Fintech Unicorn slice Spent INR 1.5 To Earn Every Rupee In FY23

Fintech Unicorn slice Spent INR 1.5 To Earn Every Rupee In FY23

SUMMARY

slice’s parent Garagepreneurs Internet Private Limited saw its consolidated net loss jump 60% YoY to INR 405.8 Cr in FY23

slice’s bottom line took a hit during the year under review despite a 199% jump in operating revenue to INR 846.7 Cr

In October last year, slice said it was merging with the North East Small Finance Bank

Garagepreneurs Internet Private Limited (GIPL), the parent entity of fintech unicorn slice, posted a 60% jump in its consolidated net loss to INR 405.8 Cr in the financial year 2022-23 (FY23) from INR 253.7 Cr in the previous fiscal year.

It must be noted that credit rating agency CARE Ratings, in a report last month, attributed GIPL’s loss in FY23 to higher opex and a sharp reduction in assets under management (AUM) due to the various regulatory changes.

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