SUMMARY
- INDmoney’s operating revenue surged by 73.2% to reach Rs 70 crore in FY24.
- The total expenses for the company was Rs 233.6 crore in FY24.
- INDmoney reported a 12% increase in its net losses to Rs 82.55 crore in FY24.
INDmoney‘s operating revenue surged by 73.2% to reach Rs 70 crore in FY24 from Rs 40.6 crore in FY23, according to its consolidated financial statements accessed from the Registrar of Companies (RoC).
Tiger Global-backed INDmoney offers its users the opportunity to manage their finances through investments in mutual funds, both domestically and internationally. The company has a user base of 10 million on its platform.
Revenue from its distribution services accounted for 76% of the operating revenue, and saw a rise of 56% to Rs 53.6 crore in FY24 from Rs 37.6 crore in FY23, as per its consolidated financial statements. Meanwhile, revenue from brokerage activities more than doubled, reaching Rs 10.7 crore from Rs 4.1 crore in the same period. Additionally, the company earned an extra Rs 6 crore from allied services in the year under review.
The company also generated Rs 57.7 crore from interest and gains from the sale of its current investments, which brought its total revenue to Rs 128 crore in FY24. This income from interest and gains is attributed to its substantial current financial assets, which amounted to Rs 725 crore at the end of fiscal year 2024.
As for the expenses, the cost of employee benefits was the largest category, accounting for 11% of the total expenses, which increased by 11% to Rs 124.53 crore in FY24 from Rs 111.86 crore in FY23. IT expenses amounted to Rs 57.18 crore, while marketing expenses rose to Rs 33.80 crore in FY24.
The total expenses for the Ashish Kashyap-led company was Rs 233.6 crore in FY24, a 17% rise from Rs 199 crore in FY23.
INDmoney reported a 12% increase in its net losses to Rs 82.55 crore in FY24. Its ROCE and EBITDA margin were -11.47% and -75.6%, respectively. On a unit level, the Gurugram-based company spent Rs 3.32 to earn a rupee in FY24.
Since its inception in 2019, INDmoney has secured a total of $133 million in funding. The company last raised $75 million in January 2022, valuing the company at over $600 million.
