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BluSmart to raise $50 Mn in new round

EntrackrEntrackr · 6m ago
BluSmart to raise $50 Mn in new round
Medial

BluSmart to raise $50 Mn in new round BluSmart Mobility, an EV ride-hailing service and EV charging operator, is raising Rs 425 crore (approximately $50 million) in its Series B round. This will be the second fundraise for the Gurugram-based company in the past six months. BluSmart's board passed a special resolution in November to issue 17,70,833 Series B CCPS at an issue price of Rs 2,400 each to raise Rs 425 crore or $50 million, its regulatory filing sourced from the Registrar of Companies shows. BluSmart has already secured Rs 61 crore from 26 individual investors, with the remaining amount expected to arrive soon. Existing investors and new participants will likely contribute to this funding round. The funding came just six months after the closure of its $24 million pre-Series B round. According to Fintrackr’s estimates, the company will be valued at around Rs 3,050 crore (approximately $363 million) post-allotment. Founded in 2019 by Anmol and Puneet Jaggi along with Punit Goyal, BluSmart follows an on-demand model. Unlike Ola, Uber, and Rapido, it offers scheduled pick-ups and drops and has a pure-play electric fleet. The company officially expands its all-electric ride-hailing services to Mumbai this week, covering key areas such as Goregaon, Bandra, and the Bandra Kurla Complex (BKC), with plans for further citywide expansion. BluSmart boasts a fleet of over 8,500 EVs, 5,800 charging stations, and has completed 22 million rides. It currently operates in Delhi, the surrounding areas of the National Capital Region (NCR), and Bengaluru. Goyal recently said that BluSmart recorded Rs 390 crore in revenue in FY24 as compared to Rs 160 crore in FY23. However, it has yet to file audited financial statements for the past two fiscal years.

Rare Rabbit nears Rs 650 Cr revenue in FY24, profit surges 2.3X

EntrackrEntrackr · 4m ago
Rare Rabbit nears Rs 650 Cr revenue in FY24, profit surges 2.3X
Medial

Rare Rabbit nears Rs 650 Cr revenue in FY24, profit surges 2.3X Premium fashion brand Rare Rabbit has been growing rapidly in recent years, with its revenue increasing by over 69% during the fiscal year ending March 2024. At the same time, the firm’s profit surged 2.3 times, touching Rs 70 crore during the same period (FY24). Rare Rabbit’s revenue from operations increased to Rs 637 crore in FY24 from Rs 376 crore in FY23, according to its financial statement sourced from the Registrar of Companies (RoC). Rare Rabbit is a men's fashion brand operated by The House of Rare. Founded in 2015, the brand offers a range of clothing including shirts, polos, T-shirts, trousers, and jackets. Product sales were the company’s primary source of revenue. The company earned Rs 5 crore from interest income, bringing its total income to Rs 642 crore in FY24. On the expense front, the major cost, material expenses increased by 53% to Rs 208.4 crore. Employee benefit expenses surged by 95% to Rs 78 crore while expense increased by 45% to Rs 93 crore. Rent and commission expenses also increased by 62% and 58%, respectively. Overall, Rare Rabbit’s total expenses grew by 59.9% to Rs 542 crore in FY24, up from Rs 339 crore in FY23. Since Rare Rabbit’s revenue growth outpaced its expenses, the company’s profit surged 2.3 times to Rs 75 crore in FY24 from Rs 32 crore in FY23. The EBITDA margin improved to 19% from 14.7%, while the return on capital employed (ROCE) increased to 52.15% in FY24 from 42.02% in the previous fiscal year. On a unit level, Rare Rabbit spent Rs 0.85 to earn a rupee in the last fiscal year. As of March 2024, the company held Rs 2 crore in cash and bank balances, with current assets totaling Rs 349.5 crore. According to TheKredible, Rare Rabbit has raised a total of approx $24 million of funding to date, which includes the recent Rs 50 crore funding round from its existing lead investor A91 Partners. Rare Rabbit’s success and presence have practically crept up if you have been an ordinary industry watcher. The men's focused brand (their women's offering is called Rare is, and a children's planned offering will be Rare Ones) has gone about its work slowly but surely, not offering the permanent discounts that have been a feature of many others. The premium positioning seems to have worked eventually, placing the brand in a very strong position a decade after it launched. So will the House of Rare stay independent? We are betting it will, at least until after FY25 numbers, which could take the brand beyond the 1000 crore milestone. At that level, assuming it remains profitable, a unicorn valuation will be just one of the perks of staying rare.

Servify posts Rs 755 Cr revenue in FY24; cuts losses by 59%

EntrackrEntrackr · 9m ago
Servify posts Rs 755 Cr revenue in FY24; cuts losses by 59%
Medial

Post-sales service firm Servify has maintained steady growth over the past few fiscal years. Following the trend of FY23, the firm achieved 23.6% revenue growth in FY24 while reducing its losses by 59%. Servify’s revenue from operations grew to Rs 755 crore in FY24 from Rs 611 crore in FY23, its annual financial statements show. Servify provides brand-authorized after-sales support for mobile devices, gadgets, electronics, and home appliances. It allows users to store purchase bills and access official services for their devices, both during and after the warranty period. White-labeled protection plans sold via mobile apps and web portals contributed 87.8% of total operating revenue, which rose by 19.2% to Rs 663 crore in FY24. Additionally, income from mobile handset and spare parts sales grew by 66%, reaching Rs 91 crore during the same period. Notably, India is Servify’s largest revenue contributor, accounting for 56.8%, followed by the United States of America at 38.6%. For the post-sales service firm, the cost of materials, including plans and mobile handsets, made up 66.8% of total expenses. This cost saw a modest increase of 4.6%, reaching Rs 574 crore in FY24. Significantly, the firm recorded a reduction in employee benefits to Rs 158 crore, down from Rs 183 crore in FY23. Information technology, legal, telecommunications, and other related overheads contributed to an overall cost of Rs 859 crore in the last fiscal year. FY23-FY24 FY23 FY24 EBITDA Margin -32.95% -8.83% Expense/₹ of Op Revenue ₹1.39 ₹1.14 ROCE -190.08% -34.48% The increased scale and steady cost control helped Servify reduce its losses by 59%, reaching Rs 94 crore in FY24 compared to Rs 229 crore in FY23. Its ROCE and EBITDA remained negative at -34.48% and -8.83%, respectively, with Servify spending Rs 1.14 to earn each rupee in FY24. The Blume Venture-backed company has raised over Rs 1,000 crore to date, including $65 million led by Singularity Growth in 2022, as per TheKredible. Its notable investors include Iron Pillar, Beenext, 3F Ventures, and Avanz Capital. Servify’s revenue-to-enterprise multiple stood at 9.4X in the previous fiscal year. Servify has a lot going for it, in terms of a strong domestic presence in a growing home market, categories that are significant in scale and service demands, and potentially, new categories opening up all the time. The push towards premiumisation is also a huge driver for the firm, as higher priced products invariably come with the sort of protection plans and more that Servify offers. The firm’s biggest challenge is of course competition, not just in India but globally as well, including upcoming firms from China. How Servify weathers these will actually define the growth trajectory and any further control over costs.

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