Mosambee is a mPOS system that provides hardware and software POS terminals for businesses. The firm announced a 28.3 percent increase in its operational revenue to Rs 240 crore in FY24. The startup offers payment solutions for debit card and mobile-based payment options or transactions. The service rental, settlement, and transaction processing services are the company’s major source of revenue. These services increased by 52.3 percent accounting for 68 percent of the total revenue to Rs 163 crore in FY24.
The firm also earns revenue through the point of sale devices, which decreased by 3.4 percent to Rs 77 crore in this financial year. The income from these services brought the total revenue to Rs 240 crore in FY24. The cost of procurement increased by 15.3 percent to Rs 83 crore in this financial year. This cost firmed 40 percent of the overall expenses. Mosambee has secured over 5.14 million USD across multiple funding rounds since its inception, including the $1.87 million raised from Girija Ram, Ashank Desai, and others during its angel round. The firm was acquired by Pune Labs in 2022 to expand its services.
The company has institutional investors including Rajasthan Venture Capital Fund and SIDBI Venture Capital. The firm controlled its cost management and posted an 86.7 percent growth in profit to Rs 28 crore in FY24. The employee benefits increased by 5.2 percent to Rs 61 crore in this financial year compared to FY23. This includes Rs 8.7 crore as ESOP cost. The legal, marketing, technology, transaction, and other costs pushed the total cost. The total expenditure of the firm increased by 19.4 percent to Rs 203 crore in this financial year.
Mosambee’s valuation reached 100 million after Pine Labs bought the majority stake in the firm. The company reported current assets of Rs 296 crore with cash and bank balance of Rs 13 crore. The increased employee benefits and other services pushed the total expenditure further. The startup receives its investment from other investors including SIDBI Venture Capital and Rajasthan Venture Capital Fund in its series B funding round. The EBITDA margin also improved and stood at 23.33 percent while the ROCE was around 31.5 percent in this financial year. The startup faces competition from other POS services offering platforms such as Signcatch, Evolute, and Innoviti.
CONCLUSION:
Mosambee offers an online payment system for merchants and businesses. The company announced a 28.3 percent increase in its revenue from operations to Rs 240 crore in FY24. This startup provides payment solutions for debit card transactions with mobile-based payments. The transaction processing and settlement services are the firm’s primary sources of revenue.
The company’s profit increased by 86.7 percent to Rs 28 crore in FY24. The total expenditure of the firm saw a growth of 19.4 percent and crossed Rs 203 crore in the same duration. The employee benefits increased by 5.2 percent and stood at Rs 61 crore in FY24. The company has secured over 5.14 million USD across multiple funding rounds to date.
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