Metrics raised 1
- FY27 revenue guidance raised to ₹325-350 crores (from ₹300 crores)
Note: Transcript is machine-generated and contains significant transcription errors and garbled language, particularly in management's opening remarks and several Q&A exchanges.
Event Participants
Executives
1
Ankur Gaba (Founder and Promoter)
Analysts
8
Abhi Jain (AJ Capital), Ashut Pandey (Blue Star Capital), Bhaskar Khanrar (Three Head Capital), Dharma Chhatrapati (Axelior Equities), Darshan Pandya (Finfrest Capital), Karthik Kalbak (Bafna Capital), Nitin Gupta (Individual Investor), V. Kandaswan (SFS Capital Group)
Financials & KPIs
| Metric | Reported | Commentary |
|---|---|---|
| Revenue (Q1 FY27) | ₹68 crores | +127% YoY (₹68 cr vs ₹30 cr Q1 FY26); driven by scalability, branch expansion, and offline business growth |
| Monthly loan disbursement | ₹450+ crores | Up from ~₹400+ crores monthly in Q4 FY26; management targeting ₹1,000 crores monthly by December 2026 |
| Credit cards disbursed | ~18,000 | At average revenue per card of ~₹3,100; management cited 9-11% conversion rate, expected to rise to 12-14% next year |
| Dubai business revenue | ₹1.25 crores | Negligible contribution due to regional conflict; management expects recovery to prior levels from Q2 FY27 |
| Employee strength | ~950 | Split between sales/back-end and tech teams; 80% of lead generation through digital marketing |
Geographic & Segment Commentary
Akiko Pay (Fintech Platform): Launched on both iOS and Android app stores; positioned as a credit-focused app (vs. payments-first competitors like CRED/Paytm). Daily wallet uploads of ₹2-3 lakhs, expected to increase to ₹10-20 lakhs from next month; receiving 100+ credit card leads per day. User targets of 5 lakh by September 2026 and 10 lakh by December 2026 remain on track.
Dubai International Business: Q1 FY27 revenue of ₹1.25 crores — near negligible due to the regional conflict. Management indicated business "revived very well" last month and expects full recovery to prior quarterly levels in Q2 FY27.
Offline Branch Network: Continued physical expansion with multiple branches opened in several cities; 25-30 more branches planned over the next 2-3 months, complementing the digital platform in a hybrid model.
Company-Specific & Strategic Commentary
Hybrid Distribution Model: Combination of offline branch network and digital platform (Akiko Pay) positions the company uniquely in the market; 80% of lead generation now through digital marketing channels.
Leadership Structuring: Management confirmed plan to hire a full-time CFO and COO within the next 2-3 months to support scaling; one position already filled in the last 6 months.
Product Enhancements: New version of Akiko Pay app (2.0) launching within days on both platforms, incorporating features previously showcased; travel services and gift cards added as additional revenue streams within the app.
No Near-Term Fundraise: Internal accruals and bank cash credit limits are sufficient; no fundraise required for at least the next year.
Guidance & Outlook
| Metric | Guidance / Outlook | Commentary |
|---|---|---|
| FY27 Revenue | ₹325-350 crores (revised up from ₹300 crores) | Management "very comfortable" with revised figure; driven by loan disbursements, credit card volumes, and Akiko Pay revenue streams |
| Akiko Pay Revenue (FY27) | ₹50 crores | Confirmed as achievable; supported by payments, travel services, and gift card revenue streams |
| Monthly Disbursement | ₹1,000 crores by December 2026 | From current ₹450+ crores; requires scaling through digital lead generation and branch expansion |
| Revenue Growth (3-year) | 70-100% YoY annually | Management's stated vision for next three years, indicating sustained high-growth trajectory |
| Akiko Pay Users | 5 lakh by Sept 2026; 10 lakh by Dec 2026 | On track per management; app 2.0 launch expected to drive user acquisition |
| Dubai Business | Recovery to prior levels in Q2 FY27 | Business "revived very well" last month; expected to return to earlier quarterly run-rate |
Risks & Constraints
| Risk | Context |
|---|---|
| Geopolitical Exposure (Dubai) | Dubai revenue fell to ₹1.25 crores in Q1 FY27 due to regional conflict. Management sees recovery in Q2 but the episode demonstrates vulnerability to external shocks in that geography. |
| Key Person Risk / Leadership Gap | Company is founder-led with no CFO or COO currently; one senior hire made in last 6 months and two more expected in 2-3 months. Execution of aggressive targets depends on building out the management team. |
| Aggressive Guidance Execution | FY27 revenue target of ₹325-350 crores implies ~5x Q1 annualized run-rate, requiring sustained acceleration in disbursements (to ₹1,000 crores monthly), user growth, and new revenue streams — a significant step-up from current momentum. |
| Competitive Fintech Landscape | Akiko Pay competes with established players (CRED, Paytm, PhonePe) for user mindshare; management distinguishes on credit focus and cashback economics, but competitive intensity remains a factor. |
Q&A Highlights
Akiko Pay Positioning vs. Fintech Competitors (Darshan Pandya, Finfrest Capital)
- Question: Can Akiko Pay compete with CRED, Paytm, or PhonePe and join the fintech club?
- Answer: Management asserted 100% confidence, clarifying Akiko Pay is a credit app, not a payments app. It will compete on credit economics — "here you will get 1% [cashback]" unlike competitors — with payments as an engagement use case. (Ankur Gaba)
Leadership Team Building (Abhi Jain, AJ Capital)
- Question: Will the company hire a full-time CFO or COO to support scaling?
- Answer: Management confirmed one position was filled in the last six months; CFO/COO hiring planned within the next 2-3 months. Acknowledged that strategic leadership is important as the company scales. (Ankur Gaba)
Dubai Business Status (Bhaskar Khanrar, Three Head Capital)
- Question: What was Dubai revenue in Q1 FY27 and when will it recover?
- Answer: Revenue was ₹1.25 crores — "almost negligible due to war." Management expects Q2 FY27 to resemble Q4 FY26 levels, with recovery already evident in the last month. (Ankur Gaba)
Revenue Per Card Economics (Nitin Gupta, Individual Investor)
- Question: With ~18,000 cards and ₹450+ crores monthly disbursement, what is the revenue math?
- Answer: Card revenue averages ~₹3,100 per card with 9-11% conversion; expected to improve to 12-14% next year. Monthly disbursement expected to reach ₹1,000 crores by December 2026 with existing employee base due to 80% digital lead generation. (Ankur Gaba)
Akiko Pay Revenue Guidance & iOS Launch (Karthik Kalbak, Bafna Capital)
- Question: Is the ₹50 crore Akiko Pay FY27 revenue target still achievable, and has iOS launched?
- Answer: Management confirmed 100% confidence in the ₹50 crore target, citing payments, travel services, and gift cards as contributors. iOS app is live and the new 2.0 version will be visible within 4-5 days. (Ankur Gaba)
FY27 Revenue Guidance Revision (Dharma Chhatrapati, Axelior Equities)
- Question: Are you comfortable with the earlier 70-100% FY27 growth guidance after Q1?
- Answer: Management revised FY27 revenue guidance upward from ₹300 crores to ₹325-350 crores, expressing strong confidence. Personal loans were identified as the fastest-growing loan product. (Ankur Gaba)
Three-Year Growth Trajectory (Ashut Pandey, Blue Star Capital)
- Question: Is the 70-100% YoY growth target valid for the next three years?
- Answer: Confirmed with 100% conviction; management additionally stated intent to "compete with the major leaders in the market" within two years. (Ankur Gaba)
Fundraise Requirements (Nitin Gupta, Individual Investor)
- Question: Any plans for equity fundraise given the high growth?
- Answer: No fundraise needed for at least the next year; bank cash credit limits are well-aligned and internal accruals sufficient. (Ankur Gaba)
Branch Expansion (Darshan Pandya, Finfrest Capital)
- Question: Any update on branch rollout?
- Answer: 25-30 additional branches are lined up for opening over the next 2-3 months, expanding the offline network further. (Ankur Gaba)
Akiko Pay User Targets (Dharma Chhatrapati, Axelior Equities)
- Question: Where does the user base stand relative to the 5 lakh (Sept) and 10 lakh (Dec) targets?
- Answer: Management confirmed the company is "at the same plan" and on track to achieve both milestones. (Ankur Gaba)
Key Takeaway
Akiko Global Services delivered Q1 FY27 revenue of ₹68 crores, up ~127% YoY from ₹30 crores, driven by scale, branch expansion, and digital lead generation. Monthly loan disbursements reached ₹450+ crores with ~18,000 credit cards at ~₹3,100 revenue per card. Management revised FY27 revenue guidance upward to ₹325-350 crores (from ₹300 crores), reaffirmed the ₹50 crore Akiko Pay revenue target, and maintained a 70-100% annual growth vision for three years. Strategic moves include the launch of Akiko Pay 2.0 on iOS and Android, 25-30 new branches over the next 2-3 months, and planned CFO/COO hires within 2-3 months. Dubai business, hit by regional conflict (₹1.25 crores revenue), is expected to recover in Q2 FY27. No fundraise is required for at least a year. Key watch points include execution of the aggressive disbursement ramp to ₹1,000 crores monthly by December 2026, competitive pressure in fintech, and successful leadership team build-out to sustain the founder-led growth trajectory.