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WeWork India raises Rs 500 Cr via rights issue

EntrackrEntrackr ยท 8m ago
WeWork India raises Rs 500 Cr via rights issue
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WeWork India, a flexible workspace operator in India, has raised Rs 500 crore (around $57.8 million) via a rights issue. The proceeds will be used for the repayment of debt, strengthening the companyโ€™s pathway to being debt-free, and reducing our cost of capital. WeWork India is currently operational across eight cities, with over 1 lakh desks, with relationships across key stakeholders such as landlords, International Property Consultants (IPCs), and members. Since its inception in India in 2016, WeWork India has expanded across 63 operational centers in Chennai, New Delhi, Gurugram, Noida, Mumbai, Bengaluru, Pune, and Hyderabad. WeWork Indiaโ€™s revenue from operations grew 26.7% to Rs 1,665 crore in the fiscal year ending March 2024 as compared to Rs 1,315 crore generated in the previous fiscal year, as per the companyโ€™s consolidated financial statements filed with the Registrar of Company. WeWork, the once high-flying co-working space provider, faced significant challenges in 2023 and 2024. In November 2023, the company filed for Chapter 11 bankruptcy in the US, however, it managed to emerge from bankruptcy after a few months. Despite these challenges, WeWork India is now eyeing an IPO, aiming for a valuation of $2-2.5 billion. Awfis became the first Indian co-working startup to list on the stock exchange, while Smartworks secured SEBI approval for its IPO. Other co-working companies like Simpliwork, Table Space, DevX, and Indiqube are also planning IPOs.

StayVista clocks Rs 140 Cr revenue in FY24, cuts losses by one-third

EntrackrEntrackr ยท 5m ago
StayVista clocks Rs 140 Cr revenue in FY24, cuts losses by one-third
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StayVista clocks Rs 140 Cr revenue in FY24, cuts losses by one-third Luxury vacation home rental platform StayVista continued its steady growth in the last fiscal year, with revenue increasing by 23%. At the same time, the company managed to reduce its losses by over one-third in FY24. StayVistaโ€™s revenue from operations increased to Rs 140 crore in FY24 from Rs 114 crore in FY23, according to its financial statement sourced from the Registrar of Companies (RoC). StayVista connects property owners with travelers seeking vacation rental accommodations. The platform enables property owners to list their rentals, while facilitating bookings and online payments. Revenue from these services was the companyโ€™s sole source of income. With minor contribution from other income, the company posted total revenue of Rs 143.48 crore in the last fiscal year. On the expense side, the cost of materialsโ€”the companyโ€™s largest expense categoryโ€”increased by 17.7% to Rs 109.5 crore in FY24. Employee benefit expenses also rose sharply, up 33% to Rs 28 crore, while legal and other operational expenses remained relatively stable at Rs 3.5 crore and Rs 11 crore, respectively. Overall, the companyโ€™s total expenses stood at Rs 152 crore for the year, marking an 18.8% increase from Rs 128 crore in FY23. StayVista reduced its losses by 33.3% to Rs 8 crore in FY24 from Rs 12 crore in the previous fiscal year. Its ROCE and EBITDA margin stood at -28.81% and -5.31%, respectively. On a unit level, StayVista spent Rs 1.09 to earn a rupee in FY24. As of March 2024, the Mumbai-based firm reported current assets worth Rs 50 crore which includes Rs 39 crore in cash and bank balances. According to startup data intelligence platform TheKredible, StayVista has raised a total of $7.5 million of funding till date, having DSG Consumer Partners as its lead investor who owns 17% of the company. Its co-founders Amit Damani, Ankita Sheth and Pranav Maheshwari together own 32.4% of the company. According to media reports, StayVista is planning to go public through an IPO by 2028, with a goal of raising Rs 600 crore (around $72 million) to further expand its network across India.

WeWork India posts Rs 1,314 Cr revenue in FY23; cuts losses by 77%

EntrackrEntrackr ยท 1y ago
WeWork India posts Rs 1,314 Cr revenue in FY23; cuts losses by 77%
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WeWork India has remained islanded from the turmoil at its US counterpoint, which filed for bankruptcy recently. WeWork Indiaโ€™s scale grew to over Rs 1,300 crore in the fiscal year ending March 2023. Significantly, it also narrowed down losses by 77% in the same period. WeWork India is operated by Bengaluru-based real-estate firm Embassy Group, which holds over 70% stake in the Indian avatar of the co-working firm. Embassy also holds the rights to use the WeWork brand name in India. WeWork Indiaโ€™s revenue from operations surged by 67.6% to Rs 1,314 crore in FY23 from Rs 784 crore in FY22, its consolidated financial statements filed with the Registrar of Companies show. Income from leasing office spaces was the primary source of revenue for WeWork accounting for 72% of the total revenue, which increased by 47.6% to Rs 942 crore in FY23. The rest of the income came from services fees and other allied services. See TheKredible for the detailed revenue breakup. WeWork Indiaโ€™s chief revenue officer Clifford Lobo told Entrackr that in the past year the firm has seen steady demand for its flexible workspace solutions. Moving over to the cost side, its depreciation and interest expense formed 67% of the overall cost and cumulatively stood at Rs 1,050 crore in FY23. Notably, a significant portion of this amount, Rs 883 crore was associated with leasing costs which the company spread year-on-year in the form of interest leasing and assets utilization. WeWork Indiaโ€™s employee benefits, rent, repair, information technology, management, advertising, and other overheads took its total expenditure up by 6% to Rs 1,570 crore in FY23. Check TheKredible for the complete expense breakup. Expense Breakdown Total โ‚น 1480 Cr https://thekredible.com/company/wework/financials View Full Data To access complete data, visithttps://thekredible.com/company/wework/financials Total โ‚น 1570 Cr https://thekredible.com/company/wework/financials View Full Data To access complete data, visithttps://thekredible.com/company/wework/financials Employee benefit Employee benefit Power and fuel Power and fuel Rent and repairs Rent and repairs Information technology Information technology Advertising promotional Advertising promotional Common area maintenance charges Common area maintenance charges Interest on lease and borrowing Interest on lease and borrowing Depreciation and amortisation Depreciation and amortisation Others To check complete Expense Breakdown visit thekredible.com View full data The impressive scale and controlled expenditure helped WeWork to reduce its losses by 77.3% to Rs 146 crore in FY23 from 643 crore in FY22. Its ROCE and EBITDA margin improved to -41% and 1.4% respectively. On a unit level, it spent Rs 1.19 to earn a rupee in FY23. โ€œโ€ฆImproving risk management and portfolio strategies has played a crucial role in boosting our margins in the last fiscal,โ€ Lobo explained when asked about the factors driving the better bottom line during FY23. Demand for coworking space is gradually increasing in India, with studies projecting the market to be worth nearly $3 billion by 2029 at a CAGR of 7%. Besides WeWork, several companies such as 91 Springboard, Awfis, and Mumbai Coworking are looking to tap into this segment. FY22-FY23 FY22 FY23 EBITDA Margin -46% 1.4% Expense/Rupee of ops revenue โ‚น1.89 โ‚น1.19 ROCE -232% -41% Among the notable competition, Awfis has been among the frontrunners in the domain. Its revenue from operations surged 2.1X to Rs 545 crore during the fiscal year ending March 2023 as compared to Rs 257 crore in FY22. However, the losses of the firm declined by 18.67% to Rs 46.6 crore in FY23. It also shared quarterly results for April-June 24, wherein the revenue stood at Rs 187.7 crore while losses stood at Rs 8.3 crore. Moreover, Awfis has filed its draft red herring prospectus (DRHP) with the Security Exchange Board of India (SEBI) for an initial public offering (IPO). At almost $115 million, WeWork India is comfortably the leader of the pack in the segment, and seems well on its way to breakeven. In this case, the parent firm could have learnt a lesson or two from the Indian subsidiary, on cost controls and operations. Having an established real estate player in the commercial segment as partner has helped no doubt as the Embassy group has proven. Going ahead, the firmโ€™s challenge remains controlling significant escalations in rentals for its customers, as the market remains competitive. While WeWork has an advantage with its premium position in most segments, it does face a real challenge from existing as well as upcoming firms. Real estate by its very nature is regional, and the co-working space has also thrown up many competent firms that are strong in just a single city, for instance. To that extent, sharpening the brandโ€™s edge remains key for the future in many ways.

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

EntrackrEntrackr ยท 10m ago
Amazon India logistics unit posts Rs 4,889 Cr income in FY24
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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 ATSโ€™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, ATSโ€™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 companyโ€™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 ATSโ€™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.

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

EntrackrEntrackr ยท 7m 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. FirstCryโ€™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, FirstCryโ€™s share price stood at Rs 419 per share, with a total market capitalization of Rs 21,753.8 crore (approximately $2.5 billion).

Flipkart Internet reports Rs 20,493 Cr revenue in FY25; losses down 37%

EntrackrEntrackr ยท 5d ago
Flipkart Internet reports Rs 20,493 Cr revenue in FY25; losses down 37%
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Flipkart Internet reports Rs 20,493 Cr revenue in FY25; losses down 37% Flipkart Internet, the B2B arm of Walmart-owned Flipkart, reported a 14% year-on-year rise in revenue, crossing the Rs 20,000 crore mark in the fiscal year ending March 2025. The Bengaluru-based firm also reduced its losses by 37%, bringing them below Rs 1,500 crore during the same period. Flipkart Internetโ€™s revenue from operations increased to Rs 20,493 crore in FY25, from Rs 17,907 crore in FY24, as per its consolidated financial statements filed with the Registrar of Companies (RoC). Flipkartโ€™s revenue is driven by marketplace, logistics, and advertising services. Income from marketplace services more than doubled to Rs 7,751 crore in FY25 from Rs 3,734 crore in FY24, contributing 38% to operating revenue. Advertising income surged 27% to Rs 6,317 crore, making up 31% of the topline. However, revenue from logistics services declined by 38% to Rs 4,224 crore, reducing its share to 21%. The firm made an additional Rs 314 crore from non-operating sources, which pushed its total revenue to Rs 20,807 crore in the last fiscal year (FY25). On the cost side, the largest cost head remained logistics service charges, which increased 9% to Rs 7,144 crore, accounting for 32% of total expenses. Employee benefit expenses declined 8% to Rs 4,748 crore, while marketing costs rose sharply by 37% to Rs 4,100 crore, making up 18% of overall costs. Collection charges stood at Rs 2,693 crore (12.1% of expenses) and legal/professional fees at Rs 1,394 crore. Overall, Flipkart Internetโ€™s total expenses grew 8% to Rs 22,311 crore in FY25 from Rs 20,627 crore in FY24. Flipkart Internet managed to cut its losses by 37% to Rs 1,494 crore in FY25, from Rs 2,359 crore in FY24. Its EBITDA losses narrowed to Rs 1,078 crore in FY25 from Rs 1,869 crore in FY24, with the EBITDA margin improving from -10.25% to -5.18%. On a unit level, Flipkart spent Rs 1.09 to earn a rupee in FY25, better than Rs 1.15 in FY24. The companyโ€™s current assets stood at Rs 11,952 crore, while cash and bank balances rose to Rs 187 crore.

Progcap crosses Rs 150 Cr revenue in FY24, cuts losses

EntrackrEntrackr ยท 6m ago
Progcap crosses Rs 150 Cr revenue in FY24, cuts losses
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Progcap crosses Rs 150 Cr revenue in FY24, cuts losses Peak XV and Tiger Global-backed fintech firm Progcap has scaled more than 5X in the last two fiscal years, from Rs 26 crore in FY22 to Rs 139 crore in FY24. The firm also managed to reduce its losses in the same period. Progcapโ€™s revenue from operations nearly doubled to Rs 139 crore in FY24 from Rs 71 crore in FY23, its consolidated financial statement sourced from the Registrar of Companies (RoC) shows. Progcap facilitates debt capital for underserved micro and small businesses. The fintech platform digitizes supply chains and facilitates access to finance for last mile retailers. Revenue from these services was the sole source of income for the company. Progcap made an additional Rs 20 crore from interest on deposits and gains on current investments which pushed its total income to Rs 159 crore in FY24 from Rs 102 crore in FY23. On the expense side, employee benefit costs remained the largest expenditure, accounting for 61% of the total expense, to the tune of scale. This cost grew by 15% to Rs 124 crore in FY24. The firmโ€™s finance costs surged sharply to Rs 22.5 crore from just Rs 1 crore in FY23. Other major expenses included collection deficiency charges (Rs 9.5 crore), travel expenses (Rs 6 crore), and miscellaneous costs. Overall, the companyโ€™s total expenses grew by 36% to Rs 203 crore in FY24 from Rs 149 crore in the preceding fiscal year. Progcap managed to cut its losses by 6% to Rs 46 crore in FY24 from Rs 49 crore in FY23. Its ROCE and EBITDA Margin improved to -2.96% and -11.32% respectively. On a unit basis, the company spent Rs 1.46 to earn a rupee of operating revenue in FY24. The Delhi-based firm reported current assets worth Rs 1,321 crore which include Rs 163 crore of cash and bank balance in FY24. According to TheKredible, Progcap has raised a total of approx $112 million in funding to date, having Tiger Global, Peak XV, Creation Investments, and GrowX Ventures as its lead investors. Progcapโ€™s co-founders, Pallavi Shrivastava and Himanshu Chandra, collectively hold a 23.41% stake in the company.

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

EntrackrEntrackr ยท 8m 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 Hotelsโ€™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 companyโ€™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 companyโ€™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.

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