Digital banking startup Freo narrowed its net loss by 64.54% to INR 14.16 Cr in the financial year 2023-24 (FY24) from INR 39.94 Cr in the previous year, on the back of improvement in its EBITDA margin👇

Revenue from operations rose 11% to INR 111.46 Cr in the financial year ended March 2024 from INR 99.80 Cr in the previous year.

The startup reported an EBITDA loss of INR 12.3 Cr during the year under review as against an EBITDA loss of INR 36.6 Cr in FY23. As a result, EBITDA margin improved 26 percentage points to -11% in FY24 from -37% last year.

Founded by Kunal Varma, Anuj Kacker, and Bala Parthasarathy in 2015, Freo previously operated under the name MoneyTap. Later, MoneyTap became a part of Freo, a digital banking . platform. It provides credit under the name MoneyTap.

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