With net profit of Rs 4.3 crore for FY20, digital lender RupeeRedee gets into the black
Company tells Moneycontrol it has been unit-level positive since its inception in 2018, having processed around 1.5 lakh loans from 30 locations across India.
September 22, 2020 / 13:14 IST
At a time when the digital lending sector is facing challenges because of Covid-19, Gurugram-based RupeeRedee has reported a net profit of Rs 4.3 crore for the last financial year. In a statement shared with Moneycontrol, the company said that had it turned profitable last year, while being unit-level positive since inception. Filings by the company show that FincFriends, its NBFC arm, reported a total income of Rs 35 crore in the last fiscal year compared to Rs 15 lakh in 2019. It had made provisions and write-offs to the tune of Rs 16 crore in FY20. At the aggregator business, which is registered as MoneyMitra IT Solutions, the company reported total revenue of Rs 18 crore against Rs 1.4 crore in March 2019.RupeeRedee is part of Digital Finance International, which is a part of the Russia-headquartered Finstar Financial Group. It is a major private equity group focussed on fintech. RupeeRedee is a loan sourcing platform and has FincFriends, a digital non-banking lender, as a group entity in India. Close to achieving goals
“We have almost achieved our financial goals set at the start of the year. We could have done much better had the last month’s operations not been halted by the impact of Covid-19,” said Jitin Bhasin, Managing Director of RupeeRedee. RupeeRedee, a digital lending platform that commenced operations in September 2018, helps customers source their loans online. The company leverages digital KYC and deep integration with lending partners to assist borrowers. The company did not share full details, but says it has processed around 1.5 lakh loans and is operational across 30 locations in India. Invite your friends and family to sign up for MC Tech 3, our daily newsletter that breaks down the biggest tech and startup stories of the day
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