Niyogin Fintech Reports Rs. 3.4 Crores Non-GAAP PBT Loss Despite 44% Revenue Growth in Q2 FY25
Niyogin Fintech has announced its Q2 FY25 results, reporting a total income of Rs. 72.9 Crores, marking a 44% increase quarter-on-quarter and a 54% rise year-on-year. The company’s non-GAAP PBT loss improved to Rs. 3.4 Crores from Rs. 9.1 Crores in the previous quarter. Assets Under Management grew by 13% quarter-on-quarter to Rs. 236.2 Crores, while adjusted EBITDA loss reduced to Rs. 0.5 Crores from Rs. 6.6 Crores in the previous quarter.
The company’s iServeU (iSU) division has resumed its trajectory of profitable growth, achieving positive EBITDA driven by significant increase in soundbox device sales. The company has launched infrastructure enabling credit on UPI for banks and fintechs, which is expected to have significant synergies with its soundbox proposition. With an order pipeline exceeding 6 lakh soundboxes, Niyogin has delivered 59,052 devices by the end of Q2FY25 and is actively bidding for additional contracts.
In a significant development, iSU has signed an MoU with PAX Technology India, a global leader in electronic payment terminals, to launch an all-in-one soundbox terminal capable of accepting QR-based payments, NFC, and EMV Dip transactions. As part of the agreement, iServeU will integrate its proprietary platforms, OCTAHub and iSwara, with PAX. The companies have also entered a strategic R&D collaboration to develop new products and solutions in this field.
The company has strengthened its presence in the banking sector by securing a contract to serve as Technology Service Provider (TSP) for NSDL Payment Bank’s agency banking solutions.
On the lending front, Partnership and Alliances remain the dominant sourcing channel, contributing 85% of the overall AUM, including contribution from co-lending and ecosystem channels. During the quarter, Niyogin added Rapipay as a sourcing partner and expanded its financial partner network to 6,217 with 167 new additions. The company’s borrowings increased 18% sequentially to Rs. 62.0 Crores.
