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Exotel posts flat scale in FY24; losses shrink 61%

EntrackrEntrackr · 7m ago
Exotel posts flat scale in FY24; losses shrink 61%
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Fintrackr All Stories Exotel posts flat scale in FY24; losses shrink 61% Exotel’s revenue from operations increased 5.7% to Rs 444 crore in FY24 from Rs 420 crore in FY23, its consolidated annual financial statements sourced from the Registrar of Companies show. Kunal Manchanada 26 Dec 2024 11:55 IST Follow Us New Update Bengaluru-based cloud telephony platform Exotel reported flat growth for the fiscal year ending March 2024. Despite stagnant revenue, the company significantly improved its financial health, narrowing losses by more than 60%. This improvement was driven by strategic cost-cutting measures, particularly in employee benefits and advertising expenses. Exotel’s revenue from operations increased 5.7% to Rs 444 crore in FY24 from Rs 420 crore in FY23, its consolidated annual financial statements sourced from the Registrar of Companies show. Exotel provides cloud-based voice and SMS contact center solutions, enabling businesses to manage customer engagement efficiently. Its primary revenue stream comes from offering internet-enabled cloud communication services. Exotel also makes money through software licensing, chatbot services, and sales of its products, including APIs, browser extensions, software development kits, and mobile applications. Exotel has not provided the income bifurcation of above mentioned- services. However, 14% of its business came from Southeast Asia, the Middle East, and Africa in FY24. The company also added Rs 16 crore mainly from interest on deposits and investments, tallying the overall revenue to Rs 460 crore in FY24, compared to Rs 447 crore in FY23. For the cloud-based voice and SMS contact center firm, the cost of telephone and postage formed 39% of its overall cost which increased 10.2% to Rs 195 crore in FY23. Exotel managed to keep its employee benefits in check, which saw a reduction of 24% in FY24 to Rs 186 crore, as compared to Rs 245 crore in FY23. It’s worth noting that Exotel went through layoff during FY24, reducing its workforce by 15%. Its decreased advertising, legal, payment gateway, traveling, information technology, and other overheads took the total expenditure to Rs 499 crore in FY24 from Rs 555 crore in FY23. See TheKredible for the detailed expense breakup. Despite the modest growth in scale, the company managed to control its expenditures, resulting in its losses shrinking by 60.6% to Rs 43 crore in FY24 from Rs 109 crore in FY23. According to Fintrackr, Exotel’s EBITDA losses stood at Rs 16 crore in FY24. Exotel’s expense-to-revenue ratio was recorded at Rs 1.12, with ROCE and EBITDA margins of -8.9% and -3.48%, respectively. According to the annual statements, its total current assets were registered at 379 crore, with cash and bank balances of Rs 206 crore as of March 2024. The company has raised over $100 million so far including a $40 million Series D round led by Steadview Capital in 2022. According to the startup data intelligence platform TheKredible, A91 Partners is the largest external stakeholder with a 25.7% stake followed by Blume Ventures. Exotel directly competes with Gupshup-owned Knowlarity, MyOperator, Ozonotel, and Tata Communications, and a few others. exotel Advertisment Disclaimer: Bareback Media has recently raised funding from a group of investors. Some of the investors may directly or indirectly be involved in a competing business or might be associated with other companies we might write about. This shall, however, not influence our reporting or coverage in any manner whatsoever. You may find a list of our investors here. Subscribe to our Newsletter! Be the first to get exclusive offers and the latest news Subscribe Now Related Articles LIVE ShopKirana struggles to scale in FY24, narrows losses by 30% LIVE LEAD hits Rs 350 Cr revenue milestone in FY24; cuts losses by 56% LIVE Simplilearn cuts losses by 56% in FY24, revenue growth stagnates LIVE Curefoods reports Rs 635 Cr income in FY24, halves losses LIVE Mintifi reports Rs 92 Cr PAT on Rs 384 Cr revenue in FY24 Read the Next Article

Livspace revenue crosses Rs 1,200 Cr in FY24; losses shrink by 48%

EntrackrEntrackr · 10m ago
Livspace revenue crosses Rs 1,200 Cr in FY24; losses shrink by 48%
Medial

After an 85% year-on-year growth in FY23, omnichannel home interior and renovation platform Livspace saw a modest 14.78% growth in scale during the fiscal year ending March 2024. The Singapore-headquartered firm, however, kept its losses in check during the same period. Livspace’s revenue from operations increased to Rs 1,185.7 crore (SGD 192.48 million) in FY24 from Rs 1,033 (SGD 167.7 million) crore in FY23, according to its group company’s consolidated annual financial statements in Singapore. Livspace allows homeowners to discover pre-designed rooms, kitchens, and storage areas on its platform. Revenue from its interior projects biz formed 94% of the overall revenue which increased 16.5% to Rs 1,110.65 crore in FY24 from Rs 953.32 crore in FY23. The Bengaluru-based company generated additional revenue of Rs 69 crore from the sale of products and allied contractual services in FY24. It also added Rs 48.4 crore in income, mainly from interest on fixed deposits, bringing the total income to Rs 1,234 crore in FY24, up from Rs 1,058 crore in FY23. For the home interior brand, the cost of sales, including project materials, inventories, and materials consumed, accounted for 35.6% of the overall expenditure. Despite a 14% surge, this cost remained steady at Rs 586.8 crore in FY24. Its employee benefits decreased by 16.1% to Rs 579 crore in FY24, which includes Rs 124 crore in ESOP expenses. Marketing, rent, brokerage, and technology expenses contributed to an overall expenditure of Rs 1,647.8 crore (SGD 267.5 million) in FY24, down from Rs 1,861.6 crore (SGD 302.2 million) in FY23. FY23-FY24 FY23 FY24 EBITDA Margin -69% -27% Expense/₹ of Op Revenue ₹1.80 ₹1.39 ROCE -98% -79.5% Modest growth in scale, along with controlled spending on employee benefits and marketing, helped Livspace reduce its losses by 48.48% to Rs 413.8 crore (SGD 67.1 million) in FY24, down from Rs 803.3 crore (SGD 130.4 million) in FY23. Its ROCE and EBITDA margins improved to -79.5% and -27%, respectively. On a unit level, Livspace spent Rs 1.39 to earn a rupee in FY24. Livspace is all set to shift its domicile to India from Singapore and the firm has also received approval from its board, according to the company’s founder Ramakant Sharma. It has plans to go public in the next 18-24 months. The company, for all its all out efforts to reduce losses without giving up on growth faces a tough challenge to sustain these efforts. More often than not, there is a point where cost cuts become counter productive, or worse make you wonder what you were doing with them in the first place. Livspace is on course to discover either of those two realities soon. *Currency converted from Indian rupees to Singapore dollars: SGD 1 = 61.6 rupees.

BharatPe revenue climbs to Rs 1,426 Cr in FY24, losses shrink 50%

EntrackrEntrackr · 9m ago
BharatPe revenue climbs to Rs 1,426 Cr in FY24, losses shrink 50%
Medial

Fintech firm BharatPe has demonstrated remarkable growth over the past three fiscal years, with revenue increasing from Rs 119 crore in FY21 to Rs 1,426 crore in the fiscal year ending March 2024. In its consolidated annual report for FY24, BharatPe claimed a 39% year-on-year revenue increase, rising from Rs 1,029 crore in FY23 to Rs 1,426 crore in FY24. Additionally, the company made significant progress in reducing losses, with consolidated losses dropping by 50% to Rs 474 crore in FY24, down from Rs 941 crore in FY23. According to the press release, BharatPe’s average merchant lending portfolio, generated from loans facilitated through its platform, grew by 40% year-on-year in the last fiscal year. The company also achieved positive EBITDA in October of this year. “We considerably slashed our cash burn in FY24 and are on track to build a sustainable and profitable business. Over the last year, we have been able to partner with renowned financial institutions to extend credit access to merchants, which is a great validation for our business. Going forward, we will focus on growing our lending vertical, launching new offerings across POS, soundbox, and scaling our consumer vertical,” said Nalin Negi, CEO of BharatPe. In addition to reducing losses, BharatPe has diversified into new categories to drive business growth. Recently, the company rebranded its PostPe app to BharatPe, marking its entry into the consumer payments space. This strategic move places BharatPe in direct competition with industry giants like PhonePe, Google Pay, and Paytm in the peer-to-peer (P2P) payments ecosystem. The fintech unicorn has also ventured into secured lending for its merchant partners. Through partnerships with OTO Capital and Vol Money, BharatPe now facilitates two-wheeler loans and loans against mutual funds, respectively. Additionally, BharatPe has resolved its longstanding dispute with former co-founder and managing director Ashneer Grover.

CoinSwitch’s parent PeepalCo revenue declines to Rs 38 Cr in FY24, losses shrink 65%

EntrackrEntrackr · 9m ago
CoinSwitch’s parent PeepalCo revenue declines to Rs 38 Cr in FY24, losses shrink 65%
Medial

CoinSwitch’s parent entity PeepalCo, one of the leading cryptocurrency exchanges in India, has continued to struggle with a declining scale for consecutive fiscal years (FY23 and FY24). After an 84% dip in FY23, its operating revenue shrank by 46% in the fiscal year ending March 2024. CoinSwitch’s parent revenue from operations dropped to Rs 38 crore ($4.56 million) during FY24 as compared to Rs 70.2 crore ($8.41 million) booked in the previous fiscal year, the company’s consolidated financial statements filed by the parent entity (PeepalCo) in Singapore show. PeepalCo owns and operates two businesses: cryptocurrency trading through CoinSwitch and equities trading via Lemonn. CoinSwitch operates as a virtual digital assets (VDA) exchange aggregator, connecting buyers and sellers of digital assets. The company’s revenue comes primarily from service fees for facilitating transactions between users and third-party VDA exchanges. It also operates an electronic exchange platform, linking market makers and other large-volume traders in the VDA space. Importantly, PeepalCo generated a large chunk of revenue from investment sales, interest income, reversal of provisions on digital assets, reconciliation gains on digital assets, and others. This non-operating income stood at Rs 149.13 crore or $17.86 million in FY24. Coming to the expenditure, CoinSwitch’s parent spent the most on employee benefits which shrank 17% to Rs 208.42 crore in FY24. Computer & IT expenses also saw a dip of 19% to Rs 36.91 crore while depreciation and amortization costs went up 6.7% to Rs 18.54 crore. Overall, the company’s total expenditure declined 36.7% to Rs 318.6 crore ($38.15 million) during FY24. Followed by the cost-cutting measures, CoinSwitch managed to cut down its losses by 65% to Rs 151.4 crore ($18.13 million) in FY24 against Rs 434.2 crore in the previous year. The operating cash outflows also improved to the tune of 36.8% to Rs 95 crore. As per TheKredible, the EBITDA margin and ROCE registered at -59.10% and -7.95%, respectively. On a unit level, CoinSwitch spent Rs 8.37 to earn a rupee of operating revenue in FY24.

LiquiLoans revenue surges 3.4X to Rs 696 Cr in FY24, remains profitable

EntrackrEntrackr · 5m ago
LiquiLoans revenue surges 3.4X to Rs 696 Cr in FY24, remains profitable
Medial

LiquiLoans revenue surges 3.4X to Rs 696 Cr in FY24, remains profitable While the Reserve Bank of India (RBI) tightens regulations around the peer-to-peer (P2P) lending space, with the impact expected to be seen in FY25 and FY26, the sector’s poster child, LiquiLoans, has experienced 3.4x growth in the fiscal year ending March 2024. LiquiLoans’ revenue from operations jumped to Rs 695.63 crore in the last fiscal year (FY24) from Rs 203.43 crore in FY23, its financial statements sourced from the Registrar of Companies (RoC) show. LiquiLoans operates as a peer-to-peer lending platform, providing personal loans, consumer loans, and deposit financing. The platform emphasizes high diversification, capping portfolio exposure per borrower at 0.5%. During the last fiscal year, the sale of these services was the company’s sole source of revenue. LiquiLoans made additional Rs 10 crore from interest income which pushed its total income to Rs 706 crore in FY24. On the expense front, service fee expenses accounted for the largest share, surging 4X to Rs 578.57 crore in FY24, compared to Rs 140 crore in FY23. Commission payouts increased by 88% to Rs 64.72 crore, while employee benefit expenses rose 2.5X to Rs 40.80 crore. Overall, LiquiLoans' total expenses jumped 3.3X, reaching Rs 704.59 crore in FY24, up from Rs 212.94 crore in FY23. The steep rise in expenses led to an 88% drop in profits for LiquiLoans, declining to Rs 71 lakh in FY24 from Rs 5.70 crore in FY23. The company's ROCE and EBITDA margin stood at 1.11% and 0.35%, respectively. On a unit basis, LiquiLoans spent Rs 1.01 to generate every rupee of operating revenue in the last fiscal year. The Mumbai-based company reported cash and bank balances of Rs 33 lakh and current assets worth Rs 283 crore in FY24. According to TheKredible, Liquiloans has raised $15 million to date, with Matrix Partners and CRED serving as its lead investors. LiquiLoans has built a strong reputation in the business, and market feedback indicates some of the lowest non-performing loans in its portfolio as well. As the backend for some leading players in the business, the firm has also focused on the higher credit score side of the market, further reducing risk. What that has also meant is that margins can be narrower if returns are safer. Thus, margin expansion will need to look at the cost side harder. With the regulator keen to weed out short-term players, LiquiLoans seems well placed for a strong run in the vanilla personal loans business, besides future opportunities with other products as it builds its own database of high-quality borrowers.

CRED nears Rs 2,500 Cr revenue in FY24; cuts operating losses by 41%

EntrackrEntrackr · 10m ago
CRED nears Rs 2,500 Cr revenue in FY24; cuts operating losses by 41%
Medial

Reward-based payments platform CRED continues its growing financial journey on the results side for the fiscal year ending March 2024. The fintech unicorn reported 66% growth in its scale during the last fiscal year, while also managing to reduce operating losses by 41%, bringing them close to Rs 600 crore. According to the company’s press release, CRED’s total revenue spiked by 66% year-on-year to Rs 2,473 crore in FY24. Notably, the Kunal Shah-led firm’s scale surged 5.8X over the past two fiscal years, with revenue rising from Rs 422 crore in FY22. Members used CRED for a wide range of payments beyond credit card bills, with strong adoption of P2P UPI payments, as per the release. The expanded adoption of CRED Pay across online merchants, boosted transaction volumes by 254% during the year. As a result, the total payment value (TPV) surged by 55% to Rs 6.87 lakh crore, while monthly transacting users (MTU) increased by 34%. In FY24, CRED’s customer acquisition costs dropped by 40%, while its marketing expenses declined by 36% during the same period. The launch of the CRED garage also gained traction for the company with over 4.2 million vehicles parked on in FY24 for challan and pollution certificate checks, FASTag recharges, and insurance renewals. CRED saw a 58% increase in monetized members, with contribution margins growing over 20X. The company claims to have been consistently contribution margin-positive for nine consecutive quarters. In the last fiscal year, its operating losses shrank by 41%, dropping to Rs 609 crore in FY24 from Rs 1,024 crore in FY23. Caveat: CRED’s net losses might exceed its operating losses, a detail that will become clearer when it files its numbers with the RoC. For instance, it reported a net loss of Rs 1,347 crore in FY23, while its press release referred to Rs 1,024 crore as the operating loss in the same period. “Meaningful growth comes from a sharp focus on high-quality users and creating exceptional experiences for them. This commitment to putting members first and rewarding trustworthy behaviour has driven growth, engagement, and trust across our ecosystem—benefiting members, merchants, and financial institutions alike.”, Kunal Shah, founder, CRED added in the press release. CRED has raised a total of $1 billion (Rs 7,775.20 crore) in funding across nine rounds. According to startup data intelligence platform TheKredible, PeakXV is the largest external stakeholder with 10.4% followed by Ribbit Capital, Tiger Global, and others. Founder and CEO Shah commands a direct 22.8% stake, along with his QED Innovation Labs. While a 66% topline growth is nothing to sniff at, one suspects CRED expected to, or is expected to, do better. The RBI move to regulate P2P lending in the last two months will only make this very significant revenue stream tougher to grow for the fintech, even as the lag between revenues and product and feature launches remains an issue of concern. It would be safe to say that CRED’s Shopping or travel segments are not significant contributors yet, although with a sizable captive user base now, the drop in promotion costs can be expected to continue. Customer acquisition costs are also taking a bit of a pause as the firm figures out the next cohort of users without compromising on its original premise of going for the cream of the crop, in terms of credit scores. Like many others, the limited or lack of revenue making opportunities on UPI payments remains an achilles heel, despite a very strong performance there. CRED remains one of the few firms which enjoy the credibility to be able to launch services that integrate multiple databases and information sources well, like CRED Garage. However, after loans, the firm badly needs a secondary revenue stream that is as promising to keep its users interested. Who knows, depending on its experience with auto insurance, perhaps a health insurance policy with CRED level features is around the corner? And we aren’t talking CRED coins here.

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