KrazyBee Posts Rs 200 Cr Profit In FY24, Revenue Surges 95% YoY

KreditBee’s NBFC arm, Krazybee, showcased significant growth in FY24, nearly doubling its revenue and tripling its profit margins.

In FY24, Krazybee’s revenues increased to Rs 1,399.25 crore, a substantial rise from the Rs 717 crore recorded in the previous fiscal year, as per its standalone annual financial statement sourced by Entrackr.

Krazybee, which facilitates personal loans through both its proprietary entities and third-party non-banking financial corporations (NBFCs) and banks, experienced a remarkable surge in its interest income, increasing by 2.5 times to Rs 1,225.83 crore in FY24.

Additionally, income from fees and commissions saw a significant increase of Rs 169 crore, contributing to the firm’s total revenue reaching Rs 1,400 crore in FY24.

Krazybee’s total expenses escalated by 80%, reaching Rs 1,132 crore in FY24 from Rs 630.2 crore in FY23. The amortized cost of loans represented 38% of the total expenses, which saw a 74% increase to Rs 432 crore. Finance costs also witnessed a notable rise of 43% to Rs 235 crore during the same period.

A notable shift in expenses was observed in the five-fold increase in employee benefit costs, which escalated to Rs 188 crore in the FY24. Commissions and fees paid to external platforms experienced a 24% decline.

This significant increase in scale and controlled expenditure enabled Krazybee to more than triple its profit margins, reaching Rs 200.4 crore in FY24 from Rs 65.1 crore in FY23.

Moreover, the company’s ROCE improved to 10.5%, and its EBITDA margin stood at 36%. On a unit level, Krazybee NBFC allocated Rs 0.81 to generate a rupee of operating revenue in FY24.

KreditBee has secured approximately $410 million across various funding rounds.

Premji Invest and Newquest Capital are the leading external stakeholders, followed by Alpine Capital, Motilal Oswal Group, and others.

In its latest funding round, KreditBee was valued at around $700 million.