Source: Entrackr
Banglaore Fintech startup FamApp (formerly known as FamPay) has undergone a massive turnaround. The start-up became profitable in FY25 and generated between Rs 90 to 100 crore in revenue. It is also nearing completion of raising new funds from existing investors and allowing one of its co-founders to exit the company. Three sources familiar with the matter reported to entrackr
Strong Financial Growth
“FamApp closed FY25 with Rs 90–100 crore in revenue and turned profitable, recording a profit before tax of Rs 10–12 crore,” said the second source, who wished not to be named as per entrackr.
FamApp (formerly FamPay) appears to have made a significant turnaround, though its FY25 performance will be officially confirmed once consolidated results are released. According to sources, the company posted revenue of Rs 25 crore in FY24 and managed to cut its losses by nearly 90%. FamApp earns revenue from its paid services as lets:
- FamX Ultra subscription (Rs 699)
- ATM withdrawals (Rs 29)
- Video KYC (Rs 99)
- Auto-save feature (Rs 29)
- nominal charges on loading of the teen wallet
Selling app stickers, gaming codes (like PUBG), and shopping vouchers
In FY25, FamApp (under the entity Trio) also launched Namaspay, a UPI app for foreign travelers in India. They charge a one-time fee of Rs 1,650, load fee of 4%, and 1% withdrawal fee.
New Funding and Investor Interest
Sources close to the matter said on condition of anonymity “Elevation Capital is leading a $15 million round, primarily comprising secondary capital, for FamApp,The secondary component will facilitate an exit for co-founder Kush Taneja and potentially some seed-stage investors.”
It last raised $38 million four years ago in series A round, till now it has raised $42.7 million. FamApp has investors such as Elevation Capital, Peak XV Partners, Y Combinator, Kunal Shah, and Amrish Rau, who will probably participate in this round.
Co-Founder Exit
One of the most significant changes is co-founder Kush Taneja is exiting. Sources noted that he had disagreements with the other co-founder, Sambhav Jain, with respect to the direction of the company.
However, Entrackr has not independently confirmed these claims or determined whether he is completely leaving the company.
Sources say that in the upcoming round, Elevation and other investors are expected to mainly acquire Taneja’s stake. This renewed investor confidence in FamApp follows the company’s success in building stable and significant revenue streams.
No official comment yet
Some Queries were sent to FamApp, Elevation, Sambhav Jain and Kush Taneja by Entrackr but they have not received any response by the time of publication
What’s Next?
With profits, increasing revenues and renewed support by investors, FamApp is well-positioned for additional growth. It demonstrates its capacity to shift from a teen-focused app to a broader fintech platform to adapt and succeed.
Neither FamApp or its investors have responded to inquiries thus far. However, the company’s performance appears to signal that it is prepared to enter whatever comes next in the fast-paced fintech space.
