(Bloomberg) -- Julo, an Indonesian online lending startup, said it’s working toward an initial public offering as its annual revenue nears $100 million.

The company is speaking with investors for a pre-IPO financing round and has started exploring options for a public listing, it said in a statement on Monday, without disclosing details.

The startup is seeking funds at a time when many peers are struggling for capital, as the venture industry globally grapples with elevated interest rates and inflation. Investors, once thrilled to write checks, are becoming more choosy and are doling out less favorable terms.

Revenue rose 73% in 2023 and reached an annual run rate of $121 million at the end of the year, said Ankur Mehrotra, Julo’s group president who previously headed Grab Holdings Ltd.’s lending business. Julo expects to reach profitability on a net income basis in 2024, after recording profit before tax for December.

Read More: Former Grab Fintech Veteran Joins Digital Lending Startup Julo

Startups like Julo now have to demonstrate to investors that they can grow and make money at the same time. Julo said it disbursed 7.3 million loans last year totaling $454 million, with the number of loans more than doubling from a year earlier.

Julo’s app lets users in Indonesia apply for loans, withdraw and send cash and pay school fees. The Jakarta-based startup, which targets the country’s middle-market income segment, raised $80 million from Credit Saison in 2022.

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