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Falca crosses Rs 350 Cr revenue in FY24, losses soar 3X

EntrackrEntrackr · 4m ago
Falca crosses Rs 350 Cr revenue in FY24, losses soar 3X
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Falca crosses Rs 350 Cr revenue in FY24, losses soar 3X Full-stack agritech supply chain company Falca has demonstrated consistent growth in its gross merchandise value (GMV). The firm recorded a 65X increase in GMV over the past five fiscal years, with gross revenue rising to Rs 368 crore in FY25 from Rs 5.6 crore in FY20. On a year-on-year basis, Falca’s GMV increased by 27% to Rs 368 crore in FY24 from Rs 289 crore in FY23, its consolidated financial statement sourced from the Registrar of Companies (RoC) shows. Falca offers four key products catering to different aspects of the agricultural supply chain. Suggi supplies agricultural inputs such as seeds and pesticides through a network of physical stores. Samrat is a full-stack solution that provides advisory services, inputs, and market linkage. Siri functions as a trading platform, connecting large farmers, traders, and FPOs with buyers. Lastly, Sampoorna offers mobile and web applications to enhance farm yield and operational efficiency. The sale of these products and services was the sole source of revenue for Falca in the last fiscal year. Outpacing its year-on-year revenue growth, Falca's total expenses rose 30.2% to Rs 384 crore in FY24. The cost of materials remained the largest expense, making up 94% of total expenses. In line with the company's scale, material costs increased by 27%, reaching Rs 362 crore in FY24, up from Rs 284 crore in FY23. Falca’s employee benefit costs doubled to Rs 10 crore, and finance expenses spiked 50% to Rs 3 crore. Other expenses added another Rs 9 crore for the fiscal year ending March 2024. In the end, Falca’s net loss widened threefold to Rs 15 crore in FY24, compared to a Rs 5 crore loss in FY23. The company’s EBITDA margin further declined from -1% in FY23 to -3.14% in FY24. On a unit basis, the company spent Rs 1.04 to earn a single rupee in FY24. Falca’s cash and bank balances dropped by 50% to Rs 4 crore, while current assets declined significantly from Rs 53.5 crore to Rs 24.5 crore. According to startup data intelligence platform TheKredible, it has raised a total of approx $3 million of funding to date, having Kingston Smiler and Inflection Point Ventures as its lead investors.

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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.

Phi Commerce posts Rs 81 Cr revenue in FY24; losses soar 3X

EntrackrEntrackr · 4m ago
Phi Commerce posts Rs 81 Cr revenue in FY24; losses soar 3X
Medial

Phi Commerce, a SaaS-based omnichannel payment solutions provider, recorded over two-fold year-on-year growth in its operating scale for the fiscal year ending March 2024. However, its losses surged 3X during the same period due to its growth expansion efforts. PhiCommerce’s operating revenue grew to Rs 81.2 crore in FY24 from Rs 34.7 crore in FY23, as per its annual consolidated financial statements filed with the Registrar of Companies (RoC). Phi Commerce is a digital payment solutions provider offering a unified omnichannel payments platform for businesses, banks, and networks. Its flagship product, PayPhi, simplifies complex digital transactions across online, in-store, on-the-go, and doorstep channels. For Phi Commerce, commissions on GMV settlements with merchants accounted for 90% of its operating revenue, totaling Rs 72.3 crore in FY24. The remaining revenue came from technology infrastructure and value-added services for payment aggregation. The firm earned Rs 3.4 crore in interest from fixed deposits and non-current investments, bringing its total revenue to Rs 84.5 crore. Phi Commerce's total expenses surged 137% to Rs 116.6 crore in FY24 from Rs 49.2 crore in FY23, driven by increased operational costs. Processing charges for payments remained the largest cost component, accounting for 60% of total expenses, rising 2.6X to Rs 70.5 crore in FY24. Employee benefit expenses also saw a 109% YoY increase, reaching Rs 27.8 crore. Additional costs, including legal and platform support fees, share-based compensation to consultants, and other overheads, further pushed total expenses up by 137%. As a result, Phi Commerce's total costs outpaced revenue growth, leading to a 207% increase in net loss, which widened to Rs 28.9 crore in FY24 from Rs 9.4 crore in FY23. On a unit level, the company spent Rs 1.44 to earn a rupee in FY24. By the end of FY24, Phi Commerce recorded a negative ROCE of -40.18% and an EBITDA margin of -35.11%. Its total current assets stood at Rs 107.7 crore, including Rs 64.6 crore in cash and bank balances as of March 2024. Phi Commerce has raised $14 million in funding to date including a $10 million Series A round led by BEENEXT and participation from Opus Ventures. According to the data intelligence platform TheKredible, Opus Ventures is the largest external stakeholder followed by Beenext.

Progcap crosses Rs 150 Cr revenue in FY24, cuts losses

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

BigBasket’s revenue crosses Rs 10,000 Cr in FY24

EntrackrEntrackr · 10m ago
BigBasket’s revenue crosses Rs 10,000 Cr in FY24
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Tata Digital-owned BigBasket is making a strategic shift to focus exclusively on the burgeoning quick commerce market targeting $1.5 billion (Rs 12,400 crore) in total sales for the current fiscal year (FY25). While the impact of the pivot and its new target will unfold after the completion of FY25, it crossed the Rs 10,000 crore topline mark in FY24. Significantly, BigBasket also narrowed down losses by over 20%. BigBasket’s revenue from operations went up 6.27% to Rs 10,061.9 crore during the fiscal year ending March 2024 as compared to Rs 9,468.5 crore in FY23, as per the company’s consolidated financial statements sourced from the Registrar of Companies (RoC). It’s worth highlighting that, Supermarket Grocery Supplies Private Limited is the main entity of BigBasket which also includes its business-to-consumer (B2C) unit, Innovative Retail Concepts Private Limited, and other acquired companies. The company made 97% of its total operating revenue via the sale of grocery products and the rest came from ancillary services and other operating activities. It also earned Rs 37.89 crore from interest and gain on financial assets which took the firm’s overall revenue to Rs 10,099.8 crore during the last financial year (FY24). BigBasket, which recently announced a pivot of its business entirely to quick commerce, is planning to consolidate services by merging its BBdaily subscription service into its main app. By aligning its operations with 10-15 minute delivery, BigBasket is positioning itself to compete more aggressively with established players like Blinkit, Swiggy Instamart, Zepto, and Flipkart Minutes. Moving to the expenses, the cost of goods sold (COGS) accounted for 71.3% of the total expenses and grew 3.4% to Rs 8,209.6 crore in FY24. Employee benefits expenses, however, slipped 11.7% to Rs 936.6 crore during the same period. The employee cost also includes employee stock options (ESOP) expenses worth Rs 98.5 crore. Other major expenses of the company include transportation, distribution, advertising & promotions, technical services, and other admin and operating expenses. For more details, head to TheKredible. Overall, BigBasket managed to control its total expenses which increased a mere 2% to Rs 11,515 crore in FY24 from Rs 11,284.7 crore in FY23. The controlled expenses also helped in reducing losses significantly which shrank 20.73% to Rs 1,415 crore during FY24. Its operating cash outflows also improved by 18.5% to Rs 1,103 crore during the year. BigBasket’s outstanding losses stood at Rs 7,619.85 crore as of FY24. The Bengaluru-based firm’s EBITDA margin improved by 463 BPS to -9.39% in FY24. On a unit level, BigBasket spent Rs 1.14 to earn a rupee of operating revenue during the last fiscal year. FY23-FY24 FY23 FY24 EBITDA Margin -14.02% -9.39% Expense/₹ of Op Revenue ₹1.19 ₹1.14 ROCE -51.37% -70.62% During FY24, Zomato’s Blinkit and Swiggy’s Instamart recorded Rs 2,301 crore and Rs 1,100 crore gross revenue, respectively. Another competitor in the space, Zepto claimed that its revenue has jumped five-fold to more than Rs 10,000 crore in FY24. The audited numbers of the Aadit Palicha-led company is yet to come.

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

EntrackrEntrackr · 6m ago
IntrCity crosses Rs 320 Cr income in FY24, nears break-even
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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.

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.

Bakingo crosses Rs 200 Cr revenue in FY24 with marginal losses

EntrackrEntrackr · 6m ago
Bakingo crosses Rs 200 Cr revenue in FY24 with marginal losses
Medial

Fintrackr All Stories Bakingo crosses Rs 200 Cr revenue in FY24 with marginal losses Online bakery brand Bakingo recorded a 43% year-on-year growth during the last fiscal year ending March 2024. However, in pursuit of expansion, the losses for the Gurugram-based company increased marginally in the same period. Bakingo’s revenue from operations grew by 43% to Rs 208.7 crore in FY24, compared to Rs 145.7 crore in FY23, its consolidated financial statements sourced from the Registrar of Companies (RoC) show. Founded by Himanshu Chawla, Shrey Sehgal, and Suman Patra, Bakingo offers a variety of cakes and desserts, including its signature Cheesecake, Gourmet Cakes, Jar Cakes, and over 100 SKUs. The sale of these products was the only source of revenue for Bakingo. For the bakery firm, the cost of product procurement accounted for 42.2% of its overall expenditure. To the tune of scale, this cost increased 43% to Rs 90 crore in FY24. Its employee benefit grew by 40% to Rs 31.6 crore, while advertising expenses rose by 38% to Rs 27.7 crore. Platform commission fees also saw a jump of 65% to Rs 26.2 crore. Overall, Bakingo’s total expenses rose by 46% to Rs 213.8 crore in FY24 from Rs 146.3 crore in FY23. The surge in employee benefits, advertising, and procurement costs outpaced the revenue growth, resulting in its losses to increase to Rs 5.3 crore in FY24. Its ROCE and EBITDA margin stood at -6.05% and -0.98% respectively. Bakingo’s expense-to-revenue ratio was recorded at Rs 1.02 with total current assets of Rs 96.5 crore during FY24. Bakingo has raised $16 million (Rs 130 crore) to date, which was its maiden round led by Faering Capital last year at a valuation of Rs 571 crore. According to Fintrackr’s estimates, its enterprise value to revenue multiple stood at 2.7X. The growth in the last year seems to be an outcome of being able to optimise operations to a higher level. In a discretionary category with very high competition, we believe Bakingo still has work to do on the brand, quality perception and distribution to keep growing. For now, it seems to be simply a branded offering for those looking to buy from one, rather than the neighborhood shop or bakery. Signature offerings, better word of mouth, and perhaps even packaging are all gaps that need work.

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