Fintech SaaS platform Clear, backed by Peak XV Partners, achieved a significant milestone in the financial year ending March 31, 2023, with its consolidated operating revenue soaring by over 85% to INR 108.8 Cr. Although this propelled Clear past the coveted INR 100 Cr mark, the company experienced a nearly 5% increase in net loss, reaching INR 233.5 Cr, compared to INR 222.7 Cr in the preceding fiscal year.
Revenue Streams and Geographic Breakdown
Clear’s primary revenue streams, stemming from services such as tax preparation, e-filing, accounting, and investment planning solutions, accounted for over INR 104 Cr in FY23. The domestic market in India remained Clear’s stronghold, contributing over INR 103 Cr, while international revenue amounted to INR 5.4 Cr. Additionally, Clear’s acquisition of CimplyFive Corporate Secretarial Services in July the previous year contributed INR 2.1 Cr, but also incurred an impairment loss of INR 8.13 Cr.
Path to Profitability
Despite the surge in operating revenue, Clear emphasized in its FY23 financial filings that the positive trajectory has brought the company closer to its profitability goal. The increase in revenue, driven by services like taxation and software subscriptions, reflects Clear’s commitment to financial growth and market leadership.
Expenditure Dynamics
Clear’s total expenditure rose by over 21% to INR 343.7 Cr in FY23, growing at a slower pace than its operating revenue. This strategic balance suggests a focused approach to sustainable growth, as Clear navigates the dynamic landscape of financial technology.
