Money View Turns Profitable, FY22 Operating Revenue Surges To INR 253 Cr

Bengaluru-based lendingtech soonicorn Money View reported a consolidated net profit of INR 17.72 Cr in the financial year 2021-22 (FY22) as against a net loss of INR 46.81 Cr in the previous financial year as its revenue growth outpaced the rise in expenses.

The startup’s revenue from operations jumped 4.27X to INR 253.25 Cr in FY22 from INR 59.24 Cr in FY21. As a lendingtech platform, Money View earns most of its revenue from facilitation charges, processing fees, and interest from borrowers.

Including other income, total revenue rose to INR 258.04 Cr from INR 65.76 Cr in FY21.

Meanwhile, Money View’s total expenses more than doubled to INR 240.46 in FY22 from INR 112.54 Cr in the previous fiscal. 

Employee benefit expenses grew 1.34X to INR 58.19 Cr from INR 43.29 Cr in FY21. The startup paid more than INR 52 Cr in salaries during the year ended March 31, 2022, while it also spent INR 4.27 Cr on employee stock options.

At INR 167.81 Cr, other expenses, including legal professional charges, advertising expenses, and miscellaneous expenses, among others, accounted for nearly 70% of the total expenses.

The soonicorn’s advertising promotional expenses surged 3.11X to INR 40.57 Cr from INR 13.06 Cr in FY21. 

Money View also spent about INR 28.81 Cr on legal and professional charges in FY22, up from INR 3.80 Cr in FY21. However, the startup noted that the amount also included INR 25.59 Cr in the amortisation cost of stock appreciation rights issued to certain advisors and consultants.

At INR 84.21 Cr, miscellaneous expenses accounted for nearly half of the other expenses.

From a unit economics perspective, Money View spent INR 0.95 to earn every INR 1 as operating revenue. 

Founded in 2014 by Puneet Agarwal and Sanjay Aggarwal, Money View offers customised loans and BNPL products of up to INR 5 Lakh to individual customers. It also offers personal financial management solutions to individuals.

The startup claims to have recorded more than 40 Mn app downloads and a total loan disbursal of INR 9,000 Cr to date. The soonicorn also claims to have assets under management (AUMs) of over $800 Mn.

The startup raised $150 Mn across two funding rounds of $75 Mn each in March and December 2022. After the last funding round, Money View’s valuation stood at $900 Mn, just shy of unicorn valuation. 

Money View, which competes against the likes of ZestMoney, Kissht and Lendingkart, is backed by marquee investors such as Tiger Global, Winter Capital, Evolvence India, Accel and Apis Partners. It has raised over $180 Mn in funding to date.

Speaking of competition, while Kissht reported a consolidated profit of INR 62.6 Cr in FY22, Lendingkart and ZestMoney reported a consolidated loss of INR 203 Cr and INR 399 Cr, respectively.