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Cult.fit’s income crosses Rs 1,000 Cr in FY24, losses remain flat

EntrackrEntrackr · 7m ago
Cult.fit’s income crosses Rs 1,000 Cr in FY24, losses remain flat
Medial

Fitness tech company Cult.fit underwent a key leadership change in FY24 after promoting co-founder Naresh Krishnaswamy to CEO. He succeeds co-founder Mukesh Bansal, who transitioned to the role of executive chairman. While the company achieved over 30% growth in scale under the new leadership, the losses remain unchanged in the last fiscal year. Cult.fit reported a 33.6% increase in its operating revenue of Rs 927 crore in FY24 compared to Rs 694 crore in FY23. Revenue from fitness subscriptions, including flagship services like Cultpass and Cult.fit centers and platform services, accounted for 72.3% of the total revenue which increased by 46.6% to 670 crore. The sportswear and fitness equipment segment, operated under Cultsport and other operating services, contributed Rs 257 crore. Cult.fit reported a 62% decline in other income to Rs 100.45 crore in FY24 from Rs 265.36 crore in FY23 due to a plunge in Miscellaneous income which the company has not disclosed. However, Cultfit's total income stood at Rs 1,027 crore in FY24. Cult.fit operates on a hybrid fitness model combining digital offerings through its app and physical fitness centers across 300 cities in India. It provides subscription-based fitness plans (Cultpass) that grant access to gyms, group classes, and virtual training. When it comes to expenditures, employee benefit expenses contributed Rs 324 crore, including Rs 236 crore in salaries, and Rs 57 crore in employee share-based payments. While the cost of materials for Cult.fit grew by 19.6% to Rs 396 crore in FY24. Its advertising cum promotional cost grew by 40.3% to Rs 188 crore in FY24 while legal costs saw a surge of 57% to Rs 124 crore. Information technology, traveling, and other overheads took the overall cost up by 4.7% to Rs 1,563 crore in FY24 from Rs 1,493 crore in FY23. In the end, Cult.fit reported a steady loss of Rs 535 crore in FY24, slightly up from Rs 534 crore in FY23, driven by a decent increase in scale coupled with a decline in other income. Its ROCE and EBITDA margins stood at -21.5% and -22.8% respectively. Cult.fit managed to improve its expense-to-earning ratio to Rs 1.69 in the previous fiscal. Its current assets stood at Rs 1,232 crore with a cash and bank balance of Rs 349 crore in FY24. In January, Cult.fit laid off around 150 employees, stating that the decision was part of its regular annual operating planning process. To date, Cult.fit has raised over $670 million from investors including Zomato, Tata Digital, Temasek, Kalaari Capital, and South Park Commons, among others. Cult.fit has eventually followed the playbook that many dread, spending till most of the competition has been wiped out, or can't keep up. Losses finally stabilising even as growth continues indicates that the firm is well set for the next stage of the process, namely, tweaking prices and offerings to improve margins further. The unbelievable legal costs are a mystery, and one hopes to get clarity on that at some stage, but we sincerely hope it's a one off. Bigger firms have been built on those sort of costs. The acquisition of Gold Gym's India business back in 2021, or even the RPM Fit and associated brands after that pretty much guaranteed losses well into 2025, but Cult.fit could flex its muscles as it had the money in the bank. Now, it will probably look at a solid year of performance that, while cleaning out a significant part of its cash hoard, takes it closer to profitability and bigger things. The sportswear and fitness equipment business however, will remain a worry, considering the even more muscled up player in the market, French multinational Decathlon.

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Treebo crosses Rs 100 Cr revenue in FY24, outstanding losses climb to Rs 488 Cr

EntrackrEntrackr · 6m ago
Treebo crosses Rs 100 Cr revenue in FY24, outstanding losses climb to Rs 488 Cr
Medial

Treebo crosses Rs 100 Cr revenue in FY24, outstanding losses climb to Rs 488 Cr Treebo Hotels, a premium-budget hotel chain, crossed the Rs 100 crore revenue milestone in the fiscal year ending March 2024. Despite this growth, the Bengaluru-based company saw its losses rise by 17%, bringing total outstanding losses to Rs 488 crore. Treebo Hotels’s revenue from operations grew 22.5% to Rs 109 crore in FY24 from Rs 89 crore in FY23, its consolidated financial statements filed with the Registrar of Companies show. Income from accommodation services (taken on lease and managed properties) formed 95% of the total operating revenue which increased by 22.3% to Rs 104 crore in FY24 from Rs 85 crore in FY23. The rest of the income comes from the sale of products, and subscription services. The company also added Rs 7.22 crore as other income (non-operating) which tallied its overall revenue to Rs 116 crore in FY24 from Rs 94 crore in FY23. Treebo spent 41% of its overall expenditure on employee benefits which increased marginally by 7% to Rs 59 crore in FY24. Its cost and commission surged 70% and 48% to Rs 17 crore and Rs 43 crore in the previous fiscal year. Its cost of materials, legal, technology, traveling, and other overheads took the overall cost up by 22% to Rs 144 crore in FY24 from Rs 118 crore in FY23. The increased advertising and commission costs led Treebo to raise its losses by 16.7% to Rs 28 crore in FY24, compared to Rs 24 crore in FY23. Its ROCE and EBITDA margin stood at -540% and -18.1% respectively. On a unit level, it spent Rs 1.32 to earn a rupee in FY24. The company’s total current assets stood at Rs 34 crore with cash and bank balances of Rs 7 crore in the previous fiscal. According to startup data intelligence platform TheKredible, decade-old Treebo has secured Rs 566 crore (approximately $70 million) in funding from investors including Accor, Elevation Capital, Matrix Partners, and Bertelsmann. The company’s most recent major funding, amounting to $16 million, was raised in June 2021. Treebo competes directly with Bloom Hotels and FabHotels. In FY24, Bloom Hotels saw its operational revenue rise by 73.6% to Rs 250 crore, with a profit of Rs 14 crore. FabHotels recorded Rs 224 crore in operating revenue for FY23 but has not yet filed its FY24 annual report.

Progcap crosses Rs 150 Cr revenue in FY24, cuts losses

EntrackrEntrackr · 4m ago
Progcap crosses Rs 150 Cr revenue in FY24, cuts losses
Medial

Progcap crosses Rs 150 Cr revenue in FY24, cuts losses Peak XV and Tiger Global-backed fintech firm Progcap has scaled more than 5X in the last two fiscal years, from Rs 26 crore in FY22 to Rs 139 crore in FY24. The firm also managed to reduce its losses in the same period. Progcap’s revenue from operations nearly doubled to Rs 139 crore in FY24 from Rs 71 crore in FY23, its consolidated financial statement sourced from the Registrar of Companies (RoC) shows. Progcap facilitates debt capital for underserved micro and small businesses. The fintech platform digitizes supply chains and facilitates access to finance for last mile retailers. Revenue from these services was the sole source of income for the company. Progcap made an additional Rs 20 crore from interest on deposits and gains on current investments which pushed its total income to Rs 159 crore in FY24 from Rs 102 crore in FY23. On the expense side, employee benefit costs remained the largest expenditure, accounting for 61% of the total expense, to the tune of scale. This cost grew by 15% to Rs 124 crore in FY24. The firm’s finance costs surged sharply to Rs 22.5 crore from just Rs 1 crore in FY23. Other major expenses included collection deficiency charges (Rs 9.5 crore), travel expenses (Rs 6 crore), and miscellaneous costs. Overall, the company’s total expenses grew by 36% to Rs 203 crore in FY24 from Rs 149 crore in the preceding fiscal year. Progcap managed to cut its losses by 6% to Rs 46 crore in FY24 from Rs 49 crore in FY23. Its ROCE and EBITDA Margin improved to -2.96% and -11.32% respectively. On a unit basis, the company spent Rs 1.46 to earn a rupee of operating revenue in FY24. The Delhi-based firm reported current assets worth Rs 1,321 crore which include Rs 163 crore of cash and bank balance in FY24. According to TheKredible, Progcap has raised a total of approx $112 million in funding to date, having Tiger Global, Peak XV, Creation Investments, and GrowX Ventures as its lead investors. Progcap’s co-founders, Pallavi Shrivastava and Himanshu Chandra, collectively hold a 23.41% stake in the company.

Redcliffe Labs crosses Rs 350 Cr revenue in FY24, narrows losses significantly

EntrackrEntrackr · 7m ago
Redcliffe Labs crosses Rs 350 Cr revenue in FY24, narrows losses significantly
Medial

Online diagnostic platform Redcliffe, backed by Leapfrog Investments, reported modest growth during the fiscal year ending March 2024, achieving a 28% reduction in losses, largely attributed to a significant cut in advertising and material costs. Redcliffe’s revenue from operations grew by 11% to Rs 348.38 crore in FY24 from Rs 313.86 crore in FY23, as per its consolidated financial statements sourced from the Registrar of Companies (RoC). Redcliffe Labs operates a network of laboratories specializing in pathological testing across various branches of biochemistry and radiology. Around 98% of its operating revenue came from these services, contributing Rs 341.02 crore in FY24. The sale of products and other operating income accounted for Rs 2.16 crore and Rs 5.20 crore, respectively, during the last fiscal year. The company’s total income crossed Rs 353 crore in FY24 with other non-operating income worth Rs 5.3 crore including interest income and excess provisions written back. The Noida-based company’s advertising costs fell by 45% to Rs 65.38 crore, and material costs, which declined by 15% to Rs 106.31 crore in FY24. However, there was a notable increase in laboratory test charges and depreciation costs which grew by 62.2% and 3X respectively. Overall, the company successfully controlled its total expenses, which dropped 14% to Rs 556.16 crore in FY24 from Rs 647.30 crore in FY23. In the end, the company managed to decrease its losses by 28% to Rs 250 crore in FY24 from Rs 345 crore in FY23. Its ROCE and EBITDA margin stood at -544.68% and -57.55%, respectively. On a unit basis, Redcliffe Labs spent Rs 1.6 to earn a rupee in FY24. Redcliffe recorded cash and bank balances of Rs 15.87 crore and had current assets worth Rs 89.64 crore as of FY24. According to TheKredible, Redcliffe Labs has amassed total funding of $113 million to date, including investments from LeapFrog. The company recently secured $42 million in a Series C funding round and acquired Bengaluru-based Celara Diagnostics for approximately $7 million. Entrackr exclusively reported the development. Among venture-funded companies, Redcliffe competes with PharmEasy-owned Thyrocare, Healthians, and 1mg. Tata 1mg’s revenue from operations increased to Rs 1,968 crore in FY24 from Rs 1,627 crore in FY23 while Healthians achieved EBITDA profitability with Rs 243 crore revenue in FY24. Thyrocare, which is a public company, reported 20% jump in revenue to Rs 177.4 crore in Q2 FY25 with a profit after tax of Rs 26.4 crore. While founded in 2018, Redcliffe Labs saw real interest, and backing for its plans in the year after Covid struck, when diagnostic labs were considered as good as money printing machines by some investors. That has meant the usual spike in funding, followed by the struggle we are seeing in the past two years, as momentum has all but died out, and much like edtech, the legacy players including hospitals have fought back to reclaim their space. On a smaller base as compared to its peers, Redcliffe’s topline growth remains unimpressive, and the bottomline pressure will continue to hurt. While it has done its own share of acquisitions to buy its way out of stagnation, that has clearly not worked, to no one’s surprise. The whole category faces a challenge of growth today, even if the overall size is much much larger than pre-2020, and looks set to remain that way. The only issue is the scramble for share among many more players, including those who raised money at hefty post-covid valuations, making growth difficult. Despite many promises, no firm has stood out for a breakthrough offering like faster speed, lower costs or specialised accurate diagnosis, to stand out. Fy25 promises to be yet another year of attrition, and for Redcliffe, the best hope might yet remain a respectable acquisition by a larger player, than trying to cut its own pathway ahead.

Info Edge-backed Truemeds' gross revenue crosses Rs 300 Cr in FY24

EntrackrEntrackr · 5m ago
Info Edge-backed Truemeds' gross revenue crosses Rs 300 Cr in FY24
Medial

Telehealth platform Truemeds saw rapid growth, surpassing Rs 300 crore in gross revenue for the fiscal year ending March 2024. The Mumbai-based company also reduced its losses by 9% during the same period. Truemeds’ gross revenue surged 2X to Rs 315 crore in FY24 from Rs 154 crore in FY23, according to its annual financial statements filed with the Registrar of Companies (RoC). Founded by Akshat Nayyar and Kunal Wani, the startup enables consumers to discover alternative brand medicines by uploading their prescriptions. Revenue from medicine and medical device sales accounted for 98.4% of the total operating income, which surged 102% to Rs 310 crore in FY24. Income from shipping and packaging stood at Rs 1.7 crore and Rs 2.8 crore respectively. The company also added Rs 10 crore from interest on deposits which tallied its overall income to Rs 325 crore in FY24 from Rs 161 crore in FY23. As a telehealth platform, the cost of procuring medicines and devices accounted for 67.8% of the total expenditure. With increasing scale, this cost rose by 96% to Rs 262 crore in FY24. Employee benefits also grew by 75% to Rs 42 crore in FY24. Its advertising, rent, information technology, legal, and other overheads took the overall cost up by 74.7% to Rs 386 crore in FY24 from Rs 221 crore in FY23. The two-fold growth and controlled expenditure helped Truemeds to reduce its losses by 9% to Rs 61 crore in FY24, compared to Rs 67 crore in FY23. On a unit level, it spent Rs 1.23 to earn a rupee in FY24. Truemeds’ ROCE and EBITDA margin improved to -27.6% and -18.15% respectively. At the end of FY24, its total current assets stood at Rs 253 crore with cash and bank balances of Rs 155 crore. Truemeds has secured over $27 million in funding to date, including a $22 million Series B round led by WestBridge Capital in 2022. As per startup data intelligence platform TheKredible, Info Edge is the largest external stakeholder, holding a 25.25% stake in the company. PharmEasy, Tata 1mg, Netmeds, and Apollo 247 are among Truemeds' direct competitors. An easy to use interface, and a real demand for reducing medical costs has provided a strong opening for many firms in the space.

Ferns N Petals crosses Rs 700 Cr revenue in FY24; losses drop by 78%

EntrackrEntrackr · 8m ago
Ferns N Petals crosses Rs 700 Cr revenue in FY24; losses drop by 78%
Medial

After a flat FY23, Ferns N Petals managed 16% growth in its operating revenue in the fiscal year ending March 2024. At the same time, the firm also narrowed losses by 77% in the same period. Ferns N Petals’ operating revenue increased to Rs 705.4 crore in FY24 from Rs 607.3 crore in FY23, its consolidated financial statement sourced from the Registrar of Companies (RoC) shows. Ferns N Petals makes money through the sale of cakes, flowers, and customized gifting solutions via its website, third-party e-commerce platforms, company-owned stores, and franchises. It also earns from delivery, convenience, and packing charges, as well as franchise-related income, including one-time onboarding fees and monthly royalties. The company claims to serve in more than 100 countries and has over 400 stores in India. Sales of products such as cakes, flowers, gifts, were the primary contributor, accounting for 91% of the operating revenue, which increased by 15% to Rs 640.75 crore in FY24 from Rs 556.18 crore in FY23. Delivery charges grew by 40% to Rs 45.12 crore in FY24. Income from other sources such as franchise fees and convenience charges added Rs 19.51 crore in FY24. The company also made Rs 7 crore from interest income which took its total revenue to Rs 712 crore in FY24. Geographically, India remained the largest market for Ferns N Petals as 63% of the revenue came from the local operations. It generated Rs 443.58 crore from India in the last fiscal year while collections from UAE and Singapore stood at Rs 176.52 crore and Rs 65.1 crore, respectively. On the expense side, the cost of materials dominated by accounting for 42.3% of the expenses. This cost increased by 12.4% to Rs 312 crore in FY24 from Rs 277.6 crore in FY23 whereas employee benefit expenses rose slightly by 2.8% to Rs 124.49 crore in FY24. Advertising expenses shrank by 12.30% to Rs 156.65 crore in FY24. Transportation and other expenses added another Rs 143 crore in the last fiscal year. The company’s total expenses for FY24 increased by mere 1.9% to Rs 736.67 crore in FY24 from Rs 723 crore in FY23. In the end, Ferns N Petals’ loss declined by 77.8% to Rs 24.26 crore in FY24 from Rs 109.50 crore in FY23. Its EBITDA was recorded at a negative 8.62 crore in FY24 while the ROCE and EBITDA margin stood at -21.57% and -1.21%, respectively, during the last fiscal. On a unit basis, FnP spent Rs 1.04 to earn a rupee of operating revenue in FY24. The Gurugram based company reported Rs 84 crore in cash and bank balances and had a current asset of Rs 130.25 crore as of FY24. According to TheKredible, Ferns N Petals has secured a total funding of Rs 206.5 crore (approximately $27 million) to date, with Lighthouse being one of its leading investors. Ferns N Petals also runs hospitality and wedding businesses through Udman Hotels and FNP Weddings and Events. Whatever the firm did in FY23 in terms of consolidation, it seems to have worked as we see in the FY24 numbers. Which begs the question - will it sustain in FY25? If it does, then the firm would have justified a lot of the diversifications it has tried over the years to build a larger balance sheet. If the losses continue with low growth, then one would have to assume that the hack from FY23 was just a one trick (or year) pony. But if it does deliver, then Ferns N Petals might yet see the glory days it has been seeking yet again.

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.

FirstCry parent’s revenue crosses Rs 1,900 Cr in Q4 FY25; losses surge 74%

EntrackrEntrackr · 1m ago
FirstCry parent’s revenue crosses Rs 1,900 Cr in Q4 FY25; losses surge 74%
Medial

The parent company of FirstCry has released its quarterly report for the last financial year ending March 2025. The report highlights moderate growth, with a 16% year-on-year growth in scale while losses surged 74%. FirstCry's revenue from operations grew to Rs 1,930 crore in Q4 FY25 from Rs 1,667 crore in Q4 FY24, its financial statements sourced from the National Stock Exchange show. For the full fiscal year (FY25), BrainBees’s operating revenue increased 18% to Rs 7,660 crore in FY25 from Rs 6,481 crore in FY24. The sale of its products through offline stores and websites in India and the international market was the primary source of revenue, accounting for 69% of total operating revenue, while its subsidiary, GlobalBees, contributed Rs 398 crore income for Q4 FY25. The company also made Rs 48 crore from interest income which took its overall revenue to Rs 1,979 crore in Q4 FY25, compared to Rs 1,685 crore in Q4 FY24. For the omnichannel retailer, the cost of procurement of materials accounted for 58% of the overall expenditure which increased 14% quarter-on-quarter to Rs 1,206 crore in Q4 FY25 from Rs 1055 crore in Q4 FY24. FirstCry employee benefits stood at Rs 229 crore in Q4 FY25 which includes Rs 82 crore as ESOP cost. Marketing, legal, rent, and technology expenses were key overheads that drove total expenditure up to Rs 2,060 crore in Q4 FY25, compared to Rs 1,737 crore in the same quarter last year. For the fiscal year ending March 2025, the company’s total expenses rose to Rs 7,992 crore. BrainBees’ loss surged by 74% to Rs 75 crore in Q4 FY25. For FY25, the firm losses stood at 215 crore in FY25, down from Rs 321 crore in FY24. (We have excluded exceptional items amounting to Rs 37 crore from the loss calculation.) BrainBees debuted on the stock exchange at Rs 446 and is now trading at 376.5 on May 26, bringing its total market capitalization to Rs 19,631 crore.

IntrCity crosses Rs 320 Cr income in FY24, nears break-even

EntrackrEntrackr · 7m ago
IntrCity crosses Rs 320 Cr income in FY24, nears break-even
Medial

Travel-tech platform IntrCity, which owns SmartBus and RailYatri, could not replicate its FY23 growth momentum in FY24. After achieving six-fold growth in FY23, the company recorded a modest 16% year-on-year revenue increase for the fiscal year ending March 2024. However, the Nandan Nilekani family trust-backed firm reduced its losses by over 52%, bringing them below Rs 10 crore in FY24. IntrCity's revenue from operations grew 15.9% to Rs 317.34 crore during FY24 as compared to Rs 273.9 crore in FY23, as per the company's consolidated financial statements with the Registrar of Companies. IntrCity operates web and mobile platforms for its brands, SmartBus and RailYatri. The flagship brand, IntrCity SmartBus, caters to long-distance bus routes across India, while RailYatri offers train travel services such as ticket booking and meal ordering. As per the filings, the majority of commission revenue came from the Indian Railway Catering and Tourism Corporation (IRCTC) during FY24. The company collected 93.8% of the revenue from bus operations which went up 16.9% to Rs 297.71 crore in FY24. It also earned Rs 18.08 crore from commission along with Rs 1.55 crore via advertisement services. Additionally, collection from interest and gain on financial assets (non-operating revenue) stood at Rs 3.38 crore. Including this, the company's overall revenue climbed to Rs 320.7 crore in FY24. On the expense side, the cost of revenue (direct cost for the distribution of services) accounted for 68.3% of the total expenditure. This cost grew 14.2% to Rs 225.8 crore in FY24 from Rs 197.8 crore in FY23. Operation and maintenance costs went up 9.3% to Rs 43.5 crore while spending on employee benefits remained almost flat at Rs 36.85 crore during the last fiscal year. The company incurred Rs 7.42 crore on advertisement and promotions and paid Rs 3.9 crore commission for catering and payment gateway services. In the end, IntrCity's expenses increased 9.7% to Rs 330.6 crore during FY24 in comparison to Rs 301.3 crore during FY23. On the back of controlled expenditure and double-digit growth in revenues, the firm managed to bring down its losses by 53.7% to Rs 9.9 crore in FY24. The losses were at Rs 21.4 crore in the previous fiscal year. Operating cash outflows of IntrCity also improved by 69.8% during the period and stood at Rs 6.1 crore. As of the last fiscal year, the firm's outstanding losses stood at Rs 242.5 crore. During FY24, the travel-tech platform managed to improve its EBITDA margin by 459 BPS to -2.08%. On a unit level, IntrCity spent Rs 1.04 to earn an operating revenue during the said period. IntrCity has Rs 17.4 crore in cash and bank balances while its total assets stood at Rs 41.2 crore for the fiscal year ended March 2024. As per the startup data intelligent platform TheKredible, IntrCity has raised over $50 million to date and was valued at around Rs 912 crore or $110 million in the latest funding round in February this year. Among online travel aggregator (OTA) platforms, MakeMyTrip is the largest player in terms of revenue. Ixigo, EaseMyTrip, Yatra, and Cleartrip are also the key players in the segment.

FirstCry FY24 revenue crosses Rs 6,500 Cr; GlobalBees contributes 18.6%

EntrackrEntrackr · 11m ago
FirstCry FY24 revenue crosses Rs 6,500 Cr; GlobalBees contributes 18.6%
Medial

Kids-focused omnichannel retailer FirstCry received approval for its initial public offering (IPO) from the Securities Exchange Board of India (SEBI) earlier this month. Ahead of the IPO, the company has disclosed its annual financial report for the fiscal year ending March 2024. The Pune-based firm’s revenue grew 15.1% in the last fiscal year but its losses shrank 34% during the same period (FY24). FirstCry’s revenue from operations increased to Rs 6,481 crore in FY24 from Rs 5,633 crore in FY23, its consolidated financial statements filed with the Registrar of Companies (RoC) show. The sale of its products through its offline stores and website was the primary source of revenue for FirstCry in FY24. Notably, its subsidiary GlobalBees has contributed Rs 1,209 crore income to FirstCry group. FirstCry earned Rs 94 crore from interest on fixed and current investments and other financial assets, tallying its overall revenue to Rs 6,575 crore in FY24. For the omnichannel retailer, the cost of procurement of materials accounted for 60.3% of the overall expenditure which increased 18.8% to Rs 4163 crore in FY24 from Rs 3,504 crore in FY23. Its employee benefits, advertising, transportation, contracts, rent, legal, traveling, and other overheads took FirstCry’s overall cost up by 9.2% to Rs 6,897 crore in FY24 from Rs 6,316 crore in FY23. Check TheKredible for the detailed cost breakup. The decent growth and controlled expenditure helped FirstCry to reduce its losses by 34% to Rs 321 crore during FY24 as compared to Rs 486 crore in FY23. Its ROCE and EBITDA margin improved to -3.47% and 2.51%, respectively. On a unit level, the Supam Maheshwari-led firm spent Rs 1.06 to earn a rupee in FY24. FY23-FY24 FY23 FY24 EBITDA Margin -3.82% 2.51% Expense/₹ of Op Revenue ₹1.12 ₹1.06 ROCE -8.67% -3.47% As per reports, FirstCry will seek a valuation in the range of $2.9-3 billion in its upcoming IPO which may start around Independence day (August 15). Besides FirstCry, another SoftBank-backed company Ola Electric is all set to launch its IPO in early August. Notably, both firms are in losses as of their last reported financial year (FY24). In seeking a valuation that is a three to four times multiple of revenues, FirstCry has tempered down expectations. But what will worry some investors is the fact that it is still making negative margins, even though breakeven seems a matter of a quarter or two. The kids category, while being competitive is also one category where the value add from manufacturer to eventual customer is massive, and for FirstCry to struggle despite largely controlling the distribution channel is surprising, to say the least. It indicates some serious issues with procurement, or a high cost structure ripe for some trimming. Pre-IPO is as good a time as any to identify the key issue.

Akumentis Healthcare income crosses Rs 400 Cr in FY24; posts Rs 57 Cr profit

EntrackrEntrackr · 1y ago
Akumentis Healthcare income crosses Rs 400 Cr in FY24; posts Rs 57 Cr profit
Medial

Pharmaceutical company Akumentis Healthcare has reported a flat scale during the last fiscal year ending March 2024. However, the controlled cost mechanism helped the Thane-based firm to improve its margins and bottom line during the same period. Akumentis Healthcare saw a modest 2.8% increase in its scale to Rs 398 crore in FY24 from Rs 387 crore in FY23, its standalone financial statements filed with the Registrar of Companies show. *Note: Akumentis Healthcare is a wholly-owned subsidiary of Akum Drugs and Pharma Ltd which recorded a 14.3% increase in revenue to Rs 4,178 crore in FY24 from Rs 3,655 crore in FY23. Founded in 2010, Akumentis Healthcare provides medicinal products including creams and medicines across dermatology, orthopedics, gynecology, critical care, cardiovascular, diabetes, and pediatrics. The sale of these products was the sole source of revenue for the company. Akumentis made Rs 10 crore from interest and other miscellaneous sources tallying its overall income to Rs 409 crore in FY24. When it comes to burn, around 36.6% (Rs 122 crore) of its total burn went to employee benefits while cost of material consumed 31.5% (Rs 105 crore) of the overall expenditure in FY24. Its marketing (advertising cum promotion), commission paid to selling agents, traveling, legal and other overheads took Akumentis’ total expenditure to Rs 333 crore in FY24 from Rs 340 crore in FY23. Check TheKredible for more details. The controlled spending on employee benefits and related expenses helped Akumentis Healthcare increase its margins. As a result, the firm’s profit spiked 62.9% to Rs 57 crore in FY24 from Rs 35 crore in FY23. Its ROCE and EBITDA margin improved to 57.46% and 62.90%, respectively. On a unit level, Akumentis spent Rs 0.84 to earn a rupee. FY23-FY24 FY23 FY24 EBITDA Margin 19.26% 62.90% Expense/₹ of Op Revenue ₹0.88 ₹0.84 ROCE 65.38 57.46 Rajaram Samant, who was the co-founder and chief executive officer of Akumentis Healthcare for nearly 10 years, left the company in February 2020. Samant had previously worked at three large public companies: Ranbaxy, Emcure and Wanbury. In 2015, Peak XV had led a $19 million round in Akumentis.

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