WazirX revenue crosses $100 Mn in FY22
By MYBRANDBOOK
Cryptocurrency exchange WazirX’s trading volume dropped 76% in the 12 months period ending December, however, the company has managed over 7X growth in its scale in the fiscal year ending March 2022.
WazirX’s scale expanded 7.3X to $108.4 million in FY22 from $14.8 million in FY21. WazirX allows users to buy, sell, and trade various crypto assets like Bitcoin, Ether, Litecoin, and more.
Commission from trading was the largest source of revenue for WazirX which accounted for 94% of the collections. This collection surged 7.15X to $101.9 million in FY22 from $14.25 million in FY21. WazirX’s ancillary activities such as software development services also contributed $7 million to its repositories in FY22. These figures stood at $0.55 million in FY21.
The company spent most of its money in the Marketing and promotion segment, which is evident from its aggressive advertising campaigns over television, digital and social media. This cost formed 78.5% of the cost which surged around 16X to $79.6 million in FY22 from $5 million in FY21.
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