Spice Money Grew 80% Revenue While EBITDA stands Rs 22 Crore

DiGiSPICE Technologies announced its results for the quarter and year ended 31st March 2022 on Friday.

With a positive unit economics business model, Spice Money continues to be a profitable fintech with an EBITDA of Rs 22 crore in FY22.

Spice Money delivers 4X growth over the last two years on all key metrics of transaction volumes, network growth, customer GTV and service-fee revenue. The company grew 80 per cent in its service-fee revenue to Rs 341 cr in FY22 vis-a-vis Rs 190 crore in FY2.  Spice Money Adhikari Network nearly doubled to reach 1 million nanopreneurs in FY22. 

In FY23 Spice Money aims to expand into other digital and financial services. The company will consolidate its ATM, banking and payments business, while scaling its enterprise Cash Management Services (CMS) business. The company, additionally, will be introducing a financial products & services marketplace which will offer solutions such as insurance, credit etc. 

Dilip Modi, Chairman, DiGiSPICE Technologies & Founder, Spice Money said, “For DiGiSPICE Technologies, FY22 has witnessed commendable growth, with our fintech business, Spice Money showcasing consistent double-digit growth over the past eight quarters. We continue to remain bullish about rapid adoption of digital services in rural India, as we aim to foray into new business segments in FY23. We are delighted with how far we have reached towards solving for lack of access. We will continue to innovate and thereby, revolutionise the way Bharat banks.”