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Digital payment solution provider Easebuzz has doubled its revenue to ₹236 crore in FY23 as compared with ₹123 crore in FY22.
The company’s annual gross transaction value (GTV) processed by it during the year crossed at ₹70,000 crore, which is 2.5x growth rate over FY22. Additionally, Easebuzz recorded a daily volume run rate of 4,00,000 transactions.
In Q1 FY24, Easebuzz is processing an average of billion dollars of GTV per month for its 1,00,000 strong merchant base. The company is looking to clock an annualised revenue run-rate (ARR) of $100 million in the next 12-18 months
Founded in 2016 by Rohit Prasad, Easebuzz is a full-stack technology platform that builds products and services to solve business problems around payment acceptance, payouts and financial operations. The firm’s APIs like FeesBuzz, EasyCollect, InstaCollect and Recurri are solving end-to-end payment collection problems of businesses across various sectors.
As per data available in Tracxn, Easebuzz had reported a net profit of ₹23 crore in FY22, which fell to ₹95 lakh in FY23.
lending space
The Pune-based lending company, is eyeing the lending space. The company plans to set up a separate entity after necessary approvals from the regulator authorities.
“We are in initial stages of venturing into this business. As we do not have an NBFC license we cannot disburse from our own books. Our plan is to set up a seperate entity through which we will seek the necessary approvals from the regulator after which we will be able to operate our own NBFC,” said Siddharth Dani, Chief Financial Officer, Easebuzz.
Fund raising and IPO
The company is also planning to raise funds in the tune of $25-30 million. Easebuzz said that it has ‘sufficient liquidity.’
“We are looking at raising $25-30million. We also are comfortably positioned with sufficient liquidity, and at the same time we also are not burning cash. Having said that, we are not in a rush to raise funds and we will close a deal as long as terms and conditions are favourable to both the existing investors as well as the new set of investors,” he added.
The firm is also mulling to hit the public markets in the next three to four years.
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