Financial services platform Credilio will likely break even in the next 12 months, Aditya Gupta, chief executive officer and co-founder, said.
“We will break-even in the existing business by the end of the year. The new businesses like secured credit cards and Novio will probably take a year to break even,” Gupta said.
While the company clocked a revenue of Rs 85 crore in FY24, the bottomline was in the red. “As a startup, we have a huge investment in tech and products. We still have not been able to cover our complete costs, but we are fairly well balanced. We are still in the investment zone,” he said.
The company has launched Novio, a mobile application that offers credit cards and access to a brand store, with gift cards of more than 20 brands at up to 90% discount.
The app provides over 100 new credit card options from lenders like Axis Bank, HDFC Bank, and IDFC First Bank.
The Novio app will add to the company’s product suite like the SBM Credilio co-branded credit card, Credilio Pro integrated digital platform, and the Credilio Play full-stack application programming interface for consumer businesses. Separately, the company is working with three banks to offer secured cards.
“From here on, the Novio product will help double our revenue in a year. The Novio and secured card business will be nearly 75% of our revenue in the next three years,” he said.