NeoBank Fi clocks a surge in revenue at INR 25 Cr for FY22; Losses at INR 245 Cr

Fi Money

Fi is a financial application founded by Ex-Google employees Sujith Narayanan and Sumit Gwalani in 2019 in Bangalore. Fi provides financial assistance and accommodation with or without security and interest for short, long and medium term by way of discounting cheques, bills, or any other negotiable and transferable documents.

As per the audited financial records, the company’s net revenue from operations skyrocketed to INR 21 crores by the end of FY22. 

The proceeds from the platform services are the major source of revenue for the company, they earned INR 15.38 crores from this. They earned around INR 5.62 crores through marketing and also earned INR 4.66 crores as its non-operating revenue through interest on bank deposits and some other sources of revenue taking the total revenue to INR 25.67 crores.

The things we can do using Fi include P2P payments, fund transfers, bill payments, and more, with features to automate every action. We can also get a Fi Debit card, insights on spending, and tools to grow our investments and earn rewards.

As per the cost sheet of the company, the advertisement expenses were INR 159.2 crore in FY22. The Employee benefits expenditure stood 2nd place in the expenses list at INR 72.56 crores during FY22, this cost also includes ESOP cost of INR 18.92 crores.

Apart from these, the company has raised its expenses exponentially in technical consultancy, IT, and communication, they spent INR 15 crores and INR 10.4 crores respectively in these areas. They also spent INR 1.86 crores on legal and professional fees taking the total expenditure to INR 270.87 crores during FY22.

As a result of the high expenditure, the company closed its business operations with an overall loss of INR 245.22 crores, the amount of loss has to be attributed to the huge growth in revenue during FY22.

As per the financial analysis, the EBITDA margin and ROCE of the company improved to -951.69% and -85.40% respectively. And, the cost-revenue ratio is at 12.9:1, which means the company has spent INR 12.9 to generate INR 1 as its revenue during FY22.

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