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This exec went from pitching VC funds to raking in billions — AppLovin CEO now worth $11 billion. Here’s how | Company Business News

LivemintLivemint · 11m ago
This exec went from pitching VC funds to raking in billions — AppLovin CEO now worth $11 billion. Here’s how | Company Business News
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Adam Foroughi, the founder of AppLovin, has recently become one of the world's top 260 richest people, with a net worth of $10.9 billion, according to the Bloomberg Billionaires Index. The Silicon Valley-based marketing services company has seen a surge in its shares this year, with a 7x increase so far. AppLovin reported strong Q3 results, with a revenue of $1.2 billion, beating analysts' estimates. The company's success is attributed to its adoption of artificial intelligence and its focus on mobile app marketing. Foroughi bootstrapped the business after being denied funding from venture capitalists and now owns a 10% stake in the company.

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BIS conducts raid at FirstCry warehouse in Bengaluru

EntrackrEntrackr · 4m ago
BIS conducts raid at FirstCry warehouse in Bengaluru
Medial

BIS conducts raid at FirstCry warehouse in Bengaluru Brainbees Solutions Limited, the parent company of FirstCry, said on Monday that the Bureau of Indian Standards (BIS) carried out a surprise search and seizure at one of its Bengaluru warehouses. According to a filing with the stock exchanges, the operation took place on May 26, 2025, culminating in the seizure of products worth approximately Rs 90 lakh. The BIS alleged non-compliance with hallmarking requirements under Section 14(6) of the BIS Act, 2016, a serious charge that could lead to further legal proceedings. The Pune-based company, which runs one of India’s biggest online stores for baby and kids' products, said the raid did not affect its daily operations. It added that it is taking legal advice and believes the seized products follow BIS rules. FirstCry has stressed that it follows strong corporate and regulatory rules. However, the incident highlights how authorities like the BIS are becoming more watchful about product safety and certification. In November last year, the company was investigated by the GST department in Mumbai. The company also shared its quarterly results on Monday, reporting an 18% year-on-year rise in revenue to Rs 1,930 crore for Q4FY25. However, its losses grew by 74% to Rs 75 crore during the same period. BrainBees debuted on the stock exchange at Rs 446 and is now trading at 355.95 on May 27 (11:42 AM), bringing its total market capitalization to Rs 18,557 crore (approximately $2.18 billion).

Layoffs, departures continue as Indian startups raise $1 Bn in April: Report

EntrackrEntrackr · 1y ago
Layoffs, departures continue as Indian startups raise $1 Bn in April: Report
Medial

The year 2024 started on a good note for Indian startups: an average of $1 billion in monthly funding, which is a significant growth when compared to the previous year during which monthly funding went below $500 million three times. In April 2024, however, startups crossed the $1 billion threshold on the back of a couple of pre-IPO funding, a few late-stage rounds, and debt deals. Indian startups raked in more than $1 billion across 124 deals in April, according to data compiled by startup data intelligence platform TheKredible. This included 36 growth-stage deals worth $813 million and 65 early-stage deals amounting to $225.75 million. Moreover, there were 23 undisclosed rounds, primarily early-stage deals. During the recent Startup Mahakumbh festival, Peak XV Partners’ managing director Rajan Anandan said that Indian startups are expected to raise $8 billion to $12 billion this year. He also added that around $20 billion of private capital is lying uninvested and is committed to investment in private firms and startups in India. This estimate appears close considering the current rate of monthly funding. [Month-on-Month and Year-on-Year trend] In April 2024, there was a 14% year-on-year jump in funding from $912 million in the same month last year. Even on a monthly basis, April almost matched March’s $1.18 billion funding. Interestingly, only one startup i.e. PharmEasy managed to raise funding in three digits during the last month. Since January, homegrown startups have raised close to $4 billion, and at this rate, it may cross the $11 billion funding raised in 2023. [Top growth stage deals] Healthcare startup PharmEasy’s $216 million pre-IPO round stood at the top, though its valuation dropped nearly 90% from $5.6 billion to $710 million during the latest fundraise. Financial services firm Northern Arc also announced its $80 million Series C round while Ola Electric raised $50 million in debt even after filing draft IPO papers. Altum Credo, ProcMart, SingleInterface, Infinity Fincorp, CloudExtel, and LetsTransport also featured in the top 10 growth stage deals in April. [Top early-stage deals] Omnichannel fashion startup Lyskraft, founded by Zomato’s co-founder Mohit Gupta and Myntra and Cultfit’s co-founder Mukesh Bansal, scooped up $26 million in a seed funding round and was on the top of the list in early-stage deals in April. Gen AI startup Neysa bagged $20 million whereas spacetech company Dhruva Space and edtech firm Emversity (Beyond Odds) raised $15 million and $11 million, respectively. The rest of the early-stage startups in the top 10 list raised less than $10 million each. The list includes Traya, LightFury Games, GTM Buddy, FincFriends, and Accacia. [City and segment-wise deals] City-wise, expectedly, Bengaluru-based startups are on top with 42 deals, contributing around 26% of the overall funding in April. Delhi-NCR and Mumbai followed with 30 and 26 deals, respectively. However, Mumbai-based startups topped the list in terms of the total amount raised. The list further counts Kolkata, Hyderabad, Pune, and Ahmedabad among others. Segment-wise, e-commerce startups (including D2C brands) and fintech startups co-led the list with 19 deals each followed by healthtech (16), SaaS (15), EV (5), automotive tech (4), and foodtech (4) startups among others. Visit TheKredible for more details. [Stage-wise deals] Series-wise, 44 startups raised funding in the Seed round followed by 20 Series A deals, 13 Pre-Series A, 11 Series B deals, and 7 Pre-Seed deals. As many as 14 startups raised debt funding worth $199.2 million during the period. [Mergers and acquisitions] Indian startups saw nearly a dozen mergers and acquisitions in April of which most deals were undisclosed. Among the disclosed deals, National Investment and Infrastructure Fund (NIIF) acquired a majority stake in digital infrastructure solutions company iBUS for about $200 million. US-based Aurionpro Solutions also acquired Indian fintech company Arya.ai for $16.5 million. The notable list of M&A also includes the acquisition of Shy Tiger brands by Ghost Kitchens India, Orbit by Postman, Awign by MyNavi, and Magzter by Dailyhunt’s parent company VerSe Innovations. [Layoffs, top-level exits, and shutdown/s] The mass firing in startups continued in April as they laid off nearly 1,500 employees during the month. April surpassed the cumulative layoffs of 1,100 employees during the first quarter of 2024. Troubled edtech company Byju’s remained on top with 500 layoffs, followed by The Good Glamm Group, Healthify, and Scaler with 150 layoffs each. Check the full list here. April also saw high-profile exits from startups including five chief executives. Sujot Malhotra, CEO of Beardo, Surinder Chawla, CEO of Paytm Payments Bank, Arjun Mohan, CEO of Byju’s India, Sukhleen Aneja, CEO of The Good Glamm Group’s D2C Brands Division and Hemanth Bakshi, CEO of Ola Cabs, have quit this month. Besides layoffs and departures, Nintee, a digital health startup launched by Wingify founder Paras Chopra, announced shutting down its operations after a year of launch. During the first three months of 2024, six startups announced their shutting down operations in India. [ESOP buyback] Employees’ stock buyback also continued in April as three growth-stage companies – Pocket FM, XYXX, and The Sleep Company – announced their ESOP buyback program last month. Pocket FM bought back $8.3 million worth of stocks from employees while the rest two did not disclose the transaction details. The March quarter saw four ESOP buybacks including MyGate, Meesho, Classplus, and Imagekit. Visit TheKredible to see series-wise deals along with amount breakup, complete details of fund launches, and more insights. [Conclusion] While the trajectory of fund raising is positive, its quality might worry some, as it has gone to a firm that was clearly in distress and at a massive haircut (PharmEasy), besides the large, lumpy deal from NIIF. It might also be time to relook debt funding numbers as part of overall startup funding figures, as debt is usually taken by startups that are running operations sustainably from a financial perspective, or where founders do not want to dilute stakes any more. So it’s not quite the risk capital that equity funding is. With a host of IPOs being lined up, we expect the growth trajectory to sustain as pleased investors return to find the next big opportunity.

Virat Kohli-backed WROGN’s revenue dips 29% in FY24

EntrackrEntrackr · 1y ago
Virat Kohli-backed WROGN’s revenue dips 29% in FY24
Medial

Virat Kohli-backed men’s apparel brand WROGN’s parent company has been struggling to grow, as the company’s revenue dropped by over 29% in the fiscal year ending March 2024. At the same time, the firm’s losses surged by 28.2%, nearing the Rs 57 crore mark during the same period. WROGN’s revenue from operations dwindled 29.2% to Rs 243.75 crore during FY24 as compared to Rs 344.3 crore in FY23, its consolidated financial statements sourced from the Registrar of Companies show. For background, WROGN reported a flat scale in FY23. The firm also generated Rs 21 crore from interest and gain on financial assets which took its overall revenue to Rs 264.8 crore in FY24. Founded in 2014 by brother-sister duo Anjana and Vikram Reddy, WROGN is engaged in the business of trading outdoor products such as apparel, footwear, and accessories among others. Leveraging Kohli’s influence, the brand has rapidly expanded its presence through exclusive brand outlets and strategic partnerships with marketplaces. On the expenses front, cost of materials formed 53.6% of the total expenses. This cost slid 29% and stood at Rs 163.91 crore in FY24. Employee benefits expenses also saw a dip by 7.5% to Rs 32.26 crore during the same period. Significantly, the employee cost also includes ESOP expenses worth Rs 1.96 crore. Commission paid to the selling agents was down by 28% in FY24 at Rs 30.83 crore while other expenses such as advertising promotions and legal & professional fees also shrank significantly. In total, the overall expenditure of the company went down by 24.7% to Rs 305.56 crore during FY24 from Rs 405.6 crore in the previous fiscal year. For the complete expense breakdown, head to TheKredible. WROGN tried to cover up its losses by taking cost-cutting measures but due to the sharp fall in collection, its losses increased by 28.2% to Rs 56.76 crore during the year against Rs 44.26 crore in FY23. Its operating cash outflows, however, improved by over 63% to Rs 5.23 crore during the year. Its outstanding swelled to Rs 636.58 crore as of FY24. As per TheKredible, the firm’s EBITDA margin and ROCE stood at -6.04% and -72.07%, respectively. On a unit level, WROGN spent Rs 1.25 to earn a rupee of operating revenue during FY24. FY23-FY24 FY23 FY24 EBITDA Margin -4.42% -6.04% Expense/₹ of Op Revenue ₹1.18 ₹1.25 ROCE -25.49% -72.07% Aditya Birla’s TMRW recently picked up a 16% stake in WROGN at a $105 million valuation by pouring in Rs 125 crore or $15 million. It’s worth noting that Aditya Birla also acquired a similar brand Bewakoof in December 2022. WROGN has raised around $90 million from the likes of Accel, Flipkart, Kohli, and Sachin Tendulkar since its inception in 2014. In November 2020, Flipkart invested an undisclosed amount in WROGN’s Series F round. The e-commerce major is also an investor in Hrithik Roshan’s HRX which competes with WROGN. According to TheKredible’s D2C report, fashion (apparel, jewelry, footwear, eyewear, and accessories) is the largest category attracting a large set of consumers. India’s fashion industry is booming, with the potential to reach $43.2 billion by 2025. But seeing how anaemic or even negative the numbers have been for most, one can only marvel at the outlier that a Zudio has been over the last two years with its triple-digit growth. Of course, the broader slowdown in the category has been blamed on multiple possible factors, including a craze for investment in the stock markets directly or indirectly. Or perhaps the prioritisation of getting an iPhone over other branded products, considering the rise in iPhone sales in India. Either way, WROGN’s numbers indicate a problem it has acknowledged for some time now, and is making efforts to manage. The challenge it faces is as tough as any pitch Kohli has played on, one suspects.

RailYatri posts Rs 274 Cr revenue in FY23; losses shrink 58%

EntrackrEntrackr · 1y ago
RailYatri posts Rs 274 Cr revenue in FY23; losses shrink 58%
Medial

Train ticketing platform RailYatri has demonstrated strong financial health in the past couple of years. The growth can be witnessed from its topline which inched close to touching the Rs 300 crore mark. Along with this, the Noida-based company also managed to bring down its losses during FY23. RailYatri’s revenue from operations grew 2.3X to Rs 273.73 crore during the fiscal year ending March 2023 as compared with Rs 117.21 crore in FY22, as per the company’s consolidated financial statements with the Registrar of Companies. Founded in 2014, RailYatri offers train ticket information along with intercity bus service — IntrCity SmartBus which runs on routes such as Delhi–Lucknow, Delhi–Kanpur, Mumbai–Pune, Bengaluru–Hyderabad, and Chennai–Coimbatore among others. RailYatri has also launched a ‘flexi-ticket’ feature that allows users to make last-minute changes to their plans when finding a reservation on trains isn’t available. Co-founded by Kapil Raizada, Manish Rathi, and Sachin Saxena, the company made 93% of its revenue via roadway operations while the remaining part came from erectioning commissioning, and advertising publicity. It also made around Rs 6 crore via interest and gains on financial assets during the year which took its topline to Rs 279.75 crore at the end of FY23. RailYatri spent 11% of its expenses on employee benefits during the period. This cost went up 26.7% to Rs 32.9 crore during FY23 from Rs 25.97 crore in FY22. This cost also includes expenses on the employee stock option scheme and employee stock purchase plan worth Rs 24 lakh and Rs 3.71 crore in FY23 and FY22, respectively. Advertisement & promotional costs declined 21.8% to Rs 6.4 crore whereas Information technology expenses grew to Rs 1.82 crore during FY23. Notably, RailYatri booked Rs 242 crore of its expenditure under miscellaneous expenses which is likely to include outsourced support, cashback & discounts, and other operational and admin expenses during FY23. In total, the overall expenditure surged 83.4% to Rs 298 crore during FY23 from Rs 162.5 crore in FY22. Head to TheKredible for a complete expense breakdown and year-on-year financial performance of the company. Despite rising expenses, the company managed to control its bottom line by 58.5% during the year. Its losses shrank to Rs 18.2 crore in FY23 from Rs 43.87 crore in FY22. Also read: Decoding the financial performance of India’s top OTA players The stability of operations can also be witnessed from its operating cash outflows which improved by 45% to Rs 19.96 crore in FY23. Amid an improved financial performance, the EBITDA margin and ROCE of the company also strengthened to -5.55% and 13808.33%, respectively, during the year. On a unit level, RailYatri spent Rs 1.09 to earn a rupee of operating revenue in FY23. FY22-FY23 FY22 FY23 EBITDA Margin -35.96% -5.55% Expense/₹ of Op Revenue ₹1.39 ₹1.09 ROCE -475.11% 13808.33% As per the startup intelligence platform TheKredible, RailYatri has raised over $50 million to date. A few days back, it raised $3.44 million in a mix of equity and debt funding round led by Mirabilis Investment Trust. Entrackr exclusively reported this development.

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