IppoPay witnesses 6X rise in topline in FY23, profits surge Chennai-based fintech IppoPay experienced a remarkable 6X revenue growth, reaching ₹329.77 crore in FY23, up from ₹48.25 crore in FY22. Founded in 2022 by Mohan Karuppaiah and Jai Kumar, IppoPay operates as a payment aggregator, offering solutions like QR codes, sound boxes, and POS systems. The company has raised ₹17.33 crore in funding across three rounds, with its latest seed round in August 2024, and is valued at over ₹90 crore. While revenues soared, expenses also surged 16X to ₹157.38 crore, mainly due to commissions. Profits increased to ₹128.48 crore from ₹28.98 crore in FY22. Despite the growth, the EBITDA margin fell to 53.45%, while ROCE rose to 98.66%. #IppoPay #Fintech #RevenueGrowth #DigitalPayments #FintechIndia #FinancialTechnology #StartupJourney #ChennaiStartups #FinancialServices #BusinessSolutions #TechInnovation #PaymentSolutions #TheKredible #News #Startup #Insights https://thekredible.com/blogs/ippopay-witnesses-6x-rise-in-topline-in-fy23-profits-surge

KreditBee’s NBFC arm posts Rs 200 Cr profit in FY24 KreditBee's NBFC arm, Krazybee, saw substantial growth in FY24, nearly doubling revenue and tripling profit. Krazybee's revenue surged to Rs 1,399 crore from Rs 717 crore in FY23, driven by a 2.5X increase in interest income and Rs 169 crore from fees. Total expenses rose 80% to Rs 1,132 crore, with significant jumps in loan amortization and employee costs. Despite rising expenses, controlled expenditure helped Krazybee triple its profit to Rs 200 crore. Its ROCE improved to 10.5%, with an EBITDA margin of 36%. KreditBee, valued at $700 million, plans to shift its domicile to India, potentially paving the way for an IPO. The company has raised $410 million from key investors like Premji Invest and Newquest Capital. #Entrackr #Fintrackr #Startup #StartupNews #IndianStartup #Krazybee #KreditBee #NBFC #RevenueGrowth #ProfitGrowth #FinancialGrowth #FintechIndia #StartupFunding #IndianStartups #FintechNews #BusinessGrowth #IndiaEconomicNews https://entrackr.com/2024/09/exclusive-kreditbees-nbfc-arm-posts-rs-200-cr-profit-in-fy24/