Freo, the Bengaluru-based fintech platform, reduced its net loss by 64.54% in FY24 to 14.16 crore rupees (US$1.64 million), down from 39.94 crore rupees (US4.64 million) in FY23, driven by an improved EBITDA margin.

EBITDA loss narrowed to 12.3 crore rupees (US$1.43 million) from 36.6 crore rupees (US$4.25 million) in the previous year, while revenue grew 11%.

The EBITDA margin also improved significantly from -37% to -11%.

Founded in 2015, Freo offers credit lines, loans, cards, insurance solutions, and digital banking services. It entered the insurance sector in October 2024 after securing an Insurance Regulatory and Development Authority of India (IRDAI) license.