AKIKO - Akiko

📊 NSE: AKIKO 🏢 Finance & Investments 📅 Last Updated: 12/13/2025 18:06

💰 Financial Performance

Revenue Growth by Segment

Consolidated revenue from operations grew 240% YoY to INR 64.49 Cr in H1 FY26 from INR 18.95 Cr in H1 FY25. The company achieved 97% YoY revenue growth in FY25. Growth is driven by loan aggregation (monthly volume INR 300-400 Cr) and credit card approvals (15,000+ monthly).

Geographic Revenue Split

The company operates across India with ~20,000 kiosks and is expanding into Dubai to strengthen global operations. Specific percentage split by region is not disclosed, but the company is opening 30 new branches across India within two months.

Profitability Margins

EBITDA margins for H1 FY26 stood at 14%, compared to a consolidated EBITDA margin of 15.10% in FY25. The company has maintained profitability every year since inception by leveraging an asset-light operating model.

EBITDA Margin

EBITDA (excluding other income) rose 177% YoY to INR 9.11 Cr in H1 FY26 from INR 3.28 Cr in H1 FY25. The margin of 14% is supported by technology-led efficiencies and disciplined cost management.

Capital Expenditure

Not disclosed in absolute INR Cr, but the company is making calibrated investments in technology infrastructure, AI-generated lead systems, and the 'AkikoPay' Super App to enhance scalability.

Credit Rating & Borrowing

The company reported a Return on Capital Employed (ROCE) of 19.20% in FY25, a decrease from 35.22% in FY24 due to a significant increase in capital employed. Specific borrowing costs and credit ratings were not disclosed.

⚙️ Operational Drivers

Raw Materials

As a fintech aggregator, the primary 'inputs' are customer leads and data signals (25M+ existing users) and digital marketing across platforms like WhatsApp, SMS, Instagram, and YouTube.

Import Sources

Not applicable as the company is a service-based fintech aggregator sourcing digital leads primarily within India.

Key Suppliers

The company partners with leading Banks and NBFCs to distribute their financial products. While specific partner names are not listed, they act as the primary 'suppliers' of the credit and loan products sold.

Capacity Expansion

Current operations handle INR 400 Cr in monthly loan disbursements and 15,000+ credit card approvals. Expansion includes 30 new branches and 100-150 new employees to meet rising business volumes.

Raw Material Costs

Marketing and lead acquisition costs are the primary operational expenses. The company targets a 'near-zero' Customer Acquisition Cost (CAC) by leveraging its existing 25M+ user database and proprietary CRM.

Manufacturing Efficiency

Efficiency is measured by staff retention (98%) and the ability to scale revenue (240% growth) at a higher rate than headcount expansion.

Logistics & Distribution

Distribution is primarily digital and assisted via call centers. The company is expanding its physical footprint with 30 new branches to support its 'feet-on-street' strategy.

📈 Strategic Growth

Expected Growth Rate

90-100%

Growth Strategy

Growth will be achieved through the launch of the 'AkikoPay' Super App targeting 1M active users, diversification into Insurance (commissions + renewals) and Mutual Funds (trail commissions), and expanding the branch network by 30 units to capture higher loan volumes.

Products & Services

Credit cards, personal loans, business loans, home loans, insurance policies, mutual funds, and UPI payment services.

Brand Portfolio

Akiko Global, The Money Fair, AkikoPay.

New Products/Services

Insurance distribution and Mutual Fund distribution (AUM-based trail commissions) are the primary new verticals expected to create recurring revenue streams.

Market Expansion

Nationwide rollout of 30 new branches in India and expansion of workforce in Dubai within a two-month timeline.

Market Share & Ranking

Not disclosed, but the company aims to become the largest asset financing company in the country.

Strategic Alliances

Partnerships with leading Banks and NBFCs for loan and credit card fulfillment; partnerships with AMCs for mutual fund distribution.

🌍 External Factors

Industry Trends

The industry is shifting toward 'Super Apps' and full-stack digital financial platforms. Akiko is positioning itself to move beyond simple aggregation to a comprehensive ecosystem including UPI and AUM-based products.

Competitive Landscape

Competes with other fintech aggregators and traditional distributors; differentiates through a semi-digital model and high staff retention (98%).

Competitive Moat

The moat consists of a proprietary database of 25M+ users with rich credit signals, which allows for 'near-zero' CAC. This is sustainable because it creates a high barrier to entry for new players who must spend heavily on marketing to acquire similar data.

Macro Economic Sensitivity

Highly sensitive to interest rate cycles; rising rates may dampen demand for personal and business loans, affecting the company's commission-based revenue.

Consumer Behavior

Increasing digital adoption for financial products; consumers are moving toward single-app solutions for transacting, insuring, and investing.

Geopolitical Risks

Expansion into Dubai introduces exposure to Middle Eastern regulatory environments and regional economic shifts.

⚖️ Regulatory & Governance

Industry Regulations

Operations are governed by the Companies Act 2013 and SEBI LODR regulations. The company is also pursuing an NBFC license which will subject it to stricter RBI oversight.

Environmental Compliance

Not a significant factor for a fintech services firm; ESG costs were not disclosed.

Taxation Policy Impact

The company is subject to standard Indian corporate tax rates; specific fiscal impacts were not detailed in the provided documents.

Legal Contingencies

The Independent Auditor's Report for FY25 noted that the company's accounting software lacked an audit trail (edit log) facility and that the audit trail was not preserved as per statutory requirements. No other major pending court cases were disclosed.

⚠️ Risk Analysis

Key Uncertainties

The primary uncertainty is the successful adoption of the AkikoPay Super App and the transition to an NBFC model, which changes the risk profile from capital-light to capital-intensive.