Easebuzz, a full-stack payments solutions provider, experienced modest growth of 9.1% in the fiscal year ending March 2026, while its profit decreased by 43%. The company’s performance was largely impacted by the ban on real-money gaming applications that commenced at the start of the fiscal year. Revenue from operations increased to Rs 716 crore in FY26 from Rs 656 crore in FY25, as disclosed in financial filings with the Registrar of Companies.
As a B2B payment gateway focusing on SMEs, Easebuzz offers straightforward APIs for payments, disbursements, and various financial operations. During the previous fiscal year, the organisation earned Rs 697 crore from transaction fees, constituting 97.35% of its operational revenue. Additionally, IT services and support contributed Rs 14 crore, while Software as a Service (SaaS) fees added Rs 5 crore.
Beyond its operational income, Easebuzz recorded Rs 7 crore in other income for FY26, raising its total income to Rs 723 crore compared to Rs 659 crore in FY25. For this digital payments company, payment processing fees remained the largest expense, climbing 2% to Rs 557 crore in FY26 from Rs 546 crore in FY25, making up 78.67% of total expenses for the last fiscal year.
The $30 million funding round at the beginning of the fiscal year led to a notable rise in Easebuzz’s operating costs. Employee benefits saw an increase of 82.7% to Rs 95 crore, while expenses related to information technology rose by 68.8% to Rs 27 crore. Marketing costs skyrocketed by 350% to Rs 9 crore, and other expenses grew by 11.1% to Rs 20 crore.
Overall, Easebuzz’s total expenses grew 11.7% year-on-year to Rs 708 crore in FY26 from Rs 634 crore in FY25, outpacing its revenue growth. As a result, the company’s profitability faced challenges; Easebuzz’s profit decreased by 42.1% to Rs 11 crore from Rs 19 crore in FY25. The EBITDA also fell, dropping to Rs 14 crore from Rs 28 crore, with the EBITDA margin declining to 1.96% compared to 4.27% previously.
Easebuzz’s return on capital employed (ROCE) fell to 3.52% in FY26 from 18.25% the year before. On a per-unit basis, the firm spent Rs 0.99 to generate one rupee of operating revenue in FY26, compared to Rs 0.97 in FY25.
As of March 2026, Easebuzz’s current assets decreased by 28.4% to Rs 141 crore from Rs 197 crore in FY25, and cash and bank balances experienced a decline of 26.1% to Rs 105 crore from Rs 142 crore. Supported by a significant Series A funding, the company experienced a remarkable growth in its non-current assets, which skyrocketed over 145 times to Rs 198 crore from Rs 1.37 crore in FY25, primarily comprising security and long-term bank deposits.
The Pune-based organisation has raised a total of $34 million to date, which includes Rs 240 crore (approximately $28.2 million) from its Series A funding, encompassing Rs 200 crore ($23.5 million) in primary investments and Rs 40 crore ($4.7 million) in secondary. The largest external investor, 8i Ventures, holds a 10.88% stake, followed closely by Varanium Capital and Bessemer Venture Partners with 8.48% and 8.47%, respectively.
In February 2025, Easebuzz received final approval from the Reserve Bank of India (RBI) to operate as an online payment aggregator. The company is also in the process of securing a cross-border payment aggregator licence to tap into international markets.
Overall, the performance of Easebuzz in FY26 highlighted a business struggling to translate its scale into increased profitability. The real-money gaming ban negatively influenced payment volumes, while the organisation continued to invest in personnel, technology, and customer acquisition. This approach exerted strains on profit margins at a time of modest revenue growth. As the company looks to expand into regulated payment aggregation and explore international opportunities, its primary challenge will be to grow its core operations while enhancing operational efficiency and restoring profitability.