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

News on Medial

Leegality posts two-fold growth in FY23, controls burn

EntrackrEntrackr · 1y ago
Leegality posts two-fold growth in FY23, controls burn
Medial

Leegality, a document infrastructure platform, secured $5 million in funding led by IIFL Fintech Fund, resulting in a two-fold growth in operating scale during FY23. The company offers eSign, eStamp, compliance, document security, and automation tools to businesses. Its operating revenue increased by 2.05X to Rs 33.5 crore in FY23. Leegality's major revenue channels were income from e-sign, subscription, and stamp, while employee benefits accounted for the largest cost center. Despite the growth, the company managed to reduce its costs, resulting in a 38.5% increase in losses. Leegality has raised a total of $6.63 million in funding and is valued at $38 million. It competes with other legaltech startups in India.

Related News

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.

Leegality turns profitable with 87% revenue growth in FY24

EntrackrEntrackr · 8m ago
Leegality turns profitable with 87% revenue growth in FY24
Medial

Document infrastructure platform Leegality maintained its growth trajectory in the fiscal year ending March 2024. After achieving 100% revenue growth in FY23, the IIFL Fintech Fund-backed company reported an 87% spike in scale in the latest fiscal year. Leegality’s revenue from operations jumped to Rs 62 crore in FY24, as per its financial statement filed with the Registrar of Companies. Leegality enables businesses to digitally transform document logistics, eliminating physical paperwork in the lending ecosystem by providing digital infrastructure, including eSign and eStamping solutions. The sale of these services was the only source of collection for the firm in FY24. Leegality additionally earned Rs 4.2 crore from interest on bank deposits, bringing its total income to Rs 66.41 crore in FY24, a substantial increase from Rs 35.51 crore in FY23. Looking at expenses, employee benefit was the major contributor, accounting for 56% of total costs, increasing by 62.5% to Rs 36.4 crore in FY24 from Rs 22.4 crore in FY23. E-Sign Charges made up 15% of total expenses, rising 2.3 times to Rs 9.5 crore.Tech infrastructure formed 10% of expenses, growing by 55% to Rs 6.6 crore. Other costs, including stamp processing, advertising, and legal fees, brought total expenses to Rs 65 crore during the last fiscal year, reflecting a 66% increase from Rs 39 crore in FY23. With significant revenue growth, Leegality turned profitable in FY24, reporting a profit of Rs 1.11 crore, compared to a loss of Rs 3.5 crore in FY23. Its ROCE and EBITDA margin stood at -2.75% and 3.33%, respectively. On a unit-basis level, the company spent Rs 1.04 to earn each rupee of operating revenue in FY24. FY23-FY24 FY23 FY24 EBITDA Margin -8.53% 3.33% Expense/₹ of Op Revenue ₹1.18 ₹1.04 ROCE -7.49% 2.75% Even though it operates in a fairly competitive space, Leegality’s turn to profitability indicates the ‘sensible’ economics within the segment. Even as more and more transactions and the documentation required are being digitised, the scope of work for Leegality and its peers will only increase, providing a clear pathway to growth. The only risk we can see is any government backed alternative like say, Digilocker which expands services to overlap with what these offer.

Tractor Junction grows 3X in FY23, posts Rs 7.5 Cr losses

EntrackrEntrackr · 1y ago
Tractor Junction grows 3X in FY23, posts Rs 7.5 Cr losses
Medial

Rural vehicle marketplace Tractor Junction has managed to grow its scale by nearly three-fold during the last fiscal year (FY23). The byproduct of the fast-paced growth, however, is the five-year-old company slipping into red during the said period. Tractor Junction’s revenue from operations grew 196.2% to Rs 26.84 crore during the fiscal year ending March 2023 as compared to Rs 9.06 crore in FY22, as per the company’s consolidated annual financial statement with the Registrar of Companies. Launched by Shivani Gupta and Rajat Kumar, Tractor Junction is a rural vehicle marketplace that helps buy, sell, finance, and insure new and used tractors, farm equipment, and rural commercial vehicles. It also provides necessary information and vetted reviews on farm machinery, enabling users to compare shortlisted options, and bringing transparency in pricing. The company made 55% of its revenue from sale of tractors while the remaining came from the sale of services. The sales of services segment mainly deals in the business of providing advertising services to Original Equipment Manufacturers (OEMs) through generation of leads from their website and selling those leads to OEM’s. Tractor Junction also cornered Rs 1.75 crore via interest and gains on financial assets (non-operating revenue). Including this, the company’s total income stood at Rs 28.6 crore in FY23. Further, the Alwar-based company spent most on the cost of materials accounting for 42% of the total expenditure. This cost shot up over 20X to Rs 14.54 crore in FY23 from Rs 71 lakh in FY22. Employee benefit cost for the company jumped over 2X to Rs 9.35 crore during the last fiscal year. Moreover, advertising & publicity expenses also increased 56.1% to Rs 3.81 crore during FY23 from Rs 2.44 crore in FY22. Overall, the company’s total expenditure ballooned more than four-fold to Rs 34.67 crore in FY23 from Rs 8.28 crore in FY22. Head to startup intelligence platform TheKredible for complete expense breakdown and year-on-year financial performance of the company. On the back of rising expenses, the company slipped into red. Tractor Junction recorded Rs 7.46 crore losses in FY23 against Rs 67 lakh profit in FY22. The impact of cash burn can also be seen in operating cash outflows which climbed to around Rs 17 crore during the last fiscal year. FY22-FY23 FY22 FY23 EBITDA Margin 11.15% -19.41% Expense/Rupee of ops revenue ₹1.29 ₹0.91 ROCE 33.95% -15.36% The EBITDA margin and ROCE of the firm stood at -19.41% and -15.36%, respectively in FY23. On a unit level, Tractor Junction spent Rs 1.29 to earn a rupee of operating revenue during the fiscal year. As per TheKredible, Tractor Junction has raised nearly $6 million to date from investors including Info Edge, Omnivore, Rockstart and Indigram Labs et al.

Toothsi-parent MakeO’s revenue spikes 2X in FY23, posts Rs 220 Cr loss

EntrackrEntrackr · 1y ago
Toothsi-parent MakeO’s revenue spikes 2X in FY23, posts Rs 220 Cr loss
Medial

Toothsi and skincare brand Skinnsi-parent MakeO has managed over two-fold growth in its operating scale in FY23. Significantly, the company also controlled its losses which grew around 20% in the last fiscal. Though the operating income is yet to come close to its losses. MakeO’s revenue from operations surged 2.15X to Rs 168 crore in the fiscal year ending March 2023 from Rs 78 crore in FY22, its consolidated financial statements filed with the Registrar of Companies show. Toothsi Founded in 2018 by Arpi Mehta Shah, Pravin Shetty, Manjul Jain and Anirudh Kal, MakeO started as an aligner brand Toothsi. Later, it merged its flagship brands, including Skinnsi. Under the two brands, the firm provides dental, skin, and hair treatment solutions. The sale of tooth aligners formed 69% of the total operating revenue which spiked 75.8% to Rs 116 crore in FY23. The rest of the revenue came from the sale of Skinsi services which include facial, anti-aging, acne reduction, and other skin treatments. See TheKredible for the detailed revenue breakup. Employee benefits emerged as the largest cost center for MakeO, accounting for 32.1% of the overall expenditure. This cost grew 76.4% to Rs 127 crore in FY23. This includes Rs 21 crore as ESOP costs. MakeO’s consultant fees which include scanning and therapist charges grew 15.4% to Rs 60 crore in FY23. The firm’s procurement, payment gateway, marketing, rent, legal /professional, and other overheads took its overall expenditure up by 50.2% to Rs 395 crore in FY23. Head to TheKredible for the complete expense breakup. Expense Breakdown Total ₹ 263 Cr https://thekredible.com/company/toothsi/financials View Full Data To access complete data, visithttps://thekredible.com/company/toothsi/financials Total ₹ 395 Cr https://thekredible.com/company/toothsi/financials View Full Data To access complete data, visithttps://thekredible.com/company/toothsi/financials Cost of procurement Cost of procurement Employee benefit Employee benefit Consultant Fees Consultant Fees Rent Rent Subvention and Payment Gateway Charges Subvention and Payment Gateway Charges Marketing Marketing Legal and Professional Legal and Professional Others To check complete Expense Breakdown visit thekredible.com View full data Makeo’s two-fold surge in scale and controlled expenditure kept its losses under control which increased 19.6% to Rs 220 crore in FY23. Its ROCE and EBITDA margin stood at -135% and -115.4%, respectively. On a unit level, it spent Rs 2.35 to earn a rupee in FY23. FY22-FY23 FY22 FY23 EBITDA Margin -218% -115.4% Expense/₹ of Op Revenue ₹3.37 ₹2.35 ROCE -276% -135% MakeO has raised over $90 million across rounds including its latest fundraising of $16 million led by 360 One Asset. According to the data intelligence platform TheKredible, Eight Road Ventures is the largest stakeholder in the company followed by Think Investments. While controlling its losses might seem like a positive here, in its business , it might also point to the high fixed costs that are truly sticky. That would imply a need for a massive improvement in topline for MakeO, something that doesn’t look easy by any stretch in a fiercely competitive market. Especially for Skinnsi. We believe this is a firm that is definitely not out of the woods yet despite improving financials.

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