🚀 Medial Secures Investment on Shark Tank India - Fueling the Future of Professional Social Networking. 🔥
Login

News on Medial

Yubi posts Rs 328 Cr revenue and Rs 482 Cr loss in FY23

EntrackrEntrackr · 1y ago
Yubi posts Rs 328 Cr revenue and Rs 482 Cr loss in FY23
Medial

Yubi (formerly CredAvenue) grabbed wide attention when Vivriti Capital sold a part of its stake in the digital lending company at a valuation of $1.5 billion. Even as Vivitri made a fortune after the secondary transaction, the firm’s bottom line worsened, by 8X in the fiscal year ending March 2023. We will dive deeper into the company’s expenses pattern, which is responsible for its steep losses later in our analysis. For now, let’s review its collection streams. Yubi’s revenue from operations surged 98% to Rs 328 crore in FY23 from Rs 166 crore in FY22, its consolidated financial statements filed with the Registrar of Companies show. Yubi is a debt platform that connects businesses with banks and NBFCs. The company offers six distinct products including a lending marketplace, a supply chain financing marketplace, and dedicated real estate and infrastructure financing solutions. With 6,200 investors and over 17,000 active enterprises on board, Yubi claims to have facilitated credit worth Rs 1.4 lakh crore. Income from merchant banking and other allied services provided to corporate borrowers and debt investors formed 54% of the total revenue. Commissions on debt facilitation, collection solutions and data collection were other revenue drivers for Yubi. Check TheKredible for the detailed revenue breakup. Similar to the other technology startups, Yubi’s employee benefits accounted for 48% of the overall expenses. This cost surged 4.7X to Rs 432 crore in FY23 from Rs 92 crore in FY22. This expense also included Rs 109 crore as ESOPs cost (non-cash in nature). Yubi’s business supports services, information technology, traveling, legal/professional, and marketing costs took its overall expenditure up by 314% to Rs 895 crore in FY23 from Rs 216 crore in FY22. Expenses Breakdown Total ₹ 216 Cr https://thekredible.com/company/yubi-credavenue-/financials View Full Data To access complete data, visithttps://thekredible.com/company/yubi-credavenue-/financials Total ₹ 895 Cr https://thekredible.com/company/yubi-credavenue-/financials View Full Data To access complete data, visithttps://thekredible.com/company/yubi-credavenue-/financials Employee benefit Employee benefit Business support service Business support service Information technology Information technology Travelling conveyance Travelling conveyance Legal professional Legal professional Advertising promotional Advertising promotional Others To check complete Expense Breakdown visit thekredible.com View full data Head to TheKredible for a complete expense breakdown. At the end, Yubi’s losses increased by 745% to Rs 482 crore in FY23 from Rs 57 crore in FY22. Its ROCE and EBITDA margin worsened -30% and -105%, respectively. On a unit level, the Chennai-based company spent Rs 2.73 to earn a rupee of operating revenue during FY23. FY22-FY23 FY22 FY23 EBITDA Margin -8% -105.1% Expense/₹ of Op Revenue ₹1.30 ₹2.73 ROCE -2% -30% Rs 328 crore is probably a very small, if not fraction of where Yubi wants to be, operating in a market as vast as the debt syndication market in India. While it is too early to judge it for its operating metrics, the assumption is that having arranged credit of almost $18 billion, the firm will have picking up learnings and data along the way that continue to make it better at its job. It’s a market where seasoning, or time spent in the market matters, and 3 years or more is the minimum one would give before deciding if a firm has it to last. Of course, competition is intense, as is the risk of disintermediation that always hangs in this business, even as the proliferation of platforms like Yubi, Lendingkart etc has probably proven that it is one risk that is overhyped.

Related News

Exclusive: Fintech unicorn Yubi adds fresh ESOPs worth $26 Mn

EntrackrEntrackr · 11m ago
Exclusive: Fintech unicorn Yubi adds fresh ESOPs worth $26 Mn
Medial

Fintech unicorn Yubi (formerly CredAvenue), which provides loans to businesses, has added fresh employee stock option (ESOP) options for its employees under its existing and new ESOP plans. The board at Yubi has approved a special resolution to add 22,00,000 employee stock options to its new and existing plan, bringing the total ESOP pool to 60,08,920 options, its regulatory filing accessed through the Registrar of Companies (RoC) shows. Yubi has added 11,00,000 new stock options to its existing 2022 ESOP plan, bringing the total to 4,908,920 options. The company has introduced a new 2024 ESOP plan with another 11,00,000 options, a separate filing with the RoC shows. The filing further added that expanding the ESOP pool is an attempt to attract and retain talents working with the company. According to TheKredible’s estimates, the newly added ESOP options are worth around $26 million while the company’s total ESOP plan stood at $70 million. Yubi turned unicorn in March 2022 after a $135 million Series B round led by Insight Partners, Dragoneer Investment Group, and B Capital Group. Last year, its valuation touched $1.5 billion after secondary sale. For the uninitiated, Yubi’s platform connects businesses seeking loans with financial institutions and other investors. Its solutions include vendor and dealer financing, and a bonds marketplace that provides access to exclusive primary and secondary bonds. In July, Yubi led a Rs 150 crore debt round for Infra. Market and also participated in a debt round for Auxilo. Entrackr exclusively reported both developments. The Vivriti-backed company almost doubled its revenue to Rs 328 crore in FY23. However, in its pursuit of growth, the firm’s losses spiked more than eight-fold to Rs 482 crore during the same period. The Bengaluru-based firm is yet to file annual financial statements for FY24.

Decathlon India posts Rs 4,008 Cr revenue and Rs 197 Cr PAT in FY24

EntrackrEntrackr · 3m ago
Decathlon India posts Rs 4,008 Cr revenue and Rs 197 Cr PAT in FY24
Medial

Decathlon India posts Rs 4,008 Cr revenue and Rs 197 Cr PAT in FY24 Decathlon has made a turnaround in FY24, reporting a profit of Rs 197 crore, a sharp recovery from a Rs 18 crore loss in FY23. However, its revenue growth remained flat, registering a 2.2% year-on-year increase for the fiscal year ending March 2024. Decathlon India’s revenue from operations grew to Rs 4,008 crore in FY24 from Rs 3,920 crore in FY23, its annual standalone financial statements sourced from the Registrar of Companies (RoC) show. Decathlon India operates on a direct-to-consumer model, managing the design, manufacturing, and sale of its sports gear through large retail stores and an e-commerce platform. The company currently operates 90 stores across India. The sale of sports products was the sole source of revenue for Decathlon India. It also added Rs 58 crore from interest on investments and other non-operating income which tallied its overall to Rs 4,066 crore in FY24. The cost of procurement was the latest cost center forming 64.4% of the overall expenditure. This cost was reduced by 4.3% to Rs 2,448 crore in FY24, compared to Rs 2,559 crore in FY23. Decathlon India spent Rs 327 crore on employee benefits. Its controlled spending on power, rent, repairs, fuel, advertising, information technology, freight, franchisee fees, and legal/professional expenses led to an overall cost reduction of 4.5% to Rs 3,797 crore in FY24 from Rs 3,975 crore in FY23. Despite modest revenue growth, Decathlon India’s cost-control measures enabled it to post a net profit of Rs 197 crore in FY24, a sharp recovery from a Rs 18.6 crore loss in FY23. On a unit level, the company spent Re 0.95 to earn a rupee, with improved ROCE at 17.79% and EBITDA at 14.49%. By the end of the last fiscal year (FY24), its total current assets stood at Rs 1,247 crore, including Rs 325 crore in cash and bank balances. Last year, Decathlon India CEO Sankar Chatterjee mentioned that the company plans to double its revenue to Rs 8,000 crore within the next 3 to 5 years.

Info Edge crosses Rs 2,500 Cr revenue and Rs 500 Cr profit threshold in FY24

EntrackrEntrackr · 1y ago
Info Edge crosses Rs 2,500 Cr revenue and Rs 500 Cr profit threshold in FY24
Medial

Info Edge, the parent company of Naukri and 99acres, published its financial statements on Thursday. The consolidated figures showcased a modest 8% increase in revenue for FY24. However, the company made a turnaround in its bottom line, transitioning from a loss of Rs 70 crore in FY23 to a profit of Rs 594 crore in FY24. Info Edge’s revenue from operations grew 8% to Rs 2,536 crore in FY24 from Rs 2,345 crore in FY23, its consolidated financial statements disclosed with the stock exchange shows. Meanwhile, the company posted a 4.8% increase in revenue to Rs 657 crore in Q4 FY24 from Rs 627 crore in Q3 FY24. The Sanjeev Bikchandani-led firm operates through different segments. Income from Naukari.com and related portals formed 74.1% of its total revenue which increased 7.49% to Rs 1,880 crore in FY24. Its other segment 99acres saw a 23.6% growth to Rs 351 crore in FY24. Jeevansathi and Shiksha combined participated with Rs 305 crore of revenue during FY24. Info Edge made Rs 414 crore from non-operating activities tallying its total revenue to Rs 2,950 crore in FY24. Akin to other internet companies, its employee benefits accounted for 61% of its total expenditure which grew only 2.83% to Rs 1,128 crore in FY24 from Rs 1,097 crore in FY22. Info Edge’s network/internet, advertising cum promotional, legal, traveling and other overheads push the total expenditure to Rs 1830 crore in FY23 from Rs 1,858 crore in FY23. Note 1: The company recorded exceptional items of Rs 110 crore and Rs 509 crore in FY24 and FY23 respectively due to the decrease in the carrying value of investments. This was the primary reason for the significant loss posted in FY23. Note 2: The company has 15 joint ventures including Makesense, Happily Unmarried’s Ustraa (now acquired by VLCC), Shopkirana, Juno, Sploot and others during FY24. Info Edge recorded a share loss of Rs 131 crore and 231 crore in FY24 and FY23 respectively in its joint ventures which also makes a part of its consolidated figures and reflects losses in the financial statements. At the end, Indo Edge posted a net profit of Rs 594 crore in FY24 where the figures stood at a loss of Rs 70 crore in FY23 (refer note 1 and 2). On a unit level, it spent Rs 0.72 to earn a rupee in FY23.

After Rs 215 Cr profit in FY22, Molbio reports Rs 3 Cr loss in FY23

EntrackrEntrackr · 1y ago
After Rs 215 Cr profit in FY22, Molbio reports Rs 3 Cr loss in FY23
Medial

Healthcare diagnostics firm Molbio achieved unicorn status after a $85 million funding round led by Temasek in September 2022, but its success was short-lived, lasting only through the pandemic. Molbio’s revenue plummeted 74%, from Rs 1,272 crore in FY21 to Rs 332 crore in FY23. Significantly, the company slipped into losses in FY23 and posted a loss of Rs 3.4 crore in the same period as compared to Rs 215 cr profit in FY22. On a year-on-year basis, the firm, also the first ever Unicorn from Goa saw a 57% decline in its revenue to Rs 332 crore in FY23 from Rs 776 crore in FY22, its annual financial statement sourced from the RoC shows. Truenat, the flagship product of Molbio Diagnostics, provides a real-time IoT-enabled testing kit for over 30 diseases. The sale of Truenat, Micro PCR workstations, reagent kits, and cartridges were some major avenues for the company’s collections. Truenat is mostly relevant for the diagnosis of Tuberculosis. The Goa-based firm also made Rs 5 crore from interest and gain on financial assets tallying its overall revenue to Rs 337 crore in FY23. For the diagnostic firm, the cost procurement of raw materials and medical components accounted for 44% of the overall expenditure. In the line with the scale, this cost decreased by 47.4% to Rs 143 crore in FY23. Molbio’s spending on employee benefits, traveling, legal, advertising cum promotional, freight, and other overheads took the overall cost to Rs 328 crore in FY23 from Rs 486 crore in FY22. The 57% decline in scale and the pressure of fixed costs pushed Molbio into the red and it reported a loss of Rs 3.4 crore in FY23. This is a significant downturn compared to the Rs 215 crore profit posted by the firm in FY22. Its ROCE and EBITDA margin worsened to 2% and 14.5%, respectively. On a unit level, it spent Rs 0.99 to earn a rupee in FY23. The Goa-based company has raised Rs 970 crore to date. According to the startup data intelligence platform TheKredible, its promoters through Exxora Trading LLP are the largest stakeholders with 41.7% shares followed by Motilal Oswal which commands 12.96%. Molbio claims that it closed FY24 with Rs 850 crore in revenue and has plans to strengthen its global presence this fiscal, along with launching new products in the Indian market. With these initiatives, it targets a revenue of Rs 1,200 crore and plans to raise around Rs 2,200 crore to Rs 2,400 crore via public listing in the ongoing fiscal year (FY25). FY23-FY24 FY23 FY24 EBITDA Margin 48% 14.5% Expense/₹ of Op Revenue ₹0.63 ₹0.99 ROCE 44% 2% Large fundraising plans along with growth ambitions are par for the course for a firm that has taken the kind of hits Molbio has. It might not find it as simple to convince investors it can execute, especially in a market where both regulations and perceptions towards portable testing kits are changing, even as Truenat itself remains relevant thanks to the wide prevalence of tuberculosis and its variations even today. Cost pressures from other, more low cost options is just one side of the market, even as its own plans to expand to other disease diagnostics need to show real progress fast.

Download the medial app to read full posts, comements and news.