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 bottomline growth 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.

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.

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.

(This a developing story and will be updated soon)

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