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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.

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Loom Solar surpasses Rs 150 Cr revenue in FY24, profits triple

EntrackrEntrackr · 4m ago
Loom Solar surpasses Rs 150 Cr revenue in FY24, profits triple
Medial

Solar energy solutions provider Loom Solar has achieved around three-fold growth in its operating revenue during the last fiscal year. The Faridabad-based company also tripled its profit in FY24. Loom Solar’s revenue from operations soared by 2.9X to Rs 151.5 crore in the fiscal year ending March 2024 from Rs 53 crore in FY23, as per its financial statements sourced from the Registrar of Companies (RoC). Loom Solar is a direct-to-consumer solar energy firm that manufactures and sells solar panels, inverters, batteries, and other solar products. Its entire collection in FY24 came from the sale of these products. The cost of materials was the largest expense for Loom Solar, surging by 192.9% to Rs 123 crore in FY24. Employee benefit costs also kept pace, growing 150% to Rs 5 crore. Meanwhile, transportation expenses rose by 181% to Rs 4.5 crore, alongside Rs 7.5 crore booked under other operational expenses. Overall, the company's total expenses jumped 2.7X to Rs 140 crore in the last fiscal year from Rs 51 crore in FY23. Despite the rising costs, Loom Solar's focus on cost efficiency and revenue expansion led to a net profit rising by 3X to Rs 9 crore in FY24. The company's Return on Capital Employed (ROCE) and EBITDA margin improved to 37% and 9.31%, respectively. On a per-unit basis, Loom Solar spent Re 0.92 to earn a rupee of operating revenue during the past fiscal. Loom Solar recorded current assets worth Rs 49 crore, which includes Rs 16 crore of cash and bank balance in FY24. It has raised $2 million of funding to date, with Social Investment Managers & Advisors as its lead investors. Backed by a young founding team of brothers Amol and Amod Anand, Loom Solar has focused on selling much smaller solar systems in rural areas and tier 2 and 3 cities, where tight costs control and higher margins provided it the fuel to keep investing in growth. The firm has been among the earliest to use E-commerce platforms like Amazon to drive sales and awareness. At Rs 150 crores, the firm is at an inflection point with great insights into the markets it serves. As growth moves to the next level, it remains to be seen if its scrappy grit and resilience will carry it to possibly Rs 500 crores by 2026-27. Knowing the history of the firm, they will certainly not aim any lower than that, pulling out more than a few innovations and marketing surprises along the way.

Astroyogi expands into retail with launch of ‘Yogii’

EntrackrEntrackr · 4m ago
Astroyogi expands into retail with launch of ‘Yogii’
Medial

Astroyogi expands into retail with the launch of ‘Yogii’ Astrology and wellness platform Astroyogi has announced its strategic expansion into the retail sector with the launch of 'Yogii by Astroyogi'. This latest addition to its brand portfolio aims to address the critical need for authenticated spiritual products in a traditionally unorganized and unregulated market. According to Astroyogi, this initiative marks a significant step toward introducing structure, reliability, and quality assurance to the industry. The launch seeks to eliminate the widespread issue of counterfeit and low-quality products flooding the market. Yogii by Astroyogi directly tackles these concerns by implementing rigorous verification processes and quality standards previously absent in this fragmented sector. Market research estimates the astro-spiritual products market to be valued at over ₹60 billion. Astroyogi states that its collection includes ethically sourced Rudraksha beads and malas, directly obtained from Nepal and Indonesia. Each piece comes with a guarantee certificate verifying its origin, type, and energy properties, ensuring both authenticity and effectiveness. The brand also offers a diverse selection of healing crystals, available in various forms such as bracelets, pyramids, and raw stones, designed for precise energy balancing and healing. Additionally, Yogii presents an eco-friendly range of puja products, including premium natural agarbatti, sambrani, dhoop, and traditional puja oils. The company claims that each Yogii product undergoes a multi-tiered quality verification protocol developed by spiritual experts and traditional practitioners. Beyond retail excellence, Yogii introduces the Karma and Destiny Initiative, wherein a significant portion of every sale supports the education of underprivileged children in rural India. This program embodies the brand’s commitment to merging spiritual well-being with social responsibility, creating a cycle of positive energy that benefits both practitioners and communities in need. Astroyogi’s revenue from operations grew to Rs 84.3 crore in FY24 from Rs 66.7 crore in FY23, reflecting a 26.3% year-on-year increase while maintaining strong unit economics. Astroyogi states that it serves over 3 million global users with a network of more than 5,000 verified professionals offering services in over 11 languages.

Treebo crosses Rs 100 Cr revenue in FY24, outstanding losses climb to Rs 488 Cr

EntrackrEntrackr · 6m ago
Treebo crosses Rs 100 Cr revenue in FY24, outstanding losses climb to Rs 488 Cr
Medial

Treebo crosses Rs 100 Cr revenue in FY24, outstanding losses climb to Rs 488 Cr Treebo Hotels, a premium-budget hotel chain, crossed the Rs 100 crore revenue milestone in the fiscal year ending March 2024. Despite this growth, the Bengaluru-based company saw its losses rise by 17%, bringing total outstanding losses to Rs 488 crore. Treebo Hotels’s revenue from operations grew 22.5% to Rs 109 crore in FY24 from Rs 89 crore in FY23, its consolidated financial statements filed with the Registrar of Companies show. Income from accommodation services (taken on lease and managed properties) formed 95% of the total operating revenue which increased by 22.3% to Rs 104 crore in FY24 from Rs 85 crore in FY23. The rest of the income comes from the sale of products, and subscription services. The company also added Rs 7.22 crore as other income (non-operating) which tallied its overall revenue to Rs 116 crore in FY24 from Rs 94 crore in FY23. Treebo spent 41% of its overall expenditure on employee benefits which increased marginally by 7% to Rs 59 crore in FY24. Its cost and commission surged 70% and 48% to Rs 17 crore and Rs 43 crore in the previous fiscal year. Its cost of materials, legal, technology, traveling, and other overheads took the overall cost up by 22% to Rs 144 crore in FY24 from Rs 118 crore in FY23. The increased advertising and commission costs led Treebo to raise its losses by 16.7% to Rs 28 crore in FY24, compared to Rs 24 crore in FY23. Its ROCE and EBITDA margin stood at -540% and -18.1% respectively. On a unit level, it spent Rs 1.32 to earn a rupee in FY24. The company’s total current assets stood at Rs 34 crore with cash and bank balances of Rs 7 crore in the previous fiscal. According to startup data intelligence platform TheKredible, decade-old Treebo has secured Rs 566 crore (approximately $70 million) in funding from investors including Accor, Elevation Capital, Matrix Partners, and Bertelsmann. The company’s most recent major funding, amounting to $16 million, was raised in June 2021. Treebo competes directly with Bloom Hotels and FabHotels. In FY24, Bloom Hotels saw its operational revenue rise by 73.6% to Rs 250 crore, with a profit of Rs 14 crore. FabHotels recorded Rs 224 crore in operating revenue for FY23 but has not yet filed its FY24 annual report.

Droom's revenue plummets 66% to Rs 85 Cr in FY24

EntrackrEntrackr · 5m ago
Droom's revenue plummets 66% to Rs 85 Cr in FY24
Medial

Droom is set to raise Rs 1,000 crore through an initial public offering (IPO) at a valuation of $1.2 to $1.5 billion. However, the company’s financial health has declined, with its revenue from operations nosediving by two-thirds in the last fiscal year. According to its consolidated financial statements filed with the Registrar of Companies (RoC), Droom Technologies reported a 66% decline in revenue from operations, dropping to Rs 85.3 crore in FY24. Droom's primary revenue sources were selling service fees, which included commissions on vehicle sales and related services on its marketplace platform, as well as fees from pro-seller subscriptions. The company has not disclosed a detailed revenue breakup. However, it generated Rs 4.6 crore from non-operating sources, including interest on investments and excess provisions for write-offs. This brought its total income to Rs 90 crore in FY24, down from Rs 262 crore in FY23. On the cost front, the Sandeep Aggarwal-founded company allocated 65.3% of its total expenses to promotions and incentives. With the decline in scale, this expenditure fell by 67.3% to Rs 85 crore in FY24. Employee benefit expenses also saw a reduction of 39.5% during the year. Overall, the company’s total expenditure dropped by 60%, declining to Rs 130 crore in FY24 from Rs 325 crore in FY23. Despite a 66% drop in revenue, Droom managed to reduce its overall burn, lowering losses by 34.8% to Rs 40.4 crore in FY24. The Gurugram-based company spent 1.52 to earn every rupee in FY24. Droom’s financial metrics worsened, with its ROCE (Return on Capital Employed) declining to -304% and EBITDA margins to -41.56%. By the end of FY24, the company’s total current assets stood at Rs 30 crore, including cash and bank balances of Rs 3.5 crore.

Wow! Momo posts Rs 470 Cr revenue and Rs 114 Cr loss in FY24

EntrackrEntrackr · 4m ago
Wow! Momo posts Rs 470 Cr revenue and Rs 114 Cr loss in FY24
Medial

Wow! Momo saw 14% growth in operating revenue in FY24, it fell far short of the 88% year-on-year surge recorded in FY23, indicating a slowdown in growth. However, the Tiger Global-backed firm managed to keep its losses stable, remaining flat for the fiscal year ending March 2024. Wow! Momo’s revenue from operations grew to Rs 470 crore in the last fiscal year from Rs 413 crore in FY23, its consolidated financial statements sourced from the Registrar of Companies show. Launched in 2008 by Sagar Daryani and Binod Homagai, Wow! Momo Foods operates three QSR brands—Wow Momo, Wow China, and Wow Chicken. The company claims to have a network of 630 outlets across 35 cities and a workforce of 6,000 employees. Revenue from the sale of momos, food, and beverages contributed 97% of the total operating income, which grew by 11.5% to Rs 456 crore in FY24. The remaining revenue came from frozen momo sales. Wow! Momo also added Rs 9 crore from interest on deposits, bringing the overall revenue to Rs 479 crore in the last fiscal year. For the QSR firm, the cost of material procurement formed 26.6% of total expenditure, increasing 15.3% to Rs 158 crore in FY24 in line with revenue growth. Employee benefit expenses declined 27.7% to Rs 120 crore in the previous fiscal year. Expenses related to power/fuel, rent, advertising, commissions, finance costs, and other overheads contributed to a 11.9% rise in total expenditure, reaching Rs 593 crore in FY24. The 13.8% increase in scale, along with controlled expenses, helped Wow! Momo maintain steady losses at Rs 114 crore in FY24. Its ROCE and EBITDA margin stood at -8.33% and 7.93%, respectively, with an expense-to-revenue ratio of Rs 1.26. By the end of FY24, Wow! Momo's total current assets were recorded at Rs 250 crore, including Rs 175 crore in cash and bank balances. Wow! Momo has raised over Rs 600 crore to date, including $42 million (Rs 350 crore) in its Series D led by Khazanah Nasional Berhad, the sovereign wealth fund of Malaysia. According to the startup data intelligence platform TheKredible, Tiger Global is the largest external stakeholder followed by Treeline Investment. Wow! Momo is reportedly aiming for Rs 650 crore in revenue in FY25 with improved unit economics and has its sights set on going public in 2027.

PokerBaazi parent crosses Rs 400 Cr revenue in FY24; profits grew 26%

EntrackrEntrackr · 6m ago
PokerBaazi parent crosses Rs 400 Cr revenue in FY24; profits grew 26%
Medial

Fintrackr All Stories PokerBaazi parent crosses Rs 400 Cr revenue in FY24; profits grew 26% Moonshine Technology, which operates PokerBaazi, SportsBaazi, and CardBazzi, demonstrated 55% growth in its operating revenue to Rs 415 crore in FY24 from Rs 268 crore in FY23. The platform fees/service transaction fees received from the users were the sole source of revenue for Moonshine. The firm also added Rs 9 crore mainly from the interest on bank deposits which tallied its overall income to Rs 424 crore in FY24, compared to Rs 273 crore in FY23. At the time of acquisition, Moonshine disclosed that PokerBaazi accounts for over 85% of its net revenue, while its fantasy sports platform, SportsBaazi, contributes 12%. Similar to other online gaming platforms, Moonshine spent 60% of its overall expenditure on advertising. This cost surged 83% to Rs 232 crore in FY24 from Rs 127 crore in FY23. Its employee benefits also grew 62% to Rs 89 crore in FY24. Its payment gateway, website/server, customer verification, and legal costs took the overall expenditure up by 55.6% to Rs 389 crore in FY24 from Rs 250 crore in FY23. The decent surge in scale and controlled expenditure helped Moonshine to increase its profits by 26.3% to Rs 24 crore in FY24, compared to Rs 19 crore in FY23. The company's ROCE and EBITDA margin stood at 20% and 10.1%, respectively, while its expense-to-earnings ratio was recorded at Rs 0.94. During FY24, Moonshine’s total current assets stood at Rs 236 crore with cash and bank balances of Rs 196 crore. Out of Rs 982 crore ($118 million), Nazara has already invested $100 million and acquired a 47.7% stake in the company through a combination of secondary and primary share purchases.

Sugar Cosmetics reports Rs 505 Cr revenue and Rs 76 Cr loss in FY24

EntrackrEntrackr · 7m ago
Sugar Cosmetics reports Rs 505 Cr revenue and Rs 76 Cr loss in FY24
Medial

Following a 90% year-on-year growth during FY23, the direct-to-consumer (D2C) beauty brand Sugar Cosmetics saw a modest 20% growth in March 2024. The company reported a revenue of Rs 505 crore and a loss of Rs 76 crore for FY24. Advertising costs were Rs 162 crore, with total revenue reaching Rs 515 crore. The cost of procurement was Rs 138 crore, and total expenditure amounted to Rs 584 crore. The company managed to reduce its losses by 11.4%. The Return on Capital Employed (ROCE) was -31.87%, and the EBITDA margin stood at -9.22%. Unit spending was Rs 1.16. Current assets were valued at Rs 302 crore, with cash and bank balances of Rs 54 crore. Sugar Cosmetics has raised a total funding of $85 million, with the last funding round being $50 million. The company is valued at an estimated $700-800 million and is considering an IPO.

Wow! Momo raises Rs 85 Cr in debt from Stride Ventures

EntrackrEntrackr · 1m ago
Wow! Momo raises Rs 85 Cr in debt from Stride Ventures
Medial

Wow! Momo raises Rs 85 Cr in debt from Stride Ventures Quick-service restaurant chain Wow! Momo Foods has raised Rs 85 crore (around $10 million) in debt funding from Stride Ventures. The proceeds will be used to refinance existing loans and drive expansion across its QSR and FMCG verticals. Launched in 2008 by Sagar Daryani and Binod Homagai, Wow! Momo operates over 700 outlets in 70 cities, and owns brands such as Wow! Momo, Wow! China, Wow! Chicken, and Wow! Kulfi. “This support from Stride Ventures will help us scale new heights and introduce more formats to reach wider audiences,” said Sagar Daryani, Co-founder & CEO of Wow! Momo. The company plans to scale its FMCG business to Rs 100 crore, grow its HORECA division, and expand to 1,500 stores across 100 cities in the next three years. As per TheKredible, Wow! Momo’s revenue from operations grew to Rs 470 crore in FY24 from Rs 413 crore in FY23. It maintained steady losses at Rs 114 crore in FY24.

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