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Bloom Hotels posts Rs 250 Cr revenue in FY24; profit spikes 2.3X

EntrackrEntrackr · 7m ago
Bloom Hotels posts Rs 250 Cr revenue in FY24; profit spikes 2.3X
Medial

Hospitality chain Bloom Hotels has showcased impressive over fivefold growth in the past two fiscal years, surging its scale from Rs 49 crore in FY22 to Rs 250 crore in FY24. On a year-on-year basis, its operating revenue grew 73.6% in the fiscal year ending March 2024, while the firm’s profit spiked 2.3X. Bloom’s revenue from operations grew by 73.6% to Rs 250 crore in FY24 from Rs 144 crore in FY23, according to its annual consolidated financial statements sourced from the Registrar of Companies. The company operates hotel brands such as Bloom Hotel, Bloom Hub, BloomSuites, and Bloomrooms. Income from the room rental accounted for 85.2% of the operating revenue which surged 79% to Rs 213 crore in the last fiscal year from Rs 119 crore in FY23. The rest of the revenue came from food/beverages and other allied services which stood at Rs 33 crore and Rs 4 crore, respectively. Bloom also added Rs 8 crore primarily from the interest on deposits which pushed its overall revenue to Rs 258 crore in FY24. Currently, it has over 50 hotels located across Mumbai Pune, Udaipur, Jaipur, NCR et al. For the hospitality chain business, the cost of lease rent was the latest cost center, forming 31.5% of the overall cost. In the line of expansion, the cost grew 79% to Rs 77 crore in FY24. Notably, Bloom has entered into multiple operating lease agreements, with lease durations ranging from 5 to 44 years. These agreements encompass a mix of company-owned leased hotels and revenue-linked lease arrangements based on earnings from the leased premises. Its employee benefits and commissions to agents grew by 58% and 78% to Rs 60 crore and Rs 16 crore, respectively. Advertising, legal, and cost of food & beverages were other overheads, taking the total cost to Rs 244 crore in FY24 from Rs 144 crore in FY23. Check TheKredible for more details. The impressive scale and controlled cost boosted Bloom’s profits over two-fold to Rs 14 crore in FY24. Its ROCE and EBITDA margin improved to 6.25% and 10.08% respectively in the last fiscal year. Bloom has improved its expense-to-revenue ratio, reducing it to Rs 0.98 from Rs 1.00 in the previous fiscal year. Its total current assets stood at Rs 118 crore, including Rs 97 crore in cash and bank balances. Bloom Hotels has secured approximately Rs 362 crore (around $45 million) in funding from Samena Capital, which now holds a majority stake in the company. Its competitors Treebo Hotels and FabHotels reported operating revenue of Rs 88.6 crore and Rs 224 crore, respectively, in FY23. Both companies are yet to submit their annual reports for the last fiscal year (FY24).

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Exclusive: Bloom Hotels to raise $9 Mn in new round

EntrackrEntrackr · 1m ago
Exclusive: Bloom Hotels to raise $9 Mn in new round
Medial

Exclusive: Bloom Hotels to raise $9 Mn in new round Delhi-based hospitality chain Bloom Hotels is set to raise Rs 77.7 crore (around $9 million) in its first funding round of 2025, with participation from Samena Capital Limited and Ikonika Holdings. Bloom Hotels' board has approved a special resolution to issue 7.77 crore compulsory convertible preference shares to raise the said amount, according to its filing with the Registrar of Companies (RoC). The proceeds will be used to fuel the company’s growth and expansion plans, the filing added. The hospitality company operates hotel brands such as Bloom Hotel, Bloom Hub, BloomSuites, and Bloomrooms. Currently, it has over 50 hotels across cities including Mumbai, Pune, Udaipur, Jaipur, and the NCR. The company has already secured around Rs 362 crore (approximately $45 million) from Samena Capital, which now holds a majority stake in the hospitality chain. Bloom Hotels is yet to file its financials for FY25. However, the company has witnessed over 5X growth in the past two years, with revenue rising from Rs 49 crore in FY22 to Rs 250 crore in FY24. It also reported a net profit of Rs 14 crore for the fiscal year ended March 2024. It competes with Treebo Hotels and FabHotels, which posted operating revenues of Rs 88.6 crore and Rs 224 crore, respectively, in FY24. It also faces competition from newer players like Salt Stayz and larger brands such as Oyo, through its Sunday Hotels.

Treebo crosses Rs 100 Cr revenue in FY24, outstanding losses climb to Rs 488 Cr

EntrackrEntrackr · 6m ago
Treebo crosses Rs 100 Cr revenue in FY24, outstanding losses climb to Rs 488 Cr
Medial

Treebo crosses Rs 100 Cr revenue in FY24, outstanding losses climb to Rs 488 Cr Treebo Hotels, a premium-budget hotel chain, crossed the Rs 100 crore revenue milestone in the fiscal year ending March 2024. Despite this growth, the Bengaluru-based company saw its losses rise by 17%, bringing total outstanding losses to Rs 488 crore. Treebo Hotels’s revenue from operations grew 22.5% to Rs 109 crore in FY24 from Rs 89 crore in FY23, its consolidated financial statements filed with the Registrar of Companies show. Income from accommodation services (taken on lease and managed properties) formed 95% of the total operating revenue which increased by 22.3% to Rs 104 crore in FY24 from Rs 85 crore in FY23. The rest of the income comes from the sale of products, and subscription services. The company also added Rs 7.22 crore as other income (non-operating) which tallied its overall revenue to Rs 116 crore in FY24 from Rs 94 crore in FY23. Treebo spent 41% of its overall expenditure on employee benefits which increased marginally by 7% to Rs 59 crore in FY24. Its cost and commission surged 70% and 48% to Rs 17 crore and Rs 43 crore in the previous fiscal year. Its cost of materials, legal, technology, traveling, and other overheads took the overall cost up by 22% to Rs 144 crore in FY24 from Rs 118 crore in FY23. The increased advertising and commission costs led Treebo to raise its losses by 16.7% to Rs 28 crore in FY24, compared to Rs 24 crore in FY23. Its ROCE and EBITDA margin stood at -540% and -18.1% respectively. On a unit level, it spent Rs 1.32 to earn a rupee in FY24. The company’s total current assets stood at Rs 34 crore with cash and bank balances of Rs 7 crore in the previous fiscal. According to startup data intelligence platform TheKredible, decade-old Treebo has secured Rs 566 crore (approximately $70 million) in funding from investors including Accor, Elevation Capital, Matrix Partners, and Bertelsmann. The company’s most recent major funding, amounting to $16 million, was raised in June 2021. Treebo competes directly with Bloom Hotels and FabHotels. In FY24, Bloom Hotels saw its operational revenue rise by 73.6% to Rs 250 crore, with a profit of Rs 14 crore. FabHotels recorded Rs 224 crore in operating revenue for FY23 but has not yet filed its FY24 annual report.

FabHotels gross revenue crosses Rs 550 Cr in FY24, losses widen 23%

EntrackrEntrackr · 5m ago
FabHotels gross revenue crosses Rs 550 Cr in FY24, losses widen 23%
Medial

FabHotels gross revenue crosses Rs 550 Cr in FY24, losses widen 23% Casa2 Stays, the parent firm of FabHotels, reported a 34% increase in gross revenue for the fiscal year ending March 2024. However, its loss rose by 23%, driven by a twofold increase in employee benefit expenses. FabHotels’ gross revenue increased to Rs 552 crore in FY24 from Rs 412 crore in the previous fiscal year (FY23), according to its financial statement sourced from the Registrar of Companies (RoC). The revenue for FY23 appears different this year as it marks FabHotels’ first set of financial statements prepared in compliance with Indian Accounting Standards (Ind AS). FabHotels, a budget hotel chain with over 600 properties across more than 50 cities in India, generated 99.4% of its gross revenue from accommodation bookings. Gross revenue increased by 33.35% to Rs 549 crore in FY24. Meanwhile, other revenue sources contributed Rs 3.3 crore. The company also recorded an additional income of Rs 11 crore from interest on deposits and liabilities written off, which pushed its overall revenue to Rs 563.6 crore in the last fiscal year. Accommodation expenses remained the largest cost component forming 74% of the overall cost, which grew by 32% to Rs 435 crore. FabHotels’ employee costs shot up 2X to Rs 92 crore in FY24. This includes Rs 15 crore as ESOP cost. Its commission expenses rose by 8% to Rs 27 crore, while other costs added Rs 34 crore. Overall, total expenses grew by 38.5% to Rs 588 crore in FY24 from Rs 424.7 crore in FY23. The two-fold jump in employee benefits led FabHotel to increase its losses by 23% to Rs 114 crore in FY24, compared to Rs 93 crore in FY23. Its ROCE and EBITDA Margin were recorded at -84.09% and -19.52%, respectively. On a unit basis, the company spent Rs 1.06 to earn a rupee of revenue. At the end of FY24, FabHotel’s current assets stood at Rs 172 crore, including cash and bank balances worth Rs 94 crore. FabHotel has raised around $70 million to date. Accel is the largest external stakeholder with 21.39% followed by Goldman Sachs. FabHotels competes directly with Treebo and Bloom Hotels. In FY24, Treebo surpassed Rs 100 crore in revenue, while Bloom Hotels achieved a 73.6% increase in operational revenue to Rs 250 crore and recorded a profit of Rs 14 crore. FabHotels, with its budget offerings and reach, faces a moment of truth to deliver sustainable profitability that can power future growth. The hospitality sector leaves very little margin for major misses now. FabHotels has placed its bets, with little leeway to change much now. Judgement awaits in the next few months and year, perhaps.

DailyObjects’ revenue spikes 34% to Rs 84 Cr in FY24

EntrackrEntrackr · 7m ago
DailyObjects’ revenue spikes 34% to Rs 84 Cr in FY24
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DailyObjects, a Direct-to-Consumer (D2C) tech accessories and lifestyle brand, achieved a 33.6% growth during the fiscal year ending March 2024. However, the Gurugram-based firm reported a modest loss of Rs 3.9 crore in the same period as compared to marginal profit in FY23. DailyObjects’ revenue from operations grew to Rs 84.4 crore in FY24 from Rs 63.2 crore in FY23, its consolidated financial statement sourced from the Registrar of Companies (RoC) shows. DailyObjects is a direct-to-consumer (D2C) lifestyle accessories brand offering products such as bags, wallets, charging solutions and stationery, among others. The sale of products accounted for 98.8% of the total revenue which increased by 33.6% to Rs 83.38 crore in FY24. The rest of the income came from shipping and delivery charges. For the consumer tech and lifestyle brand, the cost of procurement formed 50% of the total expense. This cost increased by 40% to Rs 42.28 crore in FY24 from Rs 30.26 crore in FY23. Its employee benefits and marketing cum advertising costs grew by 24% and 46.5%, standing at Rs 11.34 crore and Rs 14.33 crore, respectively, in FY24. The firm's spending on shipping, delivery, legal, and other overheads pushed the overall costs up by 33.3% to Rs 84.2 crore in FY24. Note: Excluding the exceptional item cost of Rs 6.14 crore, related to the write-off of previous receivables in the fiscal year ending March 2024, from the calculation of losses and expenses. Increased marketing and employee benefits costs led DailyObjects to post a loss of Rs 3.92 crore for FY24, compared to a marginal profit of Rs 0.06 crore in FY23. Its ROCE and EBITDA margin stood at -43.98% and -4.3%, respectively. On a unit basis, the company spent Re 1 to earn a rupee in FY24. It reported current assets of Rs 20.76 crore as of FY24. According to the startup data intelligence platform TheKredible, the Gurugram-based firm has raised around $14.4 million to date. Its leading investors are Roots Ventures and 360 One.

Yatra profit spikes 10X in Q3 FY25; revenue doubles

EntrackrEntrackr · 5m ago
Yatra profit spikes 10X in Q3 FY25; revenue doubles
Medial

Yatra’s revenue from operations increased to Rs 235 crore in Q3 FY25 from Rs 110 crore in Q3 FY24, its consolidated unaudited financials sourced from National Stock Exchange (NSE) shows. The Gurugram-based firm managed to double its year-on-year revenue during the third quarter of FY25, compared to the same quarter of the previous fiscal (Q3 FY24). Income from hotels and packages was the largest revenue source followed by air ticketing and other allied services. It also made Rs 6 crore from financial sources tallying the firm’s overall income to Rs 241 crore in Q3 FY25 from Rs 119.2 crore in Q3 FY24. For more context, Yatra has reported a revenue of Rs 572 crore with a positive bottom line of Rs 21.3 crore in the first nine months of the ongoing fiscal year (FY25). The travel aggregator firm spent 56% of the overall expenditure on service costs which stood at Rs 131 crore, followed by employee benefits which were recorded at Rs 39 crore. Its spending on marketing, legal, information technology, and other costs pushed its overall expense to Rs 231 crore in Q3 FY25. The twofold year-on-year scale helped Yatra to register a 10X surge in its profits, bringing it to Rs 10 crore in Q3 FY25 against Rs 1 crore in Q3 FY24. On a unit level, the firm spent Re 0.98 to earn a rupee in Q3 FY25. Yatra is currently trading at Rs 93.21 with a 0.52% increase in its share price. Its total market capitalization stood at Rs 1,462 crore.

Hangyo nears Rs 300 Cr revenue in FY24; profit spikes 2X

EntrackrEntrackr · 4m ago
Hangyo nears Rs 300 Cr revenue in FY24; profit spikes 2X
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Hangyo Ice Cream secured India's largest venture funding for an ice cream brand, raising $25 million from Faering Capital in August last year. The investment was driven by the company’s expanding scale, as it surpassed Rs 300 crore in revenue in FY24 while maintaining profitability. Hangyo’s revenue from operations grew 23.5% year-on-year to Rs 294 crore in FY24 from Rs 238 crore in FY23, its consolidated financial statements sourced from the Registrar of Companies show. Founded in 2003 by Pradeep Pai and Dinesh Pai, Hangyo sells cups, cones, sorbets, stick ice creams, tubs, and kulfis across general trade, modern trade, and online channels including quick commerce apps. Income from the sale of ice creams is the sole source of revenue for Hangyo in FY24. For the ice cream seller, the cost of procurement was the largest cost center forming 57% of its overall expenditure. This cost grew by 9.1% to Rs 168 crore in FY24. The employee benefits also saw a surge of 38.9% to Rs 25 crore in the previous fiscal (FY24). Its power, fuel, advertising, transportation/distribution, traveling, and other overheads drove the total expenditure up by 23.5% to Rs 294 crore in FY24 from Rs 238 crore in FY23. The decent scale and controlled costs helped Hangyo to register a 2.1X surge in its profits to Rs 11.8 crore in FY24, compared to Rs 5.6 crore in FY23. At a unit level, it spent Rs 0.95 to earn a rupee. Its ROCE and EBITDA margins improved to 28.77% and 11.86% respectively. By the end of FY24, its total current assets stood at 59 crore. Hangyo has raised a total of $30 million to date including $5 million from Capvent Partners in 2013. Over the past two years, several new-age and established ice cream brands, including Hocco, Go Zero, and NIC, have secured significant funding. Hocco raised $12 million from the Chona family and others, while NIC secured $31 million across two rounds. Mumbai-based Go Zero also raised $2.5 million through two funding rounds.

Classplus revenue spikes 2X to Rs 260 Cr in FY24; cuts losses by 57%

EntrackrEntrackr · 9m ago
Classplus revenue spikes 2X to Rs 260 Cr in FY24; cuts losses by 57%
Medial

While many edtech posterboys experienced flat or no growth in FY24, edtech firm Classplus seems to have found stable revenue streams by empowering educators with an online presence. The Tiger Global-backed company saw its revenue grow eight-fold over the past two fiscal years, reaching Rs 213 crore in FY24, up from Rs 26 crore in FY22. At the same time, the firm reduced its losses by 57% in FY24. Classplus’s revenue from operations surged 2X to Rs 213 crore in FY24 from Rs 102 crore in FY23, its consolidated financial statements sourced from the Registrar of Companies (RoC) show. Classplus helps creators launch their online coaching business by launching their mobile apps and websites and sell online courses via them. The sale of SaaS tools and software accounted for 96.6% of its total operating revenue, which doubled to Rs 205.5 crore in FY24. The sale of products and other allied services contributed Rs 8 crore to its revenue. Additionally, the company earned Rs 52 crore, primarily from interest on fixed deposits, bringing its total income to Rs 264 crore in the fiscal year ending March 2024. It has also invested in companies like govt job-prep portal GyanLive and recently started a four year computer science course — Polaris School of Technology in Bangalore. For the six-year-old firm, employee benefits accounted for 54% of total expenses, decreasing by 12% to Rs 201.7 crore in FY24. This includes Rs 38.5 crore as ESOP cost which is non-cash in nature. Advertising and promotional expenses also saw a 7.3% decline in the last fiscal year. Legal and professional, information technology and depreciation were additional expenses that brought the overall expenditure down to Rs 375.7 crore in FY24, compared to Rs 405.2 crore in FY23. Check TheKredible for more details. The two-fold growth and controlled expenditures helped Classplus reduce its losses by 57%, bringing them down to Rs 110.4 crore in FY24 from Rs 256 crore in FY23. Its Return on Capital Employed (ROCE) and EBITDA margin improved to -15.26% and -35.99%, respectively. On a per-unit basis, the company spent Rs 1.77 to earn a rupee in FY24. FY23-FY24 FY23 FY24 EBITDA Margin -157.70% -35.99% Expense/₹ of Op Revenue ₹3.97 ₹1.77 ROCE -32.62% -15.26% The Gurugram-based company has raised over $160 million to date, including a $70 million Series D round in March 2022, which valued the company at $600 million. Its other notable investors include Tiger Global, Alpha Wave, RTP Global, Blume Ventures, and GSV Ventures. With enough dry powder to last at least another two years or more, especially if its cost controls continue to succeed at reducing losses, Classplus could be in a very good space by FY25. The offering is not as sensitive to the vagaries of the economy and as the universe of beneficiaries grows, even marketing expenses or acquisition costs will drop, if service is good. The company is also going to be building a deeper moat with higher numbers, securing its position better. At Rs 12,000 per annum or thereabouts on average for a ‘teacherpreneur’, disruptors will not find it easy to offer more for less.

INDmoney revenue spikes 73% in FY24, earns Rs 58 Cr from other income

EntrackrEntrackr · 8m ago
INDmoney revenue spikes 73% in FY24, earns Rs 58 Cr from other income
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INDmoney has continued its growth streak in the fiscal year ending March 2024. The Tiger Global-backed firm has managed 73.2% year-on-year growth in its operating revenue during the last fiscal. At the same time, its losses grew only 12% in the same period. INDmoney’s revenue from operations spiked 73.2% to Rs 70 crore in FY24 from Rs 40.6 crore in FY23, its consolidated financial statements sourced from the Registrar of Companies (RoC) show. INDmoney lets users manage their money through investments in mutual funds including Indian and overseas stocks. It claims to have amassed 10 million users on the platform. Income from distribution services accounted for 76% of the operating revenue which increased by 56% to Rs 53.6 crore in FY24, whereas income from broking activities surged to Rs 10.7 crore in FY24 from Rs 10 lakh in FY23. The company added another Rs 6 crore from allied services during the last fiscal year. The Gurugram-based company also made Rs 57.7 crore from interest and gain on sale of current investments which pushed its total revenue to Rs 128 crore in FY24. This significant other income is a result of its huge current financial assets which stood at Rs 725 crore at the end of March 2024. When it comes to expenses, employee benefits remained the largest cost driver for INDmoney. This overhead grew 11% to Rs 124.53 crore in FY24 from Rs 111.86 crore in FY23. IT expenses stood at Rs 57.18 crore while marketing burn contributed Rs 33.80 crore in FY24. Finance, depreciation, depletion, amortization and other expenses pushed the total expenditure to Rs 233.6 crore in the last fiscal. This is a 17% increase from Rs 199 crore in the previous fiscal year. INDmoney reported a 12% growth in its net losses to Rs 82.55 crore in FY24. Its ROCE and EBITDA margin stood at -11.47% and -75.6%, respectively, on a unit level, it spent Rs 3.32 to earn a rupee during FY24. INDmoney has raised $133 million since its inception in 2019. The Ashish Kashyap-led company raised its latest funding worth $75 million in January 2022 at a valuation of more than $600 million. While obviously good at raising funds, it remains to be seen if INDmoney can find a market big enough and willing to give it a shot. It's in a segment where massive consumer shifts are not unknown, even though INDmoney itself doesn't seem to have got there yet. Something like investing overseas, where awareness is still low could become winners if the market shifts in that direction. However, it remains a cluttered and tough space to eke out a profitable existence, and INDmoney will need to make a big bet soon, despite its already high cost structure.

Storia Foods revenue spikes 51% to Rs 169 Cr in FY24

EntrackrEntrackr · 3m ago
Storia Foods revenue spikes 51% to Rs 169 Cr in FY24
Medial

Storia Foods, a beverage and dairy alternative brand, reported 51% year-on-year growth in FY24. However, the company’s losses widened during the same period due to rising expenses across key cost centers. Storia Foods’ revenue from operations rose to Rs 169 crore during the last fiscal year, up from Rs 112 crore in FY23, according to its financial statement filed with the Registrar of Companies (RoC). Founded by Vishal Shah, Storia Foods offers sugar-free shakes, lattes, smoothies, coconut water, juices, and booster drinks, among other products. The sale of these items was the sole source of operational revenue for the company. The firm also earned Rs 2 crore from interest on deposits, which took its total revenue to Rs 171 crore in FY24. Storia Foods’ total expenses rose 44% to Rs 203 crore in FY24, up from Rs 141 crore in the previous year. The largest cost component, material costs, increased 40% to Rs 98 crore. Employee benefit expenses grew 17% to Rs 27 crore, while other expenses jumped 63% to Rs 78 crore. Despite strong revenue growth, the rising cost structure resulted in a net loss of Rs 33 crore in FY24 from Rs 27 crore in FY23. The firm’s EBITDA margin improved to -19.18% in FY24, compared to -24.69% in FY23. On a unit level, Storia Foods spent Rs 1.20 to earn a rupee during the fiscal year. The Mumbai-based company reported current assets worth Rs 24 crore in FY24, which includes Rs 5 crore in cash and bank balance. According to startup data intelligence platform TheKredible, Storia Foods has raised a total of $6 million in funding to date. Sixth Sense Ventures is the lead investor, holding a 23.86% stake, while founder Vishal Shah owns 20.30% of the company. Storia Foods is a very interesting effort in a category that has been notoriously difficult to crack. If it’s not the proposition of “pure juice” that gets you, it is the issue with the value-seeking Indian buyer, who simply does not sip often enough if the price is too ‘high’ for the privilege of getting pure juice. Storia has tried an interesting tack around the challenge by trying to push many of its offerings in packs of 6, while promising quality. It will be really interesting to see if the pitch has worked in terms of orders for full packs of six or more. Otherwise, despite a good show on growth and cost controls, the firm knows the next big challenge looms, besides the obvious one of distribution, in that it might get closer to breakeven, but within the next 2 years, it will need to confront a market that has usually stagnated for predecessors, forcing many to compromise on their original premise to keep growing with lower value, diluted offerings.

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