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Zetwerk’s GMV slips 11% in FY25; posts Rs 371 Cr loss

EntrackrEntrackr · 9h ago
Zetwerk’s GMV slips 11% in FY25; posts Rs 371 Cr loss
Medial

B2B e-commerce unicorn Zetwerk, which is reportedly preparing to file for an initial public offering (IPO), saw its revenue decline in FY25. Despite the slowdown in the top line, the company managed to reduce its losses during the same period. Zetwerk’s gross revenue fell 11% to Rs 12,798 crore in FY25 from Rs 14,443 crore in FY24, according to its consolidated financial statements sourced from the Registrar of Companies (RoC). Zetwerk is a B2B manufacturing and construction marketplace. The company derives its revenue primarily from trading activities, manufacturing services, and construction and project contracts. Revenue from trading activities, which accounted for 58% of the income, declined 20% to Rs 7,706 crore in FY25. In contrast, revenue from manufacturing services grew 33.5% to Rs 2,682 crore. Income from construction and project contracts slipped 19% to Rs 2,242 crore, while other income stood at Rs 535 crore in FY25. Including non-operating income, Zetwerk’s total income stood at Rs 12,981 crore in FY25, compared to Rs 14,612 crore in FY24. On the expense side, the cost of materials accounted for over 85% of the total expense. This cost declined 17% to Rs 11,232 crore in FY25 from Rs 13,467 crore in FY24. Employee benefit expenses, however, rose 12% to Rs 517 crore, while subcontracting expenses increased 16% to Rs 250 crore. Finance costs remained largely flat at Rs 450 crore, and other expenses added another Rs 670 crore during the year. Overall, Zetwerk reduced its total expenses by 12% to Rs 13,196 crore in FY25 from Rs 15,001 crore in FY24. As a result, its expense-to-revenue ratio improved marginally to 1.03 from 1.04 a year earlier. With GMV declining, procurement costs came down accordingly, and coupled with a sharp drop in exceptional items, the company reduced its losses by 60% to Rs 371 crore in FY25 from Rs 918 crore in FY24. However, the company posted a positive EBITDA of Rs 145 crore in the same period. Its ROCE and EBITDA margin improved to -0.68% and 1.13% respectively. On the balance sheet front, Zetwerk’s cash and bank balances rose sharply to Rs 1,908 crore in FY25 from Rs 1,150 crore a year earlier. The company reported current assets worth Rs 7,840 crore in the same period. According to TheKredible, Zetwerk has raised a total of $889 million of funding till date, having Greenoaks, Peak XV Partners, Lightspeed Venture Partners and Accel as its lead investors. In April last year, Zetwerk had indicated that it was targeting a public listing within a 12 to 24 month period. The company is expected to file its draft prospectus this year through the confidential route for its $750 million IPO, which would be among the larger public market debuts by an India-based manufacturing company.

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Blackbuck posts Rs 41 Cr PBT in Q4 FY25, revenue grows 31%

EntrackrEntrackr · 7m ago
Blackbuck posts Rs 41 Cr PBT in Q4 FY25, revenue grows 31%
Medial

Blackbuck posts Rs 41 Cr PBT in Q4 FY25, revenue grows 31% Blackbuck's revenue from operations grew to Rs 122 crore in Q4 FY25 from Rs 93 crore in Q4 FY24, its financial statements sourced from the National Stock Exchange show. Online trucking platform Blackbuck has released its quarterly report for the financial year ending March 2025. The Bengaluru-based company reported a 31% year-on-year growth in scale in Q4 FY25 and turned profitable, posting a profit before tax (PBT) of Rs 41 crore in the quarter. For the full fiscal year (FY25), Blackbuck’s operating revenue increased 44% to Rs 427 crore in FY25 from Rs 297 crore in FY24. Revenue from its truck operator services was the primary source of revenue, accounting for 98% of total operating revenue. The company also made Rs 15 crore from interest income which took its overall revenue to Rs 137 crore in Q4 FY25, compared to Rs 99 crore in Q4 FY24. For the full fiscal year, the firm’s total revenue stood at Rs 462 crore in FY25. Looking at the expenses, the employee benefit cost accounted for 35% of the overall expenditure which fell 74% year-on-year to Rs 33 crore in Q4 FY25 from Rs 128 crore in Q4 FY24. Depreciation and other operating expenses were key overheads that drove total expenditure to Rs 95 crore in Q4 FY25, compared to Rs 187 crore in the same quarter last year. For the fiscal year ending March 2025, the firm’s total expenses fell to Rs 371 crore as compared to Rs 483 crore in FY24. Blackbuck booked profit before tax of Rs 41 crore in Q4 FY25, as compared to a loss of Rs 87 crore in Q4 FY24. Meanwhile, for the full fiscal year ended March 2025, the company remained at a loss of Rs 283 crore (before tax), 69% more than Rs 167 crore in FY24. Blackbuck debuted on the stock exchange at Rs 208.90 and is now trading at Rs 459 on May 27, bringing its total market capitalization to Rs 8,180 crore.

MobiKwik posts Rs 269 Cr revenue and Rs 55 Cr loss in Q3 FY25

EntrackrEntrackr · 11m ago
MobiKwik posts Rs 269 Cr revenue and Rs 55 Cr loss in Q3 FY25
Medial

MobiKwik posts Rs 269 Cr revenue and Rs 55 Cr loss in Q3 FY25 Fintech platform MobiKwik reported its quarterly results for the third quarter of the ongoing fiscal year (Q3 FY25) on the stock exchange today, reflecting a 17.5% year-on-year growth. MobiKwik’s revenue from operations increased to Rs 269 crore in Q3 FY25 from Rs 229 crore in Q3 FY24, its consolidated financial statements accessed from the National Stock Exchange (NSE) show. However, Mobikwik's earnings were reduced by 7.6% in Q3 FY25, compared to Rs 291 crore in Q2 FY25. MobiKwik's primary revenue sources in Q3 FY25 were commissions on recharges, processing, and interest on servicing loans, payment gateways, and technology platforms. However, the company did not provide an income breakdown in its quarterly report. Notably, Mobikwik's payment business grew 166% in Q3 FY25 to Rs 196.5 crore. According to the press release, MobiKwik's registered user base has grown to 167 million with 5 million merchants. The company’s payment of GMV has also increased by 2X year-on-year to Rs 29,400 crore. On the cost side, expenditures on the payment gateway were the largest cost center, accounting for 45.4% of the overall cost, which stood at Rs 144 crore in Q3 FY25. The cost of employee benefits and lending fees was recorded at Rs 44 crore and Rs 25 crore, respectively. Its financial guarantee, legal, advertising, finance, and other overheads took its total expenditure up by 44.1% to Rs 317 crore in Q3 FY25 from Rs 220 crore in Q3 FY24. In the end, Mobikwik reported a net loss of Rs 55.2 crore in Q3FY25, compared to a profit of Rs 5.1 crore in the same quarter of the previous fiscal year. During the first nine months of the ongoing fiscal year, its bottom line is negative at Rs 65.4 crore. Mobikwik made its debut on the stock exchange last Dec 24 with an impressive 59% premium on its issue price on the first day of its listing. The company is currently trading at Rs 406.75 (as of 14:25) with a total market capitalization of Rs 3,160 crore or (approximately $376 million).

Vyapar posts Rs 63 Cr loss in FY25; cash reserve fades 93%

EntrackrEntrackr · 1m ago
Vyapar posts Rs 63 Cr loss in FY25; cash reserve fades 93%
Medial

Vyapar posts Rs 63 Cr loss in FY25; cash reserve fades 93% Vyapar’s operating revenue rose 53% year-on-year to Rs 69 crore in FY25, up from Rs 45 crore in FY24, according to its consolidated financial statements filed with the Registrar of Companies (RoC). Business accounting software provider Vyapar continued to operate deep in the red in FY25 even as it expanded its year-on-year scale. The Delhi-based company’s losses remained high, though they narrowed, and its cash buffer eroded significantly during the last fiscal year. Founded in 2018, Vyapar helps SMEs keep track of their receivables and payables, inventory management, send customized invoices, payment reminders and transaction messages in multiple languages. Revenue from the sale of its software’s license accounted for 90% of the income while the rest came from provision of its services (subscriptions fee). Employee benefits remained the company’s largest cost component accounting for 72% of the total expense. This expense increased 11% to Rs 102 crore in FY25 from Rs 92 crore in FY24. Other operating overheads such as customer support cost, rent, marketing, etc added the remaining Rs 39 crore to the total income which increased by 11% year-on-year to Rs 141 crore in FY25 from Rs 127.5 crore in FY24. At the bottom line, the company reduced its net loss by 13% to Rs 63 crore, compared to Rs 72.6 crore in FY24. Its ROCE and EBITDA margin stood at -62.61% and -102.9% respectively. On a unit basis, the company spent Rs 2.04 to earn a rupee of operating revenue in FY25. The company’s current assets decreased to Rs 89 crore in FY25 from Rs 141 crore in FY24. Its cash and bank balance was cut by 93% to Rs 6 crore in FY25 from Rs 91 crore in FY24. Vyapar has raised a total of $36 million of funding till date, having Indiamart and WestBridge as its lead investors which owns 25.5% and 16% of the company respectively.

EaseMyTrip posts Rs 118 Cr revenue in Q2 FY26; slips into losses

EntrackrEntrackr · 1m ago
EaseMyTrip posts Rs 118 Cr revenue in Q2 FY26; slips into losses
Medial

EaseMyTrip posts Rs 118 Cr revenue in Q2 FY26; slips into losses Online travel aggregator (OTA) platform EaseMyTrip struggled during the second quarter of the ongoing fiscal year (FY26), with revenue declining over 18% and losing profitability. EaseMyTrip’s operating revenue decreased by 19% to Rs 118 crore in Q2 FY26 from Rs 145 crore in Q2 FY25, as per its financial statements filed with the National Stock Exchange (NSE). Air ticketing contributed 61% of the company’s revenue but fell 22% to Rs 72 crore in Q2 FY26, down from Rs 92.5 crore in Q2 FY25. Hotel packages accounted for 27% of total revenue, generating Rs 32 crore. Including other undisclosed income, its total income for Q2 FY26 stood at Rs 126 crore, compared to Rs 150 crore in Q2 FY25. According to the disclosure, the company’s revenue decreased by 22% to Rs 232 Cr in H1 FY26 from Rs 297 Cr in H1 FY25. EaseMyTrip’s total expenses rose 6% to Rs 120 crore in Q2 FY26 from Rs 113 crore in Q2 FY25. Employee benefit accounted for 26% of the total, increasing 24% to Rs 31 crore in Q2 FY26. Payment gateway charges, service costs, and advertising were other major costs for EaseMyTrip in the last quarter. With the dip in revenue and expense increasing, the company slipped into losses of Rs 36 crore in Q2 FY26 as compared to a profit of Rs 27 crore in Q2 FY25. On a unit basis, the Delhi-based company spent Rs 1.02 to earn a rupee of operating revenue during the last quarter. The company also announced the change of its senior officials in which Mr. Sankalp Kaul was appointed as Chief Technology Officer (CTO) of the Company replacing Mr. Naimish Sinha and Mr. Manmeet Ahluwalia was appointed as Chief Marketing Officer (CMO) of the Company. EaseMyTrip's board has approved the issuance of 55.93 crore fully paid-up equity shares worth Rs 514.06 crore on a preferential basis. The shares will be allotted to seven non-promoter investors including Ashish Begwani, Sunil Jain, Dhankalash Distributors, Divyank Singhal, Levo Beauty, SSL Nirvana Grand Golf Developers, and Javaphile Hospitality.

Paytm posts Rs 1,911 Cr revenue and Rs 23 Cr loss in Q4 FY25

EntrackrEntrackr · 8m ago
Paytm posts Rs 1,911 Cr revenue and Rs 23 Cr loss in Q4 FY25
Medial

Fintech firm Paytm announced its financial results for the fourth quarter of the current fiscal year (Q4 FY25) on Tuesday. The Noida-based company reported a revenue of Rs 1,911 crore and a net loss of Rs 23 crore for the period. According to Paytm’s consolidated quarterly report filed with the National Stock Exchange, its revenue from operations declined by 16% year-on-year from Rs 2,267 crore in Q4 FY24 to Rs 1,911 crore in Q4 FY25. Meanwhile, for the full fiscal year, the Noida-based firm’s revenue fell 31% to Rs 6,900 crore in the fiscal year ending March 2025 from Rs 9,977 crore in FY24. Paytm has not disclosed its revenue breakup. The company also added Rs 224 crore from other non-operating sources, bringing its overall revenue to Rs 2,135 crore in Q4 FY25. According to the company, its Gross Merchandise Value (GMV) for the quarter stood at Rs 5.1 Lakh crore, while its average monthly transacting users (MTUs) increased to 7.2 crore in the previous quarter. For the fintech firm, its employee benefits remained the largest cost center, accounting for 35% of the overall cost, which decreased by 32% to Rs 748 crore in Q4 FY25. Its payment processing charges reduced by 27% to Rs 52 crore, and marketing expenses increased by 10% to Rs 142 crore in Q4 FY25. Software, communication, legal, cashback, and other overheads took the total expenditure to Rs 2,155 crore in Q4 FY25 from Rs 2,691 crore in Q4 FY24. Paytm reduced its losses by 96% to Rs 23 crore in Q4 FY25, down from Rs 536 crore in Q4 FY24. This figure excludes a one-time cost of Rs 522 crore, which includes Rs 492 crore in ESOP expenses and Rs 17 crore in transaction costs related to the sale of its movie ticketing business. As of May 6, Paytm’s share price fell over 6% to Rs 816 with the total market capitalization standing at Rs 52,082 crore.

OneAssist posts over Rs 620 Cr revenue in FY25 with Rs 26 Cr EBITDA

EntrackrEntrackr · 4m ago
OneAssist posts over Rs 620 Cr revenue in FY25 with Rs 26 Cr EBITDA
Medial

OneAssist posts over Rs 620 Cr revenue in FY25 with Rs 26 Cr EBITDA OneAssist demonstrated strong financial performance in FY25, with revenue growing 22% to cross Rs 600 crore, while the Mumbai-based company’s losses declined by 56% during the same period. OneAssist’s operating revenue grew 22% to Rs 623 crore in the last fiscal year (FY25) from Rs 509 crore in FY24, according to its provisional financial statement reviewed by Entrackr. OneAssist offers assistance and protection services to customers for their wallets, cards, mobile phones, and gadgets. It claims to cover card frauds including skimming, phishing online ATM and PIN fraud and offers free replacement of the PAN card and driving license. The company made additional Rs 21 crore from non-operating sources which pushed its total income to Rs 644 in FY25 from Rs 513 crore in FY24. When it comes to expenses, the firm incurred finance costs of Rs 44 lakh in FY25 which reduced by 50% from Rs 83 lakh in FY24. Depreciation and amortization rose marginally to Rs 34.5 crore. Notably, OneAssist didn’t disclose much information in the expense breakup beyond these figures. Overall, the firm’s total expenses rose by 21% to Rs 652 crore in FY25 compared to Rs 538 crore in FY24. OneAssist reported a net loss of Rs 11 crore in FY25, a 56% reduction from loss of Rs 25 crore in FY24. However the company reported a positive EBITDA of Rs 26 crore for the year with EBITDA margin of 4.10%. On a per-unit basis, the firm spent Rs 1.05 to earn a rupee in FY25, compared to Rs 1.06 in FY24, meanwhile its ROCE stood at -8.64%. The Mumbai-based company recorded current assets worth Rs 496 crore in FY25, which includes Rs 134 crore in cash and bank balances. Built around the same model as CPP India, the British owned firm where Gagan Maini was the CEO earlier, the firm has comfortably outpaced its ‘parent’, and in fact might be a top prospect to take over CPP India’s operations, which have been up for sale by the British parent. According to TheKredible, Peak XV (formerly Sequoia Capital) holds the largest stake in the company, owning nearly 29%. The company's co-founders, Subrat Pani and Gagan Maini, collectively own 12.32%.

SilverPush growth stalls in FY25; slips into red with Rs 18 Cr loss

EntrackrEntrackr · 3m ago
SilverPush growth stalls in FY25; slips into red with Rs 18 Cr loss
Medial

SilverPush couldn’t replicate its FY24 growth momentum in FY25, with revenue posting barely double-digit growth compared to nearly 120% year-on-year growth in FY24. Importantly, the company reported a loss of over Rs 17 crore in 2025. Marketing technology platform SilverPush couldn’t replicate its FY24 growth momentum in FY25, with revenue posting barely double-digit growth compared to nearly 120% year-on-year growth in the previous fiscal (FY24). Importantly, the company slipped into the red, reporting a loss of over Rs 17 crore in the fiscal year ending March 2025. SilverPush’s revenue increased 11% to Rs 386 crore in FY25, as compared to Rs 347 crore in FY24, according to the company's provisional financial statement reviewed by Entrackr. Silverpush provides AI-powered advertising solutions including contextual advertising, audience targeting, and ad measurement solutions. It also allows businesses to track the performance of their ads. The firm hasn’t given its revenue break up across business segments and geographies. On the expense side, cost of sales which includes cloud infrastructure, data and media costs accounted for 63% of the total expense at Rs 233 crore in FY25. Employee benefit expense accounted for 21% of the total expense at Rs 77 crore in FY25. Other expenses such as finance cost, depreciation and other operating expenses contributed another Rs 58 crore. Overall, the company’s total expense stood at Rs 368 crore in FY25. Unlike FY24, when the firm posted a profit of Rs 6 crore, SilverPush slipped into the red, recording a loss of Rs 17.6 crore in FY25. Its EBITDA stood at -Rs 9.45 crore with an EBITDA margin of -2.5%. The Gurugram-based company reported current assets worth Rs 175 crore at the end of FY25 (March 2025), including Rs 49 crore in cash and bank balances. According to the filings, the firm is projected to cross the Rs 500 crore revenue mark in FY26 while regaining profitability of around Rs 19 crore. While that may yet happen, there is little doubt that digital advertising is facing a moment of truth. Be it AI cutting into page views of sites and apps, or more and more sophisticated ways to skip ads, firms are approaching the medium in a whole new way. Including cutting back when they don't sense a receptive market. At the premium end, e-commerce sites are shaving off significant advertising budgets as well, leaving firms like Silver push with a tough market. Though its focus on video is supposed to insulate it somewhat, the segment does have intense competition that will keep eating away margins. The recent GST cuts might just provide Silver push the fillip it needed to get back into the black, but keep an eye on the growth numbers going forward.

Furlenco turns around in FY25: Posts profit after Rs 130 Cr loss, revenue surges 65%

EntrackrEntrackr · 2m ago
Furlenco turns around in FY25: Posts profit after Rs 130 Cr loss, revenue surges 65%
Medial

Furlenco turns around in FY25: Posts profit after Rs 130 Cr loss, revenue surges 65% Furlenco managed 65% year-on-year revenue growth and kept tight control on expenses. As a result, Furlenco posted a Rs 3 crore profit after tax (PAT) in FY25, compared with a Rs 130 crore loss in FY24. After a tepid performance in the last fiscal year, subscription-based furniture rental firm Furlenco has made a notable comeback in FY25. The Bengaluru-based firm managed 65% year-on-year revenue growth and kept tight control on expenses. As a result, Furlenco posted a Rs 3 crore profit after tax (PAT) in FY25, compared with a Rs 130 crore loss in FY24. Furlenco’s revenue from operations grew to Rs 229 crore in FY25 from Rs 139 crore in FY24, according to its consolidated financial statements sourced from the Registrar of Companies (RoC). Furlenco provides furniture and home decor for rent along with relocation services. Income from furniture rental services accounted for 91% of the operating revenue, which grew by 61% to Rs 208 crore in FY25. Income from the sale of products (furniture including sofas and beds), more than doubled to Rs 21 crore during the fiscal year ending March 2025. Including other non-operating activities such as treasury gains of Rs 11 crore, its total income rose to Rs 240 crore in FY25. The company streamlined its cost structure and reduced its total expense by 16% to Rs 237 crore in FY25 from Rs 282 crore in FY24. Employee benefits expenses decreased by 35% year-on-year to Rs 31 crore in FY25, while finance costs dropped 41% to Rs 19 crore in FY25. Cost of material, however, rose 33% to Rs 8 crore in FY25. Depreciation on the company’s furniture rose 29% to Rs 45 crore in FY25 from Rs 35 crore in FY24. With strong revenue growth and lower burn, Furlenco turned profitable and posted a profit of Rs 3 crore in FY25, in contrast to a loss of Rs 130 crore in FY24. Its ROCE and EBITDA margin improved significantly to 5.68% and 24.45%, respectively. On a per-unit basis, the firm spent Rs 1.03 to earn every rupee of operating revenue, compared to Rs 2.03 in FY24. Furlenco’s current assets stood at Rs 106 crore, including cash and bank balances of Rs 32 crore in FY25. According to startup data intelligence platform TheKredible, Furlenco has raised a total of $298 m in funding till date, with Sheela Foam and Lightbox Ventures as its lead investors. The company’s founder and chief executive, Ajith Mohan Karimpana owns 12% of the company. Furlenco certainly seems to have discovered a better playbook for its business, because numbers like these looked unlikely till last year. While the concept has certainly found takers, operating costs had been too high to offer hope of such a turnaround. So credit to the team for having pulled it off.

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