SUMMARY
- OkCredit reported a 72% increase in its annual revenue, reaching Rs 14.3 crore in FY24.
- The company also managed to narrow its annual loss to Rs 35.2 crore.
- OkCredit’s total expenses declined by 11% to Rs 50.9 crore.
OkCredit reported a significant 72% increase in its annual revenue, reaching Rs 14.3 crore in FY24 compared to Rs 8.3 crore in the previous year. This growth was driven by revenue from advertisements, subscription income, and service fees.
The Tiger Global-backed company also managed to narrow its annual loss, reporting Rs 35.2 crore, down from Rs 47.7 crore in the previous fiscal year, according to filings with the Ministry of Corporate Affairs.
OkCredit, founded in 2017 by Harsh Pokharna, Gaurav Kumar, and Aditya Prasad, provides an app-based solution that helps merchants digitally record credit and payment records for their businesses.
During FY24, OkCredit’s total expenses declined by 11% to Rs 50.9 crore. The company was able to reduce its finance costs, depreciation expenses, and other expenses. However, there was a marginal increase in employee benefit expenses, which rose to Rs 26.9 crore in FY24 from Rs 26.1 crore in FY23.
The rise in revenue from operations and other income contributed to a 65% increase in OkCredit’s total income, which reached Rs 15.7 crore in FY24, up from Rs 9.5 crore in the previous fiscal year.
Initially, OkCredit struggled to generate revenue from its operations, despite receiving funding from prominent investors like Lightspeed and Tiger Global. However, the company has now managed to demonstrate signs of revenue growth and a focus on narrowing its losses.
