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Ratan Tata, Nandan Nilekani's Avanti Finance reports narrower loss as revenue rises 2.3X in FY24

YourStory

YourStory · 8m ago

Ratan Tata, Nandan Nilekani's Avanti Finance reports narrower loss as revenue rises 2.3X in FY24

Avanti Finance, co-founded by Ratan Tata and Nandan Nilekani, saw a 2.3x increase in revenue for the fiscal year ending in March 2024. The company's interest income more than doubled, resulting in a smaller loss compared to the previous year. Avanti Finance focuses on providing financial products to underserved communities and raised $24 million in funding last year. However, lending companies in India have faced challenges due to regulatory changes and increased scrutiny from the Reserve Bank of India.

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Why Kuku FM is focusing on foreign markets, fiction and English content

VCCircle

VCCircle · 1y ago

Why Kuku FM is focusing on foreign markets, fiction and English content

Audio entertainment platform, Kuku FM, is looking to expand its international reach and diversify its content offerings. The platform, backed by Google and Nandan Nilekani's Fundamentum Partnership, is aiming to boost its growth. Kuku FM is also targeting foreign markets, focusing on fiction and English content. With investors like International Finance Corporation, Kuku FM is positioning itself to tap into the increasing demand for audio entertainment globally.

Fintech unicorn Slice’s net loss rises to INR 405.8 Cr in FY23

Inc42 · 1y ago

Fintech unicorn Slice’s net loss rises to INR 405.8 Cr in FY23

Fintech unicorn slice, the parent company Garagepreneurs Internet Private Limited (GIPL), reported a net loss of INR 405.8 Cr in FY23, a 60% increase from the previous year. This loss can be attributed to higher operating expenses and a reduction in assets under management due to regulatory changes. The credit rating agency CARE Ratings placed the ratings of Quadrillion Finance Private Limited (QFPL), the NBFC of GIPL, on 'Credit Watch with Negative Implications' following the announcement of a merger with the North East Small Finance Bank Limited. GIPL is anticipated to register annual losses for FY24 as well.

SUGAR Cosmetics’ Sales Jump 20% To Cross INR 500 Cr Mark

Inc42 · 8m ago

SUGAR Cosmetics’ Sales Jump 20% To Cross INR 500 Cr Mark

Indian beauty brand, SUGAR Cosmetics, reported a growth in operating revenue in FY24, reaching INR 505.1 Cr compared to INR 420.3 Cr in the previous fiscal year. The company also experienced a narrower net loss of INR 67.6 Cr, representing an 11.3% improvement year-on-year. However, expenses increased by 15.5% to INR 583.7 Cr, with advertising expenses accounting for 27% of the total expenditure.

Paper Boat curbs annual loss by 48%; revenue rises 16%

YourStory

YourStory · 9m ago

Paper Boat curbs annual loss by 48%; revenue rises 16%

Paper Boat Foods, owned by Hector Beverages, has reduced its loss for FY24 by 48% to Rs 47.14 crore compared to the previous year. The company saw an increase in operating revenue and other income, with operating revenue reaching Rs 584.85 crore, a 16% rise from the previous year. Other income more than doubled to Rs 10.33 crore. Revenue from traded goods, particularly fruit juices, also increased by 16.23% to Rs 304.32 crore. Despite higher expenses, especially in purchase of stock-in-trade and employee benefits, finance costs decreased by 54% to Rs 2.75 crore.

Tata Motors Results 2024 Updates: Net profit rises 222%, declares dividend

Livemint

Livemint · 1y ago

Tata Motors Results 2024 Updates: Net profit rises 222%, declares dividend

Tata Motors reported a significant increase of 222% YoY in its net profit for the quarter ending March 2024, reaching ₹17,407.18 crore. The company experienced a notable surge of 13.3% in consolidated revenue, amounting to ₹1,19,986.31 crore. Tata Motors also declared a final dividend of ₹6 per share. The domestic passenger vehicle sales reached a record high of over 4.2 million units in FY24, with SUVs and emission-friendly powertrains driving the growth. The company recorded its highest-ever turnover and profits in FY24.

Tata Digital logs Rs 37,355 crore aggregate GMV in FY24, as turnover rises, loss narrows

Economic Times

Economic Times · 10m ago

Tata Digital logs Rs 37,355 crore aggregate GMV in FY24, as turnover rises, loss narrows

Tata Digital, the ecommerce arm of the Tata Group, reported a gross merchandise value (GMV) of Rs 37,355 crore in FY24. The super app Tata Neu had 20.76 million transacting customers during the year. Additionally, Tata Digital expanded its offerings by launching food delivery and its co-branded credit card reached 1.18 million issued cards. The company's total turnover doubled to Rs 420.5 crore, while losses narrowed. Tata 1mg achieved profitability, while BigBasket and 1mg narrowed their losses. Tata Digital is developing a 'value fashion' offering to compete with Flipkart, Amazon India, and Ajio.

Five year old Eloelo reports zero revenue and Rs 99 Cr loss in FY24

Entrackr

Entrackr · 3m ago

Five year old Eloelo reports zero revenue and Rs 99 Cr loss in FY24

Five-year-old Eloelo reports zero revenue and Rs 99 Cr loss in FY24 Venture capital firm, Play Ventures backed five-year-old company remained in the pre-revenue stage until March 2024 (FY24) while continuing to incur losses. Venture capital firms Play Ventures, along with existing backers Westbridge and Kalaari, have shown strong conviction in the potential of live social entertainment startup Eloelo. Together, they have infused $50 million into the company, including a recent $13 million round. However, the five-year-old firm remained in the pre-revenue stage until March 2024 (FY24) while continuing to incur losses. While the company posted zero operating revenue during FY24, it made Rs 5 crore from interest on fixed deposits, according to the firm’s annual financial statements sourced from the Registrar of Companies (RoC). Eloelo is a social gaming and live streaming platform that brings native activities like tambola, antakshari and musical chairs in live formats with creators hosting games for their community of fans. The Bengaluru-based company spent heavily on marketing to attract and retain users. Advertising and promotional expenses were its largest cost center, accounting for nearly 38.5% of total expenses, more than doubling to Rs 40 crore in FY24 from Rs 17 crore in FY23. Employee benefit expenses also rose 2.4X to Rs 24 crore, while spending on content creators stood at Rs 14 crore. Technology costs amounted to Rs 14 crore, forming over 13% of the overall expenses, while other overheads contributed another Rs 12 crore in FY24. Overall, Eloelo’s total expenses surged 2.3X to Rs 104 crore in FY24 from Rs 45 crore in FY23. Consequently, the company’s net loss widened 2.3X to Rs 99 crore in FY24 compared to the previous fiscal year. The WestBridge-backed firm recorded current assets worth Rs 166 crore in FY24 including Rs 149 crore in cash and bank balance. According to TheKredible, Eloelo has raised a total of $50 million in funding till date, having WaterBridge Ventures as its lead investors. The company’s co-founders Saurabh Pandey and Akshay Dubey together own 20% of the company.

Decline in non-operating expenses helps Servify narrow FY23 loss over 90% to INR 229 Cr

Inc42 · 1y ago

Decline in non-operating expenses helps Servify narrow FY23 loss over 90% to INR 229 Cr

Device management startup Servify reported a narrower net loss of INR 229.1 Cr for FY23, down from INR 2,860.8 Cr in the previous fiscal. Operating revenue nearly doubled to INR 313 Cr during the same period. Servify offers device protection, product buybacks, and device exchange and operates across three continents with India being its primary revenue source. The startup witnessed growth in sales across all regions. Overall expenses declined by over 73%, primarily due to a 100% decrease in finance costs.

Business and political leaders pay tribute as Ratan Tata passes away | Mint

Livemint

Livemint · 9m ago

Business and political leaders pay tribute as Ratan Tata passes away | Mint

- Former chairman of the Tata group, Ratan Tata, passed away at the age of 86, leaving behind a profound impact on India Inc. - Prime Minister Narendra Modi expressed his condolences, praising Tata as a visionary business leader and an extraordinary human being. - Fellow business tycoons, including Mukesh Ambani, Gautam Adani, Sundar Pichai, and Uday Kotak, also mourned the loss and acknowledged Tata's contributions to India. - Tata had previously clarified rumors about his health on social media, stating that he was undergoing age-related medical check-ups. - Various political leaders, such as Rahul Gandhi, Nitin Gadkari, Mamata Banerjee, and Amit Shah, and corporate figures like Anand Mahindra and Kumar Mangalam Birla, paid their respects to Tata and his impact on the Indian economy. - The public was invited to pay their last respects and homage to Tata at the NCPA Lawns in Mumbai.

Tata 1mg revenue nears Rs 2,400 Cr in FY25, trims losses

Entrackr

Entrackr · 6d ago

Tata 1mg revenue nears Rs 2,400 Cr in FY25, trims losses

Tata 1mg, the digital healthcare platform backed by Tata Digital, continued its growth trajectory in the fiscal year ending March 2025 while straining its losses. Tata 1mg’s consolidated revenue rose 22% to Rs 2,392 crore in FY25 from Rs 1,968 crore in FY24, according to Tata Sons’ Annual Report for the fiscal year. Tata 1mg is a health tech startup for online orders of allopathic, ayurvedic, homeopathic medicines, vitamins, nutrition supplements, and other health products, delivered to the home. 1mg’s revenue was split across two entities: Tata 1mg Technologies, which clocked Rs 2,016.5 crore, and Tata 1mg Healthcare Solutions, which contributed Rs 375.5 crore in FY25. The company's total cost rose by 17% to Rs 2682 crore in FY25, up from Rs 2303 crore in FY24. The Gurugram-based company posted a consolidated loss of Rs 276 crore in FY25, 12% lower than the Rs 313 crore loss reported in FY24. On a unit basis, the company spent Rs 1.12 to earn a rupee of operating revenue in FY25. On the asset side, Tata 1mg reported total assets of Rs 2,025 crore at the end of FY25 while its total liabilities reached Rs 1,190 crore. In the e-health space, Tata 1mg competes with Reliance-backed Netmeds, PharmEasy, and Apollo 24/7. Tata Digital acquired a 55% stake in 1mg in June 2021 but has since gained around 8.5% additional stake in the e-medicine platform. According to TheKredible, Tata Digital currently holds a 63.5% stake in 1mg, which was last valued at 1.25 billion. Tata Digital reported a standalone revenue of Rs 546.9 crore and a loss of Rs 827.5 crore in FY25, indicating continued investment in its digital commerce bets including 1mg and other verticals such as BigBasket, Cult.fit, and the recently launched Tata Neu.

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