🚀 Medial Secures Investment on Shark Tank India - Fueling the Future of Professional Social Networking. 🔥
Login

News on Medial

Related News

CarDekho Group’s revenue slips due to closure of used car biz; InsuranceDekho shines

EntrackrEntrackr · 7m ago
CarDekho Group’s revenue slips due to closure of used car biz; InsuranceDekho shines
Medial

CarDekho Group, which operates platforms like CarDekho, InsuranceDekho, BikeDekho, PriceDekho, Rupyy.com, has posted a modest 3.5% drop in its revenue FY24. However, the Jaipur-based firm managed to cut down losses by 40% in the same period. CarDekho revenue from operations fell to Rs 2,250 crore in the fiscal year ending March 2024, from Rs 2,332 crore in FY23, its consolidated financial statements sourced from the Registrar of Companies show. The dip in revenue was due to the closure of the used car business, as explained by founder and CEO Amit Jain in a conversation with Entrackr. Meanwhile, the group’s insurance segment achieved remarkable growth, surging approximately 8X during the past fiscal year. The transaction business is CarDekho's largest revenue contributor, accounting for 41% of its total operating revenue. This includes performance-based advertisements for automakers, dealer-customer connections, and financial services for buyers. The segment grew by 16.5% in FY24, reaching Rs 930 crore. Income from insurance broking (InsuranceDekho - ID) emerged as the second largest revenue grocer for CarDekho which formed 33% of the group’s revenue. Income from ID surged 7.8X to Rs 743 crore in FY24. Advertising, digital marketing, the sale of used cars, and other allied services contributed Rs 384 crore, Rs 176 crore, and Rs 17 crore, respectively. The company also added Rs 143 crore of other income (non-operating), making a total revenue of Rs 2,393 crore in FY24. The PeakXV-backed-company allocated 26% of its total expenses to advertising and promotions, which fell 13.6% to Rs 700 crore in FY24. Employee benefits were another significant expense, holding steady at Rs 642 crore, including Rs 74 crore in ESOP costs (non cash in nature). With the hyper-growth in the insurance segment, the related expenditure spiked 37X to Rs 301 crore in FY24. CarDekho spent Rs 547 crore and Rs 177 crore on outsourcing manpower and purchase of old cars in FY24. Its legal, technology, travel, and other overheads took the overall to Rs 2,669 crore in FY24 from Rs 2,921 crore in FY23. Despite closing its used car retail business, the group's other segments performed well and managed to cut losses by 40% to Rs 340 crore in FY24, down from Rs 566 crore in FY23. Its ROCE and EBITDA margins improved to -9.2% and -9.1% respectively. Cardekho expense expense-to-earning ratio stood at Rs 1.19 in the previous fiscal. The IPO bound firm has total current assets of Rs 3,084 crore including the cash and bank balances of Rs 688 crore in FY24.

Info Edge crosses Rs 2,500 Cr revenue and Rs 500 Cr profit threshold in FY24

EntrackrEntrackr · 1y ago
Info Edge crosses Rs 2,500 Cr revenue and Rs 500 Cr profit threshold in FY24
Medial

Info Edge, the parent company of Naukri and 99acres, published its financial statements on Thursday. The consolidated figures showcased a modest 8% increase in revenue for FY24. However, the company made a turnaround in its bottom line, transitioning from a loss of Rs 70 crore in FY23 to a profit of Rs 594 crore in FY24. Info Edge’s revenue from operations grew 8% to Rs 2,536 crore in FY24 from Rs 2,345 crore in FY23, its consolidated financial statements disclosed with the stock exchange shows. Meanwhile, the company posted a 4.8% increase in revenue to Rs 657 crore in Q4 FY24 from Rs 627 crore in Q3 FY24. The Sanjeev Bikchandani-led firm operates through different segments. Income from Naukari.com and related portals formed 74.1% of its total revenue which increased 7.49% to Rs 1,880 crore in FY24. Its other segment 99acres saw a 23.6% growth to Rs 351 crore in FY24. Jeevansathi and Shiksha combined participated with Rs 305 crore of revenue during FY24. Info Edge made Rs 414 crore from non-operating activities tallying its total revenue to Rs 2,950 crore in FY24. Akin to other internet companies, its employee benefits accounted for 61% of its total expenditure which grew only 2.83% to Rs 1,128 crore in FY24 from Rs 1,097 crore in FY22. Info Edge’s network/internet, advertising cum promotional, legal, traveling and other overheads push the total expenditure to Rs 1830 crore in FY23 from Rs 1,858 crore in FY23. Note 1: The company recorded exceptional items of Rs 110 crore and Rs 509 crore in FY24 and FY23 respectively due to the decrease in the carrying value of investments. This was the primary reason for the significant loss posted in FY23. Note 2: The company has 15 joint ventures including Makesense, Happily Unmarried’s Ustraa (now acquired by VLCC), Shopkirana, Juno, Sploot and others during FY24. Info Edge recorded a share loss of Rs 131 crore and 231 crore in FY24 and FY23 respectively in its joint ventures which also makes a part of its consolidated figures and reflects losses in the financial statements. At the end, Indo Edge posted a net profit of Rs 594 crore in FY24 where the figures stood at a loss of Rs 70 crore in FY23 (refer note 1 and 2). On a unit level, it spent Rs 0.72 to earn a rupee in FY23.

CollegeDekho’s revenue shoots up 32% to Rs 216 Cr in FY24

EntrackrEntrackr · 5m ago
CollegeDekho’s revenue shoots up 32% to Rs 216 Cr in FY24
Medial

CollegeDekho reported a 32% year-on-year revenue growth for the fiscal year ending March 2024. However, despite this increase, the company posted a net loss of Rs 129 crore, remaining unchanged from FY23. CollegeDekho’s revenue from operations increased to Rs 216 crore in FY24 from Rs 163 crore in FY23, its consolidated financial statements sourced from the Registrar of Companies (RoC) show. Founded in 2015, CollegeDekho is a marketplace for college admissions and higher education services. Its offerings include student counseling and lead generation, university partnerships, education loans, test preparation, and study abroad services. The company has not disclosed the full revenue breakdown. It earns primarily from the commission on admissions, marketing services, promotion and advertising, online coaching, and other tech solutions. The firm also added Rs 6 crore in interest and investment gains, which brought its overall revenue to Rs 222 crore in FY24. CollegeDekho allocated 45% of its total expenses to employee benefits in FY24, amounting to Rs 156 crore, a 5% decline from the previous year. This includes Rs 8 crore in ESOP costs, which are non-cash in nature. The second-largest expense for the company was advertising and promotion, which rose by 35% to Rs 97 crore in FY24, reflecting increased efforts to enhance brand visibility and customer acquisition. CollegeDekho's outsourcing and subcontracting costs grew by 33% in FY23. In FY24, legal, rent, provision for doubtful debts, travel, and other expenses contributed to a 16% rise in the company's total expenditure, which increased to Rs 349 crore from Rs 302 crore in FY23. In the end, the company’s losses remained flat at Rs 129 crore in FY24. Its ROCE and EBITDA margin stood at -78% and -44.6%, respectively. On a unit level, CollegeDekho spent Rs 1.62 to earn a rupee of operating revenue. Its current assets were recorded at Rs 211 crore with cash and bank balances of Rs 3 crore at the end of FY24. CollegeDekho has secured over $60 million in total funding, including a $9 million investment last year from its existing backers. According to the startup data intelligence platform TheKredible, CarDekho is the largest external stakeholder followed by Winter Capital.

BigBasket reports 6% increase in FY24 consolidated operating revenue at Rs 10,062 crore

Economic TimesEconomic Times · 9m ago
BigBasket reports 6% increase in FY24 consolidated operating revenue at Rs 10,062 crore
Medial

- Supermarket Grocery Supplies, the parent company of BigBasket, reported a 6% increase in operating revenue for FY24 at Rs 10,062 crore. - BigBasket's losses reduced to Rs 1,415 crore from Rs 1,785 crore in FY23. - Total expenses for BigBasket slightly increased to Rs 11,515 crore compared to Rs 11,284 crore in FY23. - BigBasket's advertising and sales promotion costs decreased from Rs 385 crore to Rs 330 crore in FY24. - Innovative Retail Concepts, a subsidiary of Supermarket Grocery Supplies, registered a 6% YoY growth in operating revenue for FY24 at Rs 7,885 crore, with a net loss of Rs 1,267 crore. - BigBasket is planning to raise $80-100 million through a mix of debt and equity to support its expansion plans, especially in the quick-commerce segment.

Download the medial app to read full posts, comements and news.