Kalaari-backed Rubique lost Rs 23 Cr to earn Rs 25 Cr in FY18

Digital lending marketplace Rubique Technologies Pvt. Ltd. in the middle of its Series B funding round has reported its financials for FY18.

The company has clocked a 60 per cent increase in the revenue, up from Rs 15.5 crore in FY17 to Rs 25.2 crore in FY18.

The Manavjeet Singh led company is a fintech platform that focuses on helping individuals and SMEs in scoring loans, credit cards and insurance policies.

Within the revenue, dealing in loans earns the company 49.3 per cent (Rs 12.42 crore), credit cards contribute 49.2 per cent (Rs 12.38 crore), and insurance policies becomes the smallest part with just Rs 9 lakhs worth revenue contribution.

The credit card services provided by the company has seen the highest growth 2.1X in income, up from Rs 5.87 crore to Rs 12.38 crore.

To generate this revenue the company spent Rs 48.47 crore, 47.6 per cent more than Rs 32.83 crore in FY17. Paying out business associates becomes the highest cost for the company, which has increased by 60 per cent to Rs 19.13 crore.

The losses of the company for FY18 have also increased by 34.4 per cent, growing up to Rs 23.18 crore from Rs 17.25 crore in FY17. It also includes non-cash expense like ESOPs & depreciation.

However, the company has improved upon its basic profitability metrics, where by unlike FY17, the losses are lesser than the revenue and income has increased more than the expenses.

In simple words, while the company spent Rs 2.11  to earn a rupee in FY17, the figure reduced to Rs 1.9 in FY18.

Since the beginning of FY18 the company has raised Rs 22.87 crore in Series B. It raised Rs 3 crore from Kalaari Capital in March this year. A month and a half later it raised Rs 16.37 crore from Japan’s Recruit Group and Emery Capital. It again raised Rs 3.5 crore from HNIs in October end this year as a part of the ongoing round.

Fintech is a hot space for investments these days and this growth stage startup is almost on the path to utilise this opportunity in the best way, however, there is still a large scope for improvement.

Note: The post has been updated after getting a response from Rubique over email.