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Hangyo nears Rs 300 Cr revenue in FY24; profit spikes 2X

EntrackrEntrackr · 4m ago
Hangyo nears Rs 300 Cr revenue in FY24; profit spikes 2X
Medial

Hangyo Ice Cream secured India's largest venture funding for an ice cream brand, raising $25 million from Faering Capital in August last year. The investment was driven by the company’s expanding scale, as it surpassed Rs 300 crore in revenue in FY24 while maintaining profitability. Hangyo’s revenue from operations grew 23.5% year-on-year to Rs 294 crore in FY24 from Rs 238 crore in FY23, its consolidated financial statements sourced from the Registrar of Companies show. Founded in 2003 by Pradeep Pai and Dinesh Pai, Hangyo sells cups, cones, sorbets, stick ice creams, tubs, and kulfis across general trade, modern trade, and online channels including quick commerce apps. Income from the sale of ice creams is the sole source of revenue for Hangyo in FY24. For the ice cream seller, the cost of procurement was the largest cost center forming 57% of its overall expenditure. This cost grew by 9.1% to Rs 168 crore in FY24. The employee benefits also saw a surge of 38.9% to Rs 25 crore in the previous fiscal (FY24). Its power, fuel, advertising, transportation/distribution, traveling, and other overheads drove the total expenditure up by 23.5% to Rs 294 crore in FY24 from Rs 238 crore in FY23. The decent scale and controlled costs helped Hangyo to register a 2.1X surge in its profits to Rs 11.8 crore in FY24, compared to Rs 5.6 crore in FY23. At a unit level, it spent Rs 0.95 to earn a rupee. Its ROCE and EBITDA margins improved to 28.77% and 11.86% respectively. By the end of FY24, its total current assets stood at 59 crore. Hangyo has raised a total of $30 million to date including $5 million from Capvent Partners in 2013. Over the past two years, several new-age and established ice cream brands, including Hocco, Go Zero, and NIC, have secured significant funding. Hocco raised $12 million from the Chona family and others, while NIC secured $31 million across two rounds. Mumbai-based Go Zero also raised $2.5 million through two funding rounds.

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Exclusive: OfBusiness revenue nears Rs 20,000 Cr in FY24; profits crosses Rs 600 Cr

EntrackrEntrackr · 1y ago
Exclusive: OfBusiness revenue nears Rs 20,000 Cr in FY24; profits crosses Rs 600 Cr
Medial

Following a 2X jump in scale during FY23, industrial goods and services procurement platform OfBusiness continued its growth run as its revenue grew by 25.8% in the fiscal year ending March 2024. At the same time, the firm’s profit spiked by 30% and crossed the Rs 600 crore mark. OfBusiness’ revenue grew to Rs 19,296 crore in FY24 from 15,343 crore in FY23, according to the company’s consolidated financial documents reviewed by Entrackr. The sale of industrial goods (raw materials) and revenue from financial services offered to the buyers on their platforms were the primary sources of operating revenue for OfBusiness in FY24. The company also made Rs 232 crore from interest and other financial activities, tallying the overall revenue to Rs 19,529 crore in FY24. Being a goods and service procurement platform, the purchase of industrial goods and raw materials including construction materials, chemicals, and produce emerged as the largest cost centers, forming 88.5% of OfBusiness’ total expenses during FY24. In the line of scale, this cost increased by 21% to Rs 16,543 crore in FY24. The firm’s burn on employee benefits, finance, legal, conveyance, advertising, and other overheads took its overall cost up by 24.3% to Rs 18,696 crore in FY24 from Rs 15,037 crore in FY23. Note: OfBusiness’ ESOP-related expenses for this year stood at Rs 32 Cr in FY24 which is similar to last year. The decent growth in scale and controlled expenditure helped OfBusiness to post a 30.2% increase in its profits to Rs 603 crore in FY24. Its ROCE and EBITDA margin improved to 12.33% and 7.44% respectively. On a unit level, OfBusiness spent Rs 0.97 to earn a rupee in FY24. FY23-FY24 FY23 FY24 EBITDA Margin 6.30% 7.44% Expense/₹ of Op Revenue ₹0.98 ₹0.97 ROCE 9.28 12.23 OfBusiness has raised around $800 million including its $325 million Series G round in December 2021 where it was valued at $5 billion. According to the startup data intelligence platform TheKredible, Alpha Wave is the largest external stakeholder with 19.16% followed by Creation Investment and Matrix Partners. OfBusiness competes with Zetwerk, Infra.market, and Moglix. Zetwerk recorded Rs 11,449 crore GMV in FY23 while Infra. Market and Moglix’s gross revenue stood at 11,846 crore and Rs 4,500 crore respectively in the same period (FY23).

DailyObjects’ revenue spikes 34% to Rs 84 Cr in FY24

EntrackrEntrackr · 7m ago
DailyObjects’ revenue spikes 34% to Rs 84 Cr in FY24
Medial

DailyObjects, a Direct-to-Consumer (D2C) tech accessories and lifestyle brand, achieved a 33.6% growth during the fiscal year ending March 2024. However, the Gurugram-based firm reported a modest loss of Rs 3.9 crore in the same period as compared to marginal profit in FY23. DailyObjects’ revenue from operations grew to Rs 84.4 crore in FY24 from Rs 63.2 crore in FY23, its consolidated financial statement sourced from the Registrar of Companies (RoC) shows. DailyObjects is a direct-to-consumer (D2C) lifestyle accessories brand offering products such as bags, wallets, charging solutions and stationery, among others. The sale of products accounted for 98.8% of the total revenue which increased by 33.6% to Rs 83.38 crore in FY24. The rest of the income came from shipping and delivery charges. For the consumer tech and lifestyle brand, the cost of procurement formed 50% of the total expense. This cost increased by 40% to Rs 42.28 crore in FY24 from Rs 30.26 crore in FY23. Its employee benefits and marketing cum advertising costs grew by 24% and 46.5%, standing at Rs 11.34 crore and Rs 14.33 crore, respectively, in FY24. The firm's spending on shipping, delivery, legal, and other overheads pushed the overall costs up by 33.3% to Rs 84.2 crore in FY24. Note: Excluding the exceptional item cost of Rs 6.14 crore, related to the write-off of previous receivables in the fiscal year ending March 2024, from the calculation of losses and expenses. Increased marketing and employee benefits costs led DailyObjects to post a loss of Rs 3.92 crore for FY24, compared to a marginal profit of Rs 0.06 crore in FY23. Its ROCE and EBITDA margin stood at -43.98% and -4.3%, respectively. On a unit basis, the company spent Re 1 to earn a rupee in FY24. It reported current assets of Rs 20.76 crore as of FY24. According to the startup data intelligence platform TheKredible, the Gurugram-based firm has raised around $14.4 million to date. Its leading investors are Roots Ventures and 360 One.

Bloom Hotels posts Rs 250 Cr revenue in FY24; profit spikes 2.3X

EntrackrEntrackr · 7m ago
Bloom Hotels posts Rs 250 Cr revenue in FY24; profit spikes 2.3X
Medial

Hospitality chain Bloom Hotels has showcased impressive over fivefold growth in the past two fiscal years, surging its scale from Rs 49 crore in FY22 to Rs 250 crore in FY24. On a year-on-year basis, its operating revenue grew 73.6% in the fiscal year ending March 2024, while the firm’s profit spiked 2.3X. Bloom’s revenue from operations grew by 73.6% to Rs 250 crore in FY24 from Rs 144 crore in FY23, according to its annual consolidated financial statements sourced from the Registrar of Companies. The company operates hotel brands such as Bloom Hotel, Bloom Hub, BloomSuites, and Bloomrooms. Income from the room rental accounted for 85.2% of the operating revenue which surged 79% to Rs 213 crore in the last fiscal year from Rs 119 crore in FY23. The rest of the revenue came from food/beverages and other allied services which stood at Rs 33 crore and Rs 4 crore, respectively. Bloom also added Rs 8 crore primarily from the interest on deposits which pushed its overall revenue to Rs 258 crore in FY24. Currently, it has over 50 hotels located across Mumbai Pune, Udaipur, Jaipur, NCR et al. For the hospitality chain business, the cost of lease rent was the latest cost center, forming 31.5% of the overall cost. In the line of expansion, the cost grew 79% to Rs 77 crore in FY24. Notably, Bloom has entered into multiple operating lease agreements, with lease durations ranging from 5 to 44 years. These agreements encompass a mix of company-owned leased hotels and revenue-linked lease arrangements based on earnings from the leased premises. Its employee benefits and commissions to agents grew by 58% and 78% to Rs 60 crore and Rs 16 crore, respectively. Advertising, legal, and cost of food & beverages were other overheads, taking the total cost to Rs 244 crore in FY24 from Rs 144 crore in FY23. Check TheKredible for more details. The impressive scale and controlled cost boosted Bloom’s profits over two-fold to Rs 14 crore in FY24. Its ROCE and EBITDA margin improved to 6.25% and 10.08% respectively in the last fiscal year. Bloom has improved its expense-to-revenue ratio, reducing it to Rs 0.98 from Rs 1.00 in the previous fiscal year. Its total current assets stood at Rs 118 crore, including Rs 97 crore in cash and bank balances. Bloom Hotels has secured approximately Rs 362 crore (around $45 million) in funding from Samena Capital, which now holds a majority stake in the company. Its competitors Treebo Hotels and FabHotels reported operating revenue of Rs 88.6 crore and Rs 224 crore, respectively, in FY23. Both companies are yet to submit their annual reports for the last fiscal year (FY24).

Classplus revenue spikes 2X to Rs 260 Cr in FY24; cuts losses by 57%

EntrackrEntrackr · 9m ago
Classplus revenue spikes 2X to Rs 260 Cr in FY24; cuts losses by 57%
Medial

While many edtech posterboys experienced flat or no growth in FY24, edtech firm Classplus seems to have found stable revenue streams by empowering educators with an online presence. The Tiger Global-backed company saw its revenue grow eight-fold over the past two fiscal years, reaching Rs 213 crore in FY24, up from Rs 26 crore in FY22. At the same time, the firm reduced its losses by 57% in FY24. Classplus’s revenue from operations surged 2X to Rs 213 crore in FY24 from Rs 102 crore in FY23, its consolidated financial statements sourced from the Registrar of Companies (RoC) show. Classplus helps creators launch their online coaching business by launching their mobile apps and websites and sell online courses via them. The sale of SaaS tools and software accounted for 96.6% of its total operating revenue, which doubled to Rs 205.5 crore in FY24. The sale of products and other allied services contributed Rs 8 crore to its revenue. Additionally, the company earned Rs 52 crore, primarily from interest on fixed deposits, bringing its total income to Rs 264 crore in the fiscal year ending March 2024. It has also invested in companies like govt job-prep portal GyanLive and recently started a four year computer science course — Polaris School of Technology in Bangalore. For the six-year-old firm, employee benefits accounted for 54% of total expenses, decreasing by 12% to Rs 201.7 crore in FY24. This includes Rs 38.5 crore as ESOP cost which is non-cash in nature. Advertising and promotional expenses also saw a 7.3% decline in the last fiscal year. Legal and professional, information technology and depreciation were additional expenses that brought the overall expenditure down to Rs 375.7 crore in FY24, compared to Rs 405.2 crore in FY23. Check TheKredible for more details. The two-fold growth and controlled expenditures helped Classplus reduce its losses by 57%, bringing them down to Rs 110.4 crore in FY24 from Rs 256 crore in FY23. Its Return on Capital Employed (ROCE) and EBITDA margin improved to -15.26% and -35.99%, respectively. On a per-unit basis, the company spent Rs 1.77 to earn a rupee in FY24. FY23-FY24 FY23 FY24 EBITDA Margin -157.70% -35.99% Expense/₹ of Op Revenue ₹3.97 ₹1.77 ROCE -32.62% -15.26% The Gurugram-based company has raised over $160 million to date, including a $70 million Series D round in March 2022, which valued the company at $600 million. Its other notable investors include Tiger Global, Alpha Wave, RTP Global, Blume Ventures, and GSV Ventures. With enough dry powder to last at least another two years or more, especially if its cost controls continue to succeed at reducing losses, Classplus could be in a very good space by FY25. The offering is not as sensitive to the vagaries of the economy and as the universe of beneficiaries grows, even marketing expenses or acquisition costs will drop, if service is good. The company is also going to be building a deeper moat with higher numbers, securing its position better. At Rs 12,000 per annum or thereabouts on average for a ‘teacherpreneur’, disruptors will not find it easy to offer more for less.

PaisaWapas revenue nears Rs 70 Cr in FY24, remains profitable

EntrackrEntrackr · 4m ago
PaisaWapas revenue nears Rs 70 Cr in FY24, remains profitable
Medial

Fintrackr All Stories PaisaWapas revenue nears Rs 70 Cr in FY24, remains profitable Cashback and coupons app PaisaWapas has managed steady growth as its revenue from operations grew 24% year-on-year for the fiscal year ending March 2024. Moreover, the Bengaluru-based company also increased its profit by around 17% during the same period. PaisaWapas’ revenue from operations grew by 24% to Rs 68.7 crore in FY24 from Rs 55.5 crore in FY23, its financial statements sourced from the Registrar of Companies (RoC) show. PaisaWapas operates as a cashback and deals platform, linking shoppers with e-commerce partners. It generates revenue through affiliate commissions, sharing a portion as cashback with users, and also earns from promotions and s. Revenue from these services surged 25.8% to Rs 66.7 crore in FY24, contributing 97% of the operating revenue in FY24. However, revenue from the sale of goods increased marginally by 35.4% to Rs 1.53 crore. The company also generated Rs 30 lakh from other income sources, pushing its total income to Rs 69 crore in the last fiscal year. Cashback to users remained the largest expense category, decreasing 14.6% to Rs 19.5 crore. Meanwhile, payouts to users increased 2.2X to Rs 15.5 crore. Advertising costs rose 95.1% to Rs 16 crore, indicating a focus on customer acquisition and engagement. Employee benefit expenses grew 41.1% to Rs 5.22 crore. Overall, total expenses increased 25% to Rs 64.4 crore, up from Rs 51.5 crore in FY23. PaisaWapas increased its profit by 16.7% to Rs 3.5 crore from Rs 3 crore in FY23. The firm recorded an EBITDA of Rs 4.86 crore, with an EBITDA margin of 7.04% and a Return on Capital Employed (ROCE) of 41.5%. The Bengaluru-based platform reported current assets of Rs 22 crore as of March 2024, while cash and bank balances rose 75% to Rs 7 crore. According to TheKredible, PaisaWapas has raised a total of $46K in funding to date. Vividhity Ventures is the lead investor, holding 2% of the company’s stake. Meanwhile, PaisaWapas’ founders, Shankar Singh and Ashish Kumar, collectively own 94% of the company. PaisaWapas competes against the companies such as CashKaro, CouponDunia, GoPaisa and GrabOn, among several others.

Clear’s revenue spikes 93% to Rs 210 Cr in FY24, cuts losses

EntrackrEntrackr · 7m ago
Clear’s revenue spikes 93% to Rs 210 Cr in FY24, cuts losses
Medial

Clear aka Cleartax, a taxation and financial solutions provider for businesses and consumers, reported notable financial performance during the last fiscal year. The company’s operating scale grew by 93% year-on-year in FY24, while it reduced its losses by 59%, bringing them below Rs 100 crore for the said period. Clear’s revenue from operations soared to Rs 209.84 crore in the last fiscal year (FY24) from Rs 108.77 crore in FY23, according to its consolidated financial report sourced from the Registrar of Companies (RoC). Clear (formerly Cleartax) provides taxation and financial solutions for both businesses and consumers. Its business offerings include accounts payable, e-invoicing, and invoice discounting, organized under three main categories: Finance Cloud, Compliance Cloud, and Supply Chain Cloud. For individuals, the platform simplifies tax filing and related services. Clear earns via taxation-related and corporate secretarial services. It derived 91.5% of its revenue from software subscription and support services which surged 84.1% during FY24 to Rs 191.9 crore. Unlike FY23, the company sold software worth Rs 14.63 crore during the year, while the remaining collection was collected from platform, technical services, and commission for acting as a distributor for the purchase and sale of mutual funds. The Archit Gupta-led company obtained a mutual fund distributor license from the Association of Mutual Funds in India (AMFI) and launched its mutual fund distribution app, Black, in January 2021. The firm also cornered Rs 4.92 crore via non-operating activities, including interest income, pushing its total revenue to Rs 214.76 crore in FY24. Employee benefits were the largest expense category but declined by 19.4% to Rs 202.57 crore in FY24, including non-cash ESOP costs of Rs 11.78 crore. Expenses on web hosting and software support increased by 17.7% to Rs 39.61 crore, while spending on business promotion amounted to Rs 18.83 crore for the fiscal year ending March 2024. Clear also spent Rs 6.43 crore on system integration charges and Rs 3.58 crore on the sales commission during FY24. Despite almost 2X growth in operating scale, the company cut down its total expenses by 9.8% to Rs 310 crore in FY24. Clear reduced its losses by 58.8% to Rs 96.24 crore, due to tight control on spending and solid growth. Operating cash outflows also improved, decreasing by nearly 60% to Rs 73.61 crore in the last fiscal. Its EBITDA margin improved significantly but remained negative at -40.26% due to high operational costs, outlining the need for continued focus on expense management. On a unit level, Clear spent Rs 1.48 to earn a rupee of operating revenue in FY24. As of March 31, 2024, Clear has cash and bank balances of Rs 53.39 crore, while its current assets stood at Rs 112.59 crore. The company’s outstanding losses climbed to Rs 865.63 crore during the period. According to TheKredible, Clear has raised $140 million to date, with Kora and Composite Capital Management as its lead investors. In a business that thrives on the fear of heavy-handed repercussions of a mistake in paperwork, it is interesting that none of the online offerings promise freedom from the dreaded ‘query’. Or a promise to resolve issues should they turn up, as long as they are not due to customer end omissions of course. By focusing instead on financial distribution to shore up bottom lines is a clear sign of investor pressure rather than long-term vision.

Ranveer Allahbadia’s Monk-E nears Rs 100 Cr revenue in FY24, profit jumps 59%

EntrackrEntrackr · 5m ago
Ranveer Allahbadia’s Monk-E nears Rs 100 Cr revenue in FY24, profit jumps 59%
Medial

Ranveer Allahbadia’s Monk-E nears Rs 100 Cr revenue in FY24, profit jumps 59% Monk Entertainment, co-founded by YouTuber Ranveer Allahbadia (BeerBiceps) and Viraj Seth, has capitalized on this trend, generating Rs 100 crore in revenue in the last fiscal year. Monk Entertainment’s revenue from operations recorded a modest 2.2% growth to Rs 97.8 crore in FY24 from Rs 95.8 crore in FY23, its annual financial statements filed with the Registrar of Companies (RoC) show. Monk-E, a full-stack creative digital media agency, specializes in talent management, video production, social media management, and influencer marketing. In FY24, the company generated 86.6% of its revenue from India, with the rest coming from international markets. On the cost side, influencer marketing charges made up 84% of the total expenses, though the cost dipped 2% year-on-year to Rs 77.4 crore in FY24 from Rs 79 crore in FY23. Meanwhile, employee benefit expenses grew 38% to Rs 7.7 crore during the same period. Out of the total influencer marketing charges, Allahbadia and his venture BeerBiceps Media received Rs 7.77 crore for providing technical services to Monk-E. Commission, legal fees, rent, advertising, and other overheads pushed Monk-E's total costs to Rs 92 crore in FY24. Monk-E recorded a 58.9% year-on-year profit increase, with profits rising to Rs 7.23 crore in FY24 from Rs 4.55 crore in FY23. Its ROCE stood at 35.4%, while the EBITDA margin reached 7.86%. On a unit level, the company spent Re 0.94 to earn a rupee. By the end of FY24, Monk-E's total current assets were reported at Rs 28.46 crore, including Rs 5.5 crore in cash and bank balances. While it's probably too early to speculate about the impact on the firm from Allahbadia’s recent controversy, the scale of Monk-E shows how much is at stake. It is crucial for viewers to apply better discretion before believing everything they see and hear from these new-age channels.

E-waste recycler Attero nears Rs 450 Cr revenue in FY24

EntrackrEntrackr · 3m ago
E-waste recycler Attero nears Rs 450 Cr revenue in FY24
Medial

Electronic waste recycling startup Attero registered a 54% year-on-year growth in FY24, bringing its revenue close to the Rs 450 crore mark. However, despite the strong top-line growth, the company’s net profit declined by 30% during the fiscal year. Attero’s revenue from operations increased by 54% to Rs 446 crore in FY24 from Rs 289 crore in FY23, according to its consolidated financial statement sourced from the Registrar of Companies (RoC). Attero is an environmentally focused company, specializing in recycling and upcycling services for electronic waste and biowaste. It uses patented technology to recycle e-waste, including dismantling and extracting precious metals from electronic devices and lithium-ion batteries. The sale of products (recycled metals, battery-grade materials) accounted for 75% of the revenue at Rs 333 crore. Whereas, the rest of the income comes from the sale of services, including e-waste recycling, lithium-ion battery processing, EPR compliance, secure data destruction, and waste management solutions. For the e-waste recycling firm, the cost of procurement of materials formed 85% of Attero’s total expenses, which increased by 63.5% to Rs 363 crore in FY24. Its Employee benefit expenses rose by 16.7% to Rs 14 crore, while legal charges jumped 66.7% to Rs 10 crore. Other overheads, including manpower and general expenses, stood at Rs 31 crore. Overall, the company's total expenditure rose by 51.6% to Rs 426 crore in FY24 from Rs 281 crore in FY23. Despite robust revenue growth, the sharp rise in procurement weighed on profitability. Attero’s profit margin narrowed, leading to a decline in net profit by 31% to Rs 14.5 crore in FY24 from Rs 21 crore in FY23. Its ROCE and EBITDA margin stood at 19.32% and 8.41% respectively. On a unit level, the company spent Rs 0.96 to earn a rupee during the fiscal year. The Roorkee-based firm recorded total current assets worth Rs 232 crore in FY24, including Rs 12 crore in cash and bank balance. According to TheKredible, Attero has raised a total funding of $31 million to date. The company's lead investors include NEA-Indo US Venture (34.74%), DFJ Mauritius (23.54%), and GHIOF (9.47%). Its co-founder & CEO, Nitin Gupta, holds a 9.19% stake in the company. 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.

Rare Rabbit nears Rs 650 Cr revenue in FY24, profit surges 2.3X

EntrackrEntrackr · 4m ago
Rare Rabbit nears Rs 650 Cr revenue in FY24, profit surges 2.3X
Medial

Rare Rabbit nears Rs 650 Cr revenue in FY24, profit surges 2.3X Premium fashion brand Rare Rabbit has been growing rapidly in recent years, with its revenue increasing by over 69% during the fiscal year ending March 2024. At the same time, the firm’s profit surged 2.3 times, touching Rs 70 crore during the same period (FY24). Rare Rabbit’s revenue from operations increased to Rs 637 crore in FY24 from Rs 376 crore in FY23, according to its financial statement sourced from the Registrar of Companies (RoC). Rare Rabbit is a men's fashion brand operated by The House of Rare. Founded in 2015, the brand offers a range of clothing including shirts, polos, T-shirts, trousers, and jackets. Product sales were the company’s primary source of revenue. The company earned Rs 5 crore from interest income, bringing its total income to Rs 642 crore in FY24. On the expense front, the major cost, material expenses increased by 53% to Rs 208.4 crore. Employee benefit expenses surged by 95% to Rs 78 crore while expense increased by 45% to Rs 93 crore. Rent and commission expenses also increased by 62% and 58%, respectively. Overall, Rare Rabbit’s total expenses grew by 59.9% to Rs 542 crore in FY24, up from Rs 339 crore in FY23. Since Rare Rabbit’s revenue growth outpaced its expenses, the company’s profit surged 2.3 times to Rs 75 crore in FY24 from Rs 32 crore in FY23. The EBITDA margin improved to 19% from 14.7%, while the return on capital employed (ROCE) increased to 52.15% in FY24 from 42.02% in the previous fiscal year. On a unit level, Rare Rabbit spent Rs 0.85 to earn a rupee in the last fiscal year. As of March 2024, the company held Rs 2 crore in cash and bank balances, with current assets totaling Rs 349.5 crore. According to TheKredible, Rare Rabbit has raised a total of approx $24 million of funding to date, which includes the recent Rs 50 crore funding round from its existing lead investor A91 Partners. Rare Rabbit’s success and presence have practically crept up if you have been an ordinary industry watcher. The men's focused brand (their women's offering is called Rare is, and a children's planned offering will be Rare Ones) has gone about its work slowly but surely, not offering the permanent discounts that have been a feature of many others. The premium positioning seems to have worked eventually, placing the brand in a very strong position a decade after it launched. So will the House of Rare stay independent? We are betting it will, at least until after FY25 numbers, which could take the brand beyond the 1000 crore milestone. At that level, assuming it remains profitable, a unicorn valuation will be just one of the perks of staying rare.

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