Advertisment

CoinSwitch’s parent PeepalCo revenue declines to Rs 38 Cr in FY24, losses shrink 65%

CoinSwitch’s parent entity PeepalCo, one of the leading cryptocurrency exchanges in India, has continued to struggle with a declining scale for consecutive fiscal years (FY23 and FY24).

Harsh Upadhyay and Md Salman Ashrafi
New Update
coinswtich img

CoinSwitch’s parent entity PeepalCo, one of the leading cryptocurrency exchanges in India, has continued to struggle with a declining scale for consecutive fiscal years (FY23 and FY24). After an 84% dip in FY23, its operating revenue shrank by 46% in the fiscal year ending March 2024.

CoinSwitch’s parent revenue from operations dropped to Rs 38 crore ($4.56 million) during FY24 as compared to Rs 70.2 crore ($8.41 million) booked in the previous fiscal year, the company’s consolidated financial statements filed by the parent entity (PeepalCo) in Singapore show.

PeepalCo owns and operates two businesses: cryptocurrency trading through CoinSwitch and equities trading via Lemonn.

publive-image

CoinSwitch operates as a virtual digital assets (VDA) exchange aggregator, connecting buyers and sellers of digital assets. The company’s revenue comes primarily from service fees for facilitating transactions between users and third-party VDA exchanges. It also operates an electronic exchange platform, linking market makers and other large-volume traders in the VDA space.

Importantly, PeepalCo generated a large chunk of revenue from investment sales, interest income, reversal of provisions on digital assets, reconciliation gains on digital assets, and others. This non-operating income stood at Rs 149.13 crore or $17.86 million in FY24.

publive-image

To check complete Expense Breakdown visit thekredible.comView full data

Coming to the expenditure, CoinSwitch’s parent spent the most on employee benefits which shrank 17% to Rs 208.42 crore in FY24. Computer & IT expenses also saw a dip of 19% to Rs 36.91 crore while depreciation and amortization costs went up 6.7% to Rs 18.54 crore.

Visit TheKredible for more details.

Overall, the company’s total expenditure declined 36.7% to Rs 318.6 crore ($38.15 million) during FY24.

Followed by the cost-cutting measures, CoinSwitch managed to cut down its losses by 65% to Rs 151.4 crore ($18.13 million) in FY24 against Rs 434.2 crore in the previous year. The operating cash outflows also improved to the tune of 36.8% to Rs 95 crore.

publive-image

As per TheKredible, the EBITDA margin and ROCE registered at -59.10% and -7.95%, respectively. On a unit level, CoinSwitch spent Rs 8.37 to earn a rupee of operating revenue in FY24.

CoinSwitch
Advertisment
Fetch New URL