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Practo delivers 3,500 Cr GMV in FY24; narrows EBITDA losses by 82%

EntrackrEntrackr · 6m ago
Practo delivers 3,500 Cr GMV in FY24; narrows EBITDA losses by 82%
Medial

Practo surpassed a GMV (gross merchandise value) of over Rs 3,500 crore in the fiscal year ending March 2024. The company also recorded a 22% year-on-year increase in operating revenue, while operating EBITDA losses reduced by 82% during FY24. Practo’s revenue from operations increased to Rs 240 crore in FY24, reflecting a 22% increase when compared to FY23, the company’s press release shows. Practo helps patients find and connect with the right healthcare providers. It is a platform to find quality & verified healthcare services enabling patients to make informed decisions through an array of processes such as audits of facilities, verification of doctors credentials, merit-based scoring system for providers, patient reviews etc. It also provides software for hospitals and clinics to improve the efficiency of facilities. According to the blog post on the company’s website, it has served over 54 million patients across 642 cities and has done more than 600 healthcare establishment (hospital) audits during the previous fiscal. Practo’s focused approach to its core India business resulted in a 68% CAGR (compound annual growth rate) between FY22 and FY24, while its contribution margin improved significantly, rising from -1% in FY22 to 40% in FY24, according to the press release. “Our goal has always been to improve healthcare outcomes while building a sustainable business. Our sharp focus on the core business has driven exceptional results. Practo is excited to continue this momentum, with ambitious plans for growth with profitability in the coming year”, Shashank ND, Co-founder and CEO, of Practo, added. The growth and controlled expenditure helped Practo to reduce its EBIDTA losses by 82% to Rs 17 crore in FY24 from Rs 99.4 crore in FY23. As per the company, the last quarter (Q4) of FY24 was profitable and claimed profitability over the preceding 12 months ending September 2024. Practo is also exploring global expansion to extend its healthcare services beyond India. Practo has raised a total of $179 million to date from investors including Peak XV Partners, Matrix Partners (Z47), Tencent, and AIA. It competes with Pristyn Care-owned Lybrate, Medibuddy, and Healthians, among others.

Exclusive: Healthcare startup Practo reduces workforce

EntrackrEntrackr · 1y ago
Exclusive: Healthcare startup Practo reduces workforce
Medial

The digital healthcare platform Practo is now among the several startups that have conducted significant layoffs to cut costs and focus on profitability, according to three sources familiar with the details. “Practo has laid off over 20% of its workforce earlier this week,” said one of the sources requesting anonymity. Practo has also confirmed that it has let some staff go. However, the company did not disclose the total number of workforce impacted. Last year, Practo laid off 41 employees mostly from the engineering team part of the company’s continuous performance management and planning process, amid funding winter. Practo has raised a total of $179 million to date, including a $55 million Series D round led by China’s Tencent, and other existing investors, at around a $600-650 million valuation. According to the startup data intelligence platform, TheKredible, Sequoia Capital is the largest stakeholder in Practo with 33.8% shares, followed by Tencent and AIA Hong Kong, which command 9.9% and 6.6% stakes, respectively. Founded in 2008, Practo connects doctors with patients and offers several ancillary services such as telemedicine, pathology, and medicines. The platform claims to have 150,000 doctor partners, and around 1.7-1.8 million annual visitors to its platform. It is present across 720 cities, and 13,900 pin codes across 20 countries. Practo also claims to be profitable in the ongoing fiscal year. In FY23 the healthcare startup posted flat revenue at Rs 211 crore whereas its loss dwindled by 58% to Rs 99.4 crore during FY23.

Neobank Open's FY24 revenue drops to Rs 25 Cr, outstanding losses cross Rs 1,800 Cr

EntrackrEntrackr · 9m ago
Neobank Open's FY24 revenue drops to Rs 25 Cr, outstanding losses cross Rs 1,800 Cr
Medial

Like many of its peers, neo-banking platform Open appears to be struggling to generate substantial revenue, as indicated by its shrinking scale. Despite a 25% rise in scale in FY23, the Bengaluru-based company’s scale slipped 17% in the fiscal year ending March 2024. Open’s revenue from operations declined to Rs 24.81 crore during FY24 as compared to Rs 29.9 crore in FY23, according to the company’s annual financial statement with the Registrar of Companies (RoC). The platform also accrued Rs 21.3 crore via interest and gains on current investments (non-operating revenue) which brought its overall revenue to Rs 46.11 crore during the year. This non-operating income played a significant role in bolstering the company’s total revenue amidst challenges in its core business operations. Neo-bank unicorn Open has made Rs 100 Cr approximately from its operations since its inception in 2017, while its outstanding losses stood at Rs 1,831 Cr at the end of the last fiscal year (FY24). The company is primarily engaged in developing digital business payment solutions that provide businesses with a fully digital current account and a host of other integrated business-enabling tools in relation to finance, accounting, and credit, each in partnership with banking and lending partners. As per its website, Open has over 3.5 million clients and claims to process annual transactions worth more than $35 billion. Moving towards the expense side, employee benefits turned out to be the largest cost contributing nearly 60% of the overall expenses. This cost shrank 21.6% to Rs 117.08 crore in FY24 from Rs 149.25 in FY23. Importantly, this cost also includes expenses on the employee stock option plan (ESOP) of Rs 37 crore in FY24. Spends on IT and payment gateway were another major cost during the year which decreased 13.2% to Rs 25.34 crore whereas advertising & promotions slipped 84.7% to Rs 8.85 crore in FY24 against Rs 57.67 crore in FY23. Visit TheKredible for more details. The company’s total expenditure was reduced by 34.4%, bringing it down to Rs 194.65 crore during the year. Following the cost-cutting measures, Open narrowed its losses by 30% to Rs 169.68 crore in FY24 in contrast to Rs 242.2 crore in FY23. Furthermore, operating cash outflows improved by 55.4%, reducing to Rs 91.57 crore in FY24. While these numbers indicate improvement, it appears this is primarily driven by the slowing operational efficiency of the company, rather than growth in core business performance. FY23-FY24 FY23 FY24 EBITDA Margin -396.97% -264.50% Expense/₹ of Op Revenue ₹9.92 ₹7.85 ROCE -50.01% -45.61% Overall, Open’s outstanding losses stood at around Rs 1,831 crore at the end of FY24. The EBITDA margin and ROCE stood at -264.50% and -45.61% during the year. On a unit level, the Bengaluru-based company spent Rs 7.85 to earn a rupee in the last fiscal year. In 2022, Open got approval for a payment aggregator license from the Reserve Bank of India. The platform achieved unicorn status after raising $50 million in a funding round led by IIFL, with contributions from Tiger Global, in May 2022. As per TheKredible, Open has raised around $190 million funding to date. While the company’s losses are still high, the company is eyeing to turn profitable by the end of 2025. It competes with Jupiter, Razorpay X, and Niyo among a few others. Neo Banks in India have faced a predictable set of issues, not least of which is limited differentiation vis a vis private sector banks that have already joined their selling skills in a highly competitive market. Add to that the regulatory uncertainty around their operations, and almost all Neo banks, it is safe to predict, are well below what they considered par numbers in their projections during the pre-covid period when most were set up. Open faces the same set of challenges, and the sharp cost cuts seem to indicate a firm preparing for a siege, rather than growing anytime soon, notwithstanding claims to become profitable next financial year.

Exotel posts flat scale in FY24; losses shrink 61%

EntrackrEntrackr · 6m ago
Exotel posts flat scale in FY24; losses shrink 61%
Medial

Fintrackr All Stories Exotel posts flat scale in FY24; losses shrink 61% Exotel’s revenue from operations increased 5.7% to Rs 444 crore in FY24 from Rs 420 crore in FY23, its consolidated annual financial statements sourced from the Registrar of Companies show. Kunal Manchanada 26 Dec 2024 11:55 IST Follow Us New Update Bengaluru-based cloud telephony platform Exotel reported flat growth for the fiscal year ending March 2024. Despite stagnant revenue, the company significantly improved its financial health, narrowing losses by more than 60%. This improvement was driven by strategic cost-cutting measures, particularly in employee benefits and advertising expenses. Exotel’s revenue from operations increased 5.7% to Rs 444 crore in FY24 from Rs 420 crore in FY23, its consolidated annual financial statements sourced from the Registrar of Companies show. Exotel provides cloud-based voice and SMS contact center solutions, enabling businesses to manage customer engagement efficiently. Its primary revenue stream comes from offering internet-enabled cloud communication services. Exotel also makes money through software licensing, chatbot services, and sales of its products, including APIs, browser extensions, software development kits, and mobile applications. Exotel has not provided the income bifurcation of above mentioned- services. However, 14% of its business came from Southeast Asia, the Middle East, and Africa in FY24. The company also added Rs 16 crore mainly from interest on deposits and investments, tallying the overall revenue to Rs 460 crore in FY24, compared to Rs 447 crore in FY23. For the cloud-based voice and SMS contact center firm, the cost of telephone and postage formed 39% of its overall cost which increased 10.2% to Rs 195 crore in FY23. Exotel managed to keep its employee benefits in check, which saw a reduction of 24% in FY24 to Rs 186 crore, as compared to Rs 245 crore in FY23. It’s worth noting that Exotel went through layoff during FY24, reducing its workforce by 15%. Its decreased advertising, legal, payment gateway, traveling, information technology, and other overheads took the total expenditure to Rs 499 crore in FY24 from Rs 555 crore in FY23. See TheKredible for the detailed expense breakup. Despite the modest growth in scale, the company managed to control its expenditures, resulting in its losses shrinking by 60.6% to Rs 43 crore in FY24 from Rs 109 crore in FY23. According to Fintrackr, Exotel’s EBITDA losses stood at Rs 16 crore in FY24. Exotel’s expense-to-revenue ratio was recorded at Rs 1.12, with ROCE and EBITDA margins of -8.9% and -3.48%, respectively. According to the annual statements, its total current assets were registered at 379 crore, with cash and bank balances of Rs 206 crore as of March 2024. The company has raised over $100 million so far including a $40 million Series D round led by Steadview Capital in 2022. According to the startup data intelligence platform TheKredible, A91 Partners is the largest external stakeholder with a 25.7% stake followed by Blume Ventures. Exotel directly competes with Gupshup-owned Knowlarity, MyOperator, Ozonotel, and Tata Communications, and a few others. exotel Advertisment 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. You may find a list of our investors here. Subscribe to our Newsletter! Be the first to get exclusive offers and the latest news Subscribe Now Related Articles LIVE ShopKirana struggles to scale in FY24, narrows losses by 30% LIVE LEAD hits Rs 350 Cr revenue milestone in FY24; cuts losses by 56% LIVE Simplilearn cuts losses by 56% in FY24, revenue growth stagnates LIVE Curefoods reports Rs 635 Cr income in FY24, halves losses LIVE Mintifi reports Rs 92 Cr PAT on Rs 384 Cr revenue in FY24 Read the Next Article

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