Moneyview, a Bengaluru-based fintech startup, reported a significant 75% increase in operating revenue to INR 1,012 Cr for FY24, up from INR 576.75 Cr in the previous fiscal year.
The company's net profit saw a modest rise of 5.2% to INR 171.15 Cr, despite total expenses more than doubling to INR 1,190.94 Cr, driven by higher employee benefits and finance costs.
Achieving unicorn status in September, Moneyview has expanded its digital lending services to 200 Mn users across 200 cities, primarily in Tier II and III cities, and raised over $188 Mn in funding to date.
Inc42 Daily Brief
Stay Ahead With Daily News & Analysis on India’s Tech & Startup Economy
Bengaluru-based fintech startup Moneyview reported a 75% increase in the operating revenue to INR 1,012.01 Cr for the financial year ending March 2024 (FY24) from INR 576.75 Cr in the previous fiscal year.
The company also witnessed a marginal rise in the net profit at INR 171.15 Cr in FY24, up 5.2% against INR 162.57 Cr in the previous fiscal year.
Total expenses more than doubled with a 131.1% increase to INR 1,190.94 Cr in the period under consideration from INR 515.34 Cr in FY23. Of these, the employee benefit expenses accounted for INR 157.05 Cr while finance costs rose to INR 127.27 Cr for the fiscal year.
Moneyview attained the coveted unicorn status in September after raising INR 38.6 Cr from Accel India and Nexus Ventures. The loan book stood at INR 1,960.81 Cr by March 2024.
Founded in 2014 by Puneet Agarwal and Sanjay Aggarwal, Moneyview started as a personal finance management platform before pivoting to digital lending in 2016.
The company currently serves 200 Mn users across 200 cities, with 75% of its user base coming from Tier II and III cities. The platform supports 10 regional languages including Hindi, Gujarati, Bengali, Tamil, Telugu, and Kannada.
Moneyview has raised over $188 Mn in funding to date, including a $75 Mn Series E round led by Apis Partners in December 2022 at a $900 Mn valuation. The company counts Tiger Global, Accel, Ribbit Capital, Winter Capital, and Evolvence India among its backers.
The startup became the sixth Indian company to achieve unicorn status in 2024, joining Krutrim, Perfios, Porter, Ather Energy, and Rapido in the unicorn club.
{{#name}}{{name}}{{/name}}{{^name}}-{{/name}}
{{#description}}{{description}}...{{/description}}{{^description}}-{{/description}}
.svg){kind=logo}
Note: We at Inc42 take our ethics very seriously. More information about it can be found here.