As of FY23, fintech company Upswing recorded a revenue of Rs 1.48 crore. The same year its expenses touched Rs 8.63 crore and it incurred losses amounting to Rs 7.15 crore. It spent over Rs 6 crore on employee benefits and over Rs 90 lakhs on legal and professional charges. The company has a valuation of Rs 128.4 crore.
The previous fiscal year, the company saw a revenue close to Rs 11 lakhs. While expenses closed in at Rs 1.4 crore, losses amounted to Rs 1.3 crore. Over 45% of its expenses occurred in FY22 in employee benefit costs.
Mumbai-based Upswing was established by Anupam Bagchi and Nihar Gupta in 2021. The company’s banking-as-a-service stack aims to help companies to launch new banking products like savings accounts, deposits, and lending services. It raised a total of Rs 30 crore in its maiden and only funding round in February 2022. While the round saw QED Investors as its lead investor, it also saw participation from the likes of Kunal Shah, Jiten Gupta, Rajan Bajaj, Lalit Keshre, Shivashish Chatterjee, Kunal Bahl among others.
Post the round, founders Anupam Bagchi and Nihar Gupta held equal shares of the company and lead investor QED Investors had control over close to 18% of the company shares.
It currently is up against the likes of Delhi-based Pine Labs, Gurugram-based Mobikwik, Bengaluru-based Capital Float, and Ahmedabad-based Lendingkart.