Findi Reports $75.5M Revenue and $31.4M EBITDA in Record FY25
Findi Limited has reported record FY25 financial results, exceeding revenue guidance and expanding its ATM and digital financial services footprint across India. The company is advancing towards a Payments Bank license and plans an IPO of its Indian subsidiary by the end of 2026.
- FY25 revenue of $75.5 million exceeds guidance
- EBITDA reaches $31.4 million with strong profitability
- Acquisitions of Tata White Label ATM business and BankIT expand digital and physical presence
- Awarded major ATM contracts with State Bank of India and Union Bank of India
- Plans Payments Bank license and IPO of Indian subsidiary by 2026
Findi’s FY25 Performance Exceeds Expectations
Findi Limited, a leading non-bank payment company in India, has delivered a standout financial year ending March 2025. The company reported total revenue of $75.5 million, surpassing its guidance range of $68–$70 million. EBITDA climbed to $31.4 million, reflecting a 14.4% increase from the previous year, while net profit before tax rose 54.5% to $6 million. These results underscore Findi’s ability to generate strong cash flows and profitability amid a year marked by strategic acquisitions and contract wins.
Strategic Acquisitions and Contract Wins Fuel Growth
Findi’s growth trajectory was bolstered by the acquisition of Tata White Label ATM business (TCPSL) for A$77.7 million and BankIT, a digital financial product distributor, for A$30 million. These moves have diversified Findi’s revenue streams, with digital services now representing approximately 25% of total revenue. Additionally, the company secured significant ATM contracts, including 2,293 ATMs from State Bank of India and 900 ATMs from Union Bank of India, expected to generate hundreds of millions in revenue over the next decade.
Expanding Nationwide Presence and Financial Inclusion
Operating across all 28 states and 8 union territories, Findi now manages over 7,800 ATMs with plans to deploy an additional 4,000 by the end of FY26. The company’s franchise-based White Label ATM model and extensive merchant network of nearly 190,000 locations enable it to serve India’s largely underbanked population. With around 350 million unbanked adults and a cash-centric economy, Findi is well positioned to capitalize on the country’s growing demand for accessible financial services.
Path to Becoming a Payments Bank and IPO Plans
Findi is progressing towards obtaining a Payments Bank license, aiming to transform into a full-stack financial services provider. This strategic shift is complemented by plans to list its Indian subsidiary, TSI India, on the Bombay Stock Exchange by the end of 2026. The IPO is expected to unlock shareholder value and provide liquidity, while the company continues to leverage its ecosystem to accelerate growth and profitability.
Strong Financial Position Supports Future Growth
As of March 2025, Findi held $115.9 million in cash reserves and maintained a net cash position of $30.2 million after completing the TCPSL acquisition and restructuring its debt. This robust balance sheet, combined with long-term contracts and favorable industry tailwinds, positions Findi to fund capital expenditures and pursue further expansion opportunities in India’s fintech landscape.
Bottom Line?
Findi’s robust FY25 results and strategic moves set the stage for a transformative IPO and Payments Bank launch in India.
Questions in the middle?
- How will regulatory approvals impact the timing and scope of Findi’s Payments Bank license?
- What synergies and growth opportunities will arise from integrating TCPSL and BankIT acquisitions?
- How sustainable is Findi’s cash flow amid aggressive expansion and capital expenditure plans?
