KreditBee NBFC’s FY24 Earnings Hit Rs 200 Cr

Krazybee, the financial arm of KreditBee, showed impressive growth in the last fiscal year, nearly doubling its earnings and tripling its profit. This means that their revenues went up to Rs 1,399 crore in FY24 from Rs 717 crore in FY23. Krazybee helps people get personal loans through different lenders, and they saw a big increase in the money they make from interest, which went up 2.5 times to Rs 1,225.83 crore in FY24. When you add up all the other money they make, like fees and commissions, their total earnings in FY24 reached Rs 1,400 crore.

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In the latest financial year, Krazybee saw a big jump in its expenses, which went up by 80%. This means their total expenses increased to Rs 1,132 crore in FY24 from Rs 630 crore in FY23. A significant chunk of these expenses, about 38%, was due to the cost of loans, which went up by 74% to Rs 432 crore. The finance costs also went up by 43% to Rs 235 crore during the same time period. One of the most noticeable changes in expenses was the five-fold increase in employee benefits expenses, which shot up to Rs 188 crore in FY24. On the other hand, the amount paid in commissions and fees to other platforms decreased by 24%.

The big 95% jump in growth and careful spending really helped Krazybee boost its profits by 3 times in the latest financial year, reaching Rs 200 crore in FY24 from Rs 65 crore in FY23. Their Return on Capital Employed (ROCE) got better at 10.5%, and they managed to keep a good EBITDA margin at 36%. For every rupee they brought in as revenue, Krazybee spent Rs 0.81 at the operational level in FY24. KreditBee, the parent company, has collected around $410 million from different funding rounds. According to startup data from TheKredible, top investors include Premji Invest and Newquest Capital. They are looking to move their operations base from Singapore to India, which could smoothen their path towards going public with an IPO.

Krazybee, the financial subsidiary of KreditBee, achieved remarkable financial growth in FY24, with revenues doubling to Rs 1,399 crore and profits tripling. The substantial increase in earnings, notably from interest, led to total earnings of Rs 1,400 crore. Despite a significant 80% rise in expenses, strategic spending contributed to a threefold increase in profits, reaching Rs 200 crore. Key financial indicators, including a 10.5% ROCE and 36% EBITDA margin, reflect the company’s strong performance. With plans to relocate operations to India and a successful funding history, Krazybee aims to move towards a potential IPO.