Refyne secures INR 35 Cr debt from Stride Ventures: what’s next after FY24 loss?

Founded in 2020, Refyne is an earned wage access (EWA) platform that allows employees to access their earned salaries on-demand.

Recently, Refyne secured INR 35 Cr (approximately $4 million) in debt funding from Stride Ventures, signaling investor confidence despite financial challenges.

"The Tiger Global-backed startup reported a standalone net loss of INR 33.9 Cr on an operating revenue of INR 49 Cr in FY24," highlighting the company's ongoing efforts to scale.

Refyne has made significant inroads in the Indian market, claiming to have served over 1 crore employees across more than 500 companies, including notable clients such as Cars24, Rebel Foods, TeamLease, and Practo.

The fresh capital infusion is expected to support Refyne's growth trajectory and product development as it aims to expand its footprint in the competitive EWA sector.

"Refyne has secured INR 35 Cr (around $4 Mn) debt from Stride Ventures," which could help the startup navigate post-FY24 losses and invest in scaling operations.

With the EWA market gaining traction in India, Refyne's ability to leverage this funding will be critical to its future success and profitability.

Refyne, an earned wage access platform, secured INR 35 Cr debt from Stride Ventures despite reporting a standalone net loss of INR 33.9 Cr on INR 49 Cr revenue in FY24. The startup serves over 1 crore employees across 500 companies including Cars24 and Practo.