In FY22, it had reported a profit of Rs 65 crore. The company had posted a loss of Rs 58.4 crore in FY21.
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With the increase in profits, operating revenue for the firm also more than doubled to Rs 1037 crore during FY23, it said in a statement.
The fintech firm clocked operating revenues of Rs 513.6 crore in FY22 and Rs 170.3 crore in FY21 respectively.
According to the company, the growth in revenues comes as it doubled down on new merchant acquisitions. Further, profit pools increased as almost 90% of transactions on the platform were from repeat customers.
Founded in 2015, OnEMi operates two loan platforms, Kissht and Ring, which provide instant credit lines to users, allowing them to pay for purchases and bills across online and offline merchants.
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At present, Ring claims to have partnerships with over 1.2 lakh merchants. OnEMi recently introduced its long-term loans category, which offers users products with a higher tenure of more than six months.
Additionally, it has added a 36-month tenure product designed for ultra-high-quality customers with a credit bureau score of more than 780.
Over the last 12 months, the company claims to have added 4 million new customers across its platforms, taking the total count of users to over 10 million.
“OnEMi Technologies will continue to have a large focus on our long-term book and are well on our path to having 75% of our book contributed by long-term credit by the end of this fiscal,” said Ranvir Singh, founder and chief executive officer, Ring, talking about the results.
Last year, Ring was one of the fintechs impacted by Reserve Bank of India’s directive banning credit lines from being loaded onto prepaid cards, leading it to drop its card offering.
Earlier this year, Kissht was temporarily impacted as the Indian government had issued orders to block 138 betting and gambling apps, and 94 quick-loan apps, on an “urgent” basis.
Kissht raised $80 million in fresh funding led by Vertex Growth and Brunei Investment Agency in June last year. The round valued the fintech company at close to $500 million.