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Zetwerk logs 25% rise in FY24 operating revenue; loss triples to Rs 470 crore

Economic TimesEconomic Times · 7m ago
Zetwerk logs 25% rise in FY24 operating revenue; loss triples to Rs 470 crore
Medial

Contract manufacturing startup Zetwerk reported a 25% increase in operating revenue to Rs 14,436 crore for fiscal year 2024. This was driven by a 35% growth in gross merchandise value (GMV) to Rs 17,564 crore, with significant contributions from renewables and electronics. The company posted Ebitda of Rs 191 crore, compared to Rs 188 crore the previous year. However, Zetwerk's losses have tripled to Rs 470 crore due to its exit from the textile and apparel sector. The company plans to focus on growing renewables, aerospace and defense, and electronics. International expansion is also a key area of focus, with 20% of revenue coming from global markets. Zetwerk recently raised $70 million in funding, bringing its total funding to $90 million in 2024. The company is now valued at $3.1 billion and is preparing for an IPO.

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PB Fintech crosses Rs 1,508 Cr revenue in Q4 FY25; profit triples

EntrackrEntrackr · 2m ago
PB Fintech crosses Rs 1,508 Cr revenue in Q4 FY25; profit triples
Medial

PB Fintech, the parent company of online insurance aggregator and brokerage platform PolicyBazaar, has released its financial results for the fourth quarter of the ongoing fiscal year (Q4 FY25). The company reported a 38% growth in scale, while its year-on-year (YoY) profits increased by 2.85X during the same period. PolicyBazaar’s revenue from operations surged 38% to Rs 1,508 crore in Q4 FY25 in contrast to Rs 1,089 crore in Q4 FY24, as per the firm’s consolidated financial results sourced from the National Stock Exchange (NSE). For the full fiscal year (FY25), PolicyBazaar’s operating revenue increased 33% to Rs 4,977 crore in FY25 from Rs 3,738 crore in FY24. The Gurugram-based company generated the largest share (87%) of its operating revenue from insurance broker services, which rose to Rs 1,322 crore in Q4 FY25 from Rs 915 crore in Q4 FY24. For the full fiscal year, it accounted for 86% of the revenue at Rs 4,298 crore. Besides operating revenue, the firm also earned Rs 101 crore via interest and gains from financial assets during the quarter which took its total topline to Rs 1,609 crore in the quarter ending March 2025. Meanwhile, for the full fiscal year, total income crossed the Rs 5,000 crore mark at Rs 5,385 crore. PolicyBazaar has not provided a detailed breakdown of expenses in its quarterly financial statements. However, employee benefits expenses rose by 15% YoY to Rs 508 crore. Overall, the company's total costs grew 29% to Rs 1,437 crore in Q4 FY25 compared to Rs 1,114 crore in Q4 FY24. For the full financial year ending March 2025, the firm’s total expenses rose to Rs 5,039 crore as against Rs 3,739 crore in FY24. In the end, PolicyBazaar's net profits surged 2.85X to Rs 171 crore in Q4 FY25 from Rs 60 crore in Q4 FY24. On a fiscal basis, its net profit spiked 5.5X to Rs 353 crore in FY25 from Rs 64 crore in FY24. PolicyBazaar is currently trading at Rs 1,796 with a total market capitalization of Rs 82,500 crore.

Battery Smart’s revenue triples in FY24 but losses widen over 2X

EntrackrEntrackr · 2m ago
Battery Smart’s revenue triples in FY24 but losses widen over 2X
Medial

Battery Smart, a battery-swapping network for electric two- and three-wheelers, recorded a three-fold increase in revenue for the fiscal year ending March 2024. However, its losses also doubled as the Gurugram-based company aggressively pursued scale. Battery Smart’s operating revenue soared 193% to Rs 164 crore in FY24 from Rs 56 crore in FY23, as per its consolidated financial statements sourced from the Registrar of Companies (RoC). The company made additional Rs 23 crore from interest on financial assets which pushed its total income to Rs 187 crore in FY24. On the expense side, depreciation charges ballooned 3.8X to Rs 85 crore, while finance costs rose nearly 3.75x to Rs 45 crore. Employee benefit expenses increased 95.2% to Rs 41 crore. Interestingly, advertising expenses fell by 60% to Rs 8 crore during the said fiscal year. Overall, Battery Smart’s total expenditure more than doubled to Rs 327 crore in FY24 from Rs 125 crore in FY23. Despite strong top-line growth, Battery Smart’s losses widened significantly. The company posted a net loss of Rs 140 crore in FY24, more than double the Rs 61 crore loss in FY23. Its Return on Capital Employed (ROCE) and EBITDA margin stood at -18.34% and -5.35%, respectively. On a unit basis, the company spent Rs 1.99 to earn a rupee in operating revenue. As of March 2024, the Gurugram-based firm reported current assets worth Rs 328 crore including Rs 107 crore in cash and bank balance. According to startup data intelligence platform TheKredible, Battery Smart has raised a total of approx $192 million of funding till date, having Tiger Global and Blume Ventures as its lead investors. Its co-founders Pulkit Khurana and Siddhart Sikka together own 28.5% of the company. Battery Smart remains one of the better positioned firms to benefit from the increased electrification of mobility in India, particularly two and three wheelers. The firm has incurred high costs as it establishes the best SOP and learns, never an easy task in a complex market like India. What probably helps it is the almost complete focus on B2B segments. The biggest risk factor of course remains the pushback from large manufacturers to have proprietary batteries, or a preference to build their own swapping networks as seen in the case of Honda recently. However, Battery Smart continues to have a lot going for it particularly in the three wheeler segment, where the swapping model trumps charging for now, by saving time and ensuring higher usage of the vehicle.

Magicpin triples revenue to Rs 870 Cr in FY24, cuts losses

EntrackrEntrackr · 5m ago
Magicpin triples revenue to Rs 870 Cr in FY24, cuts losses
Medial

Magicpin triples revenue to Rs 870 Cr in FY24, cuts losses Hyperlocal retail platform Magicpin demonstrated notable financial results, scaling nearly three-fold during the last fiscal year, which ended in March 2024. Moreover, the Gurugram-based firm managed to control its losses by 25% in the same period. Magicpin’s revenue from operations surged 2.92X year-on-year to Rs 870 crore in FY24 from Rs 297 crore in FY23, its annual financial statements sourced from the Registrar of Companies show. Magicpin, a hyperlocal retail platform, has partnered with over 500 brands and 20,000 fashion stores across India. The sale of vouchers contributed 92% of its total operating revenue, making it the primary revenue source for the Lightspeed-backed firm. Additional revenue came from commissions and ONDC subsidies. The company earned an additional Rs 9.6 crore from interest on deposits and investment gains, bringing its total income to Rs 880 crore in the last fiscal year from Rs 315 crore in FY23. Magicpin has launched MagicFleet, an AI-powered SaaS platform that onboarded over 40,000 riders in its first four months and now processes more than 3,00,000 orders per month. The company plans to expand this to 1,00,000 riders and 1 million deliveries. It introduced magicNow, a feature designed to meet the increasing demand for fast deliveries. For the reward platform firm, the procurement of vouchers was the largest cost center, forming 80.7% of the overall expenditure. To the tune of scale, this cost grew 3X to Rs 776 crore in FY24 from Rs 253 crore in FY23. The firm managed to keep its employee benefits flat and its advertising cost was reduced by 15% in the previous fiscal. Its delivery charges, technology, server, payment gateway, legal, and other overheads pushed the total expenditure to Rs 961 crore in FY24. The three-fold surge in scale coupled with controlled expenditure helped Magicpin to reduce its losses by 25% to Rs 78 crore in FY24. Its ROCE and EBITDA margins stood at -49.7% and -8.67%, respectively. Magicpin’s cost efficiency improved, with Rs 1.10 spent to earn a rupee in FY24. At the end of the last fiscal year, its total current assets stood at 196 crore with the cash and bank balance of Rs 50 crore. We excluded ESOP costs from the loss calculation as they are non-cash expenses. Magicpin reported that FY 2024 was a transformative year, establishing itself as India’s largest hyperlocal startup, the third-largest food delivery app, and the largest seller app on ONDC for delivery, according to CFO Chunky Shah. Magicpin has grown without raising external funds in the past two fiscal years. In November 2021, it secured $60 million in a Series D round, with Zomato investing $50 million for a 16% stake. According to TheKredible, Lightspeed is the largest stakeholder, holding a 34% stake in the firm. Launched well after the first startup rush into ecomm but early enough to avoid some of the worst excesses, Magicpin has done well to outlast many of its peers since it started in 2015. Leaving it well placed to take advantage in a market that has evolved considerably, and no longer demands the kind of burn rates we saw till about 2020. As a leader in the ONDC space, Magicpin has gained a strategic advantage and appears well-positioned to leverage new opportunities. The company, often seen as a quiet performer, may still have more surprises in store.

Facebook-owner Meta’s India ad sales up 24% to $2.7 bn | The Arc

The Arc WebThe Arc Web · 8m ago
Facebook-owner Meta’s India ad sales up 24% to $2.7 bn | The Arc
Medial

In FY24, Facebook India Online Services, a subsidiary of Meta, saw a 25% increase in gross advertising revenue, reaching Rs 22,730 crore ($2.7 billion). The operating revenue rose to Rs 3,035 crore ($361 million), with a 37% growth in profit before tax at Rs 714 crore ($85 million) and a 43% rise in profit after tax at Rs 505 crore ($60 million). Employee benefit expenses grew by 8% to Rs 476.2 crore, and cash reserves increased by 36% to Rs 2,265 crore. After terminating a reseller agreement in July 2022, Facebook India now operates under an "operating license agreement" with Meta USA, allowing it to commercialize Meta’s IP in India. Revenue is generated from both impression- and action-based ads, and Facebook India compensates Meta USA with royalties for IP use and infrastructure maintenance fees.

BigBasket reports 6% increase in FY24 consolidated operating revenue at Rs 10,062 crore

Economic TimesEconomic Times · 9m ago
BigBasket reports 6% increase in FY24 consolidated operating revenue at Rs 10,062 crore
Medial

- Supermarket Grocery Supplies, the parent company of BigBasket, reported a 6% increase in operating revenue for FY24 at Rs 10,062 crore. - BigBasket's losses reduced to Rs 1,415 crore from Rs 1,785 crore in FY23. - Total expenses for BigBasket slightly increased to Rs 11,515 crore compared to Rs 11,284 crore in FY23. - BigBasket's advertising and sales promotion costs decreased from Rs 385 crore to Rs 330 crore in FY24. - Innovative Retail Concepts, a subsidiary of Supermarket Grocery Supplies, registered a 6% YoY growth in operating revenue for FY24 at Rs 7,885 crore, with a net loss of Rs 1,267 crore. - BigBasket is planning to raise $80-100 million through a mix of debt and equity to support its expansion plans, especially in the quick-commerce segment.

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