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Oziva records flat growth under Hindustan Unilever in FY24

EntrackrEntrackr · 1y ago
Oziva records flat growth under Hindustan Unilever in FY24
Medial

D2C nutrition brand Oziva, which was acquired by FMCG giant Hindustan Unilever (HUL) in 2022, posted a flat scale during the fiscal year ending March 2024. Following a 20% decline in sales during FY23, the D2C nutrition brand posted a flat scale with a modest 4% increase to Rs 104 crore in FY24, the annual report of its parent company HUL shows. HUL said that Oziva recorded Rs 44 crore loss in the last fiscal year. In FY23, the firm registered a net profit of Rs 58.8 crore due to one-time gain of Rs 95.5 crore. However, if we exclude that other income, its losses stood at Rs 45.8 crore in FY23. This implies, Oziva’s scale and loss remained flat in the last financial year (FY24). It’s worth noting that it is the first full fiscal year for Oziva under Hindustan Unilever. The six-year-old D2C firm sells plant-based nutrition products for health, skin, hair, and general wellness. The sale of health and nutrition products was the sole revenue driver for the company. The company has raised around $17 million to date with the backing of Matrix Partners, Eight Road Ventures, and Stride Ventures. In December 2022, HUL acquired 51% stake in Oziva with the first tranche at a cash consideration of Rs 264.28 crore ($32 million). As per the annual report, Oziva was valued at Rs 361 crore ($43.5 million) using the multi-period excess earnings method. At the same time, HUL also acquired 19.8% of the stake in Wellbeing Nutrition for a cash consideration of Rs 70 crore. Founded by Avnish Chhabria, Wellbeing Nutrition is a whole-food nutrition company that uses plant-based ingredients to deliver wellness to individuals. The company is yet to disclose its FY24 results.

Exclusive: FamApp’s turnaround with profitability, new round and co-founder exit

EntrackrEntrackr · 1m ago
Exclusive: FamApp’s turnaround with profitability, new round and co-founder exit
Medial

Exclusive: FamApp’s turnaround with profitability, new round and co-founder exit Fintech startup FamApp (formerly FamPay) seems to have made a significant turnaround, as the company turned profitable and reached Rs 90–100 crore in revenue in the last fiscal year (FY25). Moreover, the six-year-old firm is in late-stage talks to raise secondary and primary capital from existing investors, according to three sources familiar with the matter. “Elevation Capital is leading a $15 million round, primarily comprising secondary capital, for FamApp,” said one of the sources on condition of anonymity. “The secondary component will facilitate an exit for co-founder Kush Taneja and potentially some seed-stage investors.” According to sources, ongoing differences between co-founders Taneja and Sambhav Jain over several months is a key reason for Taneja’s exit. FamApp last raised $38 million in its Series A round four years ago. So far, it has raised $42.7 million from investors like Elevation Capital, Y Combinator, Peak XV, and angels such as Kunal Shah and Amrish Rau. According to sources, Elevation and other investors will primarily acquire Taneja’s stake in the new round. The renewed investor confidence in FamApp comes after the company established stable and sizable revenue channels. “FamApp closed FY25 with Rs 90–100 crore in revenue and turned profitable, recording a profit before tax of Rs 10–12 crore,” said the second source, who wished to remain anonymous. While FamApp’s FY25 performance will be officially confirmed once it reports consolidated numbers, figures shared by sources indicate a major turnaround. In FY24, the company generated Rs 25 crore in revenue but reduced its losses by nearly 90%. FamApp earns revenue through premium upgrades like FamX Ultra (Rs 699), ATM withdrawals (Rs 29), video KYC (Rs 99), autosave feature (Rs 29), and nominal charges on loading of the teen wallet. Moreover, the platform sells premium skins that users can apply as stickers within the app. It also sells codes for gaming (like PUBG) and shopping, targeting the interests of its teen user base. During the first quarter of FY25, FamApp (by Trio) launched Namaspay, a UPI app for foreign travelers in India. It charges a Rs 1,650 one-time fee, 4% on loading, and 1% on withdrawals. According to sources, these revenue channels performed well for FamApp during the fiscal year ending March 2025. Queries sent to FamApp, Elevation, Sambhav Jain and Kush Taneja didn’t elicit any response. The sustained turnaround will be a welcome respite for investors for a concept they had high hopes from. Profitability also ensures the firm is better positioned to adapt to new changes in the fast evolving fintech space, especially the payments space. The exit of Co-Founder Taneja seems to have been handled well, with a cash exit for his labours over the years. Six years after starting with Jain, it is not odd for him to relook his own ambitions and interests vis-a-vis the direction the firm has taken. In fact, many would consider him lucky to be exiting on what appears to be friendly terms.

Burger Singh records Rs 78 Cr revenue in FY24, losses surge 6.3X

EntrackrEntrackr · 8m ago
Burger Singh records Rs 78 Cr revenue in FY24, losses surge 6.3X
Medial

Burger Singh, an Indian quick-service restaurant chain, faced a significant financial downturn in the fiscal year ending March 2024. The company's losses surged over six-fold during this period, despite a 34% year-on-year growth in operating revenue. Burger Singh’s revenue from operations grew to Rs 77.7 crore in FY24 from Rs 57.8 crore in FY23, its annual financial statements sourced from the Registrar of Companies show. The 12-year-old company operates as a quick-service restaurant, offering a diverse menu of burgers, sides, desserts, and beverages through a combination of self-owned and franchise outlets. Burger Singh derives its revenue from three sources: sales from its own stores, franchise goods sales, and franchise services. In FY24, sales of food and beverages from its own stores contributed 48% of the total operating revenue, which grew by 60% to Rs 37.66 crore. Revenue from the sale of franchises and the sale of goods to franchise stores stood at Rs 10.81 crore and Rs 28.6 crore, respectively. For the food and beverages startup, the cost of procurement became the largest cost center forming 43% of its overall cost. In the line of scale, this cost grew 31.3% to Rs 39.2 crore in FY24 from Rs 29.9 crore in FY23. Burger Singh has witnessed a 54% surge in its employee benefits to Rs 18.37 crore in FY24. The commission, traveling, legal, and advertising are other overheads that pushed the total expenditure up by 43.7% to Rs 91.1 crore in FY24 from Rs 63.4 crore in FY23. The 43.7% increase in the total cost outpaced the revenue growth, resulting in losses which spiked 6.3X to Rs 27.9 crore in FY24. Its ROCE and EBITDA margin stood at -94.76% and -30.94%, respectively. On a unit level, Burger Singh spent Rs 1.17 to earn a rupee in FY24. Notably, Burger Singh’s cash and bank balances stood at Rs 19.51 crore with a total current assets standing at Rs 31.3 crore in FY24. In December 2023, Burger Singh raised its pre Series A round from Turner Morrison and existing backers at a valuation of $52 million. The company has raised over $12 million to date and operates more than 175 outlets spanning 75 cities.

The Sleep Company revenue soars 2.5X to Rs 312 Cr in FY24

EntrackrEntrackr · 8m ago
The Sleep Company revenue soars 2.5X to Rs 312 Cr in FY24
Medial

Direct to consumer (D2C) mattress and sleep solution companies have been growing at a rapid clip over the past five-six years and Premji Invest-backed The Sleep Company is no exception. Keeping the momentum from FY23, its operating scale spiked 2.5X in FY24. The Sleep Company’s revenue from operations jumped to Rs 312.33 crore in FY24 from Rs 127.14 crore in FY23, its consolidated financial statement filed with the Registrar of Companies (RoC) shows. The Sleep Company offers mattresses, pillows, cushions, bedding, and office chairs. Apart from its own website, the firm sells its products across e-commerce platforms including Amazon and Flipkart. The company’s growth was primarily driven by its flagship mattress segment which contributed 65% in the revenue and surged by 89% to Rs 203.69 crore in FY24. It is worth noting that mattresses are the only finished goods sold by the company. The rest are traded goods which includes chairs, pillows and beds soared 5.6X to Rs 108.6 crore in FY24. The five-year-old company made another Rs 7.7 crore from interest income which took its total revenue to Rs 320 crore in the last fiscal year. On the expense side, a key contributor was the cost of materials, which grew 2.4X to Rs 144.74 crore in the fiscal year ending March 2024. Advertising expenses surged by 89.7% to Rs 101.43 crore, while employee benefits increased 3X to Rs 35.94 crore during the fiscal year. Rent, finance, and other expenses further drove the total costs up 2.2X, reaching Rs 378.68 crore in FY24 compared to Rs 166.7 crore in FY23. Unlike its revenue, The Sleep Company’s losses increased by 58% to Rs 58.69 crore in FY24 from Rs 37.06 crore in FY23. Its ROCE and EBITDA margin stood at -26% and -15.92% respectively. On a unit basis, it spent Rs 1.21 to earn a rupee of operating revenue in FY24. The Mumbai based company reported cash and bank balances of Rs 4.15 crore and current assets of Rs 289 crore in FY24. After a period of disruption, when mattress and related firms enjoyed some serious love from investors, it’s attrition time for the segment. The legacy firms have pulled their socks, going for acquisitions, online plays, and interestingly for this writer, offline activations like never before to protect their turf. All this has meant that the consumer ‘education’ that was driving up prices for specific needs is set to moderate, as consumers graduate with the learning as well. Questions can be seen being raised on the justification of premiums for features, and expect that to translate to more margin pressure as well. For the Sleep Company and most of the others, if not sleepless nights, some long nights await as investors wait and watch now.

Paper Boat posts Rs 585 Cr revenue in FY24; cuts losses by 48%

EntrackrEntrackr · 7m ago
Paper Boat posts Rs 585 Cr revenue in FY24; cuts losses by 48%
Medial

Hector Beverages owned Paper Boat, which manufactures soft drinks and beverages, saw its operating scale grow by a modest 16% year-on-year growth in the fiscal year ending March 2024. However, the A91 Partners-backed firm improved its bottom line by cutting its losses by 48% in the same period. Paper Boat’s revenue from operations increased to Rs 585 crore in FY24 from Rs 504 crore in FY23, its financial statement sourced from the Registrar of Companies (RoC) shows. In the previous fiscal year, it recorded more than 50% jump in its scale. Launched by former Coca-Cola executives Neeraj Kakkar and Niraj Biyani, Paper Boat sells packaged juices, coconut water, traditional Indian snacks, and dry fruits. Trade (manufactured by third-parties) of these products formed 52% of the operating revenue which increased by 16% to Rs 304.3 crore in FY24 from Rs 261.8 crore in FY23. Its own manufactured products accounted for the remaining 48% of operating revenue. This income also grew 15.7% to Rs 278 crore in FY24. The 11-year-old company earned additional Rs 10 crore from interest income which took its total revenue to Rs 595 crore in FY24. On the expense side, cost of materials dominated by accounting for 63% of the expense. This cost increased by 6.4% to Rs 404 crore in the last fiscal year from Rs 380 crore in FY23. Employee benefit expenses grew by 22% to Rs 66.70 crore in FY24. Advertising, finance and other expenses added another Rs 171 crore. Overall, Paper Boat’s total expense increased 7.2% to Rs 642 crore in the last fiscal year. In the end, Paper Boat managed to decrease its losses by 48% to Rs 47 crore in FY24 from Rs 90.5 crore in FY23. Its ROCE and EBITDA margin stood at -15.45% and -5.63%, respectively. On a unit basis, it spent Rs 1.1 to earn a rupee of operating revenue in FY24. The Bengaluru-based company reported cash and bank balances of Rs 168 crore along with current assets of Rs 305 crore in FY24. According to TheKredible, Paper Boat has raised Rs 1,030 crore ($143 million) in funding so far, with key investors including GIC (Lathe), Peak XV, Sofina Ventures, and A91 Partners. GIC holds over 25% of the company’s stake, while Sofina and Peak XV each control more than 18%. Paper Boat, which entered the market with a fresh approach and offerings, has struggled to convert that initial promise into results. Even as it has continued to innovate and adapt, the search for profitability even 11 years after it started operations is a reason to worry, even as it has come close now. The other worrying aspect of the business is the complete change in market dynamics in the form of quick commerce, modern trade, e-commerce and more, which should affect margins at Paper Boat much more. The firm has done well to survive even as many other startups in the space struggled and folded up or were acquired. Could Paper Boat surprise skeptics once again? One has to wonder, consider the unbelievably high clutter in the market today, and the much more demanding valuations from the category per se.

CCI approves majority stake acquisition in Nazara by Mithun Sacheti’s Axana and others

EntrackrEntrackr · 1m ago
CCI approves majority stake acquisition in Nazara by Mithun Sacheti’s Axana and others
Medial

The Competition Commission of India (CCI) on Tuesday approved the acquisition of a majority stake and control over Nazara Technologies Limited by Axana Estates LLP, Plutus Wealth Management LLP, and Junomoneta Finsol Private Limited. In January this year, Axana Estates, Plutus Wealth Management, and Junomoneta Finsol had made an open offer to acquire up to a 26% stake in Nazara Technologies from its stakeholders. In the same month, the Mumbai-based company also raised $60 million led by Axana Estates against a 5.4% stake. Axana Estates LLP lists Arpit Khandelwal and Mithun Sacheti as its designated partners. Khandelwal is the founder and managing partner of Plutus Wealth Management, while Sacheti is the founder of CaratLane, now owned by Titan. Both Khandelwal and Plutus Investments hold stakes in Junomoneta. Plutus Wealth entities previously held a 13.3% stake in Nazara. Following this transaction, Axana Estates and Plutus Wealth will collectively hold a 27.2% stake in the 26-year-old company. As of March 2025, Nazara founder Nitish Mittersain holds an 8.75% stake in the company along with Mitter Infotech, while Plutus Wealth Management and Arpit Khandelwal command 11.54% and 7.87%, respectively. SBI Mutual Fund and Rekha Jhunjhunwala (on behalf of the late Rakesh Jhunjhunwala) hold 8.52% and 7.06% shares, respectively, in the company. In November last year, Nazara raised $100 million through a preferential issue for expansion in the gaming and sports media sector. Since then, the company and its subsidiaries have acquired majority stakes in multiple gaming firms such as Curve Games, TJRWrestling, ITRWrestling, King of Thieves and CATS, Trinity Gaming, and Funky Monkey. Although Nazara has not yet released its Q4 FY25 results, its operating revenue surged 67% in Q3 FY25 to Rs 535 crore from Rs 320 crore in Q3 FY24. However, its profit declined 53.6% year-on-year during the same period to Rs 13.7 crore. On Wednesday, Nazara founder Nitish Mittersain revealed that the company will have Rs 700 crore in cash on its balance sheet. Moreover, Nazara also secured the rights to Bigg Boss in India and plans to launch the game in the coming months. The company is currently trading at Rs 1,279 (as of 12:30 PM) with a total market capitalization of Rs 11,229 crore or approximately $1.3 billion.

InMobi’s Glance records 77% growth in FY23; losses cross Rs 1,000 Cr

EntrackrEntrackr · 1y ago
InMobi’s Glance records 77% growth in FY23; losses cross Rs 1,000 Cr
Medial

Mobile-first content platform Glance raised a $200 million round led by Reliance-owned Jio Platform at the onset of FY23 but the staggering investment did not translate into corresponding growth. Nevertheless, the Bengaluru-based firm managed 77.7% growth in its operating scale with a modest growth in losses which crossed Rs 1,000 crore in FY23. Glance’s revenue from operations grew to Rs 317 crore in FY23 from Rs 178 crore in FY22, its consolidated financial statements filed by the group’s holding entity in Singapore show. Launched in 2019 in Singapore as a separate entity of Inmobi, it introduced the lock-screen feature for Android-powered smartphones. Glance offers content ranging from 10-second to two-minute segments, encompassing news updates, short videos, and solo gaming experiences. Income from advertising comprised 76% of its total operating revenue which spiked 62.6% to Rs 242 crore in FY23. Shipping, marketplace, and games hosting were some other revenue drivers for Glance in the said period. See TheKredible for the complete revenue breakdown. Similar to other funded tech unicorns, its employee benefits accounted for 29% of overall expenditure. This cost increased by 24.8% to Rs 413 crore in FY23 and it includes Rs 64 crore ESOP cost (non-cash). Glance’s burn on infra, consultancy, marketing and selling, content creation, shipping, software licensing, and other overheads took its total expenditure to Rs 1,414 crore in FY23 from Rs 1,108 crore in FY22. Head to TheKredible for the detailed expense breakup. Expense Breakdown Total ₹ 1108 Cr https://thekredible.com/company/glance/financials View Full Data To access complete data, visithttps://thekredible.com/company/glance/financials Total ₹ 1414 Cr https://thekredible.com/company/glance/financials View Full Data To access complete data, visithttps://thekredible.com/company/glance/financials Employee benefit Employee benefit Infrastructre cost Infrastructre cost Professional and consultancy Professional and consultancy Marketing and selling Marketing and selling Content creation Content creation Shipping and related cost Shipping and related cost Software and license Software and license Travelling Travelling Others To check complete Expense Breakdown visit thekredible.com View full data Unlike its scale, Glance’s losses grew only 18.6% to Rs 1,067 crore in the fiscal year ending March 2023 from Rs 900 crore in FY22. Its ROCE and EBITDA margin were recorded at -116% and -305% respectively. On a unit level, the firm spent Rs 4.46 to earn a rupee in FY23. Glace has raised around $390 million and was valued at $1.6 billion in its last round of $200 million led by the Jio Platform in 2022. According to the startup data intelligence platform TheKredible, Jio Platform is the largest external stakeholder with 20.27% followed by Google which owns 10.13%. Its parent company InMobi commands 50.45% of the company. Glance’s current assets stood at $108 million including cash and bank balances, trade receivables, and inventories during FY23. As per the Fintrackr estimates, its enterprise value to revenue multiple was 41X. FY22-FY23 FY22 FY23 EBITDA Margin -474% -305.1% Expense/₹ of Op Revenue ₹6.21 ₹4.46 ROCE -347% -116% Glance faces the challenge of being a product that is certainly not a priority, even being considered a nuisance by many of its users. That it has the numbers it has is of course thanks to being bundled with handsets that dominate the Indian Android smartphone market. For all its protestations about not being an Adware, the majority of revenues from advertising tell a different story. The acquisition of Roposo and Shop 101 to make it more meaningful has also not really delivered the results the firm had hoped for. The firm needs to make a compelling case for its users to not disable it on their phones. We believe the firm needs to find that answer quickly to reduce the risk of regulatory action that could seriously disrupt its growth plans in the future.

Apple India posts $8 Bn revenue and $330 Mn profit in FY24

EntrackrEntrackr · 7m ago
Apple India posts $8 Bn revenue and $330 Mn profit in FY24
Medial

Apple India has consistently grown its operating scale and profit after tax over the past five to six fiscal years, and FY24 was no exception. The local entity of the smartphone, laptop, and watch maker reported a 36% increase in operating revenue, surpassing Rs 66,700 crore (approximately $8 billion) threshold in the last fiscal year. Moreover, Apple India posted a significant profit of Rs 2,746 crore ($330 million) during the fiscal year ending March 2024. Apple India’s revenue from operations grew to Rs 66,727 crore in FY24 from Rs 49,188 crore ($6 billion) in FY23, its financial statements sourced from the Registrar of Companies (RoC) show. According to an IDC report, Apple achieved its highest-ever quarterly shipments in India during the September quarter of 2024 with 4 million units. By the third quarter of 2024, the company held an 8.6% share of the smartphone market in the country. Revenue from product sales increased by 36.53% to Rs 63,297.25 crore ($7.6 billion), contributing 94.86% of the total operating revenue. Service sales grew by 21.41% to Rs 3,430.45 crore ($413 million), accounting for the remaining 5.14%. It also earned Rs 393 crore from non-operating sources, pushing its total revenue to Rs 67,121 crore. On the expense side, material costs remained the largest expense category, accounting for 84.6% of the total expenses. These costs grew by 34.87% to Rs 53,658.6 crore ($6.4 billion) in FY24. Employee benefit expenses increased by 18.22% to Rs 2,599.6 crore ($313 million) during the same period. Advertising expenses rose sharply by 61.22% to Rs 728.7 crore ($87 million), while license fees (royalty paid to Apple Global by Apple India) doubled to Rs 4,490 crore ($540 million). Warranty claims amounted to Rs 374.2 crore ($45 million) in FY24. Overall, the company’s total expenses for the year increased by 36.5%, reaching Rs 63,397 crore ($7.6 billion) in FY24. Apple India’s profit increased by 23% to Rs 2,745.7 crore ($330 million) in FY24 from Rs 2,229.6 crore ($268 million) in FY23. Its ROCE and EBITDA margin stood at 71.96% and 6.43%, respectively. On a per-unit basis, Apple India spent Rs 0.95 to earn a rupee of operating revenue in FY24. The company reported Rs 2,912 crore ($350 million) in cash and bank balances and Rs 13,551 crore ($1.6 billion) in current assets at the end of FY24. Apple recently established a wholly owned subsidiary in India named Apple Operations India, highlighting the company’s commitment to expanding its presence and operations in the country. Meanwhile, Tata has agreed to acquire a 60% majority stake in Pegatron’s iPhone manufacturing facility in Tamil Nadu. Last year, Tata acquired a 100% stake in Wistron India, positioning itself as one of Apple’s largest contract suppliers, alongside Taiwan’s Foxconn.

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