Mswipe Reports a Loss of Rs 46 Crore in FY24
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New Delhi, Dec 30 (NationPress) Mswipe, a leading provider of point of sale (POS) solutions, has reported a loss amounting to Rs 46.2 crore for the fiscal year FY24, compared to a loss of Rs 49 crore in FY23.
The company’s income and expenses remained relatively stable compared to the previous fiscal year. In FY24, Mswipe's total expenses were Rs 327.3 crore, slightly down from Rs 328.3 crore in FY23.
A significant portion of these expenses, approximately 50.16 per cent, was attributed to IT expenditures, which saw a year-on-year increase of 5.2 per cent to reach Rs 164.2 crore.
In contrast, employee-related expenditures saw a decrease of 2.2 per cent, totaling Rs 77.3 crore during the same timeframe. Additionally, there was a rise in depreciation expenses, which increased by 7.1 per cent to Rs 34.5 crore, while other expenses amounted to Rs 51.3 crore.
The total income for Mswipe in FY24 was Rs 276.9 crore, up from Rs 274.4 crore in FY23.
Transaction processing fees constituted the largest share of the company’s operating income, making up 63.09 per cent of it. This segment saw a growth of 7.6 per cent year-on-year, totaling Rs 174.7 crore in FY24.
Furthermore, income from support services fees rose by 4 per cent to Rs 70.1 crore, whereas income generated from signup fees significantly dropped by 44.4 per cent, amounting to Rs 5 crore.
Mswipe's return on capital employed (ROCE) was recorded at -16.94 per cent, with an EBITDA margin of -2.09 per cent.
Last fiscal, the company incurred Rs 1.18 in expenses for every rupee earned.
As of the end of FY24, Mswipe held current assets worth Rs 262 crore, which included a cash reserve of Rs 157 crore.
Based in Mumbai, Mswipe is a B2B payment service provider that offers a variety of POS solutions, including card payments, mobile wallets, bank applications, contactless payments, and QR code transactions.
To date, the startup has successfully raised over Rs 1,000 crore from various investors, including Matrix Partners, B Capital, DSG Consumer Partners, Epic Capital, UC-RNT, and Ola.
