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GoDigit turns profitable in FY23, gross premium rises

VCCircle

VCCircle · 1y ago

GoDigit turns profitable in FY23, gross premium rises

Go Digit General Insurance Ltd, backed by Fairfax India Holdings, has reported a net profit for the fiscal year ending in March 2023. The company managed to improve its claims and increase its assets under management (AUM). Go Digit, which is preparing for an IPO, experienced a rise in gross premium as well.

Related News

Twitter India Turns Profitable In FY23

Inc42 · 1y ago

Twitter India Turns Profitable In FY23

Twitter Communications India, the Indian subsidiary of X Corp. USA (formerly Twitter Inc.), has reported a net profit of INR 30 Cr in FY23, making it profitable. The company's operational revenue has increased by 32% to INR 208 Cr, covering up the net loss of INR 32 Cr in FY22. After Elon Musk's acquisition of the company, several changes were made, including the firing of CEO Parag Agrawal and scaling down the India team. Twitter Blue, a premium subscription service, was introduced in India, and the company celebrated its first anniversary under new ownership.

Go Digit FY24: PAT Jumps Over 5X To INR 182 Cr, GWP At INR 9,016 Cr

Inc42 · 1y ago

Go Digit FY24: PAT Jumps Over 5X To INR 182 Cr, GWP At INR 9,016 Cr

Go Digit, an Indian general insurance company, reported a 24.5% year-on-year increase in total gross written premium (GWP) to INR 9,016 Cr in FY24. Net earned premium for the fiscal year was INR 7,096 Cr, up from INR 5,164 Cr in FY23. The company's assets under management as of March 31, 2024, reached INR 15,764 Cr.

Zeta India crosses Rs 800 Cr revenue in FY23, turns profitable

Entrackr

Entrackr · 1y ago

Zeta India crosses Rs 800 Cr revenue in FY23, turns profitable

Zeta India, a banking tech firm, reported revenue growth of 32.7% to Rs 816 crore in FY23, turning profitable in the same period. However, it did not match the growth levels of the previous fiscal year. The company offers financial services to institutions and generated 76% of its income from outside India. Employee benefits accounted for the majority of expenses, but cost control measures helped the company post a profit of Rs 22 crore in FY23. Zeta became a unicorn in May 2021 after raising funds from SoftBank and Mastercard.

Blinkit quarterly contribution margin turns positive first time ever

Economic Times

Economic Times · 1y ago

Blinkit quarterly contribution margin turns positive first time ever

Blinkit, Zomato's quick commerce arm, reported its first-ever positive contribution margin, with a 1.3% margin as a percentage of gross order value (GOV) in the latest quarter. Zomato also remained profitable for the second consecutive quarter, earning Rs 36 crore for the quarter ended in September 2023. Blinkit aims to break even in the quick commerce business by the first quarter of FY25. The company reported an increased average order value (AOV) and growing GOV, signaling its expansion in the quick commerce sector.

Zomato, its first full-year profit in pocket, turns focus on Blinkit

Livemint

Livemint · 1y ago

Zomato, its first full-year profit in pocket, turns focus on Blinkit

Food delivery giant Zomato is ramping up its quick-commerce business, Blinkit, with plans to add 100 dark stores by June. Zomato aims to have 1,000 warehouses for Blinkit by the end of the fiscal year, as it sees the potential for the quick delivery business to outperform its core food delivery operations. Blinkit, which Zomato acquired in 2022, turned operationally profitable in March and experienced a doubling of both revenue and gross order value in Q4. The company is focusing its expansion efforts on the top eight cities in India.

Arya.ag near Rs 300 Cr revenue in FY23; turns profitable

Entrackr

Entrackr · 1y ago

Arya.ag near Rs 300 Cr revenue in FY23; turns profitable

Arya.ag, an agritech startup, raised $60 million before the start of FY23. The company achieved 50% growth and turned profitable in the last fiscal year, with revenue from operations increasing by 50% to Rs 290 crore. Income from storage and warehousing accounted for 68% of the revenue. The company's expenses grew by 43.9%, leading to a profit of Rs 7.5 crore. Arya.ag is valued at $300 million, with Aspada Investment being the largest stakeholder. The company competes with the likes of Farmart, Dehaat, Ninjacart, and Bijak.

Quess Corp, GoDigit under the lens as Fairfax accused of manipulating asset values

VCCircle

VCCircle · 1y ago

Quess Corp, GoDigit under the lens as Fairfax accused of manipulating asset values

Indian companies Quess Corp and GoDigit are facing allegations of "abusive accounting" by activist short seller Muddy Waters. The accusations are directed towards Canadian billionaire Prem Watsa-led investment firm Fairfax Financial Holdings, accusing them of manipulating asset values. Quess Corp is an outsourcing services provider, while GoDigit is an insurance-technology unicorn. The claims were made in a research paper by Muddy Waters.

Fashion ecommerce giant Myntra turns EBITDA positive in the last 2 quarters

IndianStartupNews

IndianStartupNews · 1y ago

Fashion ecommerce giant Myntra turns EBITDA positive in the last 2 quarters

Myntra, the fashion ecommerce giant owned by Flipkart, has announced operational profitability for the last two quarters of 2023. Key factors contributing to this success include a doubling of Gross Merchandise Value (GMV), an expanding customer base, a focus on premium products, and strategic partnerships. Myntra has also seen a significant increase in monthly active users, particularly in non-apparel segments. Despite increased losses, operating revenue grew by 25% to Rs 4,375 crore. Myntra's emphasis on technological innovation, including features like MyFashionGPT and AI Stylist, has helped solidify its position in the market.

Ola Financial Services Turns Profitable In FY22, Posts INR 9 Cr Profit

Inc42 · 1y ago

Ola Financial Services Turns Profitable In FY22, Posts INR 9 Cr Profit

Ola Financial Services, the financial arm of Ola, turned profitable in FY22, posting a standalone profit of INR 8.68 crore ($1.17 million). Its operating revenue also saw a significant increase of 157% to INR 110 crore ($14.9 million) compared to the previous fiscal year. Ola Money, which offers products like Ola Money Postpaid, Ola Money Credit Card, and OlaMoney Wallet, contributed to the revenue growth by generating income through commissions, insurance sales, and advertising. The acquisition of neobank Avail Finance in FY23 is expected to further impact the financial performance of Ola Financial Services.

Traya posts 236 Cr revenue in FY24; turns profitable

Entrackr

Entrackr · 7m ago

Traya posts 236 Cr revenue in FY24; turns profitable

Traya recorded over threefold year-on-year growth, with its revenue crossing Rs 230 crore during the previous fiscal year ending March 2024. Moreover, with this pace, the Mumbai-based company became profitable in the same period. Traya’s revenue from operations surged 3.8X to Rs 236 crore in FY24 from Rs 61 crore in FY23, its annual financial statements sourced from the Registrar of Companies show. Established in 2019, Traya focuses on addressing hair loss at its core by identifying the underlying causes. It provides personalized hair solutions and guidance from a team of experienced hair coaches and physicians. Income from product sales accounted for 99.36% of Traya's total operating revenue, which rose to Rs 234.5 crore in FY24, up from Rs 61 crore in FY23. The rest income came from courier services and doctor consultation fees. Moving on to the expense part, marketing and sales accounted for 43% of the overall expenditure. This cost grew twofold to Rs 98 crore in FY24 from Rs 51 crore in FY23. To the tune of scale, the cost of procurement of materials surged 3.6X to Rs 54 crore in FY24. Traya’s employee benefits also saw a 4X surge to Rs 36 crore in FY23. Other overheads including freight, legal, and travelling increased the overall cost by 154% to Rs 229 crore in FY23 from Rs 90 crore in FY23. The 3.8X growth in scale enabled Traya to achieve a notable profit of Rs 9 crore in FY24, a stark contrast to the Rs 28 crore loss in FY23. Its ROCE and EBITDA margin improved to 8.7% and 5.04%, respectively. On a unit basis, the company spent Rs 0.97 to earn a rupee in FY24. Traya's total current assets recorded at Rs 159 crore, with a cash balance of Rs 85 crore at the end of the previous fiscal year. According to startup-data intelligence platform TheKredible, Traya has raised approximately Rs 96 crore to date, including Rs 75 crore in funding from Xponentia Capital in April this year. The company counts notable investors such as Fireside Ventures, Kae Capital, Xponentia Capital, and Whiteboard Capital.

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