After losing the momentum of its double-digit growth in FY23, B2B fintech company Blidesk saw its revenue decline by 12.8% year-on-year in the fiscal year ending March 2024. The drop in scale also led to a contraction in the company's profits in the same period. BillDesk’s revenue from operations decreased to Rs 2,334 crore during the fiscal year ending March 2024 from Rs 2678 crore in FY23, as per the company’s consolidated financial statements with the Registrar of Companies. BillDesk makes money by charging fees for processing and settling electronic transactions, which contributed over 70% of its total operating revenue of Rs 1,591 crore in FY24. Around 16% of its earnings came from managing loyalty programs for clients, while the remainder was generated through the sale of products such as PINS and e-top-up subscriptions, along with other operating activities. Billdesk earned Rs 112 crore in non-operating income from interest and gains on financial assets. Its total revenue stood at Rs 2,446 crore in FY24, down from Rs 2,765 crore in FY23.For the payment company, bank fees and services had been the largest cost center, accounting for 78.8% of the overall expenditure. In line with the drop in scale, this cost declined by 16% to Rs 1,804 crore in FY24. Despite the reduced scale, employee benefit expenses rose by 22.4% to Rs 300 crore.

Spending on data, communication, legal, and information technology pushed the company’s total expenses to Rs 2,289 crore during the fiscal year. The decline in scale, coupled with higher employee expenses, led BillDesk to report a 14.8% drop in profit to Rs 121 crore in FY24 from Rs 142 crore in FY23. Its Return on Capital Employed (ROCE) and EBITDA margins also dipped slightly, settling at 5.77% and 9.24%, respectively. On a per-unit basis, the company spent Rs 0.98 to earn every rupee during the year. By the end of FY24, BillDesk's total current assets stood at Rs 2,612 crore, which included Rs 930 crore in cash and bank balances.

ABOUT BILLDESK

Billdesk has been co-founded by M.N. Srinivasu, Ajay Kaushal, Karthik Ganapathy. BillDesk, a property of IndiaIdeas.com Ltd. was conceived in early 2000 to solve the frustrations when it comes to paying bills. With a vision to create a one-stop destination to make all payments, Bill Desk keeps track of bills, informs of due dates, eliminates the hassle of writing out cheques and standing in queues, and gives the freedom and ability to pay with just one instruction to the customer’s bank. BillDesk is focused on providing a compelling value-add service that simplifies bill payment and management for the advantage of customers, deliver on reliability, efficiency and performance and, most importantly, affording a secure zone where customers can transact with ease.