Neblio Technologies, the Indian entity of CoinDCX, has announced a significant turnaround in its financial performance, reporting a net profit of Rs 28 crore in the fiscal year 2022-23 (FY23). This marks a significant improvement from the net loss of Rs 41 crore suffered in the preceding fiscal year.
The company’s total revenue from operations in FY23 amounted to Rs 456 crore, representing a decline from the Rs 588 crore earned in FY22. However, despite the decrease in revenue, Neblio Technologies managed to reduce its total expenses to Rs 429 crore in FY23, down from Rs 630 crore in FY22.
Employee benefit expenses surged to Rs 178 crore in FY23, up from Rs 51 crore in FY22, while operating expenses specifically accounted for Rs 67 crore in FY23, compared to Rs 185 crore in FY22. Other expenses also saw a significant reduction, more than halving to Rs 180 crore from Rs 391 crore in FY22.
In a recent announcement, the company unveiled a new initiative to provide a 1% bonus to users who transfer their assets to the platform from offshore or non-compliant exchanges. Neblio Technologies is allocating up to $1 million from its treasury to facilitate this initiative, which is applicable to all users making crypto deposits between January 9 and January 17 of this year.
This move comes in the wake of notices from the Financial Intelligence Unit (FIU) to foreign crypto exchanges like Binance and KuCoin for non-compliance with anti-money laundering laws. The FIU has urged the Ministry of Electronics and Information Technology to block the URLs of nine entities operating illegally in violation of the Prevention of Money Laundering (PML) Act in India.
