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You are under digital arrest! How fake cop scams draining victims’ bank accounts

Economic TimesEconomic Times · 8m ago
You are under digital arrest! How fake cop scams draining victims’ bank accounts
Medial

Digital arrest scams are on the rise in India, with scammers posing as officials from law enforcement agencies and coercing victims into paying large sums of money to avoid legal trouble. The scams start with a phone call alerting the victim to a parcel containing illegal substances or accusing them of criminal activity. The scammers then video call the victims, level false charges, and order them to stay at home under 'digital arrest'. The victims are instructed not to contact anyone and are then coerced into making online transfers to the scammers. These scams have led to significant financial losses and highlight the need for stricter regulations and awareness among the public.

Uber India made Rs 807 Cr from ride-hailing in FY24

EntrackrEntrackr · 4m ago
Uber India made Rs 807 Cr from ride-hailing in FY24
Medial

Online mobility platform Uber India recorded a 41.1% year-on-year surge in revenue, which surpassed Rs 3,700 crore in the fiscal year ending March 2024. However, despite this growth, the company's losses shrank by 71.4% during the same period. According to the consolidated financial statements of Uber India System Private Limited, its revenue from operations increased to Rs 3,762 crore in FY24 from Rs 2,666 crore in FY23. Moving to revenue recognition, collection from Uber rides (ride-hailing) accounted for 21.45% of the total operating revenue which increased by 18.9% to Rs 807 crore in FY24 from Rs 679 crore in FY23. The remaining income came from Uber BV, generated through engineering support services, back-office, and other support services, billed under a cost-plus model. The company also added Rs 99 crore from interest on current investment and other miscellaneous sources (non-operating) which tallied the overall revenue to Rs 3,860 crore in FY24 from Rs 2,744 crore in FY23. According to its consolidated statements, Uber India spent 67.6% of its overall cost on employee benefits. This cost grew by 29.4% to Rs 2,690 crore in FY24, compared to Rs 2,079 crore in FY23. Its cost of consumables amounted to Rs 657 crore in the previous fiscal year (FY24). Legal/professional fees, advertising, rent, repairs, safety security, and other overheads took the total expenditure up by 26.4% to Rs 3,977 crore in FY24 from Rs 3,146 crore in FY23. Uber India’s over 40% growth and controlled expenditure led its net losses to shrink by 71.4% to Rs 89 crore in FY24, compared to Rs 311 crore in FY23. On a unit level, it spent Rs 1.06 to earn a rupee in FY24. While continuing to play out like a mid-tier software firm with low margins and a division that is a drag (the cab services), Uber India seems the closest it will ever get to profitability, especially if it acquires Blusmart mobility, as some reports will have it. Even without that, for most lay observers, it's a wonder that the firm continues to make losses, when we consider that its best in terms of service quality and ‘partner morale’ or driver satisfaction, is well behind it. Granted, the firm has had to virtually create and make up a business model as it has gone along, but considering the not insignificant role it plays in many cities in India as a service provider, the numbers are underwhelming. Selling software services to its parent has been a good fix to cover up for what has surely been a very rough ride in India so far, but the bigger tragedy is that very few people or customers will sympathise. It is frankly incomprehensible that the firm has to struggle to make enough here, and get earn nothing but criticism most of the time. As it completes a dozen years in India this year, one can only hope that the firm makes a breakthrough financially, morally and efficiency wise.

Chingari crosses Rs 100 Cr revenue in FY23; losses decline 70%

EntrackrEntrackr · 1y ago
Chingari crosses Rs 100 Cr revenue in FY23; losses decline 70%
Medial

Short-video-making app Chingari made a pivot to become a paid but private live streaming app which connects users and creators in the beginning of the ongoing fiscal year. While the impact of the pivot on its top and bottom lines will be evaluated when it reports FY24 numbers, the company’s revenue soared over two-fold in FY23. Chingari’s revenue from operations spiked 2.3X to Rs 113 crore in the fiscal year ending March 2023, its annual financial statement sourced from the Registrar of Companies (RoC) shows. Significantly, the company’s losses nosedived 70% during the last fiscal year. Founded in November 2018, Chingari used to be a TikTok clone until FY23 where it allowed users to create and post short-videos. The sale of services was the only source of revenue for Chingari in the last fiscal. In August 2022, Chingari launched its crypto token called $GARI and was set to make a debut on six global exchange platforms – FTX, Huobi, Kucoin, OKEX, Gate.IO, MEXC Global. The firm also roped in Bollywood actor Salman Khan to launch the NFT marketplace and reward platform. Caveat: Chingari didn’t provide revenue break-up for FY23 but it looks like most of its collection came via advertising and crypto activities. Moving to the cost side, application development formed 32% of the overall expenditure which increased by 16.3% to Rs 50 crore in FY23. Chingari’s employee benefits cost surged 3.8X to Rs 46 crore in FY23. It’s worth noting that Chingari fired around 60% of its employees in the current calendar year and is only left with 50-60 people in the team as per media reports. Chingari’s advertising cum promotional cost declined significantly to Rs 29 crore in FY23 from Rs 113 crore in FY22. The legal professional, subscription membership, rent, traveling, and other expenditures took the company’s overall cost to Rs 156 crore in the previous fiscal year. The decent scale and effective control on advertising helped Chingari to reduce its losses by 70% to Rs 42 crore in FY23 from Rs 139 crore in FY22. Meanwhile, its EBITDA margin improved to -36.3%. On a unit level, the Mumbai-based firm spent Rs 1.38 to earn a rupee in FY23. FY22-FY23 FY22 FY23 EBITDA Margin -284% -36.3% Expense/Rupee of ops revenue ₹3.86 ₹1.38 ROCE -376% N/A Chingari has raised a total of Rs 360 crore across rounds while its total outstanding losses stood at Rs 223 crore until March 2023. Importantly, it had a total current assets of only Rs 24 crore at the end of FY23. Between short videos and crypto, it’s a tough call to pick the least promising option in hand for Chingari. While FY24 figures will reflect the impact of the Crypto winter, even as FY23 probably derived some momentum from there, it certainly makes one pessimistic about the story for FY24. On the cost front, one beauty of the Crypto business (the only one, some would argue ), is that the business no longer counts on high sales and marketing costs. In many cases, the model has moved to a revenue share with its beneficiaries , a slightly evolved version of multi level marketing schemes in fact. That might have explain the lower costs as well for FY23. Now that the firm has moved to a desi version of OnlyFans, it is anyone’s guess what kind of insights it will offer about India ‘s online audiences in due course. We are betting not many would be waiting with baited breath.

Ultrahuman income jumps 15x to Rs 107 Cr in two fiscal years

EntrackrEntrackr · 5m ago
Ultrahuman income jumps 15x to Rs 107 Cr in two fiscal years
Medial

Wearable tech startup Ultrahuman scaled three-fold year-on-year to over Rs 100 crore during the fiscal year ended in March 2024. Moreover, the Deepinder Goyal-backed firm managed to reduce its losses by 45% in the same period. Ultrahuman's total income grew to Rs 107 crore in FY24 from Rs 30 crore in FY23, its consolidated financial statements sourced from the Registrar of Companies show. Ultrahuman is a self-quantification platform that provides a smart ring called Ring Air, a glucose monitoring wearable M1 Live, and a blood testing product called Blood Vision, among others. Ultrahuman recently launched its luxury Rare smart ring collection at the Consumer Electronics Show (CES) 2025, featuring 18-karat gold and platinum models priced up to $2,200. It is considered one of the most expensive smart rings in the world. Income from the sale of smart rings accounted for 75% of the total revenue which stood at Rs 80 crore in FY24. The rest of the collections come from subscription income and other allied services for the Bengaluru-based company. The company also has two subsidiaries in UAE and London till FY24. Moving to its cost front, its cost of procurement of rings and related materials was the largest cost center for Ultrahuman accounting for 26% of the overall expenditure which increased 85% to Rs 38 crore in FY23. The company managed to keep the employee benefits flat and reduced its advertising cost by 38% during FY24. Its technology, freight, legal, software, server, and other overheads took the overall expenditure up by 44.6% to Rs 146 crore in FY24 from Rs 101 crore in FY23. The 3X scale and controlled expenditure helped Ultrahuman to shrink its losses by 45% to Rs 39 crore in FY24, compared to 71 crore in FY23. On a per-unit basis, the company spent Rs 1.36 to earn Rs 1 in FY24, a significant improvement from Rs 3.37 in FY23. Ultrahuman has raised over $60 million to date including its $35 million Series B round led by Deepinder Goyal and existing investors at a post-money valuation of $125 million. According to the startup data intelligence platform TheKredible, Nexus Ventures is the largest external stakeholder with 17.26% followed by Blume Ventures. Its co-founders Mohit Kumar and Vatsal Singhal cumulatively owned 28.9% of the company. While the growth metrics seem inspired by its name, Ultrahuman still faces a formidable challenge of turning the corner in terms of profits. Smart ring, glucose monitoring are all fiercely competitive categories where the best narrative will win finally. With the utter dependence on outsourcing manufacturing, the business will always face external risks that are difficult to predict.

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