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Indifi scale goes past Rs 300 Cr in FY24; stays profitable

EntrackrEntrackr · 4m ago
Indifi scale goes past Rs 300 Cr in FY24; stays profitable
Medial

Indifi scale goes past Rs 300 Cr in FY24; stays profitable MSME lender Indifi Technologies continued its strong financial performance, posting over 60% year-on-year growth for the fiscal year ending March 2024. Indifi’s revenue from operations surged to Rs 317 crore in FY24 from Rs 198 crore in FY23, according to its consolidated annual results accessed from the Registrar of Companies (RoC). Indifi offers loans for small businesses across travel, hotel, e-commerce, restaurant, trading, and retail sectors which have limited credit access from financial institutions. According to the company's website, it has disbursed over 1,00,000 loans, partnered with more than 80 active institutions, and serves businesses across 400+ cities. Indifi's revenue primarily came from processing fees charged to borrowers on loan disbursals and service fees collected from lenders for bundled services such as loan origination, servicing, and collection. Additionally, the company earned Rs 24 crore from interest and other miscellaneous sources, bringing its total revenue to Rs 341 crore in FY24, up from Rs 213 crore in FY23. Indifi also participated in co-lending arrangements with banks and NBFCs, making interest cost its largest expense category. This cost surged by 62.1% to Rs 107 crore in FY24 from Rs 66 crore in FY23, accounting for 32% of the company's total expenses. Its employee benefits grew 28.6% YoY to Rs 72 crore in the last fiscal year. With the increase in scale, Indifi’s cost of bad debt written off surged 2.1X to Rs 45 crore in FY24. Rising expenses in advertising, legal, IT, and other overheads pushed total expenditure up by 65%, reaching Rs 335 crore in FY24, compared to Rs 203 crore in FY23. The increase in bad debt expenses and employee benefit costs outpaced revenue growth, causing Indifi’s profit to decline to Rs 2.7 crore in FY24, down from Rs 5.1 crore in FY23. On a unit level, the firm spent Rs 1.06 to earn a rupee. By the end of FY24, its total current assets stood at Rs 1,169 crore, including Rs 232 crore in cash and bank balances. Indifi has raised over $80 million to date including its $35 million Series E round led by ICICI Venture and with the participation of existing investors. According to the startup data intelligence platform TheKredible, the CDC group is the largest external investor in the firm followed by Accel and Omidyar Network.

Nat Habit’s revenue grows 80% in FY24, losses remain flat

EntrackrEntrackr · 2m ago
Nat Habit’s revenue grows 80% in FY24, losses remain flat
Medial

Nat Habit’s revenue grows 80% in FY24, losses remain flat Nat Habit, a personal care startup focused on fresh and natural beauty products, recorded an 80% jump in revenue during the fiscal year ending March 2024. Despite the strong growth, the company’s net losses remained largely unchanged during the same period. Nat Habit’s revenue from operations increased by 80% to Rs 72 crore in FY24 from Rs 40 crore in FY23, according to its financial statement sourced from Registrar of Companies (RoC). Founded by Swagatika Das and Gaurav Agarwal in 2018, Nat Habit offers Ayurvedic personal care products such as shampoo, face wash, moisturiser among others. Sale of these products was the sole source of revenue for the company during the said fiscal year (FY24). Advertising remained the company’s largest cost center, rising 38.5% to Rs 36 crore and accounting for nearly 40% of total expenses. The startup also incurred Rs 14 crore in employee benefits, more than doubling from Rs 6.5 crore in FY23. Raw material costs increased to Rs 12 crore, while transportation and other operating overheads stood at Rs 11 crore and Rs 18 crore, respectively in the said fiscal year. Overall, the company’s total expenses rose 65.5% to Rs 91 crore in FY24 from Rs 55 crore in FY23. Revenue growth outpacing expenses led to losses remaining flat at Rs 17.75 crore in FY24 as compared to Rs 17.6 crore in FY23. Its ROCE and EBITDA margin stood at -24.65% and -21.58%, respectively. The firm spent Rs 1.26 to earn a rupee of operating revenue in FY24, compared to Rs 1.38 in FY23. The Gurugram-based company recorded current assets worth Rs 58 crore in FY24 which includes Rs 41 crore in cash and bank balance. According to TheKredible, Nat Habit has raised a total of approx $16 million of funding till date, having Peak XV Partners, Fireside Ventures and Whiteboard Capital as its lead investors. The company’s co-founders Swagatika Das and Gaurav Agarwal together own 33.1% of the company. In FY24, Nat Habit bought back about 6 lakh shares at a price of Rs 250 each, aiming to better manage its ownership structure and create more value for shareholders. At the same time, the company increased its authorized share capital sharply from Rs 3.51 crore to Rs 29.3 crore, possibly to prepare for future fundraising.

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.

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