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

News on Medial

Servify posts Rs 755 Cr revenue in FY24; cuts losses by 59%

EntrackrEntrackr · 9m ago
Servify posts Rs 755 Cr revenue in FY24; cuts losses by 59%
Medial

Post-sales service firm Servify has maintained steady growth over the past few fiscal years. Following the trend of FY23, the firm achieved 23.6% revenue growth in FY24 while reducing its losses by 59%. Servify’s revenue from operations grew to Rs 755 crore in FY24 from Rs 611 crore in FY23, its annual financial statements show. Servify provides brand-authorized after-sales support for mobile devices, gadgets, electronics, and home appliances. It allows users to store purchase bills and access official services for their devices, both during and after the warranty period. White-labeled protection plans sold via mobile apps and web portals contributed 87.8% of total operating revenue, which rose by 19.2% to Rs 663 crore in FY24. Additionally, income from mobile handset and spare parts sales grew by 66%, reaching Rs 91 crore during the same period. Notably, India is Servify’s largest revenue contributor, accounting for 56.8%, followed by the United States of America at 38.6%. For the post-sales service firm, the cost of materials, including plans and mobile handsets, made up 66.8% of total expenses. This cost saw a modest increase of 4.6%, reaching Rs 574 crore in FY24. Significantly, the firm recorded a reduction in employee benefits to Rs 158 crore, down from Rs 183 crore in FY23. Information technology, legal, telecommunications, and other related overheads contributed to an overall cost of Rs 859 crore in the last fiscal year. FY23-FY24 FY23 FY24 EBITDA Margin -32.95% -8.83% Expense/₹ of Op Revenue ₹1.39 ₹1.14 ROCE -190.08% -34.48% The increased scale and steady cost control helped Servify reduce its losses by 59%, reaching Rs 94 crore in FY24 compared to Rs 229 crore in FY23. Its ROCE and EBITDA remained negative at -34.48% and -8.83%, respectively, with Servify spending Rs 1.14 to earn each rupee in FY24. The Blume Venture-backed company has raised over Rs 1,000 crore to date, including $65 million led by Singularity Growth in 2022, as per TheKredible. Its notable investors include Iron Pillar, Beenext, 3F Ventures, and Avanz Capital. Servify’s revenue-to-enterprise multiple stood at 9.4X in the previous fiscal year. Servify has a lot going for it, in terms of a strong domestic presence in a growing home market, categories that are significant in scale and service demands, and potentially, new categories opening up all the time. The push towards premiumisation is also a huge driver for the firm, as higher priced products invariably come with the sort of protection plans and more that Servify offers. The firm’s biggest challenge is of course competition, not just in India but globally as well, including upcoming firms from China. How Servify weathers these will actually define the growth trajectory and any further control over costs.

Related News

Exclusive: Servify valued at around $700 Mn in Series D

EntrackrEntrackr · 4m ago
Exclusive: Servify valued at around $700 Mn in Series D
Medial

Exclusive: Servify valued at around $700 Mn in Series D Post-sales service firm Servify is raising Rs 66.27 crore (approximately $7.8 million) in its ongoing Series D round led by BEENEXT Capital with the participation of Singularity Growth Opportunities Fund. The board Servify has passed a special resolution to issue 2,27,170 Series D3 CCPS at an issue price of Rs 2,917 each to raise Rs 66.27 crore, its regulatory filing sourced from the Registrar of Companies (RoC) shows. BEENEXT Capital, through its BEE Accelerate Fund2, will invest Rs 48.27 crore, with the remaining amount coming from the Singularity Growth Opportunities Fund. According to the valuation report attached by the company, its post-money valuation will be around $690–700 million. Last year, the firm secured $10 million through a mix of equity and debt at a valuation of $852 million. Servify offers brand-authorized after-sales support for mobile phones, personal gadgets, electronics, and home appliances. The platform allows consumers to add their household electronic gadgets onto the platform, store the bills, and access authentic brand-authorized service during or beyond the warranty period. Servify recorded a 23.6% year-on-year growth, with revenue rising to Rs 755 crore during the last fiscal year (FY24) from Rs 611 crore in FY23. However, the company's losses declined sharply by 59% to Rs 94 crore in the same period.

FirstCry-parent posts Rs 2,172 Cr revenue in Q3 FY25, cuts losses by 70%

EntrackrEntrackr · 5m ago
FirstCry-parent posts Rs 2,172 Cr revenue in Q3 FY25, cuts losses by 70%
Medial

FirstCry-parent posts Rs 2,172 Cr revenue in Q3 FY25, cuts losses by 70% Brainbees Solutions, the parent company of kids-focused omnichannel retailer FirstCry, has released its Q3 FY25 today. The report highlights sound financial growth, with a 14.3% year-on-year growth in scale and controlled losses by 70%. FirstCry's revenue from operations grew to Rs 2,172 crore in Q3 FY25 from Rs 1,900 crore in Q3 FY24, its unaudited financial statements sourced from the National Stock Exchange (NSE) show. The sale of its products through offline stores and websites in India and the international market was the primary source of revenue, accounting for nearly 82% of total operating revenue, while its subsidiary, GlobalBees, contributed Rs 422 crore. The company also made Rs 44 crore from interest income which took its overall revenue to Rs 2,217 crore in Q3 FY25, compared to Rs 1,936 crore in Q3 FY24. For the omnichannel retailer, the cost of procurement of materials accounted for 66% of the overall expenditure which increased 17% year-on-year to Rs 1,451 crore in Q3 FY25 from Rs 1,239 crore in Q3 FY24. FirstCry’s employee benefits stood at Rs 177 crore in Q3 FY25 which includes Rs 28 crore as ESOP cost. The marketing, legal, rent, and technology were other overheads that pushed the overall expenditure to Rs 2,210 crore in Q3 FY25 from Rs 1,978 crore in Q3 FY24. The decent scale and controlled expenditure helped FirstCry to reduce its losses by 70% to Rs 15 crore in the last quarter. Notably, the company reported a positive EBITDA of Rs 152 crore. As of the last trading session, FirstCry’s share price stood at Rs 419 per share, with a total market capitalization of Rs 21,753.8 crore (approximately $2.5 billion).

Amazon India logistics unit posts Rs 4,889 Cr income in FY24

EntrackrEntrackr · 8m ago
Amazon India logistics unit posts Rs 4,889 Cr income in FY24
Medial

Amazon Transportation Services reported a marginal growth in its revenue during the fiscal year ending March 2024. At the same time, the company reduced its losses by over 6% during the same period. AmazonTransport Services aka ATS’s revenue from operations grew 7.6% to Rs 4,888.9 crore in FY24 from Rs 4,543.3 crore in FY23, its standalone financial statement sourced from Tofler shows. Apart from operational income, ATS’s other income spiked 66% to Rs 57.3 crore in FY24 from Rs 34.5 crore in the previous fiscal year. This brought the total income for FY24 to Rs 4,946.2 crore. Amazon Transportation Services provides logistics and delivery solutions, supporting Amazon's e-commerce operations. Its services include order pickup, sorting, and last-mile delivery across India. It makes money via offering aforementioned services to Amazon India. The company’s total expenses excluding depreciation stood at Rs 4,690.8 crore in FY24 from Rs 4,310.2 crore in FY23, marking an 8.8% rise. Depreciation expenses, however, decreased by 10.2%, standing at Rs 313.7 crore for FY24, down from Rs 349.4 crore in FY23. Despite the growth in revenue, ATS managed to reduce its losses by 6.3% to Rs 80.3 crore in FY24 from Rs 85.7 crore in FY23. Its outstanding losses reached Rs 469.8 crore as of the end of FY24. Other equity components, including the share-based compensation reserve, increased 26% to Rs Rs 490.4 crore in the last fiscal year. While ATS’s parent company, Amazon Corporate Holdings continues to support its operations, the persistent losses indicate ongoing challenges in reaching profitability despite YoY revenue growth. In the past five years, Amazon India (through transport services) has expanded its partnership with Indian Railways, increasing from a single train in 2019 to over 120 trains by 2024, now covering 130 intercity routes across 91 cities.

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

HR tech platform Keka posts Rs 78 Cr revenue in FY24; losses spike 2.8X

EntrackrEntrackr · 7m ago
HR tech platform Keka posts Rs 78 Cr revenue in FY24; losses spike 2.8X
Medial

HR tech platform Keka continued its growth journey with a 62% year-on-year increase during the fiscal year ending March 2024. However, this growth came at a steep cost, as the Hyderabad-headquartered firm's losses surged 2.8X in the last fiscal. Ten-years-old Keka's revenue from operations grew to Rs 78 crore in FY24 from Rs 48 crore in FY23, its annual financial statements sourced from the Registrar of Companies (RoC) show. Founded in 2015 by Vijay Yalamanchili, Keka provides HR-related solutions that aim to streamline and automate payroll, recruiting, leave and attendance, performance management, and more. According to the company, its HR application is embraced by 2.5 million employees. For the SaaS startup, the subscription income from the sale of its closed-based HR and payroll management software (Keka HR) accounted for 97.4% of its overall operating revenue which grew 60% to Rs 76 crore in FY24. The remaining revenue came from one-time implementation fees for the WestBridge Capital-backed firm. The company also added Rs 9 crore from interest on deposits and current investments, which led its total revenue to Rs 87 crore in FY24, as compared to Rs 54 crore in FY23. Similar to other SaaS companies, employee benefits accounted for 64.5% of the overall expenditure. This cost spiked 94% to Rs 107 crore in FY24. It includes Rs 6 crore ESOP cost which is non-cash in nature. Keka's advertising spend surged 3.6X to Rs 22 crore in FY24. Its informational technology, rent, traveling, legal, and other overheads took the total expenditure up by 100% to Rs 166 crore in FY24 from Rs 83 crore in FY23. See TheKredible for the detailed cost breakup. With around 2X growth in advertising and employee benefits, Keka's losses spiked 2.8X to Rs 80 crore in FY24, compared to Rs 28 crore in FY23. Its ROCE and EBIDTA ratios were recorded at -85% and -89%, respectively. Keka's expense-to-earning ratio stood at Rs 2.13. During the end of FY24, its total current assets registered at 97 crore including the cash and bank balance of Rs 88 crore. Keka has raised around $59 million to date including a $57 million Series A led by WestBridge Capital in November 2022. According to the startup data intelligence platform TheKredible, WestBridge Capital is the largest external stakeholder with 20% while its founder and chief executive officer command 66% of the company.

Swiggy posts Rs 4,410 Cr revenue in Q4 FY25, Instamart grows 115%

EntrackrEntrackr · 2m ago
Swiggy posts Rs 4,410 Cr revenue in Q4 FY25, Instamart grows 115%
Medial

Swiggy posts Rs 4,410 Cr revenue in Q4 FY25, Instamart grows 115% Foodtech and quick commerce major Swiggy has managed a 45% year-on-year growth in its operating revenue which spiked to Rs 4,410 crore during Q4 FY25 as compared to Rs 3,045 crore in Q4 FY24. However, the Bengaluru-based company’s losses surged 95% in the same period. Swiggy’s food delivery business continues to be a major contributor, accounting for 37% of the total collection in Q4 FY25. Revenues from this vertical grew 18% to Rs 1,629 crore from Rs 1,375 crore in Q4 FY24. The company’s quick commerce segment also saw remarkable growth, with revenue surging by 115% to Rs 689 crore in Q4 FY25 from Rs 320 crore in Q4 FY24. The segment's gross order value (GOV) growth was driven by an increase in order frequency and the addition of new dark stores. Scootsy Logistics contributed a major 45% of Swiggy’s overall operating collection. Income from this entity increased by 58% YoY to Rs 2,004 crore in Q4 FY25 from Rs 1,265 crore in Q4 FY24. During the last quarter, Swiggy invested Rs 1,000 crore in Scootsy to support expansion and growth. Swiggy’s Dine Out, Genie, Swiggy Mini, and other non-operating income took its total revenue to Rs 4,531 crore in Q4 FY25. For the full fiscal year ending March 2025, Swiggy’s revenue rose 35% to Rs 15,227 crore in FY25 from Rs 11,247 crore in FY24. On the cost side, the procurement of FMCG products for supply chain distribution formed 33% of its overall cost which increased by 52% to Rs 1,854 crore in Q4 FY25. Meanwhile, the delivery charges saw 27% growth to Rs 1,161 crore in Q4 FY25. Swiggy spent Rs 695 crore and Rs 978 crore on employee benefits and advertising, respectively. Overall, Swiggy’s total expenses for the quarter increased 53% to Rs 5,609 crore from Rs 3,668 crore in Q4 FY24. On a fiscal-on-fiscal year basis, its total expenses increased to Rs 18,725 crore in the quarter ending March 2025 from Rs 13,947 crore in FY24. The 53% growth in expenditure led losses to increase by 95% to Rs 1,081 crore in Q4 FY25 from Rs 555 crore in Q4 FY24. On a fiscal-on-fiscal basis, Swiggy’s losses spiked 33% to Rs 3,117 crore in FY25 from Rs 2,350 crore in FY24.

Treebo crosses Rs 100 Cr revenue in FY24, outstanding losses climb to Rs 488 Cr

EntrackrEntrackr · 6m ago
Treebo crosses Rs 100 Cr revenue in FY24, outstanding losses climb to Rs 488 Cr
Medial

Treebo crosses Rs 100 Cr revenue in FY24, outstanding losses climb to Rs 488 Cr Treebo Hotels, a premium-budget hotel chain, crossed the Rs 100 crore revenue milestone in the fiscal year ending March 2024. Despite this growth, the Bengaluru-based company saw its losses rise by 17%, bringing total outstanding losses to Rs 488 crore. Treebo Hotels’s revenue from operations grew 22.5% to Rs 109 crore in FY24 from Rs 89 crore in FY23, its consolidated financial statements filed with the Registrar of Companies show. Income from accommodation services (taken on lease and managed properties) formed 95% of the total operating revenue which increased by 22.3% to Rs 104 crore in FY24 from Rs 85 crore in FY23. The rest of the income comes from the sale of products, and subscription services. The company also added Rs 7.22 crore as other income (non-operating) which tallied its overall revenue to Rs 116 crore in FY24 from Rs 94 crore in FY23. Treebo spent 41% of its overall expenditure on employee benefits which increased marginally by 7% to Rs 59 crore in FY24. Its cost and commission surged 70% and 48% to Rs 17 crore and Rs 43 crore in the previous fiscal year. Its cost of materials, legal, technology, traveling, and other overheads took the overall cost up by 22% to Rs 144 crore in FY24 from Rs 118 crore in FY23. The increased advertising and commission costs led Treebo to raise its losses by 16.7% to Rs 28 crore in FY24, compared to Rs 24 crore in FY23. Its ROCE and EBITDA margin stood at -540% and -18.1% respectively. On a unit level, it spent Rs 1.32 to earn a rupee in FY24. The company’s total current assets stood at Rs 34 crore with cash and bank balances of Rs 7 crore in the previous fiscal. According to startup data intelligence platform TheKredible, decade-old Treebo has secured Rs 566 crore (approximately $70 million) in funding from investors including Accor, Elevation Capital, Matrix Partners, and Bertelsmann. The company’s most recent major funding, amounting to $16 million, was raised in June 2021. Treebo competes directly with Bloom Hotels and FabHotels. In FY24, Bloom Hotels saw its operational revenue rise by 73.6% to Rs 250 crore, with a profit of Rs 14 crore. FabHotels recorded Rs 224 crore in operating revenue for FY23 but has not yet filed its FY24 annual report.

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