HomeStartupMswipe growth remains sluggish in FY23; cuts losses by 45%

Mswipe growth remains sluggish in FY23; cuts losses by 45%

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Mswipe growth remains sluggish in FY23; cuts losses by 45%
  1. Mswipe experienced a 40% revenue drop in FY21 due to the COVID pandemic but showed signs of recovery in FY23 with a 13.69% growth, reaching Rs 274 crore in revenue.
  2. Despite the revenue growth, the company managed to reduce losses significantly, decreasing them by 45.36% to Rs 49 crore in FY23 from Rs 90 crore in FY22.
  3. Income from MDR (Merchant Discount Rate) contributed 59% to the total revenue, increasing by 16.5% to Rs 162 crore in FY23.
  4. Transaction processing charges accounted for 44% of the overall expenditure, increasing by 9% to Rs 145 crore in FY23. However, employee benefit costs declined by 8% to Rs 79 crore during the same period.
  5. Mswipe’s ROCE and EBITDA margin stood at -9% and -3%, respectively, while the company spent Rs 1.20 to earn a rupee in FY23.
SourceEntrackr

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