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Bottomline: Lightrock-backed axio's FY23 revenue doubles but losses widen too

VCCircle

VCCircle · 1y ago

Bottomline: Lightrock-backed axio's FY23 revenue doubles but losses widen too

Content writer Sashank Rishyasringa's non-banking lender axio has reported doubling its revenue for FY23, although losses also increased. The company, backed by investors including Lightrock, Amazon, Elevation Capital, Sequoia Capital, and Ribbit Capital, serves a significant customer base of approximately 15 million.

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Lightrock-backed axio's FY23 revenue doubles but losses widen too

VCCircle

VCCircle · 1y ago

Lightrock-backed axio's FY23 revenue doubles but losses widen too

Lightrock-backed axio's revenue for FY23 doubled, but the company also experienced wider losses during the period. Non-banking lender axio, with investors such as Lightrock, Amazon, Elevation Capital, Sequoia Capital, and Ribbit Capital, reported improved revenue despite increased losses. Capfloat Financial Services Pvt. Ltd, a subsidiary of axio, claims to have served 15 million customers.

Bottomline: VC-backed fintech startup Olyv doubles revenue, turns profitable

VCCircle

VCCircle · 1y ago

Bottomline: VC-backed fintech startup Olyv doubles revenue, turns profitable

Fintech startup Olyv, formerly known as SmartCoin, has reported a significant increase in revenue and has become profitable. The company, supported by venture capital firms Lightrock and Unicorn India Ventures, saw its operating revenue rise to Rs 250 crore in the last financial year, up from Rs 113 crore. Olyv offers digital lending solutions and aims to provide financial services to underserved populations in India.

Lightspeed-backed SolarSquare nearly doubles revenue in FY25, trims losses

VCCircle

VCCircle · 2m ago

Lightspeed-backed SolarSquare nearly doubles revenue in FY25, trims losses

SolarSquare, a rooftop solar panel provider backed by investors like Lightspeed Venture Partners and Elevation Capital, nearly doubled its revenue in the financial year ending March 2025. The Mumbai-based company also managed to reduce its losses, according to a top executive. SolarSquare is supported by several other prominent investors such as Lightrock, Lowercarbon, Rainmatter, and Gruhas Proptech. This growth reflects increased investment and a strong market presence in the renewable energy sector.

Bottomline: VC-backed Fasal doubles revenue in FY24, keeps loss in check

VCCircle

VCCircle · 10m ago

Bottomline: VC-backed Fasal doubles revenue in FY24, keeps loss in check

Agritech startup Fasal, backed by investors including Omnivore Venture Partners and 3one4 Capital, reported a significant increase in revenue for the financial year ending March 2024. Despite the growth, the Bengaluru-based company managed to control its losses. Fasal raised $12 million in funding earlier this year to support its agricultural monitoring and analytics platform.

Cashfree posts Rs 614 Cr revenue in FY23; losses widen

Entrackr

Entrackr · 1y ago

Cashfree posts Rs 614 Cr revenue in FY23; losses widen

Cashfree, an online payments processor and aggregator backed by State Bank of India, recorded significant growth in operating scale with a 75.43% increase in revenue from operations in FY23. However, its losses also increased to Rs 133 crore from Rs 3 crore in FY22, mainly due to higher employee benefits and payment processing costs. Cashfree's revenue rose to Rs 614 crore in FY23 from Rs 350 crore in FY22, primarily driven by commissions charged to merchants for using its payment infrastructure. The company recently obtained a payment aggregator license from the Reserve Bank of India, which is expected to boost its revenue further.

Fi Money's losses widen to ₹301 Cr, expenses balloon in FY23

YourStory

YourStory · 1y ago

Fi Money's losses widen to ₹301 Cr, expenses balloon in FY23

Fintech firm Fi Money, also known as Epifi Technologies, reported increased losses of Rs 301.07 crore in FY23, a 20% rise from the previous year. However, its revenue from operations grew to Rs 38 crore, with financial services accounting for the majority. Fi Money, founded in 2019, is a neo-banking platform backed by Ribbit Capital, B Capital, Sequoia Capital, and Temasek. The company recently entered the mutual funds space and undertook a restructuring exercise that involved laying off 10% of its workforce.

DealShare FY23 losses widen 14% to Rs 502.7 crore

YourStory

YourStory · 1y ago

DealShare FY23 losses widen 14% to Rs 502.7 crore

Social commerce platform DealShare's FY23 losses widened 14% to Rs 502.7 crore, up from Rs 440.7 crore incurred in the previous year. Total expenses increased marginally to Rs 2,557.6 crore from Rs 2,340.3 crore. The Bengaluru-based firm posted a 5% increase in revenue from operations to Rs 1,963.5 in FY23 from the year-ago period.

Bottomline: PE-backed Apollo Pharmacies sustains revenue growth but stays in the red

VCCircle

VCCircle · 1m ago

Bottomline: PE-backed Apollo Pharmacies sustains revenue growth but stays in the red

Apollo Pharmacies Ltd, backed by private equity, continued to show revenue growth but remained unprofitable for the fourth consecutive year through March 2025. The company's efforts to expand its offline store network and ongoing losses in its online business contributed to its financial challenges, despite being India's largest retail pharmacy chain.

NFT platform Rario’s FY23 losses widen more than ten-fold to Rs 560 crore

Economic Times

Economic Times · 1y ago

NFT platform Rario’s FY23 losses widen more than ten-fold to Rs 560 crore

Cricket-focused NFT platform Rario reported a significant increase in losses to INR 560 crore in FY23, up from INR 47 crore in FY22, due to a write-off of intangible assets related to its NFTs. Operating revenue grew to INR 39 crore from INR 1 crore YoY. Total expenses surged over 12 times to INR 599 crore, with a significant portion attributed to the write-off of intangible assets. The startup, backed by Dream Sports, faced challenges amid a global downturn in crypto assets and legal battles.

General Atlantic-backed Acko’s FY23 revenue growth slows, losses widen

VCCircle

VCCircle · 1y ago

General Atlantic-backed Acko’s FY23 revenue growth slows, losses widen

Insurtech unicorn Acko, backed by General Atlantic, has experienced a slower revenue growth and wider losses for the financial year ending in March 2023. Despite raising $255 million in October 2021, the increase in expenses offset the rise in revenue. Acko has been expanding its services beyond general insurance to include health and life insurance.

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