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Okinawa’s revenue nosedives 87% to Rs 182 Cr in FY24

EntrackrEntrackr · 3m ago
Okinawa’s revenue nosedives 87% to Rs 182 Cr in FY24
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Okinawa’s revenue nosedives 87% to Rs 182 Cr in FY24 Okinawa Autotech, once a prominent player in India’s electric two-wheeler space, saw its revenue plunge by nearly 87% in FY24, posting a loss of Rs 50 crore, which signaled a major setback for the homegrown EV brand. Okinawa’s revenue from operations decreased to Rs 182 crore in FY24 from Rs 1,144 crore in FY23, its regulatory filing accessed from the Registrar of Companies (RoC) shows. Founded in 2015, Okinawa Autotech is an electric two-wheeler manufacturer known for models like the PraisePro, iPraise+, Okhi-90, Ridge+, Lite, and R3. The sale of electric two-wheelers was the sole source of revenue for the Gurugram-based firm. Okinawa's sales declined significantly from 95,931 units in FY23 to 20,873 units in FY24. The company's market share also dropped from 13.17% to 2.20% during the same period. In the current fiscal year (FY25), it has managed to sell only 3,548 units, translating to a market share of just 0.31%. For the electric vehicle manufacturer, the cost of procurement accounted for 68% of the overall expenditure. To the tune of scale, this cost was reduced by 80% to Rs 171 crore in FY24 and Rs 859 crore in FY23. Its employee benefits shrank by 16% to Rs 26 crore in FY24. Okinawa’s advertising cost diminished by 88% to Rs 4 crore in FY24. Its rent, warranty claims, freight, and other overheads took the overall cost to Rs 251 crore in FY24 from Rs 991 crore in FY23. The sharp contraction in scale led Okinawa to report a Rs 52 crore loss in FY24. For context, the company posted Rs 166 crore of EBITDA in FY23. Its ROCE and EBITDA margins worsened to -102% and -25.8% respectively. On a unit level, it spent Rs 1.38 to earn a rupee in FY24. By the close of FY24, Okinawa’s total current assets were valued at Rs 276 crore. Okinawa competes with Ola Electric, which reported Rs 1,045 crore in revenue for Q3 FY25, and Ather, which filed its DRHP to raise Rs 3,100 crore through an initial public offering (IPO). In the traditional two-wheeler market, it faces competition from established players like Bajaj, Hero, and TVS Electric. Okinawa’s decline is the result of several challenges, including fire safety issues, stricter regulations, a loss of consumer trust, and growing competition from better-equipped rivals. Once seen as a leader in the EV space, the company now faces the tough realities of a maturing market, where success depends on innovation, compliance, and consistency.

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Exclusive: Okinawa secures $7 Mn from existing investor

EntrackrEntrackr · 27d ago
Exclusive: Okinawa secures $7 Mn from existing investor
Medial

Exclusive: Okinawa secures $7 Mn from existing investor Electric two-wheeler company Okinawa Autotech has secured Rs 60 crore (around $7 million) from existing investor Dhruv Khush Business Ventures. This funding comes at a critical time for Okinawa Electric, as the company grapples with declining revenues and a sharp drop in market share. The Okinawa’s board allotted 23,51,000 equity shares at an issue price of Rs 255.21 each per share to raise the aforementioned amount, according to its filing from the Registrar of Companies (RoC). According to Entrackr’s estimates, the company is currently valued at Rs 325 crore (around $38 million) post-allotment. Founded in 2015, Okinawa Autotech is an electric two-wheeler manufacturer that has launched eight models to date, including the PraisePro, iPraise+, Okhi-90, Ridge+, Lite, R30, and others. As per Vahan data, Okinawa has sold only 1,266 electric scooters so far in 2025, capturing a mere 0.23% market share. In contrast, industry leaders TVS Motor and Bajaj Auto dominate the electric two-wheeler (E2W) segment with market shares of 24% (1,33,227 units) and 23.8% (1,32,168 units), respectively. In the fiscal year ended March 2024, Okinawa’s revenue nosedived 87% to Rs 182 crore as compared to Rs 1,144 crore in FY23 while incurring a loss of Rs 52 crore during the same period. Once a prominent player in the market, Okinawa's sales saw a steep decline from 95,931 units in FY23 to just 20,873 units in FY24. Its market share also fell sharply from 13.17% to 2.20% over the same period. Okinawa has yet to disclose its FY25 financials. It competes with Ola Electric, which reported an operating revenue of Rs 4,514 crore in FY25, while another listed rival Ather Energy posted Rs 2,255 crore, marking a nearly 30% increase over the previous fiscal.

Drishti IAS posts Rs 405 Cr revenue and Rs 90 Cr PAT in FY24

EntrackrEntrackr · 6m ago
Drishti IAS posts Rs 405 Cr revenue and Rs 90 Cr PAT in FY24
Medial

Drishti IAS posts Rs 405 Cr revenue and Rs 90 Cr PAT in FY24 Offline coaching firm Drishti IAS Institute crossed Rs 400 crore of revenue during the previous fiscal year ended in March 2024. The profits for the Vikas Divyakirti-led firm touched Rs 90 crore in the same period. Drishti IAS’s revenue from operations increased by 30.6% year-on-year to Rs 405 crore in FY24 from Rs 310 crore in FY23. The Delhi-based company's revenue rose from Rs 40 crore in FY21 to Rs 119 crore in FY22, and further to Rs 310 crore in FY23. The 26-year-old educational platform mainly provides offline coaching for Civil Services Examination (CSE). Income from coaching services accounted for 94.8% of the total operating revenue, which increased by 37.6% to Rs 384 crore in FY24 from Rs 279 crore in FY23. The remaining income is generated from the sale of study materials, including pen drives, books, test papers, and other resources. Drishti IAS operates seven institutes, including two in Delhi, three in Uttar Pradesh, and one each in Jaipur and Indore. Its Mukherjee Nagar Institute is the largest revenue contributor, accounting for 58% of the total coaching income. Employee benefits and faculty charges constituted 40% of its overall cost, increasing by 41% to Rs 117 crore in FY24 from Rs 83 crore in FY23. Drishti IAS's advertising spending also jumped 3.4X to Rs 51 crore in FY24. Drishti IAS's overall expenditure increased to Rs 289 crore in FY24 from Rs 197 crore in FY23. Higher spending on employee benefits and advertising resulted in a modest 3.4% increase in net profits, which rose to Rs 90 crore in FY24 from Rs 87 crore in FY23. The company's ROCE and EBITDA margin were recorded at 55.7% and 33.73%, respectively, while the expense-to-revenue ratio stood at Re 0.71. As of March 2024, the company's total current assets were valued at Rs 88 crore, with cash and bank balances of Rs 54 crore.

Paytm posts Rs 1,828 Cr revenue and Rs 208 Cr loss in Q3 FY25

EntrackrEntrackr · 5m ago
Paytm posts Rs 1,828 Cr revenue and Rs 208 Cr loss in Q3 FY25
Medial

Fintech firm Paytm announced its financial results for the third quarter of the current fiscal year (Q3 FY25) on Monday. The Noida-based company reported revenue of Rs 1,828 crore and a net loss of Rs 208 crore for the period. According to Paytm’s unaudited consolidated quarterly report filed with the National Stock Exchange, its revenue from operations declined by 35.9% year-on-year from Rs 2,850 crore in Q3 FY24 to Rs 1,828 crore in Q3 FY25. However, on a quarter-on-quarter basis, the firm recorded a 10% increase in revenue compared to Q2 FY25 (the preceding quarter). Income from payment service revenue accounted for 55% of the total operating revenue which stood at Rs 1,003 crore in Q3 FY25 while the revenue from financial and marketing services were recorded at Rs 502 crore and Rs 267 crore in the same period. The company also added Rs 189 crore from other non-operating sources, bringing its overall revenue to Rs 2016.5 crore in Q3 FY25. For the fintech firm, its employee benefits remained the largest cost center accounting for 34% of the overall cost which decreased by 36% to Rs 756 crore in Q3 FY25. This includes Rs 182 crore as ESOP cost (non-cash). Its payment processing charges and marketing costs were reduced by 42% and 48.7% to Rs 570 crore and Rs 141 crore respectively in Q3 FY25 from Rs 982 crore and Rs 275 crore in Q3 FY24. Software, communication, legal, cashback, and other overheads took the total expenditure to Rs 2,220 crore in Q3 FY25 from Rs 3,216 crore in Q3 FY24. A reduction across all overhead departments enabled Paytm to narrow its losses by 6.3% to Rs 208 crore in Q3 FY25 from Rs 222 crore in Q3 FY24.

Celebal Tech nears Rs 300 Cr revenue in FY24, but bleeds heavily

EntrackrEntrackr · 3m ago
Celebal Tech nears Rs 300 Cr revenue in FY24, but bleeds heavily
Medial

Celebal Technologies, an IT services provider, crossed the Rs 270 crore revenue mark with a 43% year-on-year growth in the fiscal year ending March 2024. However, losses for the Norwest Ventures-backed firm surged to Rs 60 crore during the same period. Celebal Technologies’s revenue from operations increased to Rs 275 crore in FY24 from Rs 192 crore in FY23, its consolidated financial statements sourced from the Registrar of Companies (RoC) show. Co-founded in 2016 by Anupam Gupta and Anirudh Kala, Celebal Technologies specializes in data science, AI, and enterprise cloud solutions. Technology consulting remains the sole revenue driver for the Jaipur-headquartered firm. It also earned Rs 6 crore from interest and the sale of current investments, bringing its total revenue to Rs 281 crore in FY24. With a presence in the USA, APAC, UAE, Europe, and Canada, the company generated Rs 122 crore from international markets. Like other SaaS firms, employee benefits were the largest cost center for the company, accounting for 71% of total expenses. This expense surged 87% to Rs 245 crore in FY24 from Rs 131 crore in FY23. Notably, the firm has a dedicated workforce of over 2,000 professionals. Technical services, rent, travel, advertising, and legal expenses were among the key overheads that pushed Celebal Technologies’ total expenditure up by 73%—from Rs 199 crore in FY23 to Rs 344 crore in FY24. An 87% rise in employee benefits—primarily salaries and wages—outpaced revenue growth, pushing Celebal Technologies’ losses to Rs 60 crore in FY24 from Rs 1 crore in FY23. At a unit level, the company spent Rs 1.25 to earn a rupee, while its ROCE and EBITDA margins declined to -39.1% and -19.2%, respectively. By the end of FY24, its total current assets stood at Rs 139 crore, with cash and bank balances of Rs 18 crore. Celebal Technologies secured its first institutional funding of $32 million in 2022, led by Norwest Venture Partners. The company later raised debt from BlackSoil. According to startup data intelligence platform TheKredible, Norwest holds the largest external stake at 19.58%, while the two co-founders collectively own over 70% of the company’s capital.

Blackbuck posts Rs 41 Cr PBT in Q4 FY25, revenue grows 31%

EntrackrEntrackr · 1m ago
Blackbuck posts Rs 41 Cr PBT in Q4 FY25, revenue grows 31%
Medial

Blackbuck posts Rs 41 Cr PBT in Q4 FY25, revenue grows 31% Blackbuck's revenue from operations grew to Rs 122 crore in Q4 FY25 from Rs 93 crore in Q4 FY24, its financial statements sourced from the National Stock Exchange show. Online trucking platform Blackbuck has released its quarterly report for the financial year ending March 2025. The Bengaluru-based company reported a 31% year-on-year growth in scale in Q4 FY25 and turned profitable, posting a profit before tax (PBT) of Rs 41 crore in the quarter. For the full fiscal year (FY25), Blackbuck’s operating revenue increased 44% to Rs 427 crore in FY25 from Rs 297 crore in FY24. Revenue from its truck operator services was the primary source of revenue, accounting for 98% of total operating revenue. The company also made Rs 15 crore from interest income which took its overall revenue to Rs 137 crore in Q4 FY25, compared to Rs 99 crore in Q4 FY24. For the full fiscal year, the firm’s total revenue stood at Rs 462 crore in FY25. Looking at the expenses, the employee benefit cost accounted for 35% of the overall expenditure which fell 74% year-on-year to Rs 33 crore in Q4 FY25 from Rs 128 crore in Q4 FY24. Depreciation and other operating expenses were key overheads that drove total expenditure to Rs 95 crore in Q4 FY25, compared to Rs 187 crore in the same quarter last year. For the fiscal year ending March 2025, the firm’s total expenses fell to Rs 371 crore as compared to Rs 483 crore in FY24. Blackbuck booked profit before tax of Rs 41 crore in Q4 FY25, as compared to a loss of Rs 87 crore in Q4 FY24. Meanwhile, for the full fiscal year ended March 2025, the company remained at a loss of Rs 283 crore (before tax), 69% more than Rs 167 crore in FY24. Blackbuck debuted on the stock exchange at Rs 208.90 and is now trading at Rs 459 on May 27, bringing its total market capitalization to Rs 8,180 crore.

PB Fintech crosses Rs 1,508 Cr revenue in Q4 FY25; profit triples

EntrackrEntrackr · 2m ago
PB Fintech crosses Rs 1,508 Cr revenue in Q4 FY25; profit triples
Medial

PB Fintech, the parent company of online insurance aggregator and brokerage platform PolicyBazaar, has released its financial results for the fourth quarter of the ongoing fiscal year (Q4 FY25). The company reported a 38% growth in scale, while its year-on-year (YoY) profits increased by 2.85X during the same period. PolicyBazaar’s revenue from operations surged 38% to Rs 1,508 crore in Q4 FY25 in contrast to Rs 1,089 crore in Q4 FY24, as per the firm’s consolidated financial results sourced from the National Stock Exchange (NSE). For the full fiscal year (FY25), PolicyBazaar’s operating revenue increased 33% to Rs 4,977 crore in FY25 from Rs 3,738 crore in FY24. The Gurugram-based company generated the largest share (87%) of its operating revenue from insurance broker services, which rose to Rs 1,322 crore in Q4 FY25 from Rs 915 crore in Q4 FY24. For the full fiscal year, it accounted for 86% of the revenue at Rs 4,298 crore. Besides operating revenue, the firm also earned Rs 101 crore via interest and gains from financial assets during the quarter which took its total topline to Rs 1,609 crore in the quarter ending March 2025. Meanwhile, for the full fiscal year, total income crossed the Rs 5,000 crore mark at Rs 5,385 crore. PolicyBazaar has not provided a detailed breakdown of expenses in its quarterly financial statements. However, employee benefits expenses rose by 15% YoY to Rs 508 crore. Overall, the company's total costs grew 29% to Rs 1,437 crore in Q4 FY25 compared to Rs 1,114 crore in Q4 FY24. For the full financial year ending March 2025, the firm’s total expenses rose to Rs 5,039 crore as against Rs 3,739 crore in FY24. In the end, PolicyBazaar's net profits surged 2.85X to Rs 171 crore in Q4 FY25 from Rs 60 crore in Q4 FY24. On a fiscal basis, its net profit spiked 5.5X to Rs 353 crore in FY25 from Rs 64 crore in FY24. PolicyBazaar is currently trading at Rs 1,796 with a total market capitalization of Rs 82,500 crore.

Bombay Shaving Company crosses Rs 200 Cr revenue in FY24; cuts losses by 22%

EntrackrEntrackr · 7m ago
Bombay Shaving Company crosses Rs 200 Cr revenue in FY24; cuts losses by 22%
Medial

Bombay Shaving Company, a grooming and personal care brand, narrowed down its losses to Rs 62.15 crore in FY24, making a notable improvement from Rs 80.25 crore in FY23. Meanwhile, its operating scale also crossed the Rs 200 crore revenue mark in the last fiscal year. Bombay Shaving Company’s revenue from operations surged 27.38% to Rs 225.85 crore in FY24 from Rs 177.30 crore in FY23, its consolidated financial report sourced from the Registrar of Companies (RoC) shows. Bombay Shaving Company is a D2C grooming and personal care startup with a portfolio of a wide range of products including shaving cream, haircare, skincare, and beard care products. The sale of these products was the sole source of revenue for the company in the last fiscal year. The company made an additional Rs 7.6 crore from interest income which pushed its total revenue to Rs 233.4 crore in FY24. For the men's grooming brand, the cost of material was the largest component of BSC’s expenses, increasing by 34.39% to Rs 118.76 crore in FY24. The advertising and employee benefits costs rose marginally to Rs 85.90 crore and Rs 36.79 crore, respectively. Its delivery and handling charges declined by 9.41% to Rs 18.78 crore, respectively, while other expenses remained stable at Rs 35.34 crore. Overall, total expenses for Bombay Shaving Company increased to Rs 295.57 crore in FY24 from Rs 262 crore in FY23. The Gurugram-based Company managed to reduce its net loss by 22% to Rs 62.2 crore in FY24. Its ROCE and EBITDA margin stood at -74.66% and -22.90%, respectively. On a unit basis, the company spent Rs 1.31 to earn a rupee in FY24. The firm reported Rs 203 crore of current assets in FY24 including Rs 72.5 crore of cash and bank balance. According to TheKredible, Bombay Shaving Company has raised a total of $51.5 million in funding to date. Its lead investors include Sixth Sense Ventures, Colgate-Palmolive, Malabar Investments, Reckitt, and Patni & Family. Bombay Shaving Company competes with Ustraa, Beardo, and The Man Company in the grooming segment. Ustraa reported a 2.94% revenue decline to Rs 94.02 crore and a loss of Rs 50 crore in FY24. Meanwhile, Beardo’s revenue from operations rose to Rs 173.2 crore, and The Man Company saw a 58% increase in revenue, reaching Rs 182 crore.

E-comm unicorn DealShare’s gross revenue nosedives 75% in FY24

EntrackrEntrackr · 8m ago
E-comm unicorn DealShare’s gross revenue nosedives 75% in FY24
Medial

DealShare underwent a management change in the last fiscal year as three co-founders left the firm, which has visibly impacted its financial performance in FY24. The company’s gross scale declined by 75% in the fiscal year ending March 2024, while losses decreased by 66%. DealShare’s gross revenue from operations fell to Rs 499 crore in FY24 from Rs 1,963 crore in FY23, its consolidated financial statement sourced from the Registrar of Companies (RoC) shows. Collection from traded goods shrank 74.7% to Rs 495.8 crore for the Jaipur-based company, whereas income from marketing services also narrowed 44.3% to Rs 3.3 crore during the last fiscal year. Cost of Material was the largest burn for the company which stood at Rs 529.3 crore in the last fiscal year while it incurred Rs 99 crore on employee benefit expenses which decreased 54.7%. Meanwhile, depreciation and amortization expenditures were reduced by 58.8% to Rs 14.75 crore. With other expenses of Rs 123.58 crore, its total expenses fell 69.9% to Rs 768.18 crore during the last fiscal year. While the gross scale dwindled significantly, the firm managed to cut down losses by 66% to Rs 167.7 crore in FY24 from Rs 502 crore in FY23. Its ROCE and EBITDA margin stood at -12.2% and -25.26%, respectively, on a unit basis, DealShare spent Rs 1.54 to earn a rupee in FY24. As of March 31, 2024, DealShare had a cash and cash equivalents of Rs 108.64 crore while bank balance (excluding cash equivalents) jumped three fold to Rs 292.3 crore from Rs 94 crore in the previous year. Meanwhile, its trade receivables decreased to Rs 525.7 crore in FY24. The last fiscal year (FY24) was quite challenging for DealShare as the firm let go of more than 100 employees and it had to shut down its B2B vertical. Out of four, three co-founders have left the firm and currently, its retail business chief Kamaldeep Singh is leading the firm. According to startup data intelligence platform TheKredible, DealShare has raised $393 million to date from investors like Tiger Global, ADIA, Alpha Wave, and Kora Investment. Soon after becoming a unicorn in January 2022, it raised another $45 million at a valuation of $1.7 billion. If the exit of three founders was not enough, the sharp drop clearly indicates all is not well with the firm. In this season of wholesale changes, a new leadership team seems keener to start on a clean slate perhaps, by withdrawing from many deals and processes that the previous founders found acceptable. One hopes they have good reasons for that. It is not an uncommon problem in India to have founders holding on to the ‘secret sauce’ that keeps their forms humming, leading to a sharp drop in case the relevant person leaves. The hope usually is that the firm will reach enough scale and credibility to manage on its own. In this case, that has clearly not happened quickly enough for DealShare, despite significant topline growth. A 75% decline from a significant size indicates deeper issues at the firm. Or that it would take much more than a single financial year to resolve. We would comfortably place DealShare outside the Unicorn club for starters, if investors haven’t already done so.

Miko reports Rs 358 Cr revenue in FY24, income from subscription biz surges 29X

EntrackrEntrackr · 1m ago
Miko reports Rs 358 Cr revenue in FY24, income from subscription biz surges 29X
Medial

Miko, a Mumbai-based robotics and AI startup known for its interactive robots for children, continued its growth trajectory in the fiscal year ending March 2024, recording a 58% year-on-year increase in revenue. Miko's revenue from operations increased to Rs 358 crore in FY24, from Rs 226 crore in FY23, according to its consolidated financial statement sourced from the Registrar of Companies (RoC). Miko creates personal companion robots focusing on educating and entertaining children from the age group of 5 years to 11 years. The company also allows child-focused content partners and developers to port their content on Miko and monetise via subscription. The company's revenue from product sales (robots) grew 46% to Rs 329 crore in FY24, while income from subscription services of content applications saw an exponential rise — growing 29 times from Rs 1 crore to Rs 29 crore during the same period (FY24). On the expense front, the largest cost center was material cost, which surged 50% to Rs 182 crore. Advertising expenses, which typically reflect brand-building efforts, jumped 79% to Rs 113 crore. Depreciation expenses surged 206% year-on-year to Rs 95 crore in FY24. Employee benefit expenses, however, declined by 23% to Rs 30 crore in the said fiscal year. Overall, the firm’s total expense grew 55% YoY to Rs 505 crore in FY24 from Rs 325 crore in FY23. The company reported a net loss of Rs 120 crore in FY24, up from Rs 108 crore in FY23. Its ROCE and EBITDA margin stood at -85.71% and -8.45%, respectively. On a unit economics basis, Miko spent Rs 1.41 to earn a rupee in FY24. The Mumbai-based firm reported current assets worth Rs 297 crore in FY24 which includes Rs 89 crore in cash and bank balance. According to startup data intelligence platform TheKredible, Miko has raised a total of $76 million till date, having Chiratae Ventures and Yournest as its lead investors. The company's co-founders Sneh Vaswani, Prashant Iyengar and Chintan Raikar together own 19% of the company.

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