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ApnaKlub reports Rs 537 Cr gross revenue in FY24 with sound economics

EntrackrEntrackr · 7m ago
ApnaKlub reports Rs 537 Cr gross revenue in FY24 with sound economics
Medial

B2B e-commerce platform ApnaKlub sustained its growth momentum in the last fiscal year, with gross revenue nearly doubling. Despite this rapid growth, the company reduced its losses by 14%, bringing them below Rs 50 crore in the fiscal year ending March 2024. Apnaklub’s gross revenue spiked to Rs 536.78 crore in FY24 from Rs 278.32 crore in FY23, its financial statements show. Apnaklub is a B2B wholesale platform which connects retailers and kirana stores, and fast-moving consumer goods (FMCG) brands. With Rs 250 crore, the sale of personal care products topped the collection chart in FY24, followed by beverages at Rs 95.34 crore during the last fiscal year. Revenue from home care and processed foods stood at Rs 82 crore and Rs 80.6 crore, respectively. The firm also has earned Rs 5 crore from the interest on long-term investments which took its total revenue to Rs 541 crore in FY24. The cost of materials accounted for 86% of the total expense which spiked 84.83% to Rs 508.05 crore in FY24 from Rs 278 crore in FY23. Employee benefit expenses grew by 33.84% to Rs 31.60 crore in FY24 while transportation expenses rose by 41.56% to Rs 11.41 crore. Other expenses added another Rs 38.69 crore, making the total expense to surge by 77.4% to Rs 589.75 crore in FY24. In the end, the company’s net loss shrank by 13.84% to Rs 47.93 crore in FY24 from Rs 55.63 crore in FY23. Its losses excluding ESOP cost stood at Rs 45.9 crore. The company reported an EBITDA loss of Rs 44.7 crore, while its adjusted EBITDA loss was at Rs 42.63 crore in the last fiscal. Its ROCE and EBITDA margin stood at -79.36% and -8.25%, respectively. On a unit basis, the company spent Rs 1.1 to earn a rupee of operating revenue. ApnaKlub reported cash and bank balances of Rs 39.13 crore and current assets of Rs 90.55 crore in FY24. According to TheKredible, ApnaKlub has raised a total funding of Rs 190.78 crore (approximately $24.4 million) to date. Its investors include Tiger Global, Blume Ventures, Whiteboard Capital, and Surge Ventures.

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ApnaKlub’s gross revenue spikes 6X to Rs 278 Cr in FY23

EntrackrEntrackr · 1y ago
ApnaKlub’s gross revenue spikes 6X to Rs 278 Cr in FY23
Medial

B2B consumer goods startup ApnaKlub raised $16 million led by TrueScale Capital and ICMG partners in January this year. And, it looks like the company’s growth numbers attracted the two backers: Its gross scale spiked nearly six-fold in the fiscal year ending March 2023. ApnaKlub’s gross revenue grew to Rs 278 crore in FY23 from Rs 47 crore in FY22, its financial statements sourced from RoC show. Founded in 2020, Apnaklub connects retailers, kirana stores, and fast-moving consumer goods (FMCG) brands via its wholesale partners. The sale of products was the primary source of revenue for ApnaKlub. Its personal care products top the collection charts followed by beverages, home care, processed foods, and others. The company also has an income of Rs 3 crore from the interest on long-term investments (non-operating) in FY23. See TheKredible for the detailed revenue breakup. In line with fellow B2B wholesale startups, the cost of procurement of goods turned out to be the largest cost center forming 82% of the overall expenditure. In sync with scale, this cost surged 5.8X to Rs 275 crore in FY23 from Rs 47 crore in FY22. ApnaKlub’s employee benefits, rent, advertising cum promotional, freight, contract, legal, and other overheads pushed its total expenditure to Rs 332 crore in FY23 from Rs 63 crore in FY22. Head to TheKredible for the detailed expense breakup. ApnaKlub bled heavily in pursuit of growth, leading to a 4.6X increase in losses to Rs 56 crore in FY23 as compared to Rs 12 crore in FY22. Its ROCE and EBITDA margins were recorded at -50% and -17.4% respectively. On a unit level, it spent Rs 1.19 to earn a rupee in FY23. FY22-FY23 FY22 FY23 EBITDA Margin -32% -17.4% Expense/₹ of Op Revenue ₹1.34 ₹1.19 ROCE -52% -50% While ApnaKlub might be on a path to breakeven only at a Rs 1000 crore plus turnover, the higher share of personal care products might allow a faster path to profitability, considering the better margins in that segment. Having said that, it is no secret that the actual marketplace for this segment is a battlefield that has left most players bloodied, if not fatally wounded. ApnaKlub must be doing something different to convince investors to bet on it in the current funding environment, and just for that, the firm needs to be tracked carefully for the next steps on its journey.

A23 reports Rs 841 Cr revenue and Rs 72 Cr profit in FY24

EntrackrEntrackr · 5m ago
A23 reports Rs 841 Cr revenue and Rs 72 Cr profit in FY24
Medial

Online rummy platform A23 reported flat revenue growth for the fiscal year ending March 2024. However, the company achieved a 24% increase in profits, driven by controlled expenses and an increase in non-operating income during the same period. A23’s net revenue was recorded at Rs 841 crore in FY24 from Rs 839 crore in FY23, its consolidated annual financial statements sourced from the Registrar of Companies (RoC) show. Notably, the firm's gross revenue grew by 31% to Rs 1,378 crore in FY24, up from Rs 1,051 crore in FY23. Of this, Rs 537 crore was paid out to players, resulting in a net revenue of Rs 841 crore for FY24. The platform fee, or commission, charged as a percentage of the buy-in fees from users, remained the sole revenue source for A23 during FY24. Additionally, the platform earned Rs 37 crore, primarily from interest on deposits and current investments, bringing its total revenue to Rs 878 crore in FY24. The company claims to have over 5 crore players on its platform and operates five games - rummy, fantasy, poker, carrom, and pool. A23 has not disclosed its overheads much and booked Rs 515 crore, which is 68% of the overall cost under the miscellaneous head. This might include all the major costs including advertising, servers, and hosting. A23’s employee benefits grew 41% to Rs 138 crore in FY24 from Rs 98 crore in FY23. Its legal, safety and security, printing, traveling, and other overheads pushed the total expenditure to Rs 761 crore in FY24. Despite the flat scale, the controlled expenditure and increase in other income helped A23 to post a 24% increase in its net profits to Rs 72 crore in FY24, compared to Rs 58 crore in FY23. Its ROCE and EBITDA margin improved to 11.5% and 15.26%, respectively while the expense-per-revenue ratio stood at Rs 0.90. At the end of FY24, A23’s total current assets were recorded at Rs 613 crore with cash and bank balances of Rs 534 crore.

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

EntrackrEntrackr · 10m 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.

FabHotels gross revenue crosses Rs 550 Cr in FY24, losses widen 23%

EntrackrEntrackr · 5m ago
FabHotels gross revenue crosses Rs 550 Cr in FY24, losses widen 23%
Medial

FabHotels gross revenue crosses Rs 550 Cr in FY24, losses widen 23% Casa2 Stays, the parent firm of FabHotels, reported a 34% increase in gross revenue for the fiscal year ending March 2024. However, its loss rose by 23%, driven by a twofold increase in employee benefit expenses. FabHotels’ gross revenue increased to Rs 552 crore in FY24 from Rs 412 crore in the previous fiscal year (FY23), according to its financial statement sourced from the Registrar of Companies (RoC). The revenue for FY23 appears different this year as it marks FabHotels’ first set of financial statements prepared in compliance with Indian Accounting Standards (Ind AS). FabHotels, a budget hotel chain with over 600 properties across more than 50 cities in India, generated 99.4% of its gross revenue from accommodation bookings. Gross revenue increased by 33.35% to Rs 549 crore in FY24. Meanwhile, other revenue sources contributed Rs 3.3 crore. The company also recorded an additional income of Rs 11 crore from interest on deposits and liabilities written off, which pushed its overall revenue to Rs 563.6 crore in the last fiscal year. Accommodation expenses remained the largest cost component forming 74% of the overall cost, which grew by 32% to Rs 435 crore. FabHotels’ employee costs shot up 2X to Rs 92 crore in FY24. This includes Rs 15 crore as ESOP cost. Its commission expenses rose by 8% to Rs 27 crore, while other costs added Rs 34 crore. Overall, total expenses grew by 38.5% to Rs 588 crore in FY24 from Rs 424.7 crore in FY23. The two-fold jump in employee benefits led FabHotel to increase its losses by 23% to Rs 114 crore in FY24, compared to Rs 93 crore in FY23. Its ROCE and EBITDA Margin were recorded at -84.09% and -19.52%, respectively. On a unit basis, the company spent Rs 1.06 to earn a rupee of revenue. At the end of FY24, FabHotel’s current assets stood at Rs 172 crore, including cash and bank balances worth Rs 94 crore. FabHotel has raised around $70 million to date. Accel is the largest external stakeholder with 21.39% followed by Goldman Sachs. FabHotels competes directly with Treebo and Bloom Hotels. In FY24, Treebo surpassed Rs 100 crore in revenue, while Bloom Hotels achieved a 73.6% increase in operational revenue to Rs 250 crore and recorded a profit of Rs 14 crore. FabHotels, with its budget offerings and reach, faces a moment of truth to deliver sustainable profitability that can power future growth. The hospitality sector leaves very little margin for major misses now. FabHotels has placed its bets, with little leeway to change much now. Judgement awaits in the next few months and year, perhaps.

Astroyogi surpasses Rs 85 Cr revenue in FY24 with sound economics

EntrackrEntrackr · 5m ago
Astroyogi surpasses Rs 85 Cr revenue in FY24 with sound economics
Medial

Astroyogi surpasses Rs 85 Cr revenue in FY24 with sound economics Astroyogi’s revenue from operations grew to Rs 84.3 crore in FY24 from Rs 66.7 crore in FY23, its annual financial statements sourced from the Registrar of Companies (RoC) show. The online astrology sector has been experiencing rapid growth in recent years, and bootstrapped firm Astroyogi is no exception. The Gurugram-based company reported a 26.3% year-on-year revenue increase in the last fiscal year while maintaining strong unit economics. Astroyogi’s revenue from operations grew to Rs 84.3 crore in FY24 from Rs 66.7 crore in FY23, its annual financial statements sourced from the Registrar of Companies (RoC) show. Astroyogi is a digital astrology consultancy platform that connects users with professional astrologers through its mobile and web apps. In FY24, online consultancy services generated 98.3% of the company’s total operating revenue, amounting to Rs 82.9 crore. The remaining revenue came from product sales through its YogiStore. Notably, revenue from overseas markets contributed 27.2% of Astroyogi’s total operating revenue. The firm also generated Rs 1.08 crore from interest and investment gains, bringing its overall income to Rs 85.3 crore for the fiscal year ending March 2024. Similar to other online astrology firms, content and astrology fees given to astrologers/cartomancers were the largest cost center for Astroyogi, accounting for 46.5% of the overall expenses. To the tune of scale, this cost increased by 23% to Rs 39.7 crore in the last fiscal year. Its spends and employee benefits shot up by 33% and 29%, respectively, to Rs 24 crore and Rs 12.5 crore in FY24. The overall cost of the company grew by 28% to Rs 85.3 crore in FY24. Despite the growing scale, increased advertising expenses for the bootstrapped firm impacted the company's profits before tax, which fell to Rs 31,000 in FY24, down from Rs 2.1 crore in FY23. On a unit level, it spent Rs 1.01 to earn a rupee during the last fiscal year. The company directly competes with AstroTalk which targets Rs 1,250 crore revenue in FY25 and registered 651 crore revenue with a hefty Rs 100 crore profits in FY24, and InstaAstro, which is in talks to be acquired by Flipkart and posted Rs 25 crore revenue in FY24. The boom in astrology services has seen business models evolve, and that in turn continues to put pressure on firms to get more out of every customer. With the kind of pay per minute models most have gone with, it is only a matter of time before newer, more dedicated offerings emerge. While we are not privy to details, it’s a safe bet to assume that the Pareto principle will be at work in these firms too, with 20% of customers possibly generating 80% of revenues. While that has already meant some star astrologers seeking to build their own followings independently, it could lead to the inevitable fight for ‘top-tier’ talent soon. As one of the few categories where profits have flowed quickly, it should be interesting to see how these firms evolve in the coming months and years.

Metalbook nears Rs 800 Cr gross revenue in FY24

EntrackrEntrackr · 5m ago
Metalbook nears Rs 800 Cr gross revenue in FY24
Medial

Full-stack metal supply-chain platform Metalbook recorded nearly Rs 800 crore of gross revenue for the fiscal year ended March 2024. However, its losses surged over two-fold in the same period. Metalbook’s gross revenue, known as gross merchandise value (GMV), surged 76% to Rs 796 crore in FY24 from Rs 452 crore in FY23, according to its financial statement sourced from the Registrar of Companies (RoC). Founded in 2021, Metalbook is a full-stack procurement platform that helps businesses, including SMEs, with inventory liquidation, logistics, and credit, among others. It claims to work with over 500 manufacturers, dealers, and suppliers, including ArcelorMittal Nippon Steel, Tata Steel, and JSW, across 16 countries. These services were the only source of revenue for the Gurugram-based company in FY24. The firm also made an additional Rs 2.5 crore from interest on deposits and investments, which pushed its total income to Rs 799 crore in FY24. For the supply chain platform, the cost of procurement of materials was the company’s largest cost center, accounting for 96% of the overall expenditure. This cost surged by 75.34% to Rs 782 crore in FY24. Employee benefit expenses jumped 90.48% to Rs 16 crore. Provisions for bad debts stood at Rs 3.7 crore, while other expenses—including legal, technology, and travel—contributed Rs 14.3 crore. These factors drove total expenses up by 77.78% to Rs 816 crore in FY24. Despite the 76% growth in scale, Metalbook’s loss spiked by 2.8 times to Rs 17 crore in FY24 from Rs 6 crore in FY23. Its return on capital employed (ROCE) and EBITDA margin stood at -9.65% and -1.27% respectively. On a unit basis, the company spent Rs 1.03 to earn a rupee of gross revenue in FY24. The Delhi-based company’s current assets stood at Rs 193 crore, which includes Rs 61 crore of cash and bank balance in the previous fiscal year. According to TheKredible, Metalbook has raised $23 million of funding to date. Axilor, Foundamental, and RTP Global are the major investors who hold 13.55%, 8.23%, and 5.81% of the company respectively.

CityMall hits Rs 450 Cr GMV in FY24 with steady losses

EntrackrEntrackr · 5m ago
CityMall hits Rs 450 Cr GMV in FY24 with steady losses
Medial

CityMall, a social e-commerce platform serving smaller cities and towns, recorded over 23% year-on-year growth for the fiscal year ending March 2024, with its gross revenue exceeding Rs 420 crore. CityMall’s gross revenue (GMV) increased to Rs 427 crore in FY24 from Rs 346.4 crore in FY23, according to its standalone financial statement sourced from the Registrar of Companies (RoC). CityMall sells lifestyle, grocery, and other essentials through a network of community resellers in tier II and III cities. Revenue from product sales accounted for 91.62% of the total operating revenue, which increased by 17.1% to Rs 391.5 crore in FY24. The remaining GMV came from logistics and marketing services, which stood at Rs 35.8 crore. CityMall also made an additional income of Rs 32 crore from interest on deposits and investments that brought its total income to Rs 459 crore in the last fiscal year, compared to Rs 378 crore in FY23. On the expense front, the cost of procurement of products was the largest cost center which rose 20.4% to Rs 390 crore in FY24. CityMall’s employee benefit expenses grew by 7.7% to Rs 91 crore, while transportation costs jumped 45.5% to Rs 56 crore. Overall, the Gurugram-based company’s total expenses increased by 17.7% to Rs 615.2 crore in FY24, compared to Rs 522.7 crore in FY23. In the end, losses for the Accel-backed firm increased by 10% to Rs 159 crore in FY24 from Rs 145 core in FY23. Its ROCE and EBITDA Margins stood at -36.18% and -30.34%, respectively. On a unit basis, the company spent Rs 1.44 to earn a rupee of operating revenue in FY24. The Gurugram-based company reported total current assets of Rs 427 crore at the end of FY24, including Rs 187 crore in cash and bank balance. CityMall has raised over $110 million in funding to date including its $75 million Series C led by Norwest in March 2022. According to the startup data intelligence platform TheKredible Elevation Capital is the largest external stakeholder followed by Accel and Jungle Ventures. DealShare, one of CityMall's closest competitors, saw a 75% decline in gross scale in FY24, while its losses decreased by 66% in the last fiscal.

Gameskraft achieves Rs 3,500 Cr income in FY24 with Rs 947 Cr PAT

EntrackrEntrackr · 5m ago
Gameskraft achieves Rs 3,500 Cr income in FY24 with Rs 947 Cr PAT
Medial

Gameskraft achieves Rs 3,500 Cr income in FY24 with Rs 947 Cr PAT Gameskraft has consistently reported net profits of around Rs 1,000 crore over the past three fiscal years. Despite encountering various legal challenges, the Bengaluru-based company achieved a 30% year-on-year growth in the fiscal year ending March 2024. Gameskraft’s revenue from operations grew to Rs 3,475 crore in FY24 from Rs 2,673 crore in FY23, its consolidated annual financial statements sourced from the Registrar of Companies show. Gameskraft operates popular gaming apps such as Rummy Culture, Playship, Pocket 52, RummyPrime, Ludo Culture, and Rummy Time. Its revenue (gross gaming revenue) comes from a platform fee or commission charged as a percentage of the buy-in fees users invest in games. This remained its sole revenue source during FY24. The company also made Rs 46 crore from interest on fixed deposits and gain on sale of current investments which tallied its overall revenue to Rs 3,521 crore in FY24 from Rs 2,732 crore in FY23. Similar to other gaming companies, Gameskraft has over a dozen brand ambassadors, including Harbhajan Singh, Mahesh Bhupathi, and Abhinav Bindra, and has run several campaigns on social media and TV. This pushed its advertising costs up by 113% to Rs 1,315 crore in FY24 from Rs 616 crore in FY23. Gameskraft employee benefits grew 23.5% to Rs 463 crore in FY24. This includes Rs 12 crore as ESOP cost which is settled in cash. Its legal, communication, domain, web hosting, and other overheads took the overall cost up by 71.7% to Rs 2232 crore in FY24 from Rs 1300 crore in FY23. The more than two-fold increase in advertising costs outpaced Gameskraft's revenue growth, causing its profits to drop by 10.8% to Rs 947 crore in FY24 from Rs 1,062 crore in FY23. Its ROCE and EBITDA margin stood at 69.4% and 37.46% respectively with an expense-to-earning ratio of Rs 0.64. At the end of FY24, Gameskraft's total current assets were recorded at Rs 1,680 crore with the cash and bank balance of Rs 306 crore. In the real-money gaming sector, MPL reported a 22.2% increase in revenue from operations to Rs 1,068 crore in FY24, while also achieving positive cash flow during the year. Gameberry saw a 46.9% growth in revenue to Rs 461.7 crore, with a 150% surge in profit to Rs 92.8 crore in the same period. Meanwhile, major competitors such as Dream11 and A23 have yet to release their financial results for FY24.

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