Crypto exchange CoinDCX’s India entity, Neblio Technologies lost money in the fiscal year 2021-22 (FY22) due to a sharp increase in advertising expenses. In FY22, the crypto unicorn reported a net loss of INR 41.34 Cr, compared to a profit of INR 4.36 Cr in FY21.
CoinDCX’s operating revenue, which it earns from the sale of its services, increased more than 12.5X in FY22 to INR 588.5 crore from INR 47.1 crore in FY21. In FY22, total income was INR 588.94 crore, up from INR 47.15 crore in FY21. Meanwhile, total expenses increased 15.5X to INR 630 crore during the year, up from INR 40.7 crore in FY21, owing to an increase in advertising costs. The crypto platform’s advertising expenses increased from INR 1.8 crore in FY21 to INR 323.5 crore in FY22. Employee benefit expenses increased 4.4X to INR 51.83 crore in FY21, from INR 11.69 crore.