FamPay logs revenue of INR 7.2 Cr against an expenditure of INR 50.6 Cr for FY22

FamPay Fintecj

FamPay was founded by Kush Taneja and Sambhav Jain in 2019 and is India’s first neobank for teenagers and their families. With the services of FamPay, minors can successfully make online (UPI & P2P) and offline payments without the need to set up a bank account. This institution has a user base of over 10 million.

As per the audited financial statements of the company, the revenue from operations was INR 3.06 crores at the end of FY22.

The company’s revenue from facilitating payments was around INR 1.74 crores in FY22, and at the same time, they also generated a revenue of INR 1.2 crores from interchange fees on the use of prepaid cards. 

Apart from the operating revenue, the company also earned INR 4.2 crores in the form of interest and gains on investments. And a few other sources of non-operating revenue took its total revenue to INR 7.26 crores.

According to the expenses sheet, the company spent INR 21.34 crores on employee benefit expenses, this also includes INR 5.53 crores of ESOP expenses. They spent INR 15.14 crores on advertising and promotion expenses. Further, they also incurred a cost of INR 7.11 crores on legal-professional fees. And a cost of INR 2.7 crores as its subscription costs.

During the same period, the company also spent payment gateway charges of INR 31 Lakhs, taking the total expenditure to INR 50.62 crores.

As per the financial analysis, the company’s ratios were as follows: EBITDA margin and ROCE to -583.47% and -18.06% in FY22. Also, the company has spent INR 16.54 to generate a revenue of INR 1.

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