Mumbai-based payments major BillDesk has reported a slight increase in operational revenue to Rs 2,678 crore for FY23, from Rs 2,442 crore a year earlier.
However, the company’s net profit for the year dropped to Rs 141.9 crore, from Rs 149.6 crore a year ago. BillDesk’s financials were first reported by Entrackr.
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One of the most profitable payment companies in the country, BillDesk has been seeing a stagnation in revenues and a strain on its net profit over the last three years.
In FY21, BillDesk had reported Rs 245 crore in net profit, which fell sharply over the next two years. However, compared to other payment majors like Paytm, PhonePe or Razorpay, it still continues to be profitable.
Another competitor for BillDesk, Gandhinagar-based listed fintech company CCAvenue reported a total revenue of Rs 1,185 crore for the last financial year from its core payments business, with a net operating profit of Rs 136 crore.
In October 2022, Dutch investment firm Prosus had called off its planned acquisition of the payments firm. Had the deal gone through at the planned valuation of $4.7 billion, it would have been the second largest buyout of an Indian startup, next only to Flipkart’s acquisition by Walmart many years back.
BillDesk is one of the largest bill payment companies in the country. As per data from NPCI-owned NBBL (NPCI Bharat Billpay), it generated 31 crore bills on the biller side and 25 crore on the customer side in February.