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Havish Gupta

Figuring Out • 11h

Remember Fampay? That struggling fintech startup made for teens. That startup has finally turned profitable, reporting a profit before tax of ₹10-12 crore with about ₹100 crore revenue (Entrackr reported). And it's really a big deal considering the fact that they couldn't raise a single funding round since 2021 while the company itself was bleeding money. Just look at their financials (Revenue/Profit): FY21: 0.35 Cr / -13.2 Cr FY22: 3.06 Cr / -43.36 Cr FY23: 3.8 Cr / -120 Cr FY24: 25.16 Cr / -13.51 Cr FY25: 90-100 Cr / +10-12 Cr And here's how they pulled this off: 1) Making it for everyone: They made it universal, which means along with teens, anyone with a bank account can use it just like a regular UPI app like GPay or PhonePe. 2) High charges: While the app is free to use, there are charges for everything from adding a custom UPI handle to money loading, from a custom PUBG theme QR page to subscription fees. 3) Offering gold and gift card purchases: Unlike other UPI apps, Fam doesn't have any fee payment systems, so they let you invest in gold and purchase gift cards, and that's where they make some flat commission fees. And 4th and most Importantly, they launched NAMASPAY last year, an app that allows foreigners to make UPI payments in India. For that, they charge a flat registration fee of ₹1,650 along with 4% and 1% fees for adding and withdrawing money respectively, while the UPI payments are free. International users just have to register with their mobile number and after a KYC, one can go ahead with making UPI payments by adding money with their credit cards. Because of all these reasons, FamApp (formerly FamPay) is now the 8th most used UPI app in India, standing just behind Cred and Axis Bank, processing over 112 million transactions monthly. Now, it's finally raising another funding round by Elevation Capital of $15 million. Also, I'm personally using FamPay for a very long time and they have improved their service a lot. Not even a single transaction has failed since I started using it, while in the beginning, every 3rd - 4th transactions used to just randomly fail. However, everything isn't working well for them. Taneja, one of the original co founder is leaving the company while investors are demanding exits. Still, they're performing way better than anyone expected, and they'll surely keep growing while tackling these issues. What do you think?

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I don't think this is gonna help. Now we aldredy have UPI and it's more convenient to pay through bank account rather adding money into Wallet again and again

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