WazirX ends FY22 with a profit of $7 Mn; generates $108.4 Mn revenue

WazirX

WazirX, an Indian crypto-exchange platform was founded in 2018 by Nischal, Sameer, and Siddarth. The company’s mission is to involve every Indian in the Blockchain revolution. WazirX allows its users to buy, sell, and trade various crypto assets like Bitcoin, Ether, Litecoin, and more.

As per the audited financial statements of the company, the company has generated a total revenue of $108.4 million during FY22.

The company generates its revenue mostly through the commission of trading; they have generated $101.9 million (INR 774.4 crores) during FY22. And the ancillary activities like software development services have generated around $7 million in revenue for the company.

The company spent extensively on marketing and promotion activities. They have spent nearly $79.6 million during FY22 only on marketing. The company has also spent a lot on hiring and providing benefits to its employees during the year, which took the total employee cost to $5.25 million, and the cost of payment gateway was around $2.3 million during the same period.

The company has spent $3.8 million on its server charges taking the total expenditure for the financial year to $101.4 million.

With the huge spike in the scale and revenue of the organization, their profits skyrocketed to $7 million in FY22. As per the financial analysis, the company’s financial metrics ROCE and EBITDA margin also improved and remained at 87.06% and 6.46% respectively at the end of FY22.

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