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

News on Medial

Related News

Lendingkart posts Rs 1,090 Cr revenue in FY24, profit slips

EntrackrEntrackr · 8m ago
Lendingkart posts Rs 1,090 Cr revenue in FY24, profit slips
Medial

Temasek’s Fullerton recently acquired the troubled fintech firm Lendingkart in a distress sale. The company’s valuation plummeted to around $100 million in the deal, down from its peak of $690 million. While the reasons behind this downfall may become clearer when the firm discloses its FY25 numbers, the company’s profit after tax (PAT) slipped 6% during the fiscal year ending March 2024. We will analyze the company’s expenses in detail in the second half of the story. For now, let’s focus on its revenue streams and their growth. Lendingkart’s revenue from operations increased by 36% to Rs 1,090 crore in FY24 from Rs 798 crore in FY23, its consolidated financial statement sourced from the Registrar of Companies (RoC) shows. Lendingkart is a non-banking finance company (NBFC) that provides working capital and business loans to SMEs across India. It offers loans with an average ticket size of Rs 5 lakh to Rs 6 lakh to MSMEs and has disbursed over Rs 18,700 crore to more than 300,000 businesses. Revenue from co-lending was the primary contributor, accounting for 54% of the operating revenue, which surged by 88% to Rs 591 crore in FY24. Revenue from interest on term loans shrank by 2.86% to Rs 407.81 crore FY24, while commission income spiked 34X to Rs 22.58 crore in FY24. It also made Rs 69.15 crore from other operating activities. The company generated another Rs 127 crore in FY24 from non operating activities which took its total revenue to Rs 1,217 crore in FY24. On the expense side, finance cost was the major factor, which increased by 16.82% to Rs 293.53 crore in FY24. Employee benefit expenses grew by 75.70% to Rs 199 crore while legal charges increased 58.25% to Rs 125.62 crore FY24. Overall, the firm’s total expenses spiked 49.4% to Rs 1,022.7 crore in FY24 from Rs 684.4 crore in FY23. Note: The company recorded Rs 171.67 crore in FY24 and Rs 67.12 crore in FY23 under impairment losses, these amounts have been excluded from the expense or profit calculations. The rising expenses on employee benefits took a toll on Lendingkart's profit which slipped by 6% to Rs 174.92 crore in FY24 from Rs 185.93 crore in FY23. Its ROCE and EBITDA margin stood at 23.33% and 44.39%, respectively. On a unit basis, the company spent Re 0.94 to earn a rupee in FY24. The Ahmedabad-based company reported Rs 768.5 crore in cash and bank balances and had a current asset of Rs 2,110 crore as of FY24. According to TheKredible, Lendingkart has raised a total of Rs 3,217 crore (approximately $452 million) in funding to date. Its leading investors include Temasek, Bertelsmann, Mayfield, and Saama Capital.

Exclusive: Aakash CEO Deepak Mehrotra gets Rs 5 Cr in annual salary

EntrackrEntrackr · 11m ago
Exclusive: Aakash CEO Deepak Mehrotra gets Rs 5 Cr in annual salary
Medial

Deepak Mehrotra, who was appointed as the managing director and chief executive officer of Byju’s-owned Aakash Educational Services Limited (AESL) in April, will receive Rs 5 crore in annual salary starting from the current fiscal year (FY25). As per documents accessed by Entrackr, Mehrotra will get Rs 41.66 lakh as monthly salary which includes HRA, special allowance and provident fund effective from April this year. The filings further added that he will get a maximum of 20% bonus on the annual salary which is subject to achievement of goals or key performance indicators. The board at Aakash has also allotted employee stock ownership plan (ESOPs) worth Rs 25 crore to Mehrorta which can be vested in four years equally every year starting from April 2025. Prior to joining AESL, Mehrotra was the Managing Director at Ashirvad Pipes and has more than 35 years of experience in executive roles in FMCG, telecom, and education sectors. At the time of the appointment, Byju’s said that Mehrotra will be a part of AESL’s strategic vision to improve its offerings, expand its reach, and create a positive impact on the education landscape. In November 2023, Aakash also raised $168 million from Manipal Education and Medical Group chairman Ranjan Pai to clear the debt raised from Davidson Kempner in May last year. Byju’s had acquired Aakash for $940 million in April 2021. However, Chaudhry family, the founder of AESL, refused to swap their remaining stake citing governance issues. Three years later, both firms withdrew the merger petition and they are running independently as separate entities under the Think and Learn brand. Aakash is likely to cross Rs 2,300 crore in operating revenue in FY23 according to its valuation report but it’s yet to file audited financials for the past two fiscal years (FY23 and FY24). It competes with FIITJEE and Kota-based Allen Career Institute. While FIITJEE slipped into losses with Rs 542 crore revenue in FY23, Allen registered Rs 429 crore profit with Rs 2,277 crore revenue in the said financial year. Both are yet to file their FY24 numbers.

Amazon India logistics unit posts Rs 4,889 Cr income in FY24

EntrackrEntrackr · 9m ago
Amazon India logistics unit posts Rs 4,889 Cr income in FY24
Medial

Amazon Transportation Services reported a marginal growth in its revenue during the fiscal year ending March 2024. At the same time, the company reduced its losses by over 6% during the same period. AmazonTransport Services aka ATS’s revenue from operations grew 7.6% to Rs 4,888.9 crore in FY24 from Rs 4,543.3 crore in FY23, its standalone financial statement sourced from Tofler shows. Apart from operational income, ATS’s other income spiked 66% to Rs 57.3 crore in FY24 from Rs 34.5 crore in the previous fiscal year. This brought the total income for FY24 to Rs 4,946.2 crore. Amazon Transportation Services provides logistics and delivery solutions, supporting Amazon's e-commerce operations. Its services include order pickup, sorting, and last-mile delivery across India. It makes money via offering aforementioned services to Amazon India. The company’s total expenses excluding depreciation stood at Rs 4,690.8 crore in FY24 from Rs 4,310.2 crore in FY23, marking an 8.8% rise. Depreciation expenses, however, decreased by 10.2%, standing at Rs 313.7 crore for FY24, down from Rs 349.4 crore in FY23. Despite the growth in revenue, ATS managed to reduce its losses by 6.3% to Rs 80.3 crore in FY24 from Rs 85.7 crore in FY23. Its outstanding losses reached Rs 469.8 crore as of the end of FY24. Other equity components, including the share-based compensation reserve, increased 26% to Rs Rs 490.4 crore in the last fiscal year. While ATS’s parent company, Amazon Corporate Holdings continues to support its operations, the persistent losses indicate ongoing challenges in reaching profitability despite YoY revenue growth. In the past five years, Amazon India (through transport services) has expanded its partnership with Indian Railways, increasing from a single train in 2019 to over 120 trains by 2024, now covering 130 intercity routes across 91 cities.

Purple Style Labs posts Rs 372 Cr revenue in FY23, cuts losses

EntrackrEntrackr · 1y ago
Purple Style Labs posts Rs 372 Cr revenue in FY23, cuts losses
Medial

Purple Style Labs, an omnichannel luxury fashion platform, experienced rapid growth with a revenue increase of over eight-fold in the last two fiscal years. Its revenue from operations reached Rs 372 crore in FY23, compared to Rs 44 crore in FY21. The Mumbai-based company also managed to narrow down its losses significantly in the fiscal year ending March 2023. Purple Style Labs primarily generates revenue from the sale of designer fashion and lifestyle products, with a significant contribution from its UK-based subsidiary. The company's expenses include material procurement, advertising and marketing, employee benefits, and other overheads. Despite the growth, Purple Style Labs still posted losses in FY23.

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