Exclusive: KreditBee’s NBFC arm posts Rs 200 Cr profit in FY24

KreditBee’s non-banking financial corporation (NBFC) arm, Krazybee, demonstrated notable growth in the fiscal year ending March 2024 (FY24), nearly doubling its revenue and tripling its profit.

Krazybee’s revenues rose to Rs 1,399 crore in FY24 from Rs 717 crore in FY23, according to its standalone annual financial statement sourced by Entrackr.

Krazybee, which facilitates personal loans through both its own and third-party NBFCs and banks, saw its interest income surge 2.5X to Rs 1,225.83 crore in FY24. Income from fees and commissions contributed an additional Rs 169 crore, bringing the firm’s total revenue to Rs 1,400 crore in FY24.

On the expense side, Krazybee's total expenses spiked by 80%, rising to Rs 1,132 crore in FY24 from Rs 630 crore in FY23. The amortized cost of loans accounted for 38% of the total expenses, increasing by 74% to Rs 432 crore. Finance costs grew by 43% to Rs 235 crore in the same period.

Expense Breakdown

FY23

Total ₹ 630.18 Cr

FY24

Total ₹ 1131.94 Cr

• Finance Cost

• Fees and Commision Expense

• Employee Benefit Expense

• Impairment on Financial instruments

• Other Expense

To check complete Expense Breakdown visit thekredible.comView full data

One of the most notable expense shifts was the five-fold increase in employee benefit costs, which jumped to Rs 188 crore in FY24. In contrast, commissions and fees paid to other platforms saw a 24% decline.

Revenue Breakdown

FY23

Total ₹ 717 Cr

FY24

Total ₹ 1399.25 Cr

To check complete Revenue Breakdown visit thekredible.comView full data

The 95% jump in scale and controlled expenditure helped Krazybee to multiply its profit by 3X to Rs 200 crore in FY24 from Rs 65 crore in FY23. The company’s Return on Capital Employed (ROCE) improved to 10.5%, while its EBITDA margin stood at 36%. On a unit level, Krazybee NBFC spent Rs 0.81 to earn a rupee of operating revenue in FY24.

KreditBee has raised approximately $410 million across various funding rounds. According to startup data platform TheKredible, Premji Invest and Newquest Capital are the largest external stakeholders, followed by Alpine Capital, Motilal Oswal Group, and others.

FY23-FY24

	FY23	FY24
EBITDA Margin	35%	36%
Expense/₹ of Op Revenue	₹0.88	₹0.81
ROCE	9%	10.5%

KreditBee was valued at around $700 million during its latest tranche in March. 

The company is also planning to shift its domicile to India from Singapore. The reverse flip will smoothen it’s road to initial public offering (IPO). Entrackr exclusively reported the development in April.