Akshata Sharma
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Mumbai-based Raise Financial Services turned profitable in the financial year ended March 31, 2023.
The fintech startup reported a net profit of INR 7.16 Cr in the financial year 2022-23 (FY23) as against a net loss of INR 2.78 Cr in the previous fiscal year
The startup's profitability can be attributed to strong business growth. Operating revenue zoomed 25X to INR 20.74 Cr in FY23 from INR 82.14 Lakh in FY22.
... Including other income, the fintech startup's total revenue stood at INR 26.53 Cr, a 10X jump from INR 2.5 Cr in FY22.
Founded by ex-Paytm Money CEO Pravin Jadhav and Alok Pandey in 2021, Raise offers multiple financial services in the stock broking space, primarily targeting users in Tier I, II Indian cities.
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