Easebuzz’s scale doubles to Rs 230 Cr in FY23; remains profitable

Payments infrastructure startup Easebuzz said it achieved around two-fold growth in its operating scale during FY23, and it appears that Payment Aggregator license it procured in August 2022 may have played a pivotal role in driving up the scale.

Easebuzz’s revenue from operations surged 92.2% to Rs 236 crore in FY23 from Rs 122.8 crore in FY22, according to the company’s statement.

“Our annual gross transaction value (GTV) grew 2.5X to Rs 70,000 crore during the previous fiscal year,” read the statement.

Easebuzz is a B2B-focused API-driven payment gateway and aggregator. It claims 400,000 transactions and transaction fee was the sole source of revenue for Easebuzz in the last fiscal year. The company claims to have over 100K customers with an annualized GTV of $8 billion.

The Pune-based firm did not disclose its expense figure and pattern but Fintrackr estimates its annual cost to the tune of Rs 234 crore in FY23, based on the revenue and profit amounts provided by the company. Easebuzz also claimed that it maintained profitability in the last fiscal year and nearly posted Rs 1 crore in net profit with an EBITDA of Rs 4 crore.

“We recorded an annualized revenue of $35 million and aim to cross $100 million in the next 12-18 months,” the statement further added. Easebuzz also anticipates a public listing in the next three to four years.

Easebuzz’s top and bottom lines seem impressive as the company continues to grow its YoY scale and profitability. These numbers also suit the current narrative in the funding environment where investors are prone to backing growing companies with profit or companies with a clear roadmap to profitability. The company’s consistent growth is also attracting investors' interest: Easebuzz is in advanced stages to raise $20 million in a new round from International Finance Corporation (IFC) and existing backers. Entrackr had exclusively reported its potential fundraise in June which will value it in the range of $120 million.