‘Looking to scale up wealth, secured products this fiscal’

YASHORAJ TYAGI, CHIEF EXECUTIVE OFFICER, CASHe

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Digitallending startup CASHe returned to profitability in FY25 after a sharp strategic reset, where it moved away from a balance sheet heavy NBFC model to a partner-led, technology first credit platform.

Chief Executive Officer Yashoraj Tyagi tells Ayanti Bera what drove the turn around, how asset quality has held up amid industry stress, and how the company plans to grow going forward. Excerpts:

FY24 was a difficult year for CASHe. What changed in FY25?

FY24 was a year of deliberate correction. The RBI’s tightening on unsecured lending coincided with our own realisation that being a single-product, balance-sheet-led NBFC would limit long-term scale. During the year, we consciously reduced our on-book AUM and became a platform-led player, where our own NBFC is just one of several lending partners. FY25 was therefore a transition year. Despite total income falling to ₹280 crore from ₹588 crore in FY24, we reported a net profit of ₹3.1 crore, compared with a loss of nearly ₹30 crore the previous year. Profitability was driven by lower credit costs, tighter operating and acquisition cost controls, and an active balance-sheet cleanup.