Yubi revenue grows 47% to Rs 484 Cr in FY24, losses down 22%

Yubi (formerly CredAvenue) continued its growth journey in the fiscal year ending March 2024, with operating revenue rising by 47.6%. Moreover, the firm reduced its losses by over 22% through operational efficiency and cost optimization during the same period.

Yubi’s revenue from operations spiked to Rs 483.7 crore in FY24 compared to Rs 327.57 crore in FY23, as its consolidated financial statement filed with the Registrar of Companies (RoC) shows.

Yubi is a debt platform that generates revenue by facilitating debt restructuring, credit assessment, and collections for enterprises, banks, fintechs, and non-banking financial corporations. It offers six products, including a lending marketplace, a supply chain financing marketplace, and dedicated real estate and infrastructure financing solutions.

The company made 45.6% of its operating income from platform services which stood at Rs 220.54 crore in the last fiscal year. Collection revenue, or interest earned on loans, brought in Rs 133.95 crore in FY24. Income from fee-based services and corporate database offerings contributed Rs 89.38 crore and Rs 44.46 crore, respectively.

Employee benefits was the largest cost element for Yubi which decreased 12.1% year-0n-year to Rs  Rs 379.98 crore in FY24. Depreciation and amortization costs rose significantly by 66.5% to Rs 134.05 crore whereas other operational expenses such as IT and marketing costs spiked 9.4% to Rs 405.09 crore in the last fiscal year.

With a modest year-on-year increase of 1.7%, Yubi’s total expenditure for the fiscal year ending March 2024 was Rs 938.82 crore.

Despite its growth in revenue, Yubi has managed to cut its losses by 22.4% to Rs 395.8 crore in FY24 from Rs 509.83 crore in FY23. Its ROCE and EBITDA margins remained negative at -29.28% and -39.74%, respectively. On a unit basis, the firm spent Rs 1.94 to generate every rupee of operating during the last fiscal year.

Yubi became a unicorn in March 2022 after a $135 million Series B round led by Insight Partners, Dragoneer Investment Group, and B Capital Group.Last year, its valuation touched $1.5 billion after secondary sale. In August, Yubi’s founder and CEO Gaurav Kumar invested Rs 250 crore ($30 million) in equity capital in the company. Yubi’s NBFC arm Vivriti Capital holds a little over 50% stake in the company. 

Check the complete shareholding pattern at TheKredible.