It gives me great pleasure to connect with all of you to present theperformance for the financial year 20-21 and the outlook for the future. I am excited toshare with you all the work we have been doing to lay the foundation for the coming years.The financial year 20-21 has been a transformative foundation year for the company as westart our new journey towards building digital platforms and solutions in new growthsegments. Overall during the year we achieved a consolidated revenue of rs. 712 cr whichrepresented a 74.9% yoy growth compared to financial year 19-20 which closed at aconsolidated revenue of rs. 407 cr. We also reported positive growth in earnings at bothebitda and pat level with consolidated ebitda (before other income and exceptional items)at rs. 13 cr and consolidated pat at approx. Rs. 5 cr for the financial year 20-21compared to a consolidated ebitda of rs. 7 cr and consolidated losses of rs. 55 cr in thefinancial year 19-20. So it was heartening to see the company back in profits at aconsolidated level. The main driver for our growth has been our digital financialtechnologies business housed within spice money a subsidiary of digispice. Let me firsttalk about this business.
1) digital financial technologies services:
at spice money as i explained in my previous report to you ourmission is to build a digital services platform for bharat or consumers in rural indiathat will allow them to enjoy the efficiency access and convenience of the digitalrevolution in location and formats they feel comfortable with. As a start we haveenrolled merchants and entrepreneurs in semi-urban and rural india on to our platform toserve as the human interface for the consumers in rural india and provide them access tothe same services as are available to the savvy urban consumers.
the entrepreneurs are attracted to the earning potential we offer as weshare with them a part of the transaction fee we are paid by businesses looking to reachout to service their customers in rural/semi-urban areas using the digital channels. Thesuccess of this model can be gauged by the following metrics: (a) as of the close of thelast financial year we on-boarded close to 576000 entrepreneurs (spice money adhikaris)on our platform which represented a 2.4x growth yoy.
(b) our merchants are present in all the districts and almost every pincode across the country.
(c) this contributed to our overall gtv (gross transaction value)reaching close to rs. 82000 cr for the last financial year which represented asimilar growth of close to 2.3x compared to the previous financial year which closed at anoverall gtv of rs. 36000 cr. This growth in transactions and gtv was mainly onaccount of growth in cash withdrawal transactions wherein our spice money adhikaris usedour platform to allow customers in rural/ semi-urban areas withdraw cash from their dbtaccounts. This was partly driven by the increase in subsidies disbursed by the governmentsboth at a central and state levels. The aadhar-enabled payment system (aeps) run by npciforms the backbone on which we run our cash withdrawal services and the bank consumer isable to access his account information and his cash by authenticating himself using theaadhar biometric (so no need to carry any card or remember any pin or password). Weprovisioned about 13.7% of all the aeps transactions value in the financial year 20-21 inthe country as compared to 11.8% in the financial year 19-20.
it is gratifying to be able to contribute as a platform towardsconnecting millions of customers in small town and rural india to their bank accounts whenthey need it the most. We will continue to build out our adhikari network density to reacheven closer to the doorstep of our target consumer.
going forward our focus will remain on expanding our market sharewithin the aeps industry segment by both scaling up our adhikari network as well as makingour platform the most preferred platform of choice for our adhikaris.
we launched a cash management product for enterprises in the lastfinancial year 20-21. This allows enterprises operating in rural areas to reduce theircost of collections and get the cash faster in their accounts thus reducing workingcapital need. Microfinance companies and nbfcs have been the early adopters as theiragents and consumers deposit cash into company bank accounts at our adhikari points. Wehave seen this product scale in terms of gtv to around rs. 419 cr in 20-21. We willcontinue to focus on this product and work towards closer integration of our platform withour enterprise customers.
we are also working to make utility payments (like electricity watergas telecom insurance etc.) Very convenient for semi-urban and rural households. Ourutility payment transactions value grew from rs. 394 cr in financial year 19-20 to rs. 893cr in financial year 20-21. As a bbpsou (bharat bill payment services operating unit) weexpect more billers to join our platform in the coming year resulting in more customersbeing able to use our platform to pay more of their bills closer to where they live.
the next product vertical that we are focused on is the travel product.This vertical got negatively impacted last year due to the intermittent lockdowns acrossthe country. We used this time to re-invent our approach to this product and in q2 of thisfinancial year 21-22 we launched travel union a new b2b traveltech platform targetedtowards travel agents in small town and rural india in partnership with sonu sood. Ourhypothesis here is that there are many travel agents in semi-urban and rural india who donot have access to products and services akin to travel agents in urban india andtherefore the travel union digital platform has been designed keeping their requirementsin mind. I will keep you all updated on the progress with reference to adoption of thisplatform in our regular quarterly investor updates.
going forward we see our spice money platform working on multiple usecases targeted towards the needs of the rural consumers as we build towards our mission ofproviding them with the same service access as available to users in urban india. We areconstantly running pilots in partnership with strategic players in the tech and non-techeco-system who would be interested in serving our target markets. I hope that some ofthese pilots will convert into scalable and profitable products and i will continue toshare with you updates on the progress of these initiatives.
our main proposition to our partners (businesses) is both around ruralcustomer access convenience education and around economic viability i.e. Enablingproduct and service providers to access the large semi-urban and rural market in aneconomically viable manner. I am confident that going forward we will be able to becomethe rural digital platform of choice for our partners and customers.
2) digital technology services:
this refers to our legacy product segment serving the telco industrythat has been showing de-growth in recent years. We have been working to turn thisbusiness around and have decided to focus on building and growing digital platforms andsolutions within the expanded customer base of telco bfsi and technology companies.
We launched korero platforms in q1 of this financial year (21-22) ournew c-paas (communications platform as a service) offering for customers within our targetmarkets. We see this as a promising opportunity in emerging markets as enterprisesautomate their customer engagement journeys. A trend we are observing for not only thelarge but also the micro enterprises. Through korero platforms we expect to extend thebenefits of such new industry platforms to small and medium sized enterprises. In thefinancial year 20-21 we onboarded 30 enterprises for our communications enterprisebusiness and our enterprise revenues grew from rs. 65 cr in financial year 19-20 to rs. 87cr in financial year 20-21. Going forward our focus will be to both increase number ofenterprises on to our c-paas korero platform as well as drive higher customer engagement(in terms of both number of transactions per customer as well as number of communicationchannels used per customer).
For the telco segment as i indicated in my last annual report we arefocusing on building digital products for leading telcos in select markets. In thefinancial year 20-21 while our overall telco segment revenues yoy dropped to rs. 47 crfrom rs. 91 cr in financial year 19-20 our revenues from the digital telco products grewfrom rs. 3 cr in financial year 19-20 to rs. 6 cr in financial year 20-21. Going forwardour focus will be to both drive the adoption of each of the digital products deployed inevery telco customer as well as drive number of telco customers.
To summarise we as digispice technologies remain committed to buildingrelevant digital platforms and solutions for the emerging digital consumer a journey westarted on about 3 years back. We see huge opportunities in our chosen space as well aschallenges that require us to remain agile in terms of defining and executing ourstrategic and operational actions in response to changes in the market landscape andtechnologies. We will thus continue to run many experiments around product development andbusiness models as we go after these emerging opportunities. At the heart of everything wedo will be 2 things: a) whether we are solving a real problem for our target customerwhile building something scalable and b) can we build an economically viable business.Given that "digital" is the new normal i do hope that we will be able to createa valuable business that is relevant impactful and scalable. I thank all the members ofour family at digispice technologies group our employees and partners for theirunstinting commitment hard work and support over the last one year. I look forward to aneven exciting year ahead with all of you as we explore ever new territories and buildfirst of its kind products leveraging technology and the evolving digital ecosystem. Iwould like to also take this opportunity to thank all our shareholders for their beliefand trust in the management and the company vision. We will work hard every day to live upto this trust that you have imposed on us and hope to build a company for you that willgrow on its core values of innovation integrity and intensity.
Wishing you and all your families a very happy new year ahead. Pleasestay safe.