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News on Medial
Amazon-backed M1xchange’s scale grows 2X in FY23, losses shrink
Entrackr
·
1y ago
Medial
M1xchange, a digital invoicing and discounting platform for MSMEs, saw substantial growth in operational scale and revenue during the fiscal year ending March 2023. Its revenue from operations surged to Rs 29.52 crore from Rs 14.32 crore in FY22. Despite increased expenses, the company managed to reduce losses by 7.5% to Rs 7.92 crore in FY23. M1xchange's EBITDA margin improved to -15.53%, signaling better financial performance.
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Pristyn Care’s revenue grows 45% to Rs 453 Cr in FY23
Entrackr
·
1y ago
Medial
Surgery-focused hospital chain Pristyn Care witnessed a 44.7% growth in operating scale, crossing the Rs 450 crore mark in FY23. The company's revenue streams saw an increase in operating income from Rs 313 crore in FY22 to Rs 453 crore in FY23. Healthcare services accounted for 75% of Pristyn Care's operating revenue, with the rest coming from the sale of medical health products and advertising services. Despite controlled costs, the firm experienced a 38.27% growth in losses, reaching Rs 383 crore in FY23.
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Teachmint revenue grows 2X in FY24, losses down to Rs 82 Cr
Entrackr
·
8m ago
Medial
SaaS-based edtech firm Teachmint improved its financial performance in the last fiscal year, doubling its operating scale while reducing year-on-year losses by more than 39%. However, the Lightspeed-backed company has yet to achieve significant scale. Teachmint’s revenue from operations spiked to Rs 17.1 crore in the fiscal year ending March 2024 from Rs 8.15 crore in FY23, its consolidated financial statements sourced from the Registrar of Companies show. Teachmint sells education software solutions through subscriptions to schools and teachers. The sale of software solutions accounted for 73% of the operating revenue which increased by 56% to Rs 12.5 crore in FY24. The rest of the income is derived from the sale of devices like biometrics, interactive flat panels, GPS devices, among others. The Bengaluru-based company firm managed to control its overall cost, reduced by 26.6% to Rs 160 crore in FY24 from Rs 218 crore in FY23. Key areas of cost reduction include employee benefits, marketing, and IT which dwindled by 21.2%, 63.6%, and 9.1% respectively. The 2X surge and controlled expenditure helped Teachmint reduce its losses by 39.2% to Rs 110 crore during the last fiscal year from Rs 181 crore in FY23. Excluding non-cash ESOP costs, the company’s losses stood at Rs 82 crore for the fiscal year ending March 2024. Its ROCE and EBIDTA margins stood at -24.7% and -198%, respectively. On a unit level, the company spent Rs 9.36 to earn a rupee in FY24. Importantly, the firm has a total current assets of Rs 440 crore including Rs 34 crore of cash and bank balances in the last fiscal year. The company’s transformation from pre-revenue to a significant revenue jump is largely driven by shifting its focus to digitize schools. Entrackr reported about the strategic move in April last year. Teachmint faced significant challenges in FY24, including laying off over 70 employees. It has raised over $100 million in funding, with a $78 million Series B round in October 2021 at a valuation of $500 million. However, it has not raised any additional funding in the last three years. Its competitor Classplus achieved a two-fold revenue increase to Rs 213 crore in FY24, while its newer rival, Lead School, recorded 25% growth to Rs 370 crore in revenue in the same period.
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Amazon nears complete acquisition of Axio in all cash deal
Entrackr
·
1y ago
Medial
E-commerce major Amazon appears to be inches away from its second acquisition in the Indian fintech space, after Emvantage. The company is in advanced discussion to acquire online lending platform Axio (formerly Capital Float), two sources told Entrackr. This would be the second acquisition by Amazon this year. It had acquired MX Player’s assets in May to scale its Mini TV offerings in India. “Amazon is buying Axio in a $150-175 million all cash deal,” said one of the sources requesting anonymity. “The terms of the deal have been finalized, and it’s (Amazon) currently conducting due-diligence.” Amazon is already an investor in Axio which participated in its Rs 144 crore worth extended Series C round in 2018. Currently, the firm owns around 8% of the Bengaluru-based lending platform. Sources emphasized that Ribbit Capital-backed Axio would power buy now pay later (BNPL) for Amazon Pay. “The acquisition makes absolute sense for both companies as they are over-dependent on each other. Over 80% of Axio’s volume comes from Amazon, while the e-commerce major’s BNPL is largely powered by Axio,” said another source who also wished not to be named. Besides Amazon, Decathlon and Xiaomi are Axio’s other partners. As per its website, the company offered credit to 9 million customers till date. Axio acquired Elevation-backed Walnut for about $30 million in 2018. Sources indicate that Amazon invested in Axio at a valuation of around $350 million in 2018. This essentially means that the deal isn’t very lucrative for its investors and other stakeholders. Queries sent to Amazon and Axio didn’t elicit any immediate response. We will update the story in case they do. According to startup data intelligence platform TheKredible, Axio reported 2X growth in its revenue to Rs 220 crore in FY23 as compared to Rs 110 crore in FY22. However, the firm’s losses grew marginally to Rs 137 crore in the same period (FY23). It’s yet to disclose FY24 numbers.
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Bottomline: Lightrock-backed axio's FY23 revenue doubles but losses widen too
VCCircle
·
1y ago
Medial
Content writer Sashank Rishyasringa's non-banking lender axio has reported doubling its revenue for FY23, although losses also increased. The company, backed by investors including Lightrock, Amazon, Elevation Capital, Sequoia Capital, and Ribbit Capital, serves a significant customer base of approximately 15 million.
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Lightrock-backed axio's FY23 revenue doubles but losses widen too
VCCircle
·
1y ago
Medial
Lightrock-backed axio's revenue for FY23 doubled, but the company also experienced wider losses during the period. Non-banking lender axio, with investors such as Lightrock, Amazon, Elevation Capital, Sequoia Capital, and Ribbit Capital, reported improved revenue despite increased losses. Capfloat Financial Services Pvt. Ltd, a subsidiary of axio, claims to have served 15 million customers.
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Google-backed Adda247’s revenue doubles, losses grow fourfolds in FY23
Money Control
·
1y ago
Medial
Adda247, a vernacular test prep platform backed by Google, reported a 2x increase in revenue for FY23, reaching Rs 129.65 crore. However, the company's losses also escalated, growing nearly fourfold to Rs 109.72 crore, primarily due to increased expenses in investing in its UPSC and vernacular segments. With a focus on test prep and skilling, Adda247 aims to achieve profitability by FY25 and is eyeing an IPO within the next two to three years. The company currently serves 50 million monthly active users and over 2 million paid users.
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LeadSquared losses mount 2.5X in FY23, revenue grows 32%
Entrackr
·
1y ago
Medial
SaaS platform LeadSquared saw a 2.5X increase in losses in FY23, despite a 32.6% growth in revenue from operations. The company provides sales, marketing, and onboarding automation solutions and its software services formed the majority of its operating revenue. LeadSquared counts Byju's, Dunzo, Practo, and others as its clients. Employee benefits accounted for a significant portion of the company's expenditure. The firm's losses stood at INR 161 crore in FY23, with a negative ROCE and EBITDA margin. LeadSquared faces stiff competition from global players like Salesforce.
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Amazon employees criticise CEO Andy Jassy after admitting AI will replace jobs in future - The Economic Times
Economic Times
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1m ago
Medial
Amazon CEO Andy Jassy announced that the company's corporate workforce will shrink over the next few years due to efficiency gains from AI, according to a recent memo. This announcement led to backlash from employees, who criticized Jassy's leadership and expressed concern over the increased reliance on AI. Employees were unhappy about the potential job losses. Meanwhile, Amazon also froze its retail hiring budget amid shifts in workforce and technology strategies.
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Tractor Junction grows 3X in FY23, posts Rs 7.5 Cr losses
Entrackr
·
1y ago
Medial
Rural vehicle marketplace Tractor Junction has managed to grow its scale by nearly three-fold during the last fiscal year (FY23). The byproduct of the fast-paced growth, however, is the five-year-old company slipping into red during the said period. Tractor Junction’s revenue from operations grew 196.2% to Rs 26.84 crore during the fiscal year ending March 2023 as compared to Rs 9.06 crore in FY22, as per the company’s consolidated annual financial statement with the Registrar of Companies. Launched by Shivani Gupta and Rajat Kumar, Tractor Junction is a rural vehicle marketplace that helps buy, sell, finance, and insure new and used tractors, farm equipment, and rural commercial vehicles. It also provides necessary information and vetted reviews on farm machinery, enabling users to compare shortlisted options, and bringing transparency in pricing. The company made 55% of its revenue from sale of tractors while the remaining came from the sale of services. The sales of services segment mainly deals in the business of providing advertising services to Original Equipment Manufacturers (OEMs) through generation of leads from their website and selling those leads to OEM’s. Tractor Junction also cornered Rs 1.75 crore via interest and gains on financial assets (non-operating revenue). Including this, the company’s total income stood at Rs 28.6 crore in FY23. Further, the Alwar-based company spent most on the cost of materials accounting for 42% of the total expenditure. This cost shot up over 20X to Rs 14.54 crore in FY23 from Rs 71 lakh in FY22. Employee benefit cost for the company jumped over 2X to Rs 9.35 crore during the last fiscal year. Moreover, advertising & publicity expenses also increased 56.1% to Rs 3.81 crore during FY23 from Rs 2.44 crore in FY22. Overall, the company’s total expenditure ballooned more than four-fold to Rs 34.67 crore in FY23 from Rs 8.28 crore in FY22. Head to startup intelligence platform TheKredible for complete expense breakdown and year-on-year financial performance of the company. On the back of rising expenses, the company slipped into red. Tractor Junction recorded Rs 7.46 crore losses in FY23 against Rs 67 lakh profit in FY22. The impact of cash burn can also be seen in operating cash outflows which climbed to around Rs 17 crore during the last fiscal year. FY22-FY23 FY22 FY23 EBITDA Margin 11.15% -19.41% Expense/Rupee of ops revenue ₹1.29 ₹0.91 ROCE 33.95% -15.36% The EBITDA margin and ROCE of the firm stood at -19.41% and -15.36%, respectively in FY23. On a unit level, Tractor Junction spent Rs 1.29 to earn a rupee of operating revenue during the fiscal year. As per TheKredible, Tractor Junction has raised nearly $6 million to date from investors including Info Edge, Omnivore, Rockstart and Indigram Labs et al.
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Fintech startup WeRize reports 246% growth in its revenue to Rs 68.1 crore in FY23
IndianStartupNews
·
1y ago
Medial
Fintech startup WeRize, backed by British International Investment, has seen a remarkable 22X increase in revenue over the past two fiscal years, with significant growth in smaller cities. From FY21 to FY23, the company's operating scale soared to Rs 68.14 crore. The majority of this revenue came from interest and service fees, bringing in a total income of Rs 72.77 crore for FY23. Despite increased expenses, WeRize reduced losses by 23.8% and improved its Return on Capital Employed (ROCE) and EBITDA margin. The company raised Rs 120 crore in funding in June 2022.
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