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News on Medial
Mswipe growth remains sluggish in FY23; cuts losses by 45%
Entrackr
·
1y ago
Medial
Mswipe, a fintech company, showed signs of recovery with a 13.69% growth in revenues at Rs 274 crore during FY23 compared to Rs 241 crore in FY22. The firm also managed to reduce its losses by 45.36%, from Rs 90 crore in FY22 to Rs 49 crore in FY23. The revenue growth was supported by income from MDR (Merchant Discount Rate), which contributed 59% of the total revenue. Transaction processing charges and employee benefit costs were among the major expenses for the company.
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Mumbai-based Mswipe Technologies raises $20M led by Alpha Wave Global, existing investors
IndianStartupNews
·
1y ago
Medial
Mumbai-based digital payments startup Mswipe Technologies has raised $20 million in a growth equity round led by Alpha Wave Global, with participation from existing investors. With this funding, Mswipe aims to expand its merchant payment network, enhance product development, and strengthen its technological infrastructure. The Reserve Bank of India recently granted Mswipe a payment aggregator license, allowing the company to offer comprehensive payment technology solutions. Mswipe plans to diversify beyond offline merchant acceptance devices and focus on payment gateway offerings for mid-tier businesses and MSMEs. The company reported a 14% YoY increase in revenue and reduced losses by 46% for FY23.
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Exclusive: Mswipe To Raise $10 Mn Debt From Alpha Wave Ventures
Inc42
·
1y ago
Medial
Indian fintech startup Mswipe is raising $10 million in debt funding from existing investor Alpha Wave Ventures. The funding comes shortly after Mswipe received a payment aggregator license from the Reserve Bank of India. The company plans to develop an in-house online payment gateway and offer full-stack payment solutions to offline and online merchants. Mswipe, founded in 2011, provides digital payment solutions such as POS terminals, QR codes, and audio devices for payment confirmation. The startup's net loss decreased by 45% in FY23, while revenue from operations rose by 14%. Mswipe competes with PhonePe, Paytm, Ezetap, and Innoviti.
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Mswipe’s FY23 loss declines 45% to INR 49 Cr on lower cash burn
Inc42
·
1y ago
Medial
Fintech major Mswipe Technologies recorded a 45% reduction in its net loss for FY23, amounting to INR 49.1 Cr compared to INR 90 Cr in the previous fiscal year. The company's total expenditure decreased by 3% to INR 328.4 Cr, while revenue from operations saw a 14% increase to INR 274.5 Cr. Mswipe provides digital payments solutions to merchants, including POS terminals, QR codes, and audio devices for payment confirmation. Its expenses mainly consisted of IT costs and employee benefits. The company is awaiting final approval from the Reserve Bank of India (RBI) for a payment aggregator license.
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Apple loses $1B a year on prestigious, minimally viewed Apple TV+
Arstechnica
·
4m ago
Medial
Apple TV+ reportedly incurs over $1 billion in annual losses, with subscriber numbers around 45 million as of 2024. Despite spending cuts from Apple CEO Tim Cook, content budgets previously reached over $5 billion annually. The service remains Apple's only unprofitable one, attributed to limited viewership and modest marketing efforts. Unlike rivals, Apple TV+ lacks ads and price hikes but aims to integrate viewers into the Apple ecosystem. Its long-term strategy remains uncertain.
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Mswipe struggles with growth in FY24, reports Rs 46 Cr loss
Entrackr
·
7m ago
Medial
Mswipe struggles with growth in FY24, reports Rs 46 Cr loss Mswipe struggled with growth in the last fiscal year, as its operating revenue showed little to no increase. However, the Alpha Wave-backed company managed to slightly reduce its losses during the same period. Mswipe’s operating revenue saw a marginal growth of 1%, increasing to Rs 276.9 crore in FY24 from Rs 274.4 crore in FY23, according to its consolidated financial statement filed with the Registrar of Companies. The Mumbai-based firm is a B2B payment service provider offering POS solutions including cards, wallets, mobile payment apps, bank apps, contactless payments, and QR code payments. Transaction processing fees remained the largest revenue source for Mswipe which accounted for 63.09% of total operating revenue. This income grew 7.6% to Rs 174.7 crore in the last fiscal year. Support service fees grew by 4% to Rs 70.1 crore, while income from signup fees declined significantly by 44.4% to Rs 5 crore. Overall, the company’s total income, which includes non-operating revenue, rose by 1.39% to Rs 282.2 crore in FY24. On the expense front, IT expenses, the largest cost component, increased by 5.2% to Rs 164.2 crore, representing 50.16% of total expenses. Employee benefit costs decreased slightly by 2.2% to Rs 77.3 crore. Depreciation expenses rose by 7.1% to Rs 34.5 crore, while other expenses added another Rs 51.3 crore. In the end, Mswipe managed to bring total expenses down marginally by 0.3% to Rs 327.3 crore for the fiscal year ending March 2024. Mswipe reduced its net losses by 5.7%, bringing them down to Rs 46.2 crore in FY24. The company recorded a Return on Capital Employed (ROCE) of -16.94% and an EBITDA margin of -2.09%. On a unit basis, Mswipe spent Rs 1.18 to earn a rupee of operating revenue in FY24. As of March 2024, the firm reported Rs 262 crore in current assets, including Rs 157 crore in cash and bank balance. To date, the startup has raised over $125 million (more than Rs 1,000 crore) from several marquee investors, including Matrix Partners, B Capital, DSG Consumer Partners, Epiq Capital, UC-RNT, and Ola. In February, the Mumbai-based company received a payment aggregator (PA) license from the Reserve Bank of India (RBI) which enables Mswipe to offer full-stack payments to businesses. Mswipe seems to be following a trend of B2B firms in the fintech space focused on cutting losses over growth, in a bid to find a better model. In an increasingly competitive market with fast changing technology and cost dynamics, payment service providers are probably in the toughest corner. 2025 should be the year of reckoning for many.
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After securing PA license, Mswipe raises $20 Mn in Alpha Wave-led round
Entrackr
·
1y ago
Medial
Mswipe Technologies has closed a $20 million growth equity round led by Alpha Wave Global along with the participation of existing investors. The digital payments company recently received a payment aggregator (PA) license from the Reserve Bank of India (RBI). It’s worth noting that the funding has come after a gap of almost five years for the Mumbai-based company. To date, the startup has raised over $125 million from several marquee investors, including Matrix Partners, B Capital, DSG Consumer Partners, Epiq Capital, UC-RNT, and Ola. Fresh capital will help Mswipe expand its merchant payment network, and further strengthen product development and technological infrastructure, the company said in a press release. Mswipe provides a host of offline and online payment acceptance solutions, including point-of-sale devices, UPI, quick response codes and payment links to help offline merchants receive payments digitally. As mentioned above, Mswipe was recently granted the PA licence, which now enables the firm to provide full-stack payment technology providing omni-channel solutions. The PA license solidifies the company’s objective to enhance its suite of offerings while delivering secure payment technology to banking partners, enterprises, and merchants across categories, Mswipe had said in a statement. Mswipe has now joined the likes of Zomato, Decentro, Zoho, Juspay, Razorpay, Cashfree, Open and Enkash which recently received a nod from RBI to operate as an online payment aggregation platform. As per startup data intelligence platform TheKredible, Mswipe’s revenue from operations increased 13.69% to Rs 274 crore in FY23 compared to Rs 241 crore in FY22. Its losses contracted by 45.36% to Rs 49 crore in FY23 from Rs 90 crore in FY22. The company claims that it has been profitable at an EBITDA level for the last five quarters.
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Decoding Mswipe’s latest funding round, valuation and cap table
Entrackr
·
1y ago
Medial
Digital payments company Mswipe Technologies recently announced $20 million in a new round led by existing backers. Apart from the name of investors, the company did not disclose further details. Entrackr has gone through its regulatory filings to decode details such as round break up, shareholding and current valuation. The board at Mswipe has passed a special resolution to allot 7,47,000 compulsory convertible debentures (CCD) at an issue price of Rs 2,000 each to raise Rs 149.4 crore or $18 million, its regulatory filing sourced from the Registrar of Companies shows. Alpha Wave has pumped in Rs 83 crore while B capital participated with Rs 66.4 crore in the fresh funding round. As per the filings, the company’s pre-money valuation stood at $290 million. This is a major slump in its valuation from $450 million during the last equity fundraise in 2019. Mswipe Technologies will use these funds to meet the working capital requirement and support the expansion of the business and for general corporate purposes, the filings added. Following the proceeds, Matrix Partners remains the largest external stakeholder with 21.46% while Alpha Wave and B Capital hold 10.43% and 11.4%, respectively. Its co-founder Manish Patel along with Sheetal Patel commands 14.21%of the company. Head to TheKredible for the complete shareholding pattern. In February, the Mumbai-based company received a payment aggregator (PA) license from the Reserve Bank of India (RBI) which enables Mswipe to offer full-stack payments to businesses. Mswipe provides point-of-sale devices, UPI, quick response codes and payment links. While the company is yet to file its financial statements for FY24, according to the startup data intelligence platform TheKredible, Mswipe’s revenue from operations increased 13.69% to Rs 274 crore in FY23 compared to Rs 241 crore in FY22. Its losses contracted by 45.36% to Rs 49 crore in FY23 from Rs 90 crore in FY22.
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Giva earns Rs 165 Cr revenue, loses 45 Cr in FY23
Entrackr
·
1y ago
Medial
Jewellery startup GIVA reported a revenue of Rs 165 crore in FY23, a significant increase from Rs 84 crore in FY22. Despite the growth in revenue, the company's losses also increased, resulting in a 2.4X surge from FY22 to reach Rs 45 crore in FY23. GIVA's expenses, particularly in marketing and employee benefits, played a role in the increased losses. The company faces challenges in attracting customers, particularly in the affordable jewellery segment. The upcoming fiscal year will determine if GIVA can find a sustainable path to recovery.
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Snapdeal posts Rs 388 Cr revenue in FY23; losses cut 45%
Entrackr
·
1y ago
Medial
Gurugram-based e-commerce platform Snapdeal has reduced its losses by 45% in FY23, reporting losses of Rs 282 crore compared to Rs 510 crore in FY22. The company also achieved profitability in Q3 of FY24. Snapdeal managed to decrease its Adjusted EBITDA loss by 65.6% to Rs 144 crore in FY23. It attributed its improved performance to higher gross margins and increased efficiency in marketing spends through analytics. Snapdeal is focused on achieving break-even and expanding profitability.
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Mswipe Raises $20M After Securing RBI License
Inshorts
·
1y ago
Medial
Mswipe is set to dominate India's digital payment industry after securing $20M in an Alpha Wave-led funding round. It also marks Mswipe's resurgence after a five-year hiatus. With a 13.69% revenue increase in FY23, from addressing local merchant challenges to becoming a market leader, Mswipe showcases its transformative impact on the payment landscape.
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