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

Startup Showcase

Premium Content

Try our Valuation Calculator →

News on Medial

Peak XV-backed MoneyTap, Freo parent aims to clock a profit for FY25

VCCircle

VCCircle · 11m ago

Peak XV-backed MoneyTap, Freo parent aims to clock a profit for FY25

MWYN Tech Pvt. Ltd, the parent company behind digital banking platform Freo and personal loan platform MoneyTap, is aiming to achieve profitability for the fiscal year ending in March 2025. The company broke even in December last year and is now focused on generating a profit. MWYN Tech is backed by venture capital firm Peak XV.

Related News

Consumer lending apps on track on profitability front

Economic Times

Economic Times · 1y ago

Consumer lending apps on track on profitability front

Consumer lending fintech firms, such as Freo, Fibe, Kreditbee, and Navi, have shown signs of stability and profitability amid the pandemic. These startups have diversified their services and expanded into ancillary businesses, which has positively impacted their balance sheets. For example, Freo, backed by Peak XV, reported cash profitability since December 2023 and posted a gross revenue of Rs 350 crore in the fiscal year 2023. Fibe and Kreditbee also reported net profits, while Navi grew its digital personal loan portfolio. These firms are now exploring new product lines and partnerships to cater to a wider customer base.

Bottomline: VC-backed Jupiter’s NBFC unit ramps up asset book but credit costs weigh

VCCircle

VCCircle · 2m ago

Bottomline: VC-backed Jupiter’s NBFC unit ramps up asset book but credit costs weigh

Jupiter's NBFC unit, Amica Finance Pvt Ltd, backed by investors like Tiger Global and Peak XV Partners, reported a net loss of nearly Rs 4.7 crore in the first nine months of FY25, shifting from a net profit in the previous year. Despite boosting its asset book, the company faced challenges due to increased loan write-offs, impacting its financial performance negatively in the period mentioned.

Peak XV Pares Size Of Its Largest Fund By 16%, Slashes Fees

Inc42 · 9m ago

Peak XV Pares Size Of Its Largest Fund By 16%, Slashes Fees

- Peak XV is investing cautiously in its growth fund, considering the high valuation in the Indian public market. - A portion of Peak XV's carried interest is linked to profit distributions in its growth and multi-stage funds. - Peak XV Partners achieved exits worth approximately $1.2 billion within 15 months of separating from parent company Sequoia. - The focus of Peak XV's investments is on measuring growth and expansion opportunities. - Peak XV has adapted its investment strategy to navigate the current market conditions effectively. - The company's goal is to generate returns by carefully selecting and supporting promising businesses.

Lack of compliant supply key challenge for Tier II expansion: Awfis’ Ramani

VCCircle

VCCircle · 1m ago

Lack of compliant supply key challenge for Tier II expansion: Awfis’ Ramani

Awfis Space Solutions Ltd, a coworking space provider, has reported over a 40% increase in operational revenue for FY25. Led by chairman Amit Ramani, the company plans to focus on seat expansion and optimizing existing capacity. However, expanding into Tier II cities presents challenges, primarily due to a lack of compliant supply in these regions. Awfis, backed by Peak XV Partners, aims to address these challenges while continuing its growth trajectory.

Neobank Freo's revenue tops Rs 100 Cr in FY24, slashes losses by 64%

YourStory

YourStory · 9m ago

Neobank Freo's revenue tops Rs 100 Cr in FY24, slashes losses by 64%

- MWYN Tech Pvt Ltd's neobanking startup, Freo, achieved total revenue of over Rs 100 crore in FY24. - The company's revenue from operations increased by 8.67% to Rs 99.54 crore in FY24. - Total revenue, including other sources, grew by 11.68% to Rs 111.46 crore in FY24 compared to the previous year. - Freo reduced its total expenditure by 10.14% to Rs 125.58 crore in FY24, resulting in a 64.55% decrease in net loss. - The fintech company has reported profitability since December 2023 and boasts a user base of 25 million across 1,200 Indian cities. - Freo, formerly known as MoneyTap, has transformed from a credit line provider to a comprehensive credit-led neobank offering various digital financial services.

Mamaearth hits all-time high profit during Q1 FY25

Entrackr

Entrackr · 11m ago

Mamaearth hits all-time high profit during Q1 FY25

Honasa Consumer Limited, the parent firm of D2C brand MamaEarth, on Friday released its financial results for the first quarter of the ongoing fiscal year (Q1 FY25). The company reported a 17.6% increase in revenue QoQ while its profit spiked 33.3% during the quarter ended June 2024. MamaEarth’s revenue from operations increased to Rs 554 crore in Q1 FY25 from Rs 471 crore in Q4 FY24, according to its unaudited consolidated quarterly report filed with the National Stock Exchange. The sale of personal and beauty care products was the sole source of revenue for Honasa Consumer. The firm also made Rs 19 crore from financial sources, tallying its overall income to Rs 573 crore in Q1 FY25. Notably, the firm posted Rs 1,920 crore of revenue, marking a 28.7% year-on-year growth during the fiscal year ending March 2024 with a net profit of Rs 147 crore. For the D2C brand, the cost of procurement of materials accounted for 30% of the total expenditure which saw an 11.3% increase to Rs 157 crore in Q1 FY25. Its employee benefits, advertising, freight, legal, and other overheads took the overall cost to Rs 520 crore in Q1 FY25. At the end, profits of the Peak XV-backed firm grew 33.3% to Rs 40 crore in Q1 FY25 from Rs 30 crore in Q4 FY24. This is the highest profitable quarter for MamaEarth since its public debut. Importantly, the firm registered a massive 71% gross margin in the same period. Honasa Consumer was trading at Rs 473 (as of August 9) with a total market capitalization of Rs 15,336 crore (around $1.84 billion).

Peak XV expands gains on decade-old bet

VCCircle

VCCircle · 6m ago

Peak XV expands gains on decade-old bet

Venture capital firm Peak XV continues to capitalize on its investments, expanding gains from a company it initially backed in 2014. With recent successful exits, Peak XV is now leveraging its $2.4 billion fund to maximize returns. The firm has demonstrated a knack for strategic investments, such as in co-working spaces and healthcare platforms, and is now looking to further monetize its decade-old bet.

Peak XV makes one of its best exit moves from India portfolio

VCCircle

VCCircle · 7m ago

Peak XV makes one of its best exit moves from India portfolio

Venture capital firm Peak XV Partners has made a successful exit from its Indian portfolio. The firm, which has recently achieved significant returns from investments in a coworking space provider and a healthcare platform, has now experienced a big win from a company it backed over ten years ago. Peak XV Partners is currently investing in sectors such as e-commerce and edtech.

Exclusive: Peak XV to lead new round in GoodScore parent

Entrackr

Entrackr · 4m ago

Exclusive: Peak XV to lead new round in GoodScore parent

Exclusive: Peak XV to lead new round in GoodScore parent Arthvit 1809 Tech Pvt. Ltd, the parent company of Rupicard and GoodScore, is all set to raise $15-20 million in a fresh funding round, sources aware of the development told Entrackr. "Peak XV is leading a $15 million investment in Arthvit 1809 Tech (parent of GoodScore and Rupicard), with participation from existing investor Stellaris. The terms of the deal have been finalized, and the company is expected to announce it in the coming weeks," said a source familiar with the matter, requesting anonymity. Founded in 2022 by Rakshit Agarwal and Sanchit Bansal, GoodScore helps users improve their credit scores to 750 and above. It provides monthly tracking, detailed reports, and expert guidance. Its core product Rupicard offers a secured credit card linked to a fixed deposit (FD), allowing users to build or improve their credit scores. Users can open an FD starting from Rs 5,000 and receive a credit limit equal to 90% of their deposit. Queries sent to Peak XV and Bansal didn’t elicit an immediate response. Last year, Bajaj Markets, a Bajaj Finserv subsidiary, partnered with Rupicard to expand credit card access across India. Arthvit 1809 Tech (parent company of Rupicard and Goodscore) is backed by Stellaris Venture Partners, Saison Capital, and Sprint VC, as per PitchBook's data. Interestingly, Peak XV is already an investor in OneCard, which operates OneScore, a similar app to GoodScore. The Anurag Sinha-led company is a unicorn, and Peak XV is its largest stakeholder. Arthvit 1809 Tech began monetizing its operations in FY24 and its operating revenue surged to Rs 2.5 crore in the last fiscal year from Rs 4 thousand in FY23. Collection from services was the sole source of the company’s revenue in the last fiscal year. However, the firm’s losses also expanded significantly, increasing 7.7 times to Rs 7 crore in FY24.

Peak XV signing off from Yellow Diamond snacks maker with modest returns

VCCircle

VCCircle · 9m ago

Peak XV signing off from Yellow Diamond snacks maker with modest returns

Venture capital firm Peak XV Partners has finalized a deal to exit from Yellow Diamond, a snacks maker. The firm has been successful with its past investments, including a $300 million return from a decade-old bet. Peak XV Partners recently sold its stake in Mamaearth parent, and continues to make strategic moves in the market. The deal marks the finalization of one of the firm's legacy investments made over thirteen years ago.

Trackers

Active Indian VC’s

OG Capital Email

With a hands-on approach, OG Capital aims to invest in over 20 promising...

Accel Partners Email

Early and growth-stage investments in disruptive technology companies with...

Early-stage venture capital firm investing in technology startups in India. Focus on...

Access All Trackers

Startup Showcase Winners

June 2025

Helping your parents when you are miles away

The Pit Stop Your Cravings Deserve

The next generation E-commerce platform

Enter Ongoing Startup Showcase

Top Users

Trending News on Medial

Meta acquires voice startup Play ...

Perplexity’s CEO on why the brows ...

Lovable becomes a unicorn with $2 ...

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