Freo has reported revenue of Rs 350 crore for FY 2023-24. The company has been profitable for the last four months since December 2023, cementing its position as India’s leading financial one app catering to the middle-income segment, a statement from the company said.
According to the statement, Freo’s contribution margins soared from 16 per cent in Q4 FY23 to over 40 per cent in Q4 FY24, driven by low-cost customer acquisition through product-led growth, pan-India expansion to over 1,200 cities, new consumer value propositions, a robust risk control framework, and stringent cost control measures. The company’s revenue streams also diversified, with fee-based revenue now accounting for over 45 per cent of total revenue, alongside the 55 per cent from interest-bearing products, strengthening overall profitability.
Anuj Kacker, Co-founder, Freo, said in the statement, “Freo’s journey from being only mono-product (MoneyTap) to become India’s leading financial app (Freo) has been one of perseverance, innovation and an unwavering focus on serving the overlooked millions of middle-income Indians. Our remarkable growth, profitability and the trust of over 25 million registered users is a testament to the power of our technology, customer-centric products and our mission of democratising financial inclusion. As we look ahead, we remain committed to breaking new ground and transforming how India accesses financial services through our secure, unified one app ecosystem.”
