INDmoney’s FY23 Net Loss Widens To INR 73.9 Cr, Revenue More Than Doubles

Investech startup INDmoney reported a 7.7% rise in net loss to INR 73.9 Cr in the financial year 2022-23 (FY23) from INR 68.6 Cr reported in the previous fiscal year, hurt by a sharp jump in its employee benefit expenses. The bottom line was hurt despite INDmoney’s operating revenue almost doubling to INR 40.6 Cr during the year from INR 21.8 Cr in FY22.

Founded by Ashish Kashyap in 2019, INDmoney claims to be a one-stop super finance app for saving and investing. The startup allows users to invest in stocks, mutual funds, IPOs, and fixed deposits. Users can also invest in US stocks through the INDmoney app. As such, the startup earns operating revenue from the sale of services, which includes income from advisory and distribution services and income from broking activities.

In FY23, INDmoney earned a majority of its revenue from other income, including gain from sale of investments and other non-operating income.

INDMoney’s other income stood at INR 46.7 Cr in FY23 as against INR 19.7 Cr in the previous year.