Olyv has announced its profitable closure for the FInancial Year- 2024 (FY 2024) with a revenue of Rs 250+ crore and 76 per cent growth in business volumes. It has managed to drive 26 lakh active users per month across its platform by understanding underserved India’s financial aspirations and with a focus on building a deep horizontal play by 80 per cent from the last fiscal.
Rohit Garg, Co-Founder and CEO, Olyv, stated, “Our journey to profitability represents a culmination of years of hard work, innovation and dedication to our vision of making affordable and democratised financial products.”
While speaking on Olyv’s future endeavours, he added, “We have witnessed broad based growth across disbursement and revenues on the back of a continuously improving product suite and MAU growth. For the upcoming years, we are bullish on fortifying our digital financial platform-play to partner customers across their financial journeys, unlocking newer customer segments and further strengthening our presence in tier- II cities. Our goal is to reach $1 billion in AUM over the next three years.”
Olyv’s strategic alliances with diversified industry leading consumer platforms combined with a strong growth in organic customer base is contributing to cost-efficient scaling. A flourishing asset-light co-lending model in partnership with multiple reputed financial institutions is helping the start-up drive higher capital efficiencies.
The existing investor, Marquee has so far invested $25 million in equity and $80 million in debt till date.
Olyv, formerly known as Smartcoins, launched a diversified platform strategy, adding new categories like micro-savings, credit health management and insurance in Olyv’s product suite helping improve customer retention, stickiness and LTV.