Yubi Group Cuts FY24 Net Loss By 22%, Revenue Jumps 47%

Digital lending unicorn Yubi (formerly CredAvenue) managed to trim its losses by over 22% to INR 395.8 Cr in the financial year 2023-24 (FY24), compared to INR 509.8 Cr a year ago, on the back of strong growth in its topline and controlled rise in expenses.

The company’s revenue from operations jumped upwards of 47% to INR 483.7 Cr in the financial year ending March 2024, compared to INR 327.6 Cr the previous year.

Founded in 2017 by Gaurav Kumar, Yubi is a debt platform that connects enterprises with lenders and investors. It also counts Lightspeed, Lightrock and TVS Capital, among its investors.

Yubi Group comprises corporate debt solution platform Yubi, fixed income investment platform Aspero, end-to-end debt collection platform Spocto, credit lifecycle SaaS platform Corpository and credit analytics firm Finfort.

The startup entered the unicorn club in 2022 after raising $137 Mn in its Series B round from Insight Partners, B Capital, Dragoneer Investment Group, among others. The round took its valuation to $1.3 Bn.

Prior to that, the startup raised its $90 Mn in a Series A funding round led by Sequoia Capital.

Segment Revenue

In the financial year ended March 2024, DeHaat earned revenues to the tune of INR 220.53 Cr from its debt online platform, which supports corporate borrowers and debt investors. The company’s platform services had contributed INR 65.07 Cr to its operating revenue the previous year.

The company’s income from the fee it levies for merchant banking and allied services stood at INR 89.38 Cr during the year under review, compared to INR 176.43 Cr a year ago.

Revenue from digital debt collection services almost doubled to INR 133.9 Cr in FY24, compared to INR 67.71 Cr the previous year.

Corporate database services contributed INR 44.46 Cr to DeHaat’s topline in the year ended March 2024, a more than 2X jump from 20.63 Cr a year ago.

Zooming Into Expenses

The Peak XV-backed startup’s total expenses increased marginally to INR 938.8 Cr during the year under review, compared to INR 922.9 Cr in FY23.

Employee Benefit Expense: Yubi reduced its spending under this head by over 12% to INR 379.9 Cr in the financial year ended March 2024, compared to INR 432.4 Cr the previous year.

Depreciation, Depletion And Amortisation Expense: The Gaurav Kumar-led digital lending startup spent INR 134.04 Cr in this bracket in FY24, a more than 66% jump from INR 80.55 Cr a year ago.

Advertising Promotional Expense: Yubi nearly halved its spending under this bucket to INR 35.7 Cr during the year under review, compared to INR 63.5 Cr in the preceding fiscal year.

IT Expense: The company’s spending under this head increased over 21% to INR 86.9 Cr in FY24 from 71.55 Cr in FY23.