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AlgoBulls posts 4.4X revenue jump in FY24, swings to positive EBITDA

EntrackrEntrackr · 4m ago
AlgoBulls posts 4.4X revenue jump in FY24, swings to positive EBITDA
Medial

AlgoBulls posts 4.4X revenue jump in FY24, swings to positive EBITDA Algorithmic trading-focused fintech startup AlgoBulls demonstrated hyper-growth during the fiscal year ending March 2024, while keeping tight control on expenses—with losses rising by only 50%. AlgoBulls’ revenue from operations surged to Rs 238 crore in FY24 from Rs 54.5 crore in FY23, according to its consolidated financial statement sourced from the Registrar of Companies (RoC). AlgoBulls is an AI-backed algorithmic trading platform that offers tools enabling traders to automate their strategies. It allows users to either build custom strategies or choose from a range of pre-built options—revenue from these services accounted for 99% of its total revenue. On the expense side, the company’s cost of materials—its largest expenditure—surged 4.5X to Rs 236 crore in FY24, accounting for nearly 98% of total expenses. Employee benefit expenses doubled to Rs 3 crore, while other overheads, including operational and administrative costs, amounted to Rs 2 crore for the year. Overall, the firm’s total expenses jumped 4.3X to Rs 241 crore in FY24 from Rs 56 crore in FY23. AlgoBulls’ net loss increased by 50% to Rs 3 crore in the last fiscal year. However, it reported a positive EBITDA of Rs 1 crore, with an improved EBITDA margin of 0.42%, while its return on capital employed (ROCE) stood at -35%. At a unit level, AlgoBulls spent Rs 1.01 to earn a rupee. As of March 2024, the company reported Rs 9 crore of current assets which includes Rs 2 crore of cash and bank balance. According to TheKredible, AlgoBulls has raised a total of $2.5 million in funding to date, including a $2 million round from lead investor Venture Catalysts, which holds a 2% stake in the company. Meanwhile, the company’s founders—Pushpak Dagade, Jimmit Patel, and Suraj Bathija—collectively own 66.66% of the company.

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Square Yards posts Rs 261 Cr revenue in Q1 FY25; projects Rs 1,500 Cr in FY25

EntrackrEntrackr · 11m ago
Square Yards posts Rs 261 Cr revenue in Q1 FY25; projects Rs 1,500 Cr in FY25
Medial

Proptech firm Square Yards has announced its results for the first quarter of the ongoing fiscal year. The Gurugram-based company saw a 52% increase in its revenue during Q1 FY25 compared to Q1 FY24. Square Yards’ revenue from operations surged to Rs 261 crore in Q1 FY25, with a gross transaction value of Rs 10,053 crore, compared to Rs 172 crore in revenue and a gross transaction value of Rs 6,674 crore in Q1 FY24, the company said in a press release. In the fiscal year ending March 2024, the company reported revenue of Rs 1,004 crore with EBITDA profitability. However, the net losses of Square Yards stood at Rs 216 crore FY24. Income from financial services along with real estate services formed 83% of the total operating revenue for Square Yards which increased 48% and 61% YoY respectively. The press release added that its digital services also saw an impressive growth of 145% in the same period. Square Yards is a full-stack proptech platform, playing the entire consumer journey including search, discovery, transactions, mortgages, home furnishing, rentals, and property management. The company claims to have more than 8 million monthly traffic and approximately $5 billion GTV with a presence in more than 100 cities across 9 countries. In the first quarter of the current fiscal year (Q1 FY25), Square Yards reported a gross profit of Rs 25 crore with a negative EBITDA margin of Rs 32 crore, compared to a gross profit of Rs 15 crore and a negative EBITDA margin of Rs 29 crore in Q1 FY24. The company has projected Rs 1,506 crore revenue in the full year of FY25 up from Rs 1,004 crore in FY24 with a positive EBITDA of Rs 101 crore.

Amazon India marketplace posts Rs 588 Cr adjusted EBITDA in FY24

EntrackrEntrackr · 9m ago
Amazon India marketplace posts Rs 588 Cr adjusted EBITDA in FY24
Medial

Amazon India’s marketplace revenue has continued to outpace Flipkart Marketplaces, with collections from its platform and related services crossing the Rs 25,000 crore mark and registering an adjusted EBITDA of Rs 588.6 crore in FY24. However, Flipkart’s top-line growth was significantly higher than that of Amazon Seller Services during the fiscal year ending March 2024. Amazon India’s revenue from operations grew 14.5% to Rs 25,406 crore in FY24 in contrast to Rs 22,198 crore booked in FY23, its standalone financial statements filed with the Registrar of Companies show. The entity generated 82.4% of the revenue from marketplace services while the remaining came from the services rendered to related parties including platform services, marketing, and royalty revenues. The firm also generated a non-operating income worth Rs 186.8 crore, pushing the overall revenue to Rs 25,592.8 crore in FY24. Amazon Seller Services is engaged in marketplace and marketing support services. Its ultimate holding company is Amazon.com, Inc., which is based in the United States of America. Moving over to the spending, delivery charges were the largest cost element forming 25.8% of the total expenses. The cost went up 9.1% to Rs 7,487.9 crore in FY24 from Rs 6,863.1 crore in FY23. Sales promotion and legal cum professional costs were the other two significant elements which formed around 12% each and stood at Rs 3,586.1 crore and Rs 3,530.2 crore, respectively, in FY24. During the year, Amazon Seller Services spent Rs 2,771.2 crore on employee benefits which also include share-based payments (ESOP cost) of Rs 682.7 crore. Amazon India marketplace arm’s total expenses increased 6.5% to Rs 29,062.3 crore during FY24 from Rs 27,283.6 crore in FY23. In the end, the company managed to control its losses by 28.5% to Rs 3,469.5 crore in FY24 as compared to Rs 4,854.1 crore in FY23. Its operating cash flows also turned positive to Rs 724.1 crore during the last fiscal year against Rs -1,542.1 crore in FY23. It is worth noting that the company reported an EBITDA loss of Rs 94.1 crore in FY24, excluding the ESOP cost (non-cash expenses), the company turned profitable on the operational level with an adjusted EBITDA of Rs 588.6 crore during the year. The highlights of the improved bottom line can also be seen in the EBITDA margin which strengthened to -0.37%. On a unit level, Amazon’s Indian entity spent Rs 1.14 to earn a rupee of operating revenue in FY24. The entity’s rival, Flipkart's marketplace arm reported Rs 17,907 crore in revenue with 21% YoY growth while the company’s losses shrank over 40% to Rs 2,358 crore in FY24.

Exclusive: KreditBee’s NBFC arm posts Rs 200 Cr profit in FY24

EntrackrEntrackr · 10m ago
Exclusive: KreditBee’s NBFC arm posts Rs 200 Cr profit in FY24
Medial

KreditBee’s non-banking financial corporation (NBFC) arm, Krazybee, demonstrated notable growth in the fiscal year ending March 2024 (FY24), nearly doubling its revenue and tripling its profit. Krazybee’s revenues rose to Rs 1,399 crore in FY24 from Rs 717 crore in FY23, according to its standalone annual financial statement sourced by Entrackr. Krazybee, which facilitates personal loans through both its own and third-party NBFCs and banks, saw its interest income surge 2.5X to Rs 1,225.83 crore in FY24. Income from fees and commissions contributed an additional Rs 169 crore, bringing the firm’s total revenue to Rs 1,400 crore in FY24. On the expense side, Krazybee’s total expenses spiked by 80%, rising to Rs 1,132 crore in FY24 from Rs 630 crore in FY23. The amortized cost of loans accounted for 38% of the total expenses, increasing by 74% to Rs 432 crore. Finance costs grew by 43% to Rs 235 crore in the same period. One of the most notable expense shifts was the five-fold increase in employee benefit costs, which jumped to Rs 188 crore in FY24. In contrast, commissions and fees paid to other platforms saw a 24% decline. The 95% jump in scale and controlled expenditure helped Krazybee to multiply its profit by 3X to Rs 200 crore in FY24 from Rs 65 crore in FY23. The company’s Return on Capital Employed (ROCE) improved to 10.5%, while its EBITDA margin stood at 36%. On a unit level, Krazybee NBFC spent Rs 0.81 to earn a rupee of operating revenue in FY24. KreditBee has raised approximately $410 million across various funding rounds. According to startup data platform TheKredible, Premji Invest and Newquest Capital are the largest external stakeholders, followed by Alpine Capital, Motilal Oswal Group, and others. fy_table title =”FY23-FY24″ logo=”https://entrackr.com/storage/2024/09/Krazybee.png” chart_item=”FY23,FY24″ data=”EBITDA Margin,35%,36%:Expense/₹ of Op Revenue,₹0.88,₹0.81:ROCE,9%,10.5%”] KreditBee was valued at around $700 million during its latest tranche in March. The company is also planning to shift its domicile to India from Singapore. The reverse flip will smoothen it’s road to initial public offering (IPO). Entrackr exclusively reported the development in April.

Shadowfax posts Rs 1,885 Cr revenue in FY24, turns EBITDA profitable

EntrackrEntrackr · 8m ago
Shadowfax posts Rs 1,885 Cr revenue in FY24, turns EBITDA profitable
Medial

Shadowfax, one of India's leading new-age logistics and delivery platforms, delivered a strong financial performance in FY24, reducing its losses by 90%. Simultaneously, the company recorded over 33% year-on-year growth in operating revenue, and turned EBITDA positive with Rs 23 crore for the fiscal year ending March 2024. The Flipkart-backed firm’s revenue from operations spiked to Rs 1,884.8 crore in the last fiscal year, from Rs 1,415 crore in FY23, as per its annual financial statements filed with the Registrar of Companies. Shadowfax claims to provide 3PL logistics (third party logistics) to e-commerce and D2C firms across 2,500 cities and 18,000 pin codes in the country. The sale of logistics and delivery services are the only source of revenue for Shadowfax. Co-founder and chief executive Abhishek Bansal attributed the company’s sustainable growth in FY24 to its focus on value-added services, including reverse logistics, same-day delivery, and quick commerce offered through its Flash service. “While most logistics companies have chosen to focus on a single service and transition into B2B, Shadowfax has remained in the B2C space. Quick commerce gives us an edge, as we are the only 3PL offering these services,” said Abhishek Bansal, co-founder and CEO of Shadowfax, in a telephonic conversation with Entrackr. The company also generated Rs 11.6 crore from non-operating activities, contributing to a total income of Rs 1,896.4 crore in FY24. On the expense side, transportation and distribution (delivery partners) expenses accounted for the bulk of costs, surging 24.7% to Rs 966.2 crore in FY24. This cost represents 50.63% of total expenses during the last fiscal year. Vehicle running costs increased by 35.8% to Rs 394.5 crore, while costs related to lost shipments rose by 39.7% to Rs 94.6 crore. Employee benefit expenses marginally declined to Rs 211.5 crore, constituting 11.08% of total expenses, whereas other costs added another Rs 241.5 crore. Overall, the Bengaluru-based firm’s total expenses rose by 21.9% to Rs 1,908.3 crore in FY24. By the end of FY24, the company's net loss declined by 92% to Rs 11.8 crore, compared to Rs 142.6 crore in FY23. Shadowfax also achieved a positive EBITDA of Rs 23 crore in the last fiscal. Its ROCE and EBITDA margin stood at -1.06% and 1.21%, respectively. On a unit basis, Shadowfax spent Rs 1.01 to earn a rupee of operating income in the last fiscal year. The company’s assets nearly doubled, rising to Rs 619.5 crore in FY24 from Rs 320.8 crore in FY23. Its cash and bank balance at the end of FY24 stood at Rs 102.8 crore. Just before FY24 ended, Shadowfax scooped up $100 million Series E round led by TPG NewQuest. Recently, Uber has partnered with Shadowfax to integrate its two-wheeler fleet with UberMoto, allowing Shadowfax to offer bike-taxi services during lean hours. Reports indicate that the Bansal-led company is gearing up to launch its initial public offering (IPO). It will join industry peers like Delhivery and Blackbuck, which are already listed on the stock exchange, while another player, Ecom Express, has also secured SEBI approval for its IPO. Shadowfax has emerged as the fastest-growing logistics company in India, evident from its performance relative to competitors. Ecom Express recorded a modest 2.3% growth, reporting flat revenue of Rs 2,607 crore in FY24. Meanwhile, listed competitor Delhivery posted 12.7% year-on-year revenue growth in the last fiscal year.

XpressBees turns EBITDA positive in FY24, warehousing biz grows 60X

EntrackrEntrackr · 3m ago
XpressBees turns EBITDA positive in FY24, warehousing biz grows 60X
Medial

XpressBees turns EBITDA positive in FY24, warehousing biz grows 60X E-commerce-focused logistics and supply chain firm XpressBees managed only modest double-digit growth in the fiscal year ending March 2024. However, the company turned EBITDA positive during the same period, despite an increase in overall expenses. XpressBees’ operating revenue increased by 12% to Rs 2,831 crore in FY24 from Rs 2,531 crore in FY23, as per its consolidated financial statement sourced from the Registrar of Companies (RoC). XpressBees provides B2B/B2C express delivery service, cross-border logistics, and warehousing services to e-commerce players including Snapdeal, Myntra, Meesho, Netmeds, and Bigbasket, among others. Revenue from logistics services remained the primary source of income for XpressBees, accounting for 97% of the company’s total revenue. However, the company’s warehousing business, though smaller in size, posted an impressive jump (60X) — soaring from Rs 0.77 crore in FY23 to Rs 48 crore in FY24, signaling a strong push toward expanding its non-courier biz. The remaining revenue came from warehouse services (Rs 48 crore) and support services (Rs 31 crore), both of which witnessed notable growth. The firm also added Rs 109 crore from non-operating activities, which pushed its overall income to Rs 2940 crore in FY24. On the expense side, courier charges remained XpressBees’ largest cost component, rising 12% to Rs 1,816 crore in FY24. Linehaul charges saw a modest 6% increase to Rs 494 crore, while employee benefit expenses rose by nearly 10% to Rs 355 crore in the said fiscal year. Depreciation costs spiked 49% to Rs 159 crore, and other operational expenses contributed an additional Rs 319 crore. Overall, XpressBees’ total expenditure increased 13% year-on-year, reaching Rs 3,143 crore in FY24 from Rs 2,785 crore in FY23. With expenses growing faster than revenue, XpressBees' net loss widened by 11%, rising to Rs 200 crore in FY24 from Rs 180 crore in FY23. However, the Pune-based firm achieved EBITDA positivity, reporting an EBITDA of Rs 5 crore for the same period. The company’s ROCE stood at -8.32%, while its EBITDA margin came in at a modest 0.17%. On a per-unit basis, XpressBees spent Rs 1.11 to earn every rupee in revenue during FY24. XpressBees recorded current assets worth Rs 1867 crore in FY24, including Rs 1331 crore in cash and bank balances. Recently, Xpressbees acquired courier firm Trackon and named Uday R. Sharma as CBO for B2B, 3PL, and cross-border operations. According to startup data intelligence platform TheKredible, XpressBees has raised a total of $625 million in funding to date, having Norwest Venture Partners and Alibaba Group as its lead investors. The company’s Co-Founder & CEO Amitava Saha owns 3.15% of the company.

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