DigiSpice's Spice Money logs 80% yoy jump in revenue at Rs341 crore for FY22; stock gains ~1%

27 May 2022 , 03:05 PM

DiGiSPICE Technologies Limited announced its results for the quarter and financial year ended March 31, 2022. The company operates in rural fintech through its subsidiary, Spice Money.

Spice money logged a growth of 80% in its service fee revenue to Rs341 crore in FY22 as against Rs190 crore during the previous financial year.

Spice Money has achieved a significant milestone of 1 million Adhikaris (nanopreneurs) during the current financial year, nearly double over the last year.

Spice Money’s strategy to provide a one-of-its-kind zero investment model continues to deliver robust results and growth for Adhikaris.

The company’s network marks its presence across rural India covering over 95% of rural pin codes, and 700+ districts, which altogether serves a base of over 100 million customers, through the Spice Money App and Web portal.

With a positive unit economics business model, Spice Money continues to be a profitable fintech with an EBITDA of Rs22 crore in FY22.

Spice Money strives to build India’s largest Adhikari network with the best last-mile connectivity, revolutionising the way Bharat banks through an Open Network Assisted Digital Distribution (ONADD) model.

Digispice was trading at Rs29.75, up by 30 paise or 1.02% against its previous close of Rs29.45 on NSE.