Clear is an online platform that provides accounting and financing solutions for small and medium businesses. The startup posted a 93 percent increase in its operating revenue to Rs 209.84 crore in FY24. The company saw a huge decrease in its loss by 58.8 percent with a loss of Rs 96.24 crore in the same duration. The company offers behavior-based loaning options for invoices and working capital.
The firm earns its income from commissions, technical, software subscriptions, and support services. The startup also earns revenue from deposits and non-operating activities. This increased the total revenue to Rs 214.76 crore in this financial year. The online platform provides software for invoice validation, ingestion, and e-invoicing. The support and subscription services accounted for 91.5 percent of the total operating revenue in FY24.
The startup provides invoicing under three main categories: Supply chain cloud, compliance cloud, and Finance Cloud. The company’s software services saw an 84.1 percent increase to Rs 14.63 crore in this financial year. Clear offers an online platform offering financial solutions with the best customer experience. This fintech startup launched its mutual fund distribution application in 2021 following the approval of a mutual fund distributor license from AMFI. The taxation and financing platform also allows users to simplify tax filing and related services.
The firm’s software support and web hosting expenses increased by 17.7 percent to Rs 39.61 crore in FY24. However, employee benefits decreased by 19.4 percent in this financial year. The company has raised over 140 million USD across multiple funding rounds since its inception, including 75 million USD raised during its series C funding round led by Kora, Stripe, and other investors. This fintech company has investors including Composite Capital Management, Paypal, Kora, and Y Combinator.
The fintech startup is focused on improving its platform while offering innovative financial solutions, to position itself well in the global market. The company plans to manage losses by reducing operating expenses and employee benefits. The employee benefit increased for this financial year and stood at Rs 202.57 crore in FY24. This includes non-cash ESOP worth Rs 11.78 crore.
The EBITDA margin remained negative but improved and stood at -40.26 percent in FY24, while the ROCE was reported to be around -334.98 percent in the same period. The firm’s total expenditure decreased by 9.8 percent and crossed Rs 310 crore in the same duration. The company faces competition with other fintech platforms in the same segment such as Wave and Xero.
Conclusion:
Clear announced a 92.9 percent increase in its revenue from operations to Rs 209.84 crore in FY24. This fintech startup offers an online taxation and financial solution platform offering financial services for businesses. This online platform provides loans for working capital to consumers and businesses. These software subscription and support services are the company’s primary sources of revenue.
The fintech startup reported around a 59 percent decrease in its loss to Rs 96.24 crore in FY24. The company’s total expenses saw a slip of 9.8 percent to Rs 310 crore in the same duration. Clear competes with other online financial platforms including Intuit.
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