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Accel-backed BlackBuck's parent reins in losses by 33% in FY24

YourStoryYourStory · 1y ago
Accel-backed BlackBuck's parent reins in losses by 33% in FY24
Medial

- Zinka Logistics, the parent company of BlackBuck, reduced its losses by 33% to Rs 193.9 crore in FY24 compared to the previous year. - Operating revenue for Zinka Logistics increased by 69% to Rs 296.9 crore in FY24 from Rs 175.6 crore in 2023. - The reduced losses were overshadowed by an 11% rise in total expenses to Rs 483.4 crore, mainly due to employee benefit expenses. - BlackBuck received final observation from SEBI for its IPO, with plans to raise Rs 550 crore through a fresh issue of shares and an offer for sale of 21.6 million shares by existing shareholders. - Accel India IV (Mauritius) fund and Accel Growth Fund V LP fund are among the existing shareholders planning to sell their shares through the IPO.

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Exclusive: FabHotels gears up for IPO, converts into public company

EntrackrEntrackr · 14d ago
Exclusive: FabHotels gears up for IPO, converts into public company
Medial

Exclusive: FabHotels gears up for IPO, converts into public company Hospitality chain FabHotels changed its status and converted itself into a public company. The board has passed a resolution and approved its conversion, a move that might signal its preparation for a public listing. FabHotels’ parent company, Travelstack Tech Private Limited (formerly Casa2 Stays Pvt Ltd), has passed a resolution to rename the entity as Travelstack Tech Limited by removing the word “Private,” according to its filing with the Registrar of Companies (RoC). Founded in 2014 by Vaibhav Aggarwal and Adarsh Manpuria, Gurugram-based FabHotels is a hotel chain operating over 1,300 properties across more than 50 major Indian cities, including Mumbai, the National Capital Region, Bengaluru, and Goa. According to startup data platform TheKredible, the company has raised around $68 million to date from investors including Accel and Goldman Sachs. Its most recent funding was a $20 million round led by Panthera Partners in September 2023. In FY25, the Accel-backed company’s revenue increased over 20% to Rs 716 crore in FY25, with narrowing losses by 45% to Rs 62.7 crore compared to Rs 114 crore in FY24. FabHotels competes directly with Treebo and Bloom Hotels. While both are yet to file their FY25 numbers, Treebo crossed Rs 100 crore in revenue in FY24, whereas Bloom Hotels saw a 73.6% rise in operating revenue to Rs 250 crore and posted a profit of Rs 14 crore.

ShareChat’s revenue grows 33% in FY24 to Rs 718 Cr

EntrackrEntrackr · 11m ago
ShareChat’s revenue grows 33% in FY24 to Rs 718 Cr
Medial

Mohalla Tech, the parent entity of the vernacular social media platform ShareChat and short video entertainment app Moj, has registered 33% year-on-year growth during the fiscal year ended March 2024. Its adjusted EBITDA loss also plummeted by 67% in the same period. According to the company's press release, Mohalla Tech’s revenue from operations increased to Rs 718 crore in FY24 from Rs 540 crore in FY23. Revenue from live streaming contributed 56% of the company's total operating income, which grew by 41.4% to Rs 403 crore in FY24. Advertising accounted for the remaining share, which saw a 23.5% year-on-year growth to Rs 315 crore in FY24. ShareChat also added a non-operating income of Rs 29 crore mainly from interest and gain on financial assets which tallied the overall revenue to Rs 747 crore in the last fiscal year. For the social media firm, server cost was the largest cost center in FY24. As per Sharechat’s chief financial officer Manohar Charan, the firm managed to reduce this cost by 50% in FY24. Sharechat has managed to reduce its employee benefits cost by 17% to Rs 580 crore in FY24. This includes Rs 126 crore as ESOP (non-cash). Its advertising, legal, travel, and other overheads took the overall operating expenses to Rs 1540 crore in FY24 from Rs 3119 crore in FY23. In calculating the overall cost, we have excluded all non-cash components, including interest, provisions, foreign exchange (FX) losses, depreciation, and ESOP expenses for both FY24 and FY23. The 33% growth and controlled server cost helped Mohalla Tech to reduce its adjusted EBITDA losses by 67% to Rs 793 crore in FY24 from Rs 2400 crore in FY23. Notably, the net consolidated losses of the firm stood at Rs 1,898 crore in FY24 down from Rs 5,143 crore in FY23. Backed by the likes of Temasek Holdings, Google, Twitter, The Times Group, Tiger Global, Snap, Lightspeed, and Elevation Capital, ShareChat claims to have more than 325 million monthly active users (MAUs) across all its platforms. Its short video app Moj boasts a monthly active user base of nearly 160 million. The company recently expanded its debt round to $65 million, with a $16 million infusion from Singapore-based EDBI. According to startup data intelligence platform TheKredible, ShareChat has raised around $1.8 billion. However, it saw a major haircut in valuation to less than $2 billion from $5 billion during its last fundraise in June 2022. As part of its mid-year performance cycle, the company also let go of 5% of its workforce in August this year. In 2023, ShareChat implemented several cost-cutting measures and laid off 700 employees across two phases.

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