Mswipe Technologies Says Payments Business Turned 'Cash Profitable'
Providing a performance update for payments business, the company said the revenue rose to Rs 275.4 crore in fiscal 2024.
Payments solutions provider Mswipe Technologies has recorded over 100% year-on-year growth in fiscal 2024 in Total Payment Volume (TPV) while its payments business has turned 'cash profitable'.
Providing a performance update for payments business, the company said the revenue rose to Rs 275.4 crore in FY24 from Rs 259.2 crore in FY23 and Rs 247.8 crore in FY22. The cash profit came in at Rs 4.5 crore in FY24.
The company attributed the growth to rapid adoption of Mswipe's QR soundbox terminal, Boombox.
"Mswipe Technologies, India's leading payments solutions provider, today announced that they have achieved more than 100 per cent year-on-year growth in FY24 in TPV, while also turning cash profitable in their payments business," according to a release.
With an annualised run rate (ARR) of $12 billion as of October 2024, the company has demonstrated strong revenue generation capabilities while maintaining financial discipline, it further said.
"Mswipe turns EBITDA and cash profitable in FY24, subscription-led merchant services model drives higher annuity income,' it said.
TPV rose to Rs 50,417 crore in FY24 from Rs 24,381 crore in FY23 and Rs 18,122 crore in FY22.
