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CityMall’s GMV soars 2.4X to Rs 352 Cr in FY23; losses grow 10%

EntrackrEntrackr · 1y ago
CityMall’s GMV soars 2.4X to Rs 352 Cr in FY23; losses grow 10%
Medial

Social commerce startup CityMall raised $75 million in its Series C round led by Norwest Ventures just before the start of FY23. The fundraise enabled it to hack 140% growth in its gross revenue in the last fiscal year. CityMall’s revenue from operations surged to Rs 352 crore in the fiscal year ending March 2023 from Rs 144 crore in FY22, its annual financial statement filed with the Registrar of Companies shows. CityMall deals in lifestyle, grocery, and other essentials through a network of community resellers in tier II and III cities. The Gurugram-based firm claims to have around 20,000 resellers, and 200K consumers in eight smaller cities across the state of Haryana. The sale of traded goods formed 94.8% of the total operating revenue for CityMall which increased 2.43X to Rs 334 crore in FY23. Logistics, marketing contracts, brand, and scrap were other revenue drivers of the Elevation Capital backed company. See TheKredible for the detailed revenue breakup. When it comes to cost, procurement of goods was the largest burn accounting for 62% of the firm’s overall expenditure. In line with scale, this cost surged 2.4X to Rs 326 crore in FY23 while its employee benefits saw an increase of 56.4% during the said period. Its rent, advertising cum promotional, transportation, cloud/hosting, contractual manpower, and other overheads took the overall expenditure up by 88.53% to Rs 526 crore in FY23 from Rs 279 crore in FY22. Check TheKredible for the complete expense breakdown. Expenses Breakdown Total ₹ 279 Cr https://thekredible.com/company/citymall/financials View Full Data To access complete data, visithttps://thekredible.com/company/citymall/financials Total ₹ 526 Cr https://thekredible.com/company/citymall/financials View Full Data To access complete data, visithttps://thekredible.com/company/citymall/financials Cost of procurement Cost of procurement Employee benefit Employee benefit Rent Rent Advertising promotional Advertising promotional Cost transportation Cost transportation Cloud and hosting Cloud and hosting Manpower Manpower Others To check complete Expense Breakdown visit thekredible.com View full data Despite a spurt in expenses, CityMall has managed to hold tight control on losses which grew only 10% to Rs 145 crore in FY23 compared to Rs 131 crore in FY22.Its ROCE and EBITDA margin stood at -25% and -35.7% respectively. On a unit level, it spent Rs 1.49 to earn a rupee. FY22-FY23 FY22 FY23 EBITDA Margin -86% -35.7% Expense/₹ of Op Revenue ₹1.94 ₹1.49 ROCE -23% -25% CityMall has raised over $110 million across several rounds and was valued at around $300 million in its last equity funding round. According to the startup data intelligence platform TheKredible, Elevation Capital is the largest external stakeholder with 18.58% followed by Accel Partners and Jungle Ventures. Its co-founders Naisheel Verdhan and Angad Kikla collectively hold 19.23% of the company.

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CityMall hits Rs 450 Cr GMV in FY24 with steady losses

EntrackrEntrackr · 5m ago
CityMall hits Rs 450 Cr GMV in FY24 with steady losses
Medial

CityMall, a social e-commerce platform serving smaller cities and towns, recorded over 23% year-on-year growth for the fiscal year ending March 2024, with its gross revenue exceeding Rs 420 crore. CityMall’s gross revenue (GMV) increased to Rs 427 crore in FY24 from Rs 346.4 crore in FY23, according to its standalone financial statement sourced from the Registrar of Companies (RoC). CityMall sells lifestyle, grocery, and other essentials through a network of community resellers in tier II and III cities. Revenue from product sales accounted for 91.62% of the total operating revenue, which increased by 17.1% to Rs 391.5 crore in FY24. The remaining GMV came from logistics and marketing services, which stood at Rs 35.8 crore. CityMall also made an additional income of Rs 32 crore from interest on deposits and investments that brought its total income to Rs 459 crore in the last fiscal year, compared to Rs 378 crore in FY23. On the expense front, the cost of procurement of products was the largest cost center which rose 20.4% to Rs 390 crore in FY24. CityMall’s employee benefit expenses grew by 7.7% to Rs 91 crore, while transportation costs jumped 45.5% to Rs 56 crore. Overall, the Gurugram-based company’s total expenses increased by 17.7% to Rs 615.2 crore in FY24, compared to Rs 522.7 crore in FY23. In the end, losses for the Accel-backed firm increased by 10% to Rs 159 crore in FY24 from Rs 145 core in FY23. Its ROCE and EBITDA Margins stood at -36.18% and -30.34%, respectively. On a unit basis, the company spent Rs 1.44 to earn a rupee of operating revenue in FY24. The Gurugram-based company reported total current assets of Rs 427 crore at the end of FY24, including Rs 187 crore in cash and bank balance. CityMall has raised over $110 million in funding to date including its $75 million Series C led by Norwest in March 2022. According to the startup data intelligence platform TheKredible Elevation Capital is the largest external stakeholder followed by Accel and Jungle Ventures. DealShare, one of CityMall's closest competitors, saw a 75% decline in gross scale in FY24, while its losses decreased by 66% in the last fiscal.

The Ayurveda Co posts Rs 60 Cr revenue in FY24, loss soars 3X

EntrackrEntrackr · 4m ago
The Ayurveda Co posts Rs 60 Cr revenue in FY24, loss soars 3X
Medial

The Ayurveda Co, a D2C consumer brand, recorded a 66% year-on-year growth in its scale during the last fiscal year ended in March 2024. However, the losses for the Sixth Sense Venture-backed firm surged over three-fold in the same period. The Ayurveda Co’s revenue from operations increased by 66% to Rs 59.6 crore in FY24 from Rs 36 crore in FY23, shows its financial statement sourced from the Registrar of Companies (RoC). The Ayurveda Co offers ayurvedic beauty and personal care products, including hair care, skincare, makeup, and wellness items. The firm's revenue is generated exclusively from the sale of these products. The Ayurveda Co earned an additional Rs 2.4 crore from interest income, which increased its total revenue to Rs 62 crore in FY24. On the expense side, the cost of materials was its largest cost center which jumped 2.4X to Rs 28.6 crore from Rs 12 crore in FY23. Its advertising and employee benefits grew by 73.3% and 80.2% to Rs 26 crore and Rs 15.5 crore, respectively, in the last fiscal year. Manpower and recruitment expenses surged to Rs 11.3 crore. In the end, the company’s total expenses increased 97% to Rs 109.5 crore in FY24 from Rs 55.6 crore in FY23. The sharp increase in expenditures resulted in a 3.2X spike in losses to Rs 68 crore in FY24, compared to a Rs 21 crore loss in FY23. Its ROCE and EBITDA margin stood at -700% and -100.65%, respectively. On a unit level, the company spent Rs 1.84 to earn a single rupee. At the end of FY24, the Gurugram-based company reported current assets worth Rs 45 crore, including cash and bank balances worth an alarming Rs 52 lakh. The Ayurveda Co has secured approximately $16 million in funding to date, including its Rs 100 crore Series A round led by Sixth Sense Ventures in 2023. The company competes with brands like Ayurveda Experience, which reported Rs 250 crore in revenue for FY23, along with Wow Skin, Sugar, and others. The sharp rise in costs is a little surprising, even in a year just after the firm raised significant funding, as we have seen earlier. One hopes FY25 will bring not just a moderation in costs but also a disproportionate rise in topline, considering the significant funding it seems to have raised. In a fiercely competitive market with valuations sagging for all but the most profitable firms, The Ayurveda Co’s numbers are more than a little underwhelming to be honest. The firm’s only argument from here on will have to be a strong performance in FY25.

Bijak’s GMV soars 13X to Rs 807 Cr in FY23; controls losses

EntrackrEntrackr · 1y ago
Bijak’s GMV soars 13X to Rs 807 Cr in FY23; controls losses
Medial

Agritech startup Bijak’s gross revenue flew 13X in the fiscal year ending March 2023 as compared to FY22. Moreover, the Gurugram-based company also managed to cut its losses by over 16% in the same period. Bijak’s gross revenue (aka gross merchandise value – GMV) surged 13X to Rs 807 crore in FY23 from Rs 62 crore in FY22, its annual financial statements filed with the Registrar of Companies show. Founded in 2019, Bijak is a B2B agricultural commodities trading marketplace for agriculture supplies which also provides logistics and working capital requirements to suppliers. The sale of agricultural commodities via its apps (Bijak Mandi, Vyapaar, Global, and Just Fresh) was the primary source that formed 99% of the revenue in FY23. Income from commission, logistics, and interest were some other revenue drivers for Bijak. The company also made Rs 6 crore from interest on deposits and current investments tallying its overall income to Rs 813 crore in FY23. For the B2B commodity supplier, the cost of procurement of agricultural commodities accounted for 92% of the overall expenditure. To the tune of scale, this cost surged 12.4X to Rs 791 crore in FY23. Its employee benefits, advertising, doubtful debts, payment gateway, logistics, brokerage, and other overheads catalyzed the firm’s total expenditure to Rs 860 crore in FY23 from Rs 121 crore in FY22. See TheKredible for the detailed expense breakup. The optimum control in employee benefits and advertising helped Bijak to control its losses by 16.4% to Rs 46 crore in FY23 from Rs 55 crore in FY22. Its ROCE and EBITDA margin also improved to -28% and -4.7% respectively. On a unit level, it spent Rs 1.07 to earn a rupee in FY23. FY22-FY23 FY22 FY23 EBITDA Margin -83% -4.7% Expense/₹ of Op Revenue ₹1.95 ₹1.07 ROCE -30% -28% Bijak has raised around $33 million to date including its $19.4 million Series B round led by Peak XV and Omidyar Network in January 2022. According to the startup data intelligence platform TheKredible, Peak XV’s Surge Ventures is the largest external stakeholder with 13.8% followed by Bertelsmann and Omidyar Network. Bijak has based its success on removing the trust deficit between buyers and sellers of agricultural produce, and in doing so, expanded the market of opportunities for both. It seems to be doing that based on a combination of technology that enables it to keep a track record for both sides, and by offering credit to fill this gap directly. That sounds like a recipe for success, without involving a significant disruption to existing marketplaces. With more and more buyers and sellers, or transactions, the firm will also keep strengthening its own understanding and user base, which should help further reduce costs for marketing and promotions. With profitability in sight, there is much more good news to expect for its investors in the future.

Hike’s revenue soars 8X to Rs 150 Cr in FY23; losses up 24%

EntrackrEntrackr · 1y ago
Hike’s revenue soars 8X to Rs 150 Cr in FY23; losses up 24%
Medial

After years of stagnant growth and change in business, Hike posted a notable increase in its scale in the last fiscal year. Hike’s Rush Gaming Universe (RGU)—which hosts multiple skill-based casual games—grew nearly 8X and crossed the Rs 150 crore revenue mark in FY23. The firm’s losses, however, also stood close to Rs 150 crore in the same period. Hike’s revenue from operations skyrocketed 7.8X to Rs 150.5 crore during the fiscal year ending March 2023 as opposed to Rs 19.21 crore in FY22, according to its standalone financial statement with the RoC. Hike generates revenue from commission on entry fees, winning amount and membership fees for joining the application as a VIP member. Previously, Hike used to be a P2P messaging application but in January 2021 it shut down the product and switched to a different domain by introducing two new platforms Vibe and Rush. Vibe is a social media platform to watch videos together whereas Rush is a real money skill-based gaming platform which hosts multiple casual games. The company also earned Rs 1.4 crore via interest and gain on investments and other non-operating income during the year. Including these, its overall revenue reached nearly Rs 152 crore in FY23. As per startup data intelligence platform TheKredible, marketing expenses emerged as the largest cost element for Hike which grew 4X to Rs 142.65 crore in FY23 from Rs 35.86 crore in FY22. Its employee benefit expenses accounted for 35% of the total expenditure and went up 46.2% to Rs 104.42 crore in FY23. Importantly, this cost also includes employee share based payment (settled in equity) of Rs 26.71 crore. Due to the GST crackdown on real money gaming companies coupled with a challenging funding environment, Hike’s Rush Gaming Universe (RGU) had fired around 55 people or 22% of the total workforce. To check complete Expense Breakdown visit thekredible.com View full data Hike’s expenses on server, information technology consultancy, payment gateway and other overheads catalyzed its total expenditure by over 2X to Rs 299.3 crore in FY23 as compared to Rs 140.4 crore in FY22. Visit TheKredible for complete expense breakdown and YoY performance. Despite rising expenses, the company’s losses didn’t increase at that pace. Its losses increased 24% to Rs 147.3 crore during FY23 as compared to Rs 118.7 crore in FY22. Moreover, its outstanding losses mounted to Rs 1,923 crore in the last fiscal year. Hike’s cash outflows from operations, however, declined by 9.5% to Rs 94.5 crore during FY23. Its EBITDA margin improved to -93.92% during the year which can be ascribed to the rising scale. FY22-FY23 FY22 FY23 EBITDA Margin -525% -93.92% Expense/₹ of Op Revenue ₹7.31 ₹1.99 ROCE -61.20% -136.21% On a unit level, the firm spent Rs 1.99 to earn a rupee of operating revenue in FY23. Hike turned unicorn in 2016 when Temasek led a $175 million funding round at a $1.4 billion valuation. In January 2021, it shut down its chat services to enter the real money skill-based gaming space. Since then, it has raised three undisclosed funding rounds from various investors. Its last funding round came in May 2022 led by Web3 investor Jump Crypto to develop Rush Gaming Universe (RGU) — a web3 based social gaming metaverse. Hike’s efforts to find a perfect fit seem to have paid off as the company generated a healthy revenue — even though it took a long time to get there. The company’s losses, however, are still a point of concern. From the time it first raised money in 2013 to the present day, Hike has seen its earliest investor Bharti Airtel grow five times in revenue. Even Softbank, the other early backer, has written off its interest in the firm sometime back as inconsequential. While that takes some pressure off, there is no denying that its legacy weighs heavily on Hike, even when it seemingly is the closest to discovering a viable business model. Will it be able to sustain this new momentum long enough to finally deliver a worthwhile return to any of its investors? Time will tell.

The Sleep Company revenue soars 2.5X to Rs 312 Cr in FY24

EntrackrEntrackr · 7m ago
The Sleep Company revenue soars 2.5X to Rs 312 Cr in FY24
Medial

Direct to consumer (D2C) mattress and sleep solution companies have been growing at a rapid clip over the past five-six years and Premji Invest-backed The Sleep Company is no exception. Keeping the momentum from FY23, its operating scale spiked 2.5X in FY24. The Sleep Company’s revenue from operations jumped to Rs 312.33 crore in FY24 from Rs 127.14 crore in FY23, its consolidated financial statement filed with the Registrar of Companies (RoC) shows. The Sleep Company offers mattresses, pillows, cushions, bedding, and office chairs. Apart from its own website, the firm sells its products across e-commerce platforms including Amazon and Flipkart. The company’s growth was primarily driven by its flagship mattress segment which contributed 65% in the revenue and surged by 89% to Rs 203.69 crore in FY24. It is worth noting that mattresses are the only finished goods sold by the company. The rest are traded goods which includes chairs, pillows and beds soared 5.6X to Rs 108.6 crore in FY24. The five-year-old company made another Rs 7.7 crore from interest income which took its total revenue to Rs 320 crore in the last fiscal year. On the expense side, a key contributor was the cost of materials, which grew 2.4X to Rs 144.74 crore in the fiscal year ending March 2024. Advertising expenses surged by 89.7% to Rs 101.43 crore, while employee benefits increased 3X to Rs 35.94 crore during the fiscal year. Rent, finance, and other expenses further drove the total costs up 2.2X, reaching Rs 378.68 crore in FY24 compared to Rs 166.7 crore in FY23. Unlike its revenue, The Sleep Company’s losses increased by 58% to Rs 58.69 crore in FY24 from Rs 37.06 crore in FY23. Its ROCE and EBITDA margin stood at -26% and -15.92% respectively. On a unit basis, it spent Rs 1.21 to earn a rupee of operating revenue in FY24. The Mumbai based company reported cash and bank balances of Rs 4.15 crore and current assets of Rs 289 crore in FY24. After a period of disruption, when mattress and related firms enjoyed some serious love from investors, it’s attrition time for the segment. The legacy firms have pulled their socks, going for acquisitions, online plays, and interestingly for this writer, offline activations like never before to protect their turf. All this has meant that the consumer ‘education’ that was driving up prices for specific needs is set to moderate, as consumers graduate with the learning as well. Questions can be seen being raised on the justification of premiums for features, and expect that to translate to more margin pressure as well. For the Sleep Company and most of the others, if not sleepless nights, some long nights await as investors wait and watch now.

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