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The profitability and revenue of Neblio Technologies Private Limited, the holding company of crypto exchange CoinDCX, has taken a hit in FY24.

Profit after tax shrunk by 45.27% to Rs 15.46 crore in FY24, compared to Rs 28.25 crore in FY23. The company also reported a 12.4% decline in revenue from sale of services at Rs 391.76 crore in FY24, compared to Rs 447.24 crore in FY23.

Neblio’s total expenses fell by 11.85% to Rs 370.11 crore in FY24, down from Rs 419.91 crore in FY23. A breakdown of these costs reveals a 5.13% increase in employee benefit expenses, rising to Rs 188.02 crore from Rs 178.83 crore the previous year, company filings with Registrar of Companies showed.

However, other expenses saw a sharp reduction of 25.12%, dropping to Rs 178.17 crore from Rs 237.95 crore.

In May, the Mumbai-based crypto exchange released its proof of reserves, revealing total holdings valued at Rs 3,507 crore ($420.92 million) as of May 17, 2024—a 2.6X increase from November 2023. Of this, Rs 918 crore was stored in cold wallets, while Rs 2,590 crore was held on the blockchain.

CoinDCX is a cryptocurrency trading platform founded in 2018 by Sumit Gupta and Neeraj Khandelwal. It is backed by global investors including Pantera, Steadview Capital, B Capital Group, Bain Capital Ventures, Coinbase Ventures, and others.