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Three year old luggage brand uppercase’s revenue zooms 6X to Rs 62 Cr

EntrackrEntrackr · 9m ago
Three year old luggage brand uppercase’s revenue zooms 6X to Rs 62 Cr
Medial

Direct-to-consumer luggage brand uppercase has recently secured $9 million in a Series A funding round led by Accel Partners. The investment appears to be driven by the company’s rapid growth and strong unit economics. In FY24, uppercase reported a 5.8X surge in revenue while successfully reducing its losses by over 19%. Owned and operated by Acefour Accessories, it saw its revenue from operations soar to Rs 62.2 crore in FY24, up from Rs 10.7 crore in FY23, according to financial statements filed with the RoC. The sale of products—primarily eco-friendly trolleys, backpacks, and duffel bags—was the main driver of this growth, contributing 98% of the operating revenue. Additionally, the company earned Rs 1.78 crore through gains from the sale of other investments and interest on bank deposits, bringing uppercase’s total income to Rs 64 crore in FY24. When examining expenses, the cost of materials was the largest contributor, accounting for 40% of the total expenses. This cost surged 5.8X, reaching Rs 32.6 crore in FY24, up from Rs 6 crore in FY23. Advertising expenses made up 19% of total costs, increasing by 62% to Rs 15.8 crore. Employee benefit expenses grew 31% to Rs 13.6 crore in the last fiscal, with Rs 12 crore allocated to employee salaries. Selling and distribution expenses, along with legal and professional fees, were other significant costs that contributed to a 2.5X spike in total expenses, rising to Rs 83.2 crore in FY24 from Rs 32.8 crore in FY23. Due to the substantial revenue growth, uppercase was able to reduce its losses by 19.2%, bringing them down to Rs 17.55 crore in the fiscal year ending March 2024 from Rs 21.71 crore in FY23. FY23-FY24 FY23 FY24 EBITDA Margin -195.14% -29.78% Expense/₹ of Op Revenue ₹2.12 ₹1.34 ROCE -79.91% -67.45% The company’s return on Capital employed (ROCE) and EBITDA margin stood at -67.45% and -29.78%, respectively. On a per-unit basis, uppercase spent Rs 1.34 to generate Re 1 of operating income in FY24, a significant improvement from Rs 2.12 per rupee of income in FY23. uppercase sells travel gear both online and through 1,800 multi-brand stores across India. The Mumbai-based company is aiming to more than double its revenue to Rs 150 crore by FY25, with a longer-term goal of reaching Rs 500 crore by opening 250 exclusive retail stores over the next three years. uppercase faces competition from several direct-to-consumer (D2C) luggage brands, many of which have also raised significant capital over the past year. In February, Mokobara raised $12 million in a Series B funding round led by Peak XV. Assembly secured $2 million in funding, led by Prath Capital, while Nasher Miles raised $4 million in a bridge round. EUME also managed to secure funds in a seed round. It has been interesting to see a relatively low profile category like luggage draw so much attention in recent years. Ironically, a lot of it is thanks to ex-VIP hands who are helming uppercase or even leader Samsonite, for that matter. Continuing weakness at VIP seems to have opened up opportunities for other players to step in, besides innovation in terms of market segmentation. A market that is dominated by the top 3 players at over 85% share even today (VIP, Samsonite and Safari) could be wearing a very different look if the well made plans of many of these new entrants play out. Even otherwise, the market remains semi-commoditised, thanks to cheap imports, and the relative ease of picking up luggage from other markets for international travelers from India, for instance. Brand loyalty remains low in the mass segment, and it will take a significant breakthrough in terms of manufacturing, funding or branding to shift the market trajectory from a discounts and distribution based model.

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Luggage brand EUME raises Rs 15 Cr in new round

EntrackrEntrackr · 1y ago
Luggage brand EUME raises Rs 15 Cr in new round
Medial

EUME, a sustainable and eco-conscious luggage brand, has raised Rs 15 crore ($1.7 million) in a new round led by Ashish Kacholia. This is the second funding raised by the Mumbai-based startup. In February last year, EUME had raised an undisclosed amount from Mumbai Angels. The proceeds will be used to ramp up operations, expand the team, drive innovation, build an offline retail presence, invest in technology and enhance brand awareness. Founded by Naina Parek, the startup offers a diverse product portfolio, which includes luggage, backpacks, vegan handbags, and accessories, among others. Last year, EUME claimed to have clocked a monthly run-rate of Rs 1.8 crore.It targets a revenue of Rs 65-70 crore by the end of FY25. Its sales are split evenly between its own website and marketplaces. The startup also plans to launch its flagship store in Mumbai this year. Earlier this year, luggage brand Mokobara raised $12 million in a Series B funding round led by Peak XV Partners. Besides Mokobara, EUME also competes with Assembly and Uppercase.

Fur Jaden raises Rs 9.5 Cr in pre Series A from Gruhas Collective Consumer Fund

EntrackrEntrackr · 3m ago
Fur Jaden raises Rs 9.5 Cr in pre Series A from Gruhas Collective Consumer Fund
Medial

Snippets Fur Jaden raises Rs 9.5 Cr in pre Series A from Gruhas Collective Consumer Fund Lifestyle luggage brand Fur Jaden has picked up Rs 9.5 crore (about $1.1 million) in pre-Series A funding round led by Gruhas Collective Consumer Fund (GCCF). The proceeds will be used to accelerate growth by building high-calibre professional teams, amplifying brand presence, expanding product categories, and scaling omnichannel retail reach, Fur Jaden said in a press release. Co-founded in 2015 by Sahil Rajesh Bansal and Karishma Bansal, Fur Jaden is an innovative Indian fashion and lifestyle accessory brand committed to redefining the perception of backpacks and luggage. With a focus on sustainability, innovation, and design, the brand offers a diverse range of products that cater to the evolving needs of modern consumers, positioning itself as more than just a product manufacturer, but a lifestyle partner. Since its inception, Fur Jaden claims that it has built a devoted consumer base, delighting over 1 million customers with its curated product portfolio. This spans multiple categories, including luggage, travel duffles, backpacks, and crossbody bags. With a firm commitment to sustainability, 50% of the brand’s product line features an eco-friendly range, incorporating cruelty-free vegan leather and recycled canvas. According to market research, the Indian luggage, bags, and backpack market was estimated at Rs 20,400 crore in 2024 and is projected to reach Rs 29,900 crore by 2030, growing at a CAGR of 8% from 2025 to 2030. Over the next 16–18 months, the brand aims to achieve an annual recurring revenue (ARR) of Rs 100 crore in net revenue. Simultaneously, over the next five years, the brand is focused on cementing its position as a leading home-grown lifestyle luggage brand with a robust pan-India presence.

Travel accessories brand EUME raises Rs 25 Cr in Series A

EntrackrEntrackr · 1m ago
Travel accessories brand EUME raises Rs 25 Cr in Series A
Medial

Travel accessories brand EUME has raised Rs 25 crore ($3 million) in its Series A equity round led by investor Ashish Kacholia. Existing backers including Pradeep Rathod of Cello Group and Prithviraj Kothari of Arvog Financial also participated. Earlier in June last year, the Mumbai-based startup had raised Rs 15 crore ($1.7 million) in a new round led by Ashish Kacholia. The proceeds will be used to scale physical retail, strengthen operations, invest in marketing, and support working capital needs. Founded by Naina Parekh and Pranay Parekh, EUME began as a design-forward luggage brand and has built awareness through associations with events like the Tata Mumbai Marathon and SulaFest. EUME plans to open three flagship stores within 45 days in Bengaluru (Mall of Asia), Mumbai (Oberoi Sky City), and Hyderabad (Sarath City). These new locations are part of the firm’s strategy to grow its offline presence and tap into metro markets. The brand aims to position itself as a premium luggage player, combining retail expansion with product innovation. The brand is set to expand its portfolio across travel categories and focus on premium-priced offerings. It also continues to grow its presence in both B2C and B2B segments, including corporate gifting partnerships.

True Balance’s profit zooms over 2X to Rs 138 Cr in FY24

EntrackrEntrackr · 11m ago
True Balance’s profit zooms over 2X to Rs 138 Cr in FY24
Medial

True Balance, founded by South Korean entrepreneur Cheolwon Lee, started with a mobile and DTH recharge platform. However, the company’s business dynamics changed drastically after FY21 when it started lending (personal or short-term loans). This shift enabled the company to register over 74X growth in its scale in the past five fiscals as its revenue ballooned to Rs 667 crore in FY24 from Rs 8.95 crore in FY19. For context, the SoftBank-backed firm started lending in FY20 through third parties, and a year later it also got its own NBFC —True Balance. On a fiscal to fiscal basis, True Balance’s operating revenue grew 54.8% to Rs 667 crore in FY24 from Rs 431 crore in FY23, its consolidated financial statements sourced from Registrar of Companies show. True Balance’s personal loan platform usually targets borrowers who are neglected by banks and have no credit scores. The service and processing charges on the loans offered contributed 56% of the firm’s total operating revenue. This income spiked 63.2% to Rs 377 crore in FY24 from Rs 231 crore in FY23. Meanwhile, the income from interest stood at Rs 280 crore in FY24. The penalties on dues and non-operating incomes (interest from fixed and current investments) took True Balance’s overall revenue to Rs 673 crore in the fiscal year ending March 2024 from Rs 433 crore in FY23. See TheKredible for the detailed revenue breakup. For the cash loan firm, the bad debts (NPAs) and their provisions formed 36.2% of its overall cost which increased by 26.3% to Rs 202 crore in FY24 from Rs 160 crore in FY23. The fintech firm had written off the bad debts worth over Rs 114 crore while the rest were the provisions related to the bad debts in FY24. The firm’s spending on employee benefits, finance, advertising, information technology, technical, legal, and other overheads took its overall cost up by 51.4% to Rs 557 crore in FY24. Head to TheKredible for the detailed expense breakdown. Over 50% YoY growth helped True Balance to post a 2.3X jump in its net profits to Rs 138 crore in FY24 from Rs 59 crore in FY23. Its ROCE and EBITDA margins improved to 42.24% and 27.64%, respectively. On a unit level, the ten year-old firm spent Rs 0.84 to earn a rupee in FY24. FY23-FY24 FY23 FY24 EBITDA Margin 22.40% 27.64% Expense/₹ of Op Revenue ₹0.85 ₹0.84 ROCE 32.11% 42.24% According to TheKredible, True Balance has raised $140 million across equity and debt rounds including its $28 million led by SoftBank and Daesung Private Equity. The company raised its last round almost three years back. Looking at the numbers, one can’t help but wonder at not just the numbers, but the impressive balancing act True Balance must manage to stay below the radar of regulators and watchdogs including the RBI. With its short tenure, high interest and high processing charges True Balance tries to balance out its high margins with the promise of 24×7 service and higher risk appetite. But as the delinquency numbers indicate, it must be a high intensity gig, balancing out risks versus margins. Even as margins are winning for now, we still believe the risk of sudden regulatory heavy handedness is intrinsic to its otherwise impressive business. It is also at a stage where the other next stage of growth will be fueled by more debt than equity. Considering the large appetite it can be expected to have to maintain its growth momentum, it will be fascinating to see if it has a trick or two for that too up its sleeve.

ProcMart GMV zooms 3X to Rs 621 Cr in FY24; profit slips 56%

EntrackrEntrackr · 10m ago
ProcMart GMV zooms 3X to Rs 621 Cr in FY24; profit slips 56%
Medial

B2B procurement marketplace ProcMart has been growing at a scorching pace over the past two fiscal years, with its gross merchandise value (GMV) spiking 5X in FY23 and FY24 compared to FY22. In FY24, the company achieved 3X GMV growth, but its profit nosedived by 56.5% ProcMart’s gross revenue shot up over 200% to Rs 621.5 crore during the fiscal year ending March 2024 in comparison to Rs 206.07 crore in FY23, the company’s consolidated financial statements sourced from the Registrar of Companies (RoC) show. ProcMart is engaged in the trading business of industrial automation, electrical, mechanical, electronics, IT items, abrasive, fasteners, safety & security items, various tools & consumables. The sale of these products accounted for 98% of the total gross revenue in the last fiscal year. The company also provides business procurement assistance services which formed the remaining part of the GMV during the last fiscal year. Overall, the company generated Rs 624.3 crore in gross revenue including Rs 2.79 crore from interest and gains on financial assets. Moving forward, the cost of materials was found to be the largest burn and formed 93.4% of the total expenses. This cost ballooned 216.3% to Rs 582 crore in FY24. The company spent 3% of its total expenses on employee benefits which stood at Rs 19 crore during the same period. Further, expenses such as transportation, legal & professional, rent et al took over the company’s total cost by 205.6% to Rs 623.4 crore during FY24 from Rs 204 crore in FY23 For the complete expense breakdown, head to TheKredible. Despite accelerating scale, ProcMart barely finished staying in the green. The company’s profits slipped 56.5% to Rs 73 lakh in FY24 against Rs 1.68 crore in FY23. Its operating cash flows however turned positive at Rs 15.81 crore crore during the last fiscal year. FY23-FY24 FY23 FY24 EBITDA Margin 2.28% 1.33% Expense/₹ of Op Revenue ₹0.99 ₹1.00 ROCE 7.33% 5.45% As per TheKredible, the firm’s EBITDA margin and ROCE registered at 1.33% and 5.45%, respectively. On a unit level, ProcMart spent Re 1 to earn a rupee of operating revenue during the previous fiscal year. ProcMar has raised over $40 million in funding to date across three rounds. Its last funding round came in April this year where it raised $30 million funding co-led by Fundamentum and Edelweiss Discovery Fund. As per TheKredible, the company was valued at around Rs 724 crore or $88 million (post-money). The B2B procurement space has been a surprise winner with the storied success of multiple firms. There is however little doubt that margins are thin, prompting changes in the model to contract manufacturing, financing and more by players. ProcMart for now seems to be sticking to the plain vanilla procurement based model. As it scales up, it will be interesting to see if it sticks to the model, or finds its own way into a higher margin revenue stream. Until then, it will know that maintaining a strong growth rate will be the least expected of it.

Foxtale's revenue soars to Rs 83 Cr in FY24, losses widen

EntrackrEntrackr · 6m ago
Foxtale's revenue soars to Rs 83 Cr in FY24, losses widen
Medial

Foxtale, a direct-to-consumer (D2C) skincare brand, reported Rs 83 crore of revenue in its third full fiscal year, which ended in March 2024. However, in pursuit of scale, the losses for the Mumbai-based company crossed Rs 50 crore in the same period. Foxtale’s revenue from operations surged around 6X to Rs 83 crore in FY24 from Rs 14 crore in FY23, its annual financial statements sourced from the Registrar of Companies show. Founded in 2021 by Romita Mazumdar, Foxtale is an affordable skincare brand focused on products designed for Indian skin. Its products target issues such as acne, aging, and hyperpigmentation. The brand's products are available on its website and various marketplaces, including Nykaa, Amazon, Blinkit, Flipkart, and Myntra. The sale of skin and beauty products was Foxtale's sole source of revenue in the previous fiscal year. Similar to other D2C skincare brands, Foxtale spent Rs 50 crore on advertising and promotion, which is 36% of its overall cost. This cost saw an increase of 3.8X during FY24. To the tune of scale, its cost of procurement grew 5.8X to Rs 35 crore in the previous fiscal. Foxtale's employee benefit expenses, including salaries, provident fund (PF), gratuity, and ESOPs, surged 2.8x to Rs 20 crore in FY24. Its delivery, legal, outsourcing manpower, and other overheads pushed the overall expenditure to Rs 139 crore in FY24 from Rs 33 crore in FY23. Despite registering 6x fold in scale, higher advertising expenses and employee benefit costs drove Foxtale's losses up by 189% to Rs 55 crore in FY24, compared to Rs 19 crore in FY23. On a unit level, it spent Rs 1.67 to earn a rupee of operating revenue. At the end of FY24, its current assets were recorded at Rs 69 crore, including cash and bank balances of Rs 44 crore. Foxtale has emerged as one of the few D2C startups to secure $48 million across two funding rounds in just seven months. Its latest $30 million round was spearheaded by Japanese beauty products giant, Kose Corporation. Its major competitors include Sugar Cosmetics, WOW Skin Science, Plum, MamaEarth, Minimalist, and several others.

Pratilipi approaches Rs 60 Cr revenue mark in FY24, cuts losses by 62%

EntrackrEntrackr · 7m ago
Pratilipi approaches Rs 60 Cr revenue mark in FY24, cuts losses by 62%
Medial

Pratilipi demonstrated strong financial performance in the last fiscal year, with the company's revenue spiking nearly 66%. Moreover, the Bengaluru-based storytelling platform reduced its losses by over 62% during the fiscal year ending in March 2024. Pratilipi ’s revenue from operations grew to Rs 57.8 crore in FY24 from Rs 35 crore in FY23, its financial statement filed with the RoC shows. Pratilipi is an online storytelling platform which essentially focuses on text and audio storytelling in Indian languages such as Hindi, Gujarati, Bengali, Marathi, and Malayalam across various formats including audiobooks, podcasts, comics, web series and movies. Revenue from content and premium subscription services soared 2X to Rs 34.97 crore in FY24 and accounted for 60.5% of total operating revenue. Brand advertising services grew by 79% to Rs 7.53 crore, while the sale of books went up by 62% to Rs 10.62 crore in the last fiscal year. The company made an additional Rs 70 lakh from interest income which pushed its total revenue to Rs 58.5 crore in FY24. Looking at the expenses, employee benefit expenses, the largest cost segment, dropped by 21% to Rs 46.94 crore in FY24. Advertising expenses saw a steep decline of 62% to Rs 19.36 crore in the last fiscal year . Cloud services and software charges also fell down significantly. Overall, Pratilipi’s total expenses fell by 39% to Rs 116.7 crore in FY24. Due to tight control in expenses, the company’s net loss decreased by 62% to Rs 58.13 crore in FY24 from Rs 152.6 crore in FY23. Its ROCE and EBITDA margin stood at -81.01% and -89.74%, respectively. On a unit basis, Pratilipi spent Rs 2.02 to earn a rupee in FY24. The company reported Rs 2.3 crore in cash and bank balances and had a current asset of Rs 33.26 crore as of FY24. According to the startup data intelligence platform TheKredible, the Gurugram-based firm has raised over $80 million to date. Its leading investors include Krafton, Nexus Venture Partners, Omidyar Network, Shunwei Capital and Tencent. Pratilipi's CEO, Ranjeet Pratap Singh, recently said that the company aims to launch an initial public offering (IPO) in January 2026, depending on market conditions. He also mentioned plans to raise $12 million in a pre-IPO funding round, potentially at a lower valuation.

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