Gurugram-based StrideOne, a tech-led financial services platform catering to startups and MSMEs, witnessed its revenue grow by 24.7% in FY24, reaching Rs 78.18 crore, up from Rs 62.65 crore in FY23. The company, founded in 2022 by Ishpreet Singh Gandhi and Sameer Mahajan, specializes in customized financial solutions for MSMEs and supply chain partners of startups (anchors), enabling access to growth capital and untapped borrower segments.
Its operating revenue contributed over 88% of the total revenue in FY24, up from over 86% in FY23. Its operating revenue streams include interest income on loans and advances, which contributes over 82% to operating revenue, and revenue from the sale of services, which contributes over 17% to operating revenue.
StrideOne has raised a total of Rs 365.48 crore in funding over 2 rounds. Their latest funding was raised in December 2023 from a Series A round.
StrideOne’s shareholding is distributed as follows: Ishpreet Gandhi owns 43.42%, while the ESOP pool accounts for 5.22%. Rising Straits holds 1.59%, and both Sumanta Datta and Sanjoy Datta each hold 1.12%.
The company’s expenses surged to Rs 73.75 crore in FY24, up from Rs 51.70 crore in FY23, leading to a loss of Rs 2.97 crore in FY24 compared to a profit of Rs 4.86 crore in FY23. Key expense categories and trends include:
- Employee Benefit Costs: Increased to 34.25% of total expenses in FY24, up from 31.62% in FY23.
- Finance Costs: Declined to 47.27% of total expenses in FY24, from 51.46% in FY23.
- Depreciation: Significantly reduced to 1.15% of total expenses in FY24, from 13.64% in FY23.
- Advertisement Costs: Newly introduced in FY24, accounting for 0.225% of total expenses.
Despite the rise in revenue, StrideOne faced challenges in profitability. Key financial metrics include:
- EBITDA Margin: Declined to 51.36% in FY24, from 71.21% in FY23.
- ROCE: Dropped to 0.59% in FY24, from 34.82% in FY23.
With its headquarters in Gurugram, StrideOne is a promising fintech player focused on transforming financial access for MSMEs and startups, backed by innovative solutions.