Niyogin Fintech continues to make losses, revenue rises 231% in Sept qtr

The company's balance sheet has become debt free and had cash and cash equivalents of Rs 171.4 crore as of the quarter ended September

Niyogin Fintech posted a loss of Rs 1.78 crore, attributable to shareholders of the company, on a consolidated basis in the quarter ended September, slipping further from Rs 12.4 lakh of loss in the year-ago period and Rs 1.52 crore in the quarter ended June.

However, the company’s revenue was up 230.5 per cent at Rs 26 crore in Q2FY22 compared to the corresponding period last year. Its balance sheet has become debt free and had cash and cash equivalents of Rs 171.4 crore as of the quarter ended September.

“Our credit loan book is down by 71.1 per cent year on year and now stands at Rs 27.8 crore against Rs 96 crore as of September 30, 2020. This is well-aligned with our articulated strategy of exiting generalised credit to de-risk our balance sheet and focus on transaction led credit,” the company said in a statement.

The fintech company said that its rural distribution touch points reached 198,593, up 199.9 per cent on a year on year basis in Q2. The gross transaction value (GTV) for the quarter was Rs 2,100 crore, growing 12.1 per cent year on year.

In addition, Tashwinder Singh, CEO, Niyogin Fintech, said, “Our business model has been validated with sustained operational and financial performance. We recorded an 18% sequential revenue growth as we crossed Rs 2,000 crore in GTV this quarter.”

“Our decision to invest incremental capital in the business will enable us to expand the addressable market and add multiple products to make this the most comprehensive fintech Infrastructure platform. This will be a holistic system for our partners, experienced as a standalone application, API or SDK depending on their requirements,” he added.