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Scaler’s revenue climbs 5X to over Rs 300 Cr in FY23, losses up by 90%

EntrackrEntrackr · 1y ago
Scaler’s revenue climbs 5X to over Rs 300 Cr in FY23, losses up by 90%
Medial

Tech upskilling platform Scaler Academy secured $55 million led by Lightrock India just before the commencement of FY23. The capital helped the Bangalore-based startup leap 4.9X during the previous fiscal year ending March 2023. Despite the growth though, the losses of the firm saw a surge of 90% during the same period. Scaler’s revenue from operations increased 388% to Rs 317 crore in FY23 from Rs 65 crore in FY22, its consolidated financial statements filed with the Registrar of Companies show. Launched in 2019, Scaler focuses on upskilling college students and tech professionals. The company offers an intensive six-month computer science course through live classes delivered by tech leaders and subject matter experts. The sale of educational services is the sole source of revenue for Scaler. The company also has a non-operating income of Rs 7.6 crore which took its total revenue to Rs 324 crore in FY23. In line with fellow ed-tech startups, employee benefits emerged as the largest cost center, accounting for 49% of the overall expenditure. This cost rose 2.7X to Rs 322 crore in FY23 from Rs 119 crore in FY22. Its rent, advertising cum promotional, information technology, legal and other overheads took the overall expenditure up by 2.7X to Rs 655 crore in FY23 from Rs 240 crore in FY22. See TheKredible for the detailed expense breakup. An increase of 2.7X in employee benefits and 2.2X in advertising costs led Scaler to record a loss of 330 crore in FY23, a 90% surge from Rs 174 crore in FY22. Its EBITDA margin stood at -96.9%. On a unit level, it spent Rs 2.07 to earn a rupee in FY23. Scaler has raised over $75 million across rounds and was valued at $710 million during its last round. According to the startup data intelligence platform TheKredible, Peak XV (formerly Sequoia Capital) is the largest external stakeholder with 22.52% followed by Lightrock India and Tiger Global. Its co-founders Abhimanyu Singh and Anshuman Singh cumulatively command 58.1% of the company. FY22-FY23 FY22 FY23 EBITDA Margin -256% -96.9% Expense/₹ of Op Revenue ₹3.69 ₹2.07 ROCE -791% N/A The high promoter holding augurs well for the medium and long term ambition of the firm, as it continues to tap into the huge upskilling opportunity in tech for engineers. With a thrust on individuals rather than corporate selling, the firm has also taken a different approach from some others, and will hope that marketing costs temper gradually as the brand builds a stronger case with strong word of mouth. FY24 numbers will be the real pathway to profitability for the firm, as they define its growth momentum and costs that are relatively more sticky.

BigHaat’s gross revenue nears Rs 700 Cr in FY23

EntrackrEntrackr · 1y ago
BigHaat’s gross revenue nears Rs 700 Cr in FY23
Medial

Agritech startup BigHaat registered over five-fold growth during the fiscal year ending March 2023. However, in pursuit of rapid scale its losses also rose in a similar proportion during the same period. BigHaat’s gross revenue surged 5.3X to Rs 643 crore in FY23 from Rs 120 crore in FY22, its consolidated financial statements filed with the Registrar of Companies show. Founded in 2015, BigHaat leverages technology to provide a wide range of solutions and services to farmers, helping them optimize their agricultural practices and increase productivity. Market linkages formed 92% of the overall gross revenue which increased 6.6X to Rs 594 crore in FY23. The rest of the income comes from input business, exports, commission of marketplace, and others. See TheKredible for the detailed revenue breakup. In tune with growth in scale, its cost of procurement emerged as the largest cost center accounting for 92.5% of the total expenditure. This cost rose by 5.4X to Rs 623 crore in FY23 from Rs 115 crore in FY22. Its employee benefits, selling cum distribution, legal-professional, information technology, fulfillment, and other overheads took the total expenditure to Rs 673 crore in FY23 from Rs 128 crore in FY22. Head to TheKredible for the complete expense breakup. Expenses Breakdown Total ₹ 128 Cr https://thekredible.com/company/bighaat/financials View Full Data To access complete data, visithttps://thekredible.com/company/bighaat/financials Total ₹ 673 Cr https://thekredible.com/company/bighaat/financials View Full Data To access complete data, visithttps://thekredible.com/company/bighaat/financials Cost of procurement Cost of procurement Employee benefit Employee benefit Selling and distribution Selling and distribution Legal professional Legal professional Information technology Information technology Fulfilment cost Fulfilment cost Others To check complete Expense Breakdown visit thekredible.com View full data The spurt in procurement and employee benefits resulted in a significant increase in losses, rising 5.8X to Rs 35 crore in FY23 from Rs 6 crore in FY22. Its ROCE and EBITDA margin stood at -40% and -4.3%, respectively. On a unit level, it spent Rs 1.05 to earn a rupee in FY23. FY22-FY23 FY22 FY23 EBITDA Margin -6% -4.3% Expense/₹ of Op Revenue ₹1.07 ₹1.05 ROCE -14% -40% BigHaat has raised $29 million to date and was valued at $58 million in its last round. As per the startup data intelligence platform TheKredible, JM Financial is the largest external stakeholder with 27.29% followed by Ankur Capital and Beyond Next Ventures. Its co-founders Sateesh Nukala and Sachin Nandwana cumulatively command 23.29% of the company. The numbers would indicate a business that is more about trading and arbitrage than anything else, unless BigHaat incurred some major one off expenses. But at this scale, it’s obvious that the firm has the ability and knowledge to make it count, which is what should make it an interesting agritech to track from here on.

Gramophone posts Rs 316 Cr gross revenue and Rs 58 Cr loss in FY23

EntrackrEntrackr · 1y ago
Gramophone posts Rs 316 Cr gross revenue and Rs 58 Cr loss in FY23
Medial

Agritech startup Gramophone has been making its place in the agritech space with over 75% year-on-year growth during the fiscal year ended March 2023. At the same time, losses for the InfoEdge-backed company looked under control compared to other VC-backed agritech startups. Gramophone’s gross revenue grew 75.6% to Rs 316 crore in FY23 from Rs 180 crore in FY22, its consolidated financial statements filed with the Registrar of Companies show. Founded in 2016 by Nishant Mahatre and Tauseef Khan, Gramophone’s offerings include crop protection, crop nutrition, seeds, implements, and agri hardware. It also facilitates farmers to sell crops to vyapaaries (businessmen) directly through its Gram Vyapaar feature. The sale of products (agri inputs) is the sole source of revenue for Gramophone. For the agritech startup, the cost of procurement of inputs accounted for 81% of the overall expenditure. In the line of scale, this cost surged 76.2% to Rs 303 crore in FY23 from Rs 172 crore in FY22. Its employee benefits, information technology, advertising cum promotional, provisions for trade receivables, and other overheads catalyzed the overall expenditure up by 70% to Rs 374 crore in FY23 from Rs 220 crore in FY22. See TheKredible for the detailed expense breakup. Expenses Breakdown Total ₹ 220 Cr https://thekredible.com/company/gramophone/financials View Full Data To access complete data, visithttps://thekredible.com/company/gramophone/financials Total ₹ 374 Cr https://thekredible.com/company/gramophone/financials View Full Data To access complete data, visithttps://thekredible.com/company/gramophone/financials Cost of materials consumed Cost of materials consumed Employee benefit Employee benefit Information technology Information technology Advertising promotional Advertising promotional Provision for Trade Receivables Provision for Trade Receivables Others To check complete Expense Breakdown visit thekredible.com View full data Despite a decent scale, losses for the Gurugram-based company grew 48.7% to Rs 58 crore in FY23 from Rs 39 crore in FY22. Its ROCE and EBITDA stood at -119% and -17.4% respectively. FY22-FY23 FY22 FY23 EBITDA Margin -21% -17.4% Expense/₹ of Op Revenue ₹1.22 ₹1.18 ROCE -57% -119% On a unit level, it spent Rs 1.18 to earn a rupee in FY23. With procurement costs (Rs 303 crores) accounting for almost 95% share of revenues (Rs 316 crores), Gramophone has an obvious margin challenge to manage, the common issue for all agritechs, unless they provide services. With other costs being much less elastic by now, there is no way out but to increase margins or topline without addition to non-procurement costs. Past performance indicates that it is easier said than done, and to that extent Gramophone, despite proving its market case, will need to pull off some major surprises to move into the black. With the plethora of agritechs out there, it will hopefully not need to search out the right answer for too long. Gramophone has raised around $18 million to date including its $10 million Series B round led by Z3Partners. According to the startup data intelligence platform TheKredible, InfoEdge is the largest external stakeholder with 32.89% followed by Z3Partners and Siana Capital. Its co-founders Tauseef Ahmed Khan and Nishant Vats cumulatively hold 27.16% of the company.

Waycool posts Rs 1,251 Cr revenue and Rs 686 Cr loss in FY23

EntrackrEntrackr · 11m ago
Waycool posts Rs 1,251 Cr revenue and Rs 686 Cr loss in FY23
Medial

B2B food and agritech platform Waycool claims Rs 1,600 crore in revenue with the goal of operational break even in FY24. While the company is yet to release its financial statements for FY24, it recently disclosed its results for the fiscal year ending March 2023 after an 11-month delay. Entrackr has sifted through the firm’s regulatory filings to understand its financial health in FY23. Waycool’s revenue from operations grew by 62% to Rs 1,251 Crore in FY23 from Rs 772 Crore in FY22, its consolidated financial statements sourced from the Registrar of Companies show. The difference in the revenue figures for FY22 was due to the adoption of IND AS by the company. The firm reported Rs 927 crore revenue in FY22. Waycool is a full-stack supply chain player working with farmers and clients who source agricultural and dairy products from the company. The company has its 7 own consumer brands namely Madhuram, KitchenJi, DeziFresh, AllFresh and others. The collection from the sale of goods formed 98% of the total operating revenue which surged 60% to Rs 1,228 crore in FY23. Out of the total sale of goods, the finished goods ( the sale of its own brands) contributed 10% only while the rest of the sales came from traded goods. Income from commissions and cold storage management were some co-revenue drivers for Waycool. The company also added Rs 11 crore from interest on fixed deposits and non-current investments, tallying the overall income to Rs 1,262 crore in FY23. See TheKredible for the detailed revenue breakup. Since Waycool follows an inventory-led model, the cost of procurement of materials accounted for 61.51% of the total expenditure. In line with scale, this cost grew 58.2% to Rs 1,200 crore in FY23. The firm’s expenses on employee benefits, doubtful debts, advertising, transportation, and other overheads took its overall cost up by 71.3% to Rs 1,951 crore in FY23 from Rs 1,139 crore in FY22. Check TheKredible for the detailed expense breakdown. Note: We have excluded the expense of Rs 1,906 crore and 828 crore from FY23 and FY22 respectively which were incurred against the loss of fair value of the preference shares, the company’s spokesperson confirmed, after sending queries. Despite the decent scale, the company didn’t manage to control its costs, resulting in its losses surged by 89% to Rs 685 crore in FY23. The company spent Rs 1.56 to earn a rupee in FY23. FY22-FY23 FY22 FY23 EBITDA Margin -149.68% -199.66% Expense/₹ of Op Revenue ₹1.47 ₹1.56 ROCE N/A N/A While operational break-even might seem too ambitious in FY24 with these numbers, it is not impossible, considering Waycool is well past the investment stage now. However, the Chennai-based company has been struggling to find new investment and closed several initiatives in a bid to cut costs and extend the runway. According to sources, things aren’t looking great for Waycool and it would be exciting to watch whether it bounces back or wilts away on the lines of several promising venture-backed agritech startups.

Ergos gross revenue crosses Rs 200 Cr in FY23; losses stagnant

EntrackrEntrackr · 1y ago
Ergos gross revenue crosses Rs 200 Cr in FY23; losses stagnant
Medial

Agritech platform Ergos has managed to grow its scale by two-thirds in the fiscal year ending March 2023 with sound economics as the Bengaluru-based company kept losses in check during the period. Ergos’ gross revenue grew 66% to Rs 224 crore in FY23 from Rs 135 crore in FY22, its annual financial statements (FY23) filed with the Registrar of Companies show. Ergos enables farmers to convert their grains into tradable assets, access credit against stored produce, and make better yields. It also provides harvest supply chain solutions by leveraging technology. The sale of commodities to the customer was the primary source of revenue for Ergos contributing to 96% of overall operating income. Wheat turned out to be the largest revenue driver followed by maize, paddy, and others. Rest of the revenue came from warehousing management fees. Visit TheKredible for a detailed revenue breakup. On the expenses side, procurement costs formed 64.8% of the overall expenditure which spiked 65% to Rs 211 crore in FY23. Other costs such as employee benefits, rent, professional, vehicle and traveling costs took its overall expenditure to Rs 249 crore in FY23 from Rs 160 crore in FY22. Head to TheKredible for a complete expense breakup. The decent growth in scale and effective cost mechanism helped Ergos to control its losses which stood at Rs 24 crore in FY23 as compared to Rs 23 crore in FY22. Its ROCE and EBITDA margin stood at -69% and -8.9% respectively. On a unit level, Ergos spent Rs 1.11 to earn a rupee in FY23. FY22-FY23 FY22 FY23 EBITDA Margin -16% -8.9% Expense/₹ of Op Revenue ₹1.19 ₹1.11 ROCE -44% -69% As of now, Ergos has raised around $32 million across several rounds and was last valued at around $55 million. According to the startup data intelligence platform TheKredible, Aavishkaar Capital is the largest stakeholder with 48% followed by Chiratae Ventures and CDC Group. Currently, its founder and chief executive officer Kishor Kumar Jha commands 11.84% of the company. Operating to provide farmers avenues beyond MSP procurement one assumes, Ergos ses to be on a good pitch to leverage inefficiencies in the supply chain. However, one has to wonder just how far and high the model can take the firm. Perhaps a move into other crops will follow once enough of a network and learnings have been built in.

Bijak’s GMV soars 13X to Rs 807 Cr in FY23; controls losses

EntrackrEntrackr · 1y ago
Bijak’s GMV soars 13X to Rs 807 Cr in FY23; controls losses
Medial

Agritech startup Bijak’s gross revenue flew 13X in the fiscal year ending March 2023 as compared to FY22. Moreover, the Gurugram-based company also managed to cut its losses by over 16% in the same period. Bijak’s gross revenue (aka gross merchandise value – GMV) surged 13X to Rs 807 crore in FY23 from Rs 62 crore in FY22, its annual financial statements filed with the Registrar of Companies show. Founded in 2019, Bijak is a B2B agricultural commodities trading marketplace for agriculture supplies which also provides logistics and working capital requirements to suppliers. The sale of agricultural commodities via its apps (Bijak Mandi, Vyapaar, Global, and Just Fresh) was the primary source that formed 99% of the revenue in FY23. Income from commission, logistics, and interest were some other revenue drivers for Bijak. The company also made Rs 6 crore from interest on deposits and current investments tallying its overall income to Rs 813 crore in FY23. For the B2B commodity supplier, the cost of procurement of agricultural commodities accounted for 92% of the overall expenditure. To the tune of scale, this cost surged 12.4X to Rs 791 crore in FY23. Its employee benefits, advertising, doubtful debts, payment gateway, logistics, brokerage, and other overheads catalyzed the firm’s total expenditure to Rs 860 crore in FY23 from Rs 121 crore in FY22. See TheKredible for the detailed expense breakup. The optimum control in employee benefits and advertising helped Bijak to control its losses by 16.4% to Rs 46 crore in FY23 from Rs 55 crore in FY22. Its ROCE and EBITDA margin also improved to -28% and -4.7% respectively. On a unit level, it spent Rs 1.07 to earn a rupee in FY23. FY22-FY23 FY22 FY23 EBITDA Margin -83% -4.7% Expense/₹ of Op Revenue ₹1.95 ₹1.07 ROCE -30% -28% Bijak has raised around $33 million to date including its $19.4 million Series B round led by Peak XV and Omidyar Network in January 2022. According to the startup data intelligence platform TheKredible, Peak XV’s Surge Ventures is the largest external stakeholder with 13.8% followed by Bertelsmann and Omidyar Network. Bijak has based its success on removing the trust deficit between buyers and sellers of agricultural produce, and in doing so, expanded the market of opportunities for both. It seems to be doing that based on a combination of technology that enables it to keep a track record for both sides, and by offering credit to fill this gap directly. That sounds like a recipe for success, without involving a significant disruption to existing marketplaces. With more and more buyers and sellers, or transactions, the firm will also keep strengthening its own understanding and user base, which should help further reduce costs for marketing and promotions. With profitability in sight, there is much more good news to expect for its investors in the future.

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