Fisdom’s FY24 Loss Declines 19% To INR 57 Cr

SUMMARY

The startup’s operating revenue surged 28% to INR 82.9 Cr during the year under review from INR 64.7 Cr in FY23

Fisdom is said to be in initial conversation with larger competitor Groww for an acquisition deal that will value it in the range of $140 Mn - $160 Mn

In June last year, Fisdom cofounder Subramanya SV claimed that the startup turned EBITDA profitable in the March quarter of FY24

Investment tech platform Fisdom, which is reportedly in talks for an acquisition by bigger rival Groww, saw its consolidated net loss decline by 19% to INR 57.4 Cr in the financial year 2023-24 (FY24) from INR 70.5 Cr in the previous fiscal year.

According to the filings of its parent Finwizard Technology, the startup’s operating revenue surged 28% to INR 82.9 Cr during the year under review from INR 64.7 Cr in FY23.

Including other income of INR 1.4 Cr, its total revenue stood at INR 84.3 Cr during the year under review as against INR 67.5 Cr in FY23.

Despite the strong growth in its top line, total expenses rose only about 3% to INR 141.7 Cr during the year under review from INR 138 Cr in FY23.

In June last year, Fisdom cofounder Subramanya SV claimed that the startup turned EBITDA profitable in the March quarter of FY24.

“For each of the last 3 months, we are EBITDA positive and generating case. We thank our customers, employees, investors and partners who have been supporting us through this journey. As we look ahead into FY25, we will aim to be profitable for the full financial year and start paying taxes to the Government of India at the earliest!” the cofounder said in a post on X on June 3, 2024.

Founded by ex-Macquarie group SVP Anand Dalmia and ex-Bessemer Venture Partners (BVP) partner Subramanya in 2015, Fisdom is a fintech startup that provides an all-inclusive suite for investing, trading, retirement planning and tax filing.

Operating In A Competitive Segment: Fisdom forayed into the investment tech space, when it was still in its nascent stage in 2016, with a single product – mutual funds. Later, it added stock and F&O trading, portfolio management services, among others, in its offerings. It also provides investors a personal wealth manager to help them better evaluate their financial decisions.

Fisdom claims to have 1 Mn active customers across its services. However, it faces stiff competition in the investment tech space and seems to be struggling to expand its customer base.

For instance, Fisdom’s total active stock market clients stood at a measly 22.3K for the month of February 2025. In this regard, it trails stock broking platforms like Paytm Money, Dhan, Zerodha, among others.

Meanwhile, in the mutual funds space, Fisdom has an upper hand with INR 6.4K Cr of assets under management (AUM). While Zerodha AMC claims to have moved past INR 4K Cr in AUM in FY24, Fisdom’s potential acquirer Groww’s AMC AUM stood at INR 1.9K Cr in the fiscal.

However, it is pertinent to note Groww AMC received SEBI’s nod to launch its first mutual fund in September 2023, while Zerodha Fund House launched its maiden mutual funds in October in the same year.

Meanwhile, the Groww-Fisdom acquisition talks are said to be in initial stages. Neither of the two parties have officially commented on it.

As per reports, the deal might value Fisdom in a range of $140 Mn to $160 Mn, but Groww is also looking at other candidates for acquisition to expand its portfolio of offerings.