Full-stack payments solutions provider Easebuzz saw single-digit growth in the fiscal year ended March 2026, while its profit fell 43%. The slowdown came largely from the ban on real-money gaming apps at the start of the fiscal year, which affected the firm’s growth and profitability.

The Beesemer-backed company’s revenue from operations grew 9.1% to Rs 716 crore in FY26 from Rs 656 crore in FY25, according to its financial statements filed with the Registrar of Companies (RoC).

Easebuzz, a B2B payment gateway for SMEs, provides plug-and-play APIs for payments, disbursements, and financial operations. In the last fiscal year, the firm generated Rs 697 crore from  transaction fees, which accounted for 97.35% of its operating revenue, while information tech and support fees contributed Rs 14 crore and SaaS fees Rs 5 crore.

Apart from operations, Easebuzz earned Rs 7 crore in other income in FY26, taking its total income to Rs 723 crore from Rs 659 crore in FY25.

For the digital payments firm, payment processing charges remained the largest cost centre, rising 2% to Rs 557 crore in FY26 from Rs 546 crore in FY25 and accounting for 78.67% of total expenses during the last fiscal year.

The $30 million funding round at the start of the fiscal year was followed by a sharp increase in Easebuzz's operating expenses. Employee benefit expenses surged 82.7% to Rs 95 crore, while information technology expenses rose 68.8% to Rs 27 crore. Advertising and promotional expenses jumped 350% to Rs 9 crore, while other expenses increased 11.1% to Rs 20 crore.

Overall, Easebuzz’s total expenses outpaced its revenue growth and rose 11.7%  year-on-year to Rs 708 crore in FY26 from Rs 634 crore in FY25.

With expenses growing faster than revenue, the company’s profitability declined in FY26. Easebuzz’s profit fell 42.1% to Rs 11 crore from Rs 19 crore in FY25. Its EBITDA declined to Rs 14 crore from Rs 28 crore, while the EBITDA margin dropped to 1.96% from 4.27%.

Its ROCE declined to 3.52% in FY26 from 18.25% in FY25. At the unit level, the company spent Rs 0.99 to earn a rupee of operating revenue in FY26, compared with Rs 0.97 in FY25.

As of March 2026, Easebuzz’s total current assets declined 28.4% to Rs 141 crore from Rs 197 crore in FY25, while its cash and bank balances fell 26.1% to Rs 105 crore from Rs 142 crore.

On the back of a sizable Series A round, the firm saw a sharp rise in other non-current assets, which surged over 145X to Rs 198 crore from Rs 1.37 crore in FY25, largely comprising security and long-term bank deposits.

The Pune-based firm has raised $34 million to date, including Rs 240 crore (approximately $28.2 million) in its Series A round, comprising Rs 200 crore ($23.5 million) in primary capital and Rs 40 crore ($4.7 million) in secondary capital. 8i Ventures is the largest external shareholder with a 10.88% stake, followed by Varanium Capital and Bessemer Venture Partners with 8.48% and 8.47%, respectively.

In Feb 2025, Easebuzz received final authorization from RBI to operate as an online payment aggregator and is in the process of applying for a cross-border payment aggregator license to serve international markets.

Overall, Easebuzz’s FY26 performance points to a business that struggled to convert its scale into stronger profitability. The impact of the real-money gaming ban weighed on its payment volumes, while the company continued to spend on people, technology and customer acquisition. This created pressure on margins at a time when revenue growth remained modest. With the company now expanding into regulated payment aggregation and exploring international opportunities, the key challenge will be to grow its core business while improving operating leverage and rebuilding profitability.