In the fiscal year 2023, CASHe, a fintech company, saw its revenue surpassing Rs 560 crore while maintaining profitability.

CASHe, a Mumbai-based company offering personal loans and credit line services, experienced rapid growth in the post-pandemic period, with its revenue crossing Rs 560 crore in the last fiscal year. However, despite this expansion, the company's profits saw a slight decrease during the same period.

Led by V Raman Kumar, CASHe focuses on providing mobile application-based loans and other related services to millennials and Gen Z in India. Its revenue from operations surged to Rs 560.6 crore in the fiscal year ending March 2023, a significant increase from Rs 257.5 crore in FY22, as per its financial statements.

The company primarily generates income from financial services, such as interest on loans, which accounted for 93% of its total collections, with the remainder coming from IT services. Additionally, it earned Rs 17.16 crore through interest and gains on financial assets.

However, the company faced rising expenses, notably in finance costs, advertising, and promotional expenses, as well as impairment losses on financial assets. As a result, its total expenditure increased substantially to Rs 544 crore in FY23.

Despite the significant increase in scale, CASHe's profits declined by nearly 7% to Rs 26.3 crore in FY23 compared to the previous fiscal year. This decrease in profitability was attributed to the rising expenses and cash burn, leading to a 47.4% increase in cash outflows from operations.

Furthermore, the company's EBITDA margin worsened to 27.65% in FY23, and on a unit level, it spent Re 0.97 to earn a rupee of operating revenue during the same period.