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Apparel maker Blissclub sees FY23 loss widen four-fold
Economic Times
·
1y ago
Medial
Bangalore-based apparel maker Blissclub reported a fourfold increase in losses to Rs 36 crore for the financial year ended March 2023. However, the firm's operating revenue surged to Rs 68.3 crore in FY23, compared to Rs 15 crore in FY22. Blissclub focuses on long-lasting women's apparel, which stands in contrast to the fast fashion industry. The company's expenses also increased, with total expenses reaching Rs 108 crore in FY23. In May 2022, Blissclub secured $15 million funding led by Eight Roads Ventures and Elevation Capital.
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D2C Startup Blissclub Fires About 18% Workforce To Cut Costs
Inc42
·
1y ago
Medial
Bengaluru-based fashion apparel startup Blissclub has laid off around 21 employees, or 18% of its workforce, due to the company's inability to raise fresh capital amidst high cash burn. The layoffs impacted various teams, with the creative team being completely dissolved. The startup, which last raised $15 million in a Series A funding round, is paying a two-month salary as severance package to the affected employees. This development adds Blissclub to the list of Indian startups that have undertaken restructuring exercises to cut costs in the face of the funding winter.
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Shiprocket FY23 revenue soars 80% but higher costs widen loss
VCCircle
·
1y ago
Medial
Logistics unicorn Shiprocket witnessed an 80% increase in revenue for FY23, reaching Rs 1,089 crore. However, the startup's expenses rose due to higher employee costs and costs related to mergers and acquisitions. Shiprocket also reported a wider loss of Rs 341 crore for FY23 compared to Rs 93.15 crore in FY22. Despite this, the company's core business remains profitable, and it anticipates improved profitability in the current financial year. Shiprocket became a unicorn last year and has made several acquisitions to bolster its services.
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Blissclub’s Minu Margeret is building an inclusive apparel brand for every woman
Livemint
·
20d ago
Medial
Minu Margeret, founder and CEO of Blissclub, is developing an inclusive apparel brand for all women, focusing on balancing functionality with comfort. Founded in 2020, the company raised ₹45 crore in its Pre-Series B funding, involving Elevation Capital, Eight Roads Ventures, and Alteria Capital, after a challenging period with layoffs. The Bengaluru-based startup's office welcomes Gen Z and young millennials, reflecting its modern approach and ambition in the direct-to-consumer market.
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New-age luggage brand Mokobara's operating revenue grows four-fold in FY23, losses widen 78%
Economic Times
·
1y ago
Medial
Luggage brand Mokobara experienced a significant increase in operating revenue, growing more than four times to Rs 53 crore in FY23. However, losses also widened by 78% to approximately Rs 8 crore. The company's total expenses in FY23 were three times higher than the previous year, with the largest expense being the purchase of stock. Mokobara is currently in talks with venture investor Peak XV Partners for a potential investment of $12-15 million. The startup, founded by former Urban Ladder executives, is competing with established players in the premium luggage segment.
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Battery Smart’s revenue triples in FY24 but losses widen over 2X
Entrackr
·
3m ago
Medial
Battery Smart, a battery-swapping network for electric two- and three-wheelers, recorded a three-fold increase in revenue for the fiscal year ending March 2024. However, its losses also doubled as the Gurugram-based company aggressively pursued scale. Battery Smart’s operating revenue soared 193% to Rs 164 crore in FY24 from Rs 56 crore in FY23, as per its consolidated financial statements sourced from the Registrar of Companies (RoC). The company made additional Rs 23 crore from interest on financial assets which pushed its total income to Rs 187 crore in FY24. On the expense side, depreciation charges ballooned 3.8X to Rs 85 crore, while finance costs rose nearly 3.75x to Rs 45 crore. Employee benefit expenses increased 95.2% to Rs 41 crore. Interestingly, advertising expenses fell by 60% to Rs 8 crore during the said fiscal year. Overall, Battery Smart’s total expenditure more than doubled to Rs 327 crore in FY24 from Rs 125 crore in FY23. Despite strong top-line growth, Battery Smart’s losses widened significantly. The company posted a net loss of Rs 140 crore in FY24, more than double the Rs 61 crore loss in FY23. Its Return on Capital Employed (ROCE) and EBITDA margin stood at -18.34% and -5.35%, respectively. On a unit basis, the company spent Rs 1.99 to earn a rupee in operating revenue. As of March 2024, the Gurugram-based firm reported current assets worth Rs 328 crore including Rs 107 crore in cash and bank balance. According to startup data intelligence platform TheKredible, Battery Smart has raised a total of approx $192 million of funding till date, having Tiger Global and Blume Ventures as its lead investors. Its co-founders Pulkit Khurana and Siddhart Sikka together own 28.5% of the company. Battery Smart remains one of the better positioned firms to benefit from the increased electrification of mobility in India, particularly two and three wheelers. The firm has incurred high costs as it establishes the best SOP and learns, never an easy task in a complex market like India. What probably helps it is the almost complete focus on B2B segments. The biggest risk factor of course remains the pushback from large manufacturers to have proprietary batteries, or a preference to build their own swapping networks as seen in the case of Honda recently. However, Battery Smart continues to have a lot going for it particularly in the three wheeler segment, where the swapping model trumps charging for now, by saving time and ensuring higher usage of the vehicle.
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D2C startup Blissclub secures fresh funds at flat valuation
Entrackr
·
3m ago
Medial
Women’s activewear D2C brand BlissClub has raised Rs 45 crore (around $5.3 million) in a mix of debt and equity funding. The round was led by existing investor Elevation Capital. Women’s activewear D2C brand BlissClub has raised Rs 45 crore (around $5.3 million) in a mix of debt and equity funding. The round was led by existing investor Elevation Capital, with participation from Eight Roads Ventures, and Alteria Capital, which contributed the debt component. The board at Blissclub has allotted 16,076 pre-Series B CCPS at an issue price of Rs 20,528 each and 1,200 non-convertible debentures at an issue price of Rs 1,00,000 each to raise the aforementioned amount, its regulatory filings with Registrar of Companies (RoC) shows. The proceeds will be used to support the company’s business needs, including growth, expansion, and general corporate purposes, the filings added. BlissClub is a homegrown, women-centric wellness brand that specializes in activewear, accessories, and lifestyle products. Recently, the company expanded its portfolio by venturing into the travel wear segment. BlissClub sells its products through its own website as well as major e-commerce platforms like Myntra, Amazon, and AJIO. According to Entrackr’s estimates, Blissclub is valued at Rs 570 crore (around $67 million), the same as during its $15 million Series A round. After allotment of the new round, Elevation Capital is the largest external shareholder in BlissClub, holding a 24.5% stake, followed by Eight Roads Ventures with a 15.79%. According to TheKredible, BlissClub has raised nearly $26 million to date, including the debt component. While BlissClub has yet to disclose its FY25 figures, the company reported a 27% growth in operating revenue to Rs 87 crore in FY24. However, it also incurred a loss of Rs 44 crore during the same period. Disclaimer: Bareback Media has recently raised funding from a group of investors. Some of the investors may directly or indirectly be involved in a competing business or might be associated with other companies we might write about. This shall, however, not influence our reporting or coverage in any manner whatsoever. You may find a list of our investors here.
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FabHotels gross revenue crosses Rs 550 Cr in FY24, losses widen 23%
Entrackr
·
6m ago
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.
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FlexiLoans crosses Rs 100 Cr revenue in FY23, turns profitable
Entrackr
·
1y ago
Medial
MSME-focused fintech lending platform, FlexiLoans, has raised $90 million in its Series B round through a mix of equity and debt. The company achieved a two-fold scale in FY23, with operating revenue growing 2.1X to INR 108.5 crore. FlexiLoans offers collateral-free funds to MSMEs through its digital lending platform, using proprietary technology and risk models for quick loan approvals within 48 hours. The company reported profits of INR 6.67 crore in FY23, a significant improvement from the INR 10.77 crore loss in FY22.
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DealShare FY23 losses widen 14% to Rs 502.7 crore
YourStory
·
1y ago
Medial
Social commerce platform DealShare's FY23 losses widened 14% to Rs 502.7 crore, up from Rs 440.7 crore incurred in the previous year. Total expenses increased marginally to Rs 2,557.6 crore from Rs 2,340.3 crore. The Bengaluru-based firm posted a 5% increase in revenue from operations to Rs 1,963.5 in FY23 from the year-ago period.
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Classplus’ revenue grows 3.3X to Rs 149 Cr in FY23
Entrackr
·
1y ago
Medial
Delhi-based B2B edtech startup Classplus raised $70 million in a Series C funding round, enabling it to achieve a four-fold growth in operations during the last fiscal year. Its total revenue grew by 3.3 times to Rs 149.2 crore in FY23, with operational revenue rising four times to Rs 102 crore. Classplus offers a mobile solution for educators to monetize their student base by selling online courses. The company focused on controlling overhead expenses, although overall expenditure increased by 16 times in FY22. Employee benefits accounted for 56.5% of the expenses.
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