Easebuzz Reports Double of Sales to Rs 236 Crore in FY23 Despite Surging Demand

By siliconindia  |  Tuesday, 18 July 2023, 14:22 IST

Easebuzz Reports Double of Sales to Rs 236 Crore in FY23 Despite Surging Demand
Fintech startup Easebuzz has achieved significant growth, doubling its revenue to Rs 236 crore in FY23, driven by increased demand following the Reserve Bank of India’s directive to competitors like Razorpay, Cashfree, and Stripe to pause onboarding new merchants. The company also tapped into the Business-to-Government (B2G) segment, contributing to its success.
Siddharth Dani, CFO of Easebuzz, stated, “We closed our financial year with revenues of around Rs 236 crore and we have generated an Ebitda which is about Rs 4 crore and net profit is also around Rs 95 lakh. We have always been a profitable company.”
The RBI’s directive to other players in the industry created opportunities for Easebuzz as businesses sought alternatives. The company also recently onboarded Indian Railways Catering and Tourism Corporation as a customer.
While aiming for an annualized revenue run-rate (ARR) of $100 million in the next 12-18 months, Easebuzz experienced a drop in profitability from FY22 to the current fiscal year. However, the CFO explained that the shift in clients, compliance investments, and the adoption of credit card payments impacted the gross profitability.
Easebuzz, founded in 2016, is a full-stack technology platform providing payment acceptance, payouts, and financial operations solutions. Its sector-specific payment stacks cater to various industries such as education, e-commerce, real estate, travel, hospitality, and BFSI.
Looking ahead, Easebuzz plans to enter the lending business and is in discussions with investors for funding. The company also considers a future IPO but emphasizes the need to ensure compliance with regulatory requirements before proceeding. Currently, Easebuzz serves a diverse clientele, including IRCTC, BigBasket, Symbiosis University, MTDC, Akshaya Patra, and DLF.

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