at the valuation of Rs 7 crore competing against Lendingkart and Incred.
Founder Praveen Ranjan Sinha holds the majority share in Pincap, with Randhir Singh owning over 30%. Other shareholders also maintain significant stakes in the company.
In line with its revenue growth, Pincap’s expenses increased in FY23, exceeding Rs 6 crore, up from Rs 5.28 crore in FY22. Legal and professional charges, which account for over 30% of total expenses, were the primary contributors, followed by commissions, employee benefits, and finance costs.
Despite the rise in expenses, Pincap reported a 2X profit increase in FY23, reaching Rs 6.15 crore, compared to over Rs 2 crore in FY22.
With profit and revenue surge, Pincap saw its current EBITDA and ROCE rise to 56.58% and 18.47% respectively.