SUMMARY
- Wealthy’s revenue from operations grew 2.3X and reached Rs 8.5 crore in FY24.
- The company’s total expenses fell by 5.6% to Rs 25.7 crore in FY24 from 27.2 crore in FY23.
- It reported a net loss of Rs 16.75 crore in FY24, dropping 25% from FY23.
Bengaluru-based wealthtech Wealthy’s financial report with the RoC reveals that its revenue from operations grew 2.3X, reaching Rs 8.5 crore in FY24 from Rs 3.6 crore in FY23.
Wealthy offers investment management and monitoring solutions for individual investors, in addition to providing advice services. It manages investments worth over Rs 4,500 crore through its platform, with the fees it charges for its services being its only revenue stream.
The cost of employee benefits was the largest expense, making up 50% of the company’s total expenditures, with a 21% YoY decrease to Rs 13 crore in FY24. The cost of depreciation doubled as compared to FY23 and was 20% of the total.
The company’s total expenses fell by 5.6% to Rs 25.7 crore in FY24 from 27.2 crore in FY23.
Despite these financial gains, Wealthy reported a net loss of Rs 16.75 crore in FY24, though dropping 25% from FY23. Its ROCE was -33.06%, and its EBITDA margin was noted -60.64%. The company spent Rs 3.03 to earn a rupee in operating income.
Wealthy has raised a total of Rs 117.27 crore, including Rs 45 crore in its Series B funding round led by Falcon Edge’s Alpha Wave Incubation Fund. Alpha Wave is the largest stakeholder in the company, holding close to 23% of the company’s shares as per the Series A round.
