SUMMARY
- PeepalCo, the holding company for CoinSwitch, saw its revenue from operations drop by 46% to Rs 38 crore in FY24.
- Its total expenses shrank by 36.7% to Rs 318.6 crore in FY24.
- CoinSwitch managed to reduce its losses by 65% to Rs 151.4 crore.
PeepalCo, the holding company for leading cryptocurrency exchange in India, CoinSwitch, saw its revenue from operations drop by 46% to Rs 38 crore ($4.56 million) in FY24 from Rs 70.2 crore ($8.41 million) in FY23, as per the parent entity’s consolidated financial reports filed in Singapore.
PeepalCo owns and operates the following two businesses: cryptocurrency trading through CoinSwitch and equities trading through Lemonn.
CoinSwitch acts as a virtual digital assets (VDA) exchange aggregator, connecting buyers and sellers. Its main source of income is transaction fees for facilitating exchanges between users and other digital assets exchanges. Additionally, it operates an online trading platform that connects market makers and large-scale traders in the digital assets market.
PeepalCo earned a significant portion of its income from non-operating sources such as investment sales, interest income, reversal of provisions on digital assets, and other gains. This non-operating income amounted to Rs 149.13 crore ($17.86 million) in FY24.
The company spent the most on employee benefits, which saw a 17% drop to Rs 208.42 crore in FY24. The expenses related to computer and IT also declined by 19% to Rs 36.91 crore, while the costs for depreciation and amortization rose by 6.7% to Rs 18.54 crore. Its total expenses shrank by 36.7% to Rs 318.6 crore ($38.15 million) in FY24.
CoinSwitch managed to reduce its losses by 65% to Rs 151.4 crore ($18.13 million) in FY24 from Rs 434.2 crore in FY23. The company also saw an improvement in its operating cash flow by 36.8% to Rs 95 crore.
The ROCE and EBITDA margins fell to -59.10% and -7.95%, respectively. On a per-unit basis, it spent Rs 8.37 to generate a rupee of operating revenue in FY24.
