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RupeeRedee reports 2X surge in revenue in FY24, profits decline

  • October 24, 2024
  • By Team TheKredible
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RupeeRedee achieved a 2X surge in revenue in FY24, rising to Rs 77.7 crore from Rs 38.16 crore in FY23.

Founded in 2017 by Jitin Bhasin, RupeeRedee is a digital lending platform offering short-term personal loans. The platform partners with NBFCs to facilitate loans, leveraging data science and technology for quick underwriting and efficient loan disbursals.

The Gurugram-based fintech has raised a total of Rs 161.06 crore over 6 funding rounds, with the latest being a Series B round in April 2024. The company’s valuation and shareholding structure remain undisclosed.

Competing with platforms like KreditBee and Kissht, RupeeRedee’s expenses rose to Rs 64.58 crore in FY24 from Rs 20 crore in FY23. Advertisement costs accounted for over 50% of the expenses, followed by significant spending on employee benefits and legal and professional fees.

The company’s profits declined reaching Rs 9.80 crore in FY24 compared to the profit of over Rs 10 crore in FY23.

RupeeRedee’s current EBITDA margin and ROCE decreased to 17.39% and 34.14%, respectively.