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Zolostays hits Rs 200 Cr revenue in FY24, trims losses

EntrackrEntrackr · 1y ago
Zolostays hits Rs 200 Cr revenue in FY24, trims losses
Medial

Zolostays hits Rs 200 Cr revenue in FY24, trims losses Co-living company Zolostays has achieved a fivefold increase in growth over the last two fiscal years, expanding its revenue from Rs 43 crore in FY22 to more than Rs 200 crore in FY24. Despite this growth, the Nexus Ventures-backed firm maintained control over its losses during this period. Zolostays’ revenue from operations doubled to Rs 204.4 crore in FY24 from Rs 95.5 crore in FY23, as per its consolidated financial statement sourced from the Registrar of Companies (RoC). Zolostays provides co-living spaces to students, professionals, and organizations. Income from residential accommodations and facilities, including service fees and accommodation charges, accounted for 93% of the total operating revenue. This income grew 3.4x to Rs 191 crore in FY24 from Rs 55 crore in FY23. Zolostays also offers services to colleges and universities for managing residential facilities, along with food subscriptions and other amenities. Revenue from this segment dropped 72% to Rs 10.4 crore in FY24. The firm earned Rs 4.6 crore in interest income, bringing its total income to Rs 209 crore in FY24. On the cost front, property management and operational expenses were the largest component, accounting for 52% of total costs. These expenses, which include food, rent, electricity, housekeeping, and consumables, increased 2.3X to Rs 139 crore in FY24 from Rs 60.5 crore in FY23. Its employee benefit expenses increased by 16% to Rs 83 crore in FY24. Legal, advertising, communication, commission, and other overheads took the total cost up by 58% to Rs 266 crore in FY24 from Rs 168 crore in FY23. Zolostays' two-fold growth and controlled expenses led to a 17.4% reduction in losses, down to Rs 57 crore in FY24 from Rs 69 crore in FY23. Its ROCE and EBITDA margin stood at -89.96% and -16.75%, respectively, with an expense-to-revenue ratio of Rs 1.30. In FY24, the Bengaluru-based firm reported current assets of Rs 76 crore, including Rs 34 crore in cash and bank balances. Zolo has raised a total of $118 million of funding to date. According to the startup data intelligence platform TheKredible, Nexus Ventures is the largest external stakeholder with 34% followed by Investcrop and Mirae Asset.

Wealthy’s revenue surges 72% in FY25, losses touch Rs 35 Cr

EntrackrEntrackr · 4m ago
Wealthy’s revenue surges 72% in FY25, losses touch Rs 35 Cr
Medial

Wealthy, an investment advisory and wealth management platform, achieved a 72% year-on-year increase in scale during FY25. This came after a two-fold expansion in the preceding fiscal year (FY24), showing the firm's continued growth momentum. Wealthy’s revenue from operations grew to Rs 25 crore in FY25 from Rs 14.5 crore in FY24, according to its financial statements sourced from the Registrar of Companies (RoC). Revenue from brokerage services was its largest stream which accounted for 56% of the total income. This income more than doubled to Rs 14 crore in FY25 from Rs 6.3 crore in FY24. Revenue from advisory services brought in Rs 9 crore, a 24% year-on-year increase, while commission income surged 110% to Rs 2 crore during the period. Wealthy also reported Rs 10 crore as non-operating income, pushing its total income to Rs 35 crore in FY25. Employee benefit expenses remained its largest cost center, forming over 53% of the total expenses. This cost grew 23% to Rs 37 crore in FY25 from Rs 30 crore in FY24. Legal and professional fees more than doubled to Rs 9 crore, while commission costs increased 69% to Rs 7.6 crore. Advertising spend also saw a sharp rise of 92% to Rs 2.5 crore in the last fiscal year. Overall, Wealthy’s total expenditure rose 41% year-on-year to Rs 70 crore in FY25 from Rs 49.5 crore in the previous fiscal year. The AWI-backed company recorded a net loss of Rs 35 crore in the last fiscal year, which went up by 46% from Rs 24 crore in FY24. Its ROCE and EBITDA margin stood at -155.17% and -152%, respectively. On a unit level, the firm spent Rs 2.8 to earn a rupee of operating revenue during FY25, compared to Rs 3.41 in FY24. As of March 2025, the Bengaluru-based firm recorded current assets worth Rs 17.5 crore including Rs 7 crore in cash and bank balance. According to startup data intelligence platform TheKredible, Wealthy has raised a total of Rs 117.27 crore including Rs 45 crore in Series B round led by Falcon Edge’s Alpha Wave Incubation Fund which is the largest stakeholder with close to 23% as of the firm’s Series A. Its co-founders Aditya Agarwal and Prashant Gupta together own 34.5% of the company.

Cars24 reports 10% revenue decline in FY25; losses rise marginally

EntrackrEntrackr · 13d ago
Cars24 reports 10% revenue decline in FY25; losses rise marginally
Medial

Fintrackr All Stories Cars24 reports 10% revenue decline in FY25; losses rise marginally Following a 25% year-on-year growth in FY24, used car platform Cars24 India's operating scale declined 10% in the fiscal year ended March 2025. During the same period, the firm’s net losses also increased 9% to Rs 543 crore. Cars24 India’s gross revenue fell to Rs 6,233 crore in FY25 from Rs 6,910 crore in FY24, according to the company’s consolidated financial statements filed with the Registrar of Companies (RoC). The sale of cars through the auction business and retail contributed approximately 92% of the total revenue. This income declined by 11% year-on-year to Rs 5,733 crore in FY25 from Rs 6,432 crore in FY24. Income from financial services, largely interest on loans, stood at around Rs 215 crore during the period. This income came mainly from Loans24, the lending vertical of CARS24, which provides third-party loans. The rest of the income earned through service fees, parking fees, and the sale of other services including insurance assistance and warranties. The Gurugram-based company also recorded Rs 125 crore in non-operating income in the previous fiscal from interest on bank deposits, commercial papers, debentures, and other sources. This pushed Cars24 India’s total income to Rs 6,358 crore for the year. Cars24’s holding company is registered in Singapore and controls 12 subsidiaries across India, Australia, the UAE, and Thailand. The financials of the Singapore-based holding entity may vary from those reported by the Indian entity in filings with the Registrar of Companies (RoC). For the pre-owned vehicle seller, procurement of cars remained the largest cost centre and accounted for 81% of the total expenses. In line with lower scale, this cost declined 9% to Rs 5,555 crore in FY25. Employee benefits expenses rose 15% to Rs 604 crore in the previous fiscal and included Rs 36.5 crore towards ESOP costs. Meanwhile, spending on marketing and advertising declined 25% to Rs 106 crore. Its technology, legal, broker commissions, impairment loss on financial assets, and other overheads took the company’s total expenditure to Rs 6,898 crore in the last fiscal year, down from Rs 7,488 crore in FY24. The 10% decline in Cars24 India’s operations led to wider losses, which rose 9% year-on-year to Rs 543 crore in FY25 from Rs 498 crore in FY24. Its ROCE and EBITDA margin worsened to -21.13% and -6.77% respectively. On a unit level, the company spent Rs 1.11 to earn one rupee of operating revenue in FY25. As of March 2025, Cars24 India reported current assets of Rs 1,988 crore, which includes Rs 155 crore in cash and bank balance. The SoftBank-backed company claimed an 18% year-on-year increase in adjusted net revenue to Rs 651 crore in the first half of FY26, while its adjusted EBITDA loss declined 36% YoY to Rs 162 crore. Cars24 recently acquired vehicle information and management platform CarInfo. This is the second acquisition within a year, following its takeover of automotive community platform Team-BHP. Cars24 has not raised external funding in the last three years. In December 2021, the company raised $450 million at a valuation of $3.3 billion. Its major investors include Alpha Wave, SoftBank, Tencent, and DST Global.

Garuda Aerospace revenue and profit soar over 2X in FY24

EntrackrEntrackr · 11m ago
Garuda Aerospace revenue and profit soar over 2X in FY24
Medial

Garuda Aerospace revenue and profit soar over 2X in FY24 Drone technology startup Garuda Aerospace had a strong performance in the last fiscal year, with its operating scale more than doubling and profits surging nearly 3X, despite a two-fold increase in expenses. Garuda Aerospace’s revenue from operations grew by 2.3X to Rs 110 crore in FY24 from Rs 47 crore in FY23, according to its financial statements sourced from the Registrar of Companies (RoC). Garuda Aerospace designs, manufactures, and customizes Unmanned Aerial Vehicles (UAVs or Drones) for various use cases such as deliveries, disaster management, agriculture, etc. The firm makes money from surveillance charges and related operating services which saw a jump of 143% to Rs 68 crore in FY24 while the rest came via sale of drones and accessories which generated Rs 42 crore. On the expense side, the biggest cost component, material expenses, saw a massive 5.4X jump to Rs 49 crore in FY24 from Rs 9 crore in FY24. Employee benefit expenses also climbed 22% to Rs 11 crore. Other major costs included legal charges of Rs 8 crore and travel expenses of Rs 7 crore. Overall, the total expense bill for Garuda Aerospace increased by 128% to Rs 89 crore in FY24 from Rs 39 crore in FY23. Despite the increase in expenses, the company’s strong revenue growth allowed it to expand its net earnings. Garuda Aerospace’s profit margin saw notable improvement, with net profit reaching Rs 16 crore in FY24, a 2.7X increase from Rs 6 crore in the previous year. On a unit economics basis, the firm spent Rs 0.81 to earn a rupee in FY24. Its ROCE and EBITDA margin stood at 20.72% and 22.52%, respectively. At the end of FY24, Garuda Aerospace recorded current assets worth Rs 130 crore, which includes Rs 16 crore of cash and bank balance. According to TheKredible, the firm has raised a total of $31 million in funding to date, having Ocgrow Ventures and Silver Swan Investments as its lead investors. Its founder and CEO, Agnishwar Jayaprakash, owns 77% of the company.

Auxilo reports Rs 528 Cr revenue and Rs 112 Cr PAT in FY25

EntrackrEntrackr · 5m ago
Auxilo reports Rs 528 Cr revenue and Rs 112 Cr PAT in FY25
Medial

Auxilo reports Rs 528 Cr revenue and Rs 112 Cr PAT in FY25 Auxilo’s revenue from operations grew 48.3% to Rs 528 crore in FY25, up from Rs 356 crore in FY24, as per its annual financial statements sourced from the Registrar of Companies. After doubling its revenue in FY24, education-focused non-banking financial company (NBFC) Auxilo has delivered another strong performance in FY25, going past Rs 500 crore in revenue and posting over Rs 100 crore in profit after tax (PAT). The Mumbai-based NBFC provides education loans to students pursuing higher studies in India and abroad. Its offerings cover the complete cost of education, including tuition fees, pre-visa expenses, travel, and other related costs. Interest income formed the bulk of its business, contributing 90.5% of total operating revenue, which grew 49.4% to Rs 478 crore in FY25. Fees, commissions, and other operating income collectively stood at Rs 50 crore during the year. Including other income of Rs 16 crore, Auxilo’s total revenue reached Rs 544 crore in FY25. On the expenditure side, interest costs accounted for 71.5% of total expenses, rising in line with disbursements to Rs 282 crore in FY25. Employee benefits were recorded at Rs 56 crore, while overall costs increased to Rs 394 crore in FY25, compared to Rs 275 crore in FY24. The company’s controlled cost structure supported profitability, leading to a 62.3% jump in PAT to Rs 112 crore in FY25, against Rs 69 crore in FY24. Auxilo’s expense-to-revenue ratio also improved to 0.75 in FY25. Earlier this year, Auxilo raised Rs 50 crore from Motilal Oswal. Since its inception, it has secured over $100 million across equity and debt. The company competes with other well-funded education-financing players such as Grayquest, Avanse Financial, Financepeer, Propelld, Leap Finance, and Eduvanz.

Wingify profit drops over 60% in FY25; revenue up by 34%

EntrackrEntrackr · 3m ago
Wingify profit drops over 60% in FY25; revenue up by 34%
Medial

Everstone-acquired SaaS platform Wingify has continued its steady growth in the last fiscal year ending March 31, 2025. However, the company saw its profits shrink significantly due to a steep rise in expenses. The company’s operating revenue grew 34% to Rs 386 crore in FY25 from Rs 288 crore in FY24, according to its consolidated financial statement sourced from the Registrar of Companies (RoC). The company offers SaaS solutions to online enterprises, supporting them in optimizing their conversion rates through their proprietary tool known as the Visual Website Optimizer (VWO). Income from the services of VWO was the sole source of its income. Including non-operating income of Rs 15 crore, Wingify’s total income stood at Rs 401 crore in FY25 from Rs 301 crore in FY24. Employee benefit expenses were the company’s largest cost component accounting for 68% of the cost, which rose 88% to Rs 257 crore in FY25 from Rs 137 crore in FY24. Legal and professional charges surged 26% to Rs 48 crore, while advertising expenses rose 57% to Rs 22 crore. Overall, Wingify’s total expenses ballooned 70% to Rs 376 crore in FY25 from Rs 221 crore in FY24. Despite the revenue push, the spike in costs compressed profitability. Wingify’s net profit declined 61% to Rs 24 crore in FY25 from Rs 61 crore in FY24. Its ROCE and EBITDA margin decreased to 7.42% and 3.68% respectively. The company spent Re 0.97 to earn a rupee of operating revenue during the year, up from Re 0.77 in the previous year. Wingify’s current assets stood at Rs 216 crore, including Rs 97 crore in cash and bank balances. In January 2025, Wingify announced in a press release that Singapore-based private equity firm Everstone had acquired the bootstrapped SaaS firm, marking one of the largest transactions in the Indian SaaS ecosystem. Co-founder Paras Chopra will retain a minority stake but step away from operational responsibilities, while co-founder and CEO Sparsh Gupta will hold a significant stake and continue to lead Wingify as its chief executive.

Wint Wealth revenue jumps 2.6X in FY25; cuts losses by 60%

EntrackrEntrackr · 15d ago
Wint Wealth revenue jumps 2.6X in FY25; cuts losses by 60%
Medial

Bengaluru-based debt investment platform Wint Wealth reported strong financial performance in the fiscal year ended March 2025, as its operating revenue jumped 2.6X and losses narrowed by over 60% to Rs 8.2 crore. The six year-old Wint Wealth recorded an operating revenue of Rs 44.5 crore in FY25 from Rs 17.2 crore in FY24, according to its financial statements filed with the Registrar of companies (RoC). Founded in 2020, Wint Wealth allows retail investors to invest in fixed-income products such as corporate bonds, securitised debt instruments, and non-convertible debentures (NCDs) asset classes. It also provides B2B loans via its NBFC arm Wint Capital. The company primarily earns revenue from interest income on debt securities, including interest income from loans provided through its NBFC arm, Wint Capital, calculated using the effective interest rate (EIR) method. This segment accounted for 69% of total operating revenue and grew 3.9X year-on-year to Rs 30.8 crore in FY25. It also earns fee-based income from financial intermediary services such as facilitating debt investments and bond transactions, which amounted to Rs 9 crore in FY25. The rest of the income came from net gains on trading of debt securities in the secondary market, which accounted for Rs 4.7 crore in the fiscal year ending March 2025. Wint Wealth also earned Rs 2.3 crore interest on current investments and other non-operating sources, which took its total income to Rs 46.8 crore. For the wealthtech firm, employee benefit expenses remained the largest cost component and accounted for 49% of the total cost. This expense grew 25.6% to Rs 27 crore in FY25 and included Rs 4.7 crore of ESOP cost. Interest paid by the firm was another major expense and formed 34% of the overall cost. This expense jumped 4.4X to Rs 18.6 crore in FY25. Other overheads included advertising, legal and professional, and administrative expenses. These pushed the firm’s overall expenditure up by 32% to Rs 54.7 crore in FY25 from Rs 41.5 crore. In the end, the 2.6X jump in operating scale helped the Zerodha-backed firm narrow its losses by over 60% to Rs 8.2 crore in the last fiscal year. On a unit basis, Wint Wealth spent Rs 1.23 to earn one rupee of operating revenue in FY25. As of March 2025, the company reported current assets of Rs 296 crore, including Rs 35 crore in cash and bank balances. Wint Wealth has raised around $60 million, including its most recent Rs 250 crore ($28 million) led by Vertex Ventures with the participation from Eight Roads Ventures, Zerodha-backed Rainmatter, and 3one4 Capital.

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