Freo, a digital banking platform, reported gross revenue of Rs 350 crore for the financial year 2023-24 (FY 24) on Tuesday. The company said in a statement that it has been profitable for the last four months since December 2023.
Freo’s gross revenues jumped fivefold to Rs 350 crore over the past five years. “Notably, Freo has consistently maintained a positive contribution margin for three consecutive years, a testament to its disciplined approach to growth and profitability,” the statement added.
The company, with a presence in over 1200 cities, claims to have increased its user base from 15 million in FY22 to a 25 million by the end of FY24. According to the company, 60 per cent of Freo’s customers are returning users from its registered base, with over 20 per cent having multiple products.
Freo Co-founder Anuj Kacker said, “Freo’s journey from being only a mono-product (MoneyTap) to becoming India’s leading financial app (Freo) has been one of perseverance, innovation, and an unwavering focus on serving the overlooked millions of middle-income Indians. Our remarkable growth, profitability, and the trust of over 25 million registered users is a testament to the power of our technology, customer-centric products, and our mission of democratizing financial inclusion. As we look ahead, we remain committed to breaking new ground and transforming how India accesses financial services through our secure, unified one app ecosystem.”
Recently, Freo secured an investment from SIDBI. Additionally, Freo’s NBFC arm has issued its first private placement of non-convertible debentures, which were oversubscribed, as shared by the company.
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