Bessemer-backed fintech startup Easebuzz reported 9% year-on-year growth in operating revenue for FY26, crossing the Rs 700 crore milestone. However, the company’s profit declined 42% as rising operating expenses and the impact of the real money gaming ban weighed on profitability.
Revenue Tops Rs 716 Crore
According to its financial statements filed with the Registrar of Companies (RoC), Easebuzz’s operating revenue increased to Rs 716 crore in FY26, up from Rs 656 crore in FY25.
The Pune-based company operates a B2B payments platform, offering payment gateway, disbursement, and financial operations solutions for SMEs through plug-and-play APIs.
Transaction processing remained the primary revenue driver, contributing Rs 697 crore, or 97.35% of operating revenue. Information technology and support services generated Rs 14 crore, while SaaS offerings added Rs 5 crore.
Including Rs 7 crore in other income, Easebuzz’s total income rose to Rs 723 crore during the fiscal year.
Operating Expenses Rise Sharply
Despite steady revenue growth, expenses increased at a faster pace following the company’s Series A funding round.
Payment processing charges, the firm’s largest expense, climbed to Rs 557 crore, accounting for nearly 79% of total expenditure.
Employee benefit expenses surged 83% to Rs 95 crore, while technology-related costs rose 69% to Rs 27 crore. Advertising and promotional spending jumped 350% to Rs 9 crore, reflecting continued investment in customer acquisition.
Overall, total expenses increased 11.7% to Rs 708 crore in FY26.
Profit Falls as Margins Shrink
With operating costs growing faster than revenue, Easebuzz’s profit declined 42.1% to Rs 11 crore, compared to Rs 19 crore in FY25.
The company’s EBITDA fell to Rs 14 crore from Rs 28 crore, while the EBITDA margin narrowed to 1.96% from 4.27% a year earlier.
Its Return on Capital Employed (ROCE) also declined sharply to 3.52%, compared with 18.25% in FY25.
On a unit economics basis, Easebuzz spent Rs 0.99 to earn every rupee of revenue, versus Rs 0.97 in the previous fiscal year.
Balance Sheet and Expansion Plans
As of March 2026, the company’s cash and bank balance declined to Rs 105 crore from Rs 142 crore a year earlier. Current assets also fell to Rs 141 crore.
However, non-current assets surged more than 145 times to Rs 198 crore, primarily due to long-term bank deposits and security deposits following its fundraising.
Easebuzz has raised over $34 million to date, including a Rs 240 crore Series A round. Key investors include 8i Ventures, Varanium Capital, and Bessemer Venture Partners.
The company also secured RBI’s final payment aggregator licence and is now pursuing a cross-border payment aggregator licence to expand into international markets.
Looking Ahead
Easebuzz’s FY26 performance highlights the pressure on fintech profitability despite continued revenue growth. While the company continues investing in technology, compliance, and expansion, improving operating leverage and restoring margins will remain critical as it enters the next phase of growth.
