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AstroTalk profit zooms 12X to Rs 100 Cr in FY24

EntrackrEntrackr · 8m ago
AstroTalk profit zooms 12X to Rs 100 Cr in FY24
Medial

AstroTalk, a spiritual-tech company in India, experienced significant growth in the fiscal year ending March 2024. Its revenue from operations doubled to Rs 651.12 crore, with income from India and overseas countries seeing substantial increases. The company's profit also surged 12-fold to Rs 99.99 crore. AstroTalk operates as a digital astrology consultancy platform, connecting users with professional astrologers. Despite some skepticism, astrology and spiritual tech startups in India have raised around $60 million in funding in the past 15 months. The success of companies like AstroTalk can be attributed to the formalization of the economy and the demand for immediate information in the consumerist society.

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AstroTalk enters the D2C vertical, targets Rs 1,250 Cr revenue in FY25

EntrackrEntrackr · 5m ago
AstroTalk enters the D2C vertical, targets Rs 1,250 Cr revenue in FY25
Medial

Online astrology consultancy platform AstroTalk has ventured into the direct-to-consumer (D2C) vertical with the launch of 'Astrotalk Store'. The vertical serves as a destination for gemstones and healing stones charged with 'positive mantras and chants' by astrologers. The collection also includes accessories designed to enhance both style and energy alignment, with categories such as Love, Money, and Evil Eye, as per the company. "We observed a significant demand from our customers for authentic remedies," explains Anmol Jain, Co-founder of AstroTalk. "This led to the launch of Astrotalk Store, offering certified gemstones and addressing the lack of trust in the market." Since its launch four months ago, the AstroTalk Store has been generating daily revenues of Rs 10-15 lakh, translating into an annualized run rate (ARR) of Rs 36-45 crore, and projected to end up with an ARR of Rs 100 crore by the end of FY25, he added. In the long run, the D2C vertical is expected to contribute 25-30% of the revenue of the company while also achieving profitability. AstroTalk has also stated that its products are live on Myntra and Amazon and plans to make its products available on the quick-commerce platform Zepto soon. AstroTalk delivered impressive financial performance in FY24, with revenue from operations surging 2.3x to Rs 651.12 crore. The company’s profit also grew 11.8x year-on-year to Rs 99.99 crore. The Noida-based firm is projected to double its revenue year-on-year to approximately Rs 1,250 crore, with an operating profit of Rs 230-250 crore in the ongoing fiscal year (FY25). It claims to have over 41,000 astrologers on its platform, consulting with more than 4,50,000 daily users and over 2.5 million monthly users. According to data from TheKredible, Puneet Gupta-led AstroTalk has scooped up $34 million to date across two financing rounds. Astrotalk has no doubt been one of the outstanding startup success stories, if we go by the metrics of the firm. Even the funding they have received is more by way of growth capital than sustenance or 'survival' capital, as seen in many cases. However, one hopes that the brush with hard-nosed VCs will not force too many changes in the model, which seemed to be doing well enough on its own steam.

AstroTalk raises $20 Mn from Left Lane Capital

EntrackrEntrackr · 1y ago
AstroTalk raises $20 Mn from Left Lane Capital
Medial

Spiritual tech startup AstroTalk on Monday announced that it has raised $20 million in a Series A round from Left Lane Capital, a New York-based venture capital firm that invests in high-growth consumer and internet technology companies. This is one of the largest funding rounds in the spiritual-tech industry in India, so far. AstroTalk will use the funds for strategic acquisitions to expand in international markets, solidify new business verticals, and hire senior leadership roles, the company said in a press release. Last week, Entrackr exclusively reported about the upcoming funding round in AstroTalk. Founded in 2017 by Puneet Gupta and Anmol Jain, AstroTalk connects consumers to astrologers for horoscope readings, birth chart analysis, live prayers and more. The platform boasts over 15,000 active astrologers and has served more than 4 crore users to date. “Astrotalk is a ‘Made in India, Built for the World’ company, eyeing expansion across the US, Canada, UK & Middle East. One-on-one consultations stand to be approximately 95% of our revenue with about 20% of the revenues coming from outside of India,” said Puneet Gupta, founder and CEO of Astrotalk in the release. Currently, the company is building a strong leadership team to head new business verticals and is actively hiring. Additionally, it is planning an ESOP buyback to create wealth for its employees. AstroTalk claims to clock an ARR of approximately Rs 800 crore in FY24 and a 100% year-on-year revenue growth in the last three years. As per the company’s annual financial statement, it posted 146% growth in its revenue to Rs 283 crore in FY23 whereas its profits spiked 41.7% to Rs 8.5 crore. The firm also projected to end FY24 with Rs 650 crore in revenue and Rs 100 crore in profit. It competes with GaneshaSpeaks, InstraAstro, Click Astro, and Bodhi.

ProcMart GMV zooms 3X to Rs 621 Cr in FY24; profit slips 56%

EntrackrEntrackr · 10m ago
ProcMart GMV zooms 3X to Rs 621 Cr in FY24; profit slips 56%
Medial

B2B procurement marketplace ProcMart has been growing at a scorching pace over the past two fiscal years, with its gross merchandise value (GMV) spiking 5X in FY23 and FY24 compared to FY22. In FY24, the company achieved 3X GMV growth, but its profit nosedived by 56.5% ProcMart’s gross revenue shot up over 200% to Rs 621.5 crore during the fiscal year ending March 2024 in comparison to Rs 206.07 crore in FY23, the company’s consolidated financial statements sourced from the Registrar of Companies (RoC) show. ProcMart is engaged in the trading business of industrial automation, electrical, mechanical, electronics, IT items, abrasive, fasteners, safety & security items, various tools & consumables. The sale of these products accounted for 98% of the total gross revenue in the last fiscal year. The company also provides business procurement assistance services which formed the remaining part of the GMV during the last fiscal year. Overall, the company generated Rs 624.3 crore in gross revenue including Rs 2.79 crore from interest and gains on financial assets. Moving forward, the cost of materials was found to be the largest burn and formed 93.4% of the total expenses. This cost ballooned 216.3% to Rs 582 crore in FY24. The company spent 3% of its total expenses on employee benefits which stood at Rs 19 crore during the same period. Further, expenses such as transportation, legal & professional, rent et al took over the company’s total cost by 205.6% to Rs 623.4 crore during FY24 from Rs 204 crore in FY23 For the complete expense breakdown, head to TheKredible. Despite accelerating scale, ProcMart barely finished staying in the green. The company’s profits slipped 56.5% to Rs 73 lakh in FY24 against Rs 1.68 crore in FY23. Its operating cash flows however turned positive at Rs 15.81 crore crore during the last fiscal year. FY23-FY24 FY23 FY24 EBITDA Margin 2.28% 1.33% Expense/₹ of Op Revenue ₹0.99 ₹1.00 ROCE 7.33% 5.45% As per TheKredible, the firm’s EBITDA margin and ROCE registered at 1.33% and 5.45%, respectively. On a unit level, ProcMart spent Re 1 to earn a rupee of operating revenue during the previous fiscal year. ProcMar has raised over $40 million in funding to date across three rounds. Its last funding round came in April this year where it raised $30 million funding co-led by Fundamentum and Edelweiss Discovery Fund. As per TheKredible, the company was valued at around Rs 724 crore or $88 million (post-money). The B2B procurement space has been a surprise winner with the storied success of multiple firms. There is however little doubt that margins are thin, prompting changes in the model to contract manufacturing, financing and more by players. ProcMart for now seems to be sticking to the plain vanilla procurement based model. As it scales up, it will be interesting to see if it sticks to the model, or finds its own way into a higher margin revenue stream. Until then, it will know that maintaining a strong growth rate will be the least expected of it.

True Balance’s profit zooms over 2X to Rs 138 Cr in FY24

EntrackrEntrackr · 11m ago
True Balance’s profit zooms over 2X to Rs 138 Cr in FY24
Medial

True Balance, founded by South Korean entrepreneur Cheolwon Lee, started with a mobile and DTH recharge platform. However, the company’s business dynamics changed drastically after FY21 when it started lending (personal or short-term loans). This shift enabled the company to register over 74X growth in its scale in the past five fiscals as its revenue ballooned to Rs 667 crore in FY24 from Rs 8.95 crore in FY19. For context, the SoftBank-backed firm started lending in FY20 through third parties, and a year later it also got its own NBFC —True Balance. On a fiscal to fiscal basis, True Balance’s operating revenue grew 54.8% to Rs 667 crore in FY24 from Rs 431 crore in FY23, its consolidated financial statements sourced from Registrar of Companies show. True Balance’s personal loan platform usually targets borrowers who are neglected by banks and have no credit scores. The service and processing charges on the loans offered contributed 56% of the firm’s total operating revenue. This income spiked 63.2% to Rs 377 crore in FY24 from Rs 231 crore in FY23. Meanwhile, the income from interest stood at Rs 280 crore in FY24. The penalties on dues and non-operating incomes (interest from fixed and current investments) took True Balance’s overall revenue to Rs 673 crore in the fiscal year ending March 2024 from Rs 433 crore in FY23. See TheKredible for the detailed revenue breakup. For the cash loan firm, the bad debts (NPAs) and their provisions formed 36.2% of its overall cost which increased by 26.3% to Rs 202 crore in FY24 from Rs 160 crore in FY23. The fintech firm had written off the bad debts worth over Rs 114 crore while the rest were the provisions related to the bad debts in FY24. The firm’s spending on employee benefits, finance, advertising, information technology, technical, legal, and other overheads took its overall cost up by 51.4% to Rs 557 crore in FY24. Head to TheKredible for the detailed expense breakdown. Over 50% YoY growth helped True Balance to post a 2.3X jump in its net profits to Rs 138 crore in FY24 from Rs 59 crore in FY23. Its ROCE and EBITDA margins improved to 42.24% and 27.64%, respectively. On a unit level, the ten year-old firm spent Rs 0.84 to earn a rupee in FY24. FY23-FY24 FY23 FY24 EBITDA Margin 22.40% 27.64% Expense/₹ of Op Revenue ₹0.85 ₹0.84 ROCE 32.11% 42.24% According to TheKredible, True Balance has raised $140 million across equity and debt rounds including its $28 million led by SoftBank and Daesung Private Equity. The company raised its last round almost three years back. Looking at the numbers, one can’t help but wonder at not just the numbers, but the impressive balancing act True Balance must manage to stay below the radar of regulators and watchdogs including the RBI. With its short tenure, high interest and high processing charges True Balance tries to balance out its high margins with the promise of 24×7 service and higher risk appetite. But as the delinquency numbers indicate, it must be a high intensity gig, balancing out risks versus margins. Even as margins are winning for now, we still believe the risk of sudden regulatory heavy handedness is intrinsic to its otherwise impressive business. It is also at a stage where the other next stage of growth will be fueled by more debt than equity. Considering the large appetite it can be expected to have to maintain its growth momentum, it will be fascinating to see if it has a trick or two for that too up its sleeve.

Daman Soni joins AstroTalk after exit from GlobalBees

EntrackrEntrackr · 4m ago
Daman Soni joins AstroTalk after exit from GlobalBees
Medial

Daman Soni joins AstroTalk after exit from GlobalBees Daman Soni, former President and Chief Business Officer of e-commerce roll-up company GlobalBees, has joined AstroTalk as CBO (e-commerce), sources familiar with the development told Entrackr. At GlobalBees, Soni played a key role in scaling the company’s business operations and driving marketing efforts for its portfolio brands. Notably, GlobalBees achieved unicorn status during his tenure. Prior to GlobalBees, Soni served as Vice President of the Growth division at boAt. He also had brief stints at WeCash, Milkbasket, and MobiKwik. According to sources, Daman Soni is overseeing AstroTalk’s e-commerce and direct-to-consumer (D2C) business. The Noida-based firm launched the Astrotalk Store late last year, offering gemstones and healing stones that astrologers charge with ‘positive mantras and chants.’ The company is now aiming to reach Rs 100 crore in annual recurring revenue (ARR) this month. Confirming the development to Entrackr, ⁠Anmol Jain, Cofounder & CBO, Astrotalk said, "We are thrilled to welcome Damandeep Singh Soni as the head of our e-commerce vertical. After building a Rs 1400+ crore ARR business in astrology consultations, our customers expressed a growing need for a trusted source for all their spiritual product purchases. With Daman’s extensive experience in scaling e-commerce businesses, we are confident and bullish about transforming this vertical into another Rs 1,000 crore ARR business in the coming years." AstroTalk, which is also planning an initial public offering in a year or two, elevated Anmol Jain to co-founder in late 2023 and appointed former Google executive Siddharth Prakash as Chief Technical Officer (CTO) in November 2023. AstroTalk saw strong growth in FY24, with revenue soaring 2.3X to Rs 651.12 crore and profit jumping 11.8X to Rs 99.99 crore. The firm aims to double revenue to Rs 1,250 crore in FY25 and targeting an operating profit of Rs 230-250 crore.

Exclusive: AstroTalk raises $9.5 Mn at a valuation of $300 Mn

EntrackrEntrackr · 1y ago
Exclusive: AstroTalk raises $9.5 Mn at a valuation of $300 Mn
Medial

Online astrology platform AstroTalk has raised Rs 78.3 crore or $9.5 million in an extension of its Series A round from existing investors Left Lane Capital and Elev8 Capital. The board at AstroTalk has passed a special resolution to issue 5,067 compulsory Convertible preference shares to raise Rs 78.3 crore or $9.5 million, its regulatory filing accessed from the RoC shows. Left Lane Capital pumped Rs 58.3 crore while Elev8 Capital participated with Rs 20 crore. This seems to be the tranche of a larger round. AstroTalk is reportedly in talks to raise $30 million. As per TheKredible’s estimates, the company has been valued at around Rs 2,478 crore or $300 million post-money which is a 33.3% increase from its last round. The valuation will go up with the flow of funds. AstroTalk has raised Rs 172 crore to date including Rs 166 crore or $20 million in its Series A round in February. Entrackr was the first to report the development. AstroTalk is a platform to consult astrologers via the internet, call, and chat and claims to have 13,000 astrologers, tarot readers, numerologists, and Vastu experts. The platform lets users connect with the aforementioned experts for future predictions related to marriage, love life, career, and health among others. Left Lane Capital baked firm had demonstrated strong financial performance in FY23 as its revenue grew 146% to Rs 283 crore. At the same time, AstroTalk’s profits spiked 41.7% to Rs 8.5 crore. As per the current average revenue run rate, the company is projected to end FY24 with Rs 650 crore in revenue and Rs 100 crore in profit. The company is yet to file its audited financial results for FY24. As per data compiled by TheKredible, astro and spiritual tech startups have raised around $25 million in the past 12 months. The notable names include Ustav App, DevDham, InstaAstro, AstroTalk, Vama, and Melooha also raised decent funding during the period. SriMandir’s parent company AppsForBharat is also in talks to raise $15 million in a new round. Entrackr exclusively reported the development last month.

Three year old luggage brand uppercase’s revenue zooms 6X to Rs 62 Cr

EntrackrEntrackr · 9m ago
Three year old luggage brand uppercase’s revenue zooms 6X to Rs 62 Cr
Medial

Direct-to-consumer luggage brand uppercase has recently secured $9 million in a Series A funding round led by Accel Partners. The investment appears to be driven by the company’s rapid growth and strong unit economics. In FY24, uppercase reported a 5.8X surge in revenue while successfully reducing its losses by over 19%. Owned and operated by Acefour Accessories, it saw its revenue from operations soar to Rs 62.2 crore in FY24, up from Rs 10.7 crore in FY23, according to financial statements filed with the RoC. The sale of products—primarily eco-friendly trolleys, backpacks, and duffel bags—was the main driver of this growth, contributing 98% of the operating revenue. Additionally, the company earned Rs 1.78 crore through gains from the sale of other investments and interest on bank deposits, bringing uppercase’s total income to Rs 64 crore in FY24. When examining expenses, the cost of materials was the largest contributor, accounting for 40% of the total expenses. This cost surged 5.8X, reaching Rs 32.6 crore in FY24, up from Rs 6 crore in FY23. Advertising expenses made up 19% of total costs, increasing by 62% to Rs 15.8 crore. Employee benefit expenses grew 31% to Rs 13.6 crore in the last fiscal, with Rs 12 crore allocated to employee salaries. Selling and distribution expenses, along with legal and professional fees, were other significant costs that contributed to a 2.5X spike in total expenses, rising to Rs 83.2 crore in FY24 from Rs 32.8 crore in FY23. Due to the substantial revenue growth, uppercase was able to reduce its losses by 19.2%, bringing them down to Rs 17.55 crore in the fiscal year ending March 2024 from Rs 21.71 crore in FY23. FY23-FY24 FY23 FY24 EBITDA Margin -195.14% -29.78% Expense/₹ of Op Revenue ₹2.12 ₹1.34 ROCE -79.91% -67.45% The company’s return on Capital employed (ROCE) and EBITDA margin stood at -67.45% and -29.78%, respectively. On a per-unit basis, uppercase spent Rs 1.34 to generate Re 1 of operating income in FY24, a significant improvement from Rs 2.12 per rupee of income in FY23. uppercase sells travel gear both online and through 1,800 multi-brand stores across India. The Mumbai-based company is aiming to more than double its revenue to Rs 150 crore by FY25, with a longer-term goal of reaching Rs 500 crore by opening 250 exclusive retail stores over the next three years. uppercase faces competition from several direct-to-consumer (D2C) luggage brands, many of which have also raised significant capital over the past year. In February, Mokobara raised $12 million in a Series B funding round led by Peak XV. Assembly secured $2 million in funding, led by Prath Capital, while Nasher Miles raised $4 million in a bridge round. EUME also managed to secure funds in a seed round. It has been interesting to see a relatively low profile category like luggage draw so much attention in recent years. Ironically, a lot of it is thanks to ex-VIP hands who are helming uppercase or even leader Samsonite, for that matter. Continuing weakness at VIP seems to have opened up opportunities for other players to step in, besides innovation in terms of market segmentation. A market that is dominated by the top 3 players at over 85% share even today (VIP, Samsonite and Safari) could be wearing a very different look if the well made plans of many of these new entrants play out. Even otherwise, the market remains semi-commoditised, thanks to cheap imports, and the relative ease of picking up luggage from other markets for international travelers from India, for instance. Brand loyalty remains low in the mass segment, and it will take a significant breakthrough in terms of manufacturing, funding or branding to shift the market trajectory from a discounts and distribution based model.

Exclusive: AstroTalk seeks unicorn valuation in new round

EntrackrEntrackr · 6d ago
Exclusive: AstroTalk seeks unicorn valuation in new round
Medial

Exclusive: AstroTalk seeks unicorn valuation in new round Noida-based AstroTalk closed a $14 million funding round in June last year. As of now, it has raised $34 million from Left Lane and Elev8 Capital. Astrology-focused platform AstroTalk is in mid stage talks to raise a new funding round in the range of $50-100 million, according to three sources aware of the development. The fresh funding talks have been initiated after a gap of 12 months for the Noida-based company. “The discussions are ongoing with multiple investors, including a few existing backers,” said one of the sources on condition of anonymity. “The new round is likely to be the final one before the company files its DRHP for a public listing by the first half of the next year.” As per sources, the firm will begin the IPO process in a few months. AstroTalk closed a $14 million funding round in June last year. As of now, it has raised $34 million from Left Lane and Elev8 Capital. “Astrotalk is seeking a valuation of $1.3 to $1.5 billion in the new round, which is expected to close in the next couple of months,” said another source, who requested anonymity as the discussions are private. This will be a substantial increase from its earlier $300 million valuation. If the firm achieves this valuation, Astrotalk will join the ranks of Jumbotail, Drools, Porter, Netradyne, and Juspay, all of which became unicorns in the ongoing calendar year (2025). For the uninitiated, AstroTalk is an online platform that enables users to consult with astrologers through the internet, phone calls, and chat. It claims to host a network of 45,634 professionals, including astrologers, tarot readers, numerologists, and Vastu experts. The platform offers services for personalized predictions and guidance on areas such as marriage, relationships, career, health, and more. The Puneet Gupta-led company has recorded strong growth over the past two fiscal years. As per an internal document reviewed by Entrackr, Astrotalk ended FY25 with Rs 1,182 crore in revenue and a profit of over Rs 250 crore. This follows a sharp rise in FY24, when it reported Rs 651 crore in revenue and Rs 100 crore in profit. AstroTalk declined to comment on the story. AstroTalk recently diversified its offerings with the launch of a D2C vertical focused on spiritual and wellness products. This includes services like puja bookings, gemstones, and astrological remedies. According to co-founder Anmol Jain, the D2C business is expected to contribute 25-30% of overall revenue while maintaining profitability. AstroTalk’s planned IPO comes at a time when profitable, consumer-tech startups are seeing renewed interest from investors. If successful, it would be the first venture-funded player in the online astrology segment to go public. The company faces competition from platforms like Astrosage, Astroyogi, GaneshaSpeaks, and InstraAstro.

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