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Awfis posts Rs 340 revenue and 8X profit jump in Q4 FY25

EntrackrEntrackr · 5m ago
Awfis posts Rs 340 revenue and 8X profit jump in Q4 FY25
Medial

Co-working solutions provider Awfis demonstrated notable financial performance in the last quarter of FY25, recording a 47% year-on-year growth in revenue and an 8X increase in profit during the same period. Awfis’ revenue from operation increased to Rs 340 crore in Q4 FY25 from Rs 232 crore in Q4 FY24, as per its unaudited consolidated financial statements filed with the National Stock Exchange (NSE). When it comes to the full fiscal year (FY25), Awfis’ operating revenue increased over 40% to Rs 1,208 crore in FY25. Importantly, the firm also turned profitable on a yearly basis registering Rs 68 crore profit in FY25. Income from co-working space rentals and allied services accounted for 79% of Awfis's total operating revenue, which grew by 60% year-over-year to Rs 269 crore in Q4 FY25, up from Rs 168 crore in Q4 FY24. Other revenue contributors included construction and fit-out projects, facility management, and the sale of food items. Awfis also earned other income of Rs 18 crore during the quarter, bringing its overall revenue to Rs 358 crore in the last quarter of FY25. Founded in 2015, Awfis offers customized office spaces for startups, SMEs, and large corporations, including ancillary services like food and beverages, IT support, and infrastructure services, among others. Awfis’ total expenses increased by 45% year-on-year to Rs 347.5 crore in Q4 FY25 from Rs 240 crore in Q4 FY24. Depreciation and amortization expenses was the largest cost centre for the co-working firm, accounting for 23% of total expenses which rose 60% to Rs 82 crore. Subcontracting costs and purchase of traded goods increased by 27% to Rs 66 crore. The rest of the major expenses include employee benefit expenses which declined 19% to Rs 29.5 crore and finance costs jumped 79% to Rs 42.6 crore. The 47% YoY growth helped Awfis register over 8X profit year-on-year of Rs 11.2 crore in Q4 FY25 as compared to Rs 1.4 crore in Q4 FY24. Awfis ended the day at Rs 648.10 per share, with a total market capitalization of Rs 4,599 crore (approximately $541 million). Along with Q4 FY25 results, Awfis also elevated Sumit Lakhani chief executive officer (CEO) of the company from deputy CEO. Lakhani joined Awfis in May 2015 as chief marketing officer (CMO) of the company.

MyGate elevates co-founder Abhishek Kumar as CEO

EntrackrEntrackr · 1y ago
MyGate elevates co-founder Abhishek Kumar as CEO
Medial

Community management app MyGate has announced senior management changes as it elevated co-founder Abhishek Kumar, who was previously the chief operating officer, to the position of chief executive. Meanwhile, co-founder Vijay Arisetty, who previously served as the chief executive, has now taken the role of chairman of the board. According to the company, Arisetty will guide the team on the firm’s strategic direction and continue to mentor the leadership team. Co-founder and chief technology officer Shreyans Daga will now have an expanded role overseeing product, technology, and new business initiatives. Founded in 2016 by Kumar, Arisetty and Daga, the company had raised Rs 100 crore ($13 million) in a funding round co-led by Urban Company and Acko in 2022. Entrackr exclusively reported the development. Last month, the firm announced employees stock buyback program for more than 50 employees. The buyback came on the back of improved financial results for the Bengaluru-based company in the last and current fiscal year. Additionally, Rohit Jindal, who has been with the company since 2017, has been elevated to the role of chief business officer. MyGate recently claimed that its revenue crossed Rs 100 crore in FY23, a 35% increase from the previous fiscal. The company’s investors include Tencent, Tiger Global, and Xto10X, among others.

CoinDCX elevates Mridul Gupta to founding partner

EntrackrEntrackr · 1y ago
CoinDCX elevates Mridul Gupta to founding partner
Medial

Crypto exchange CoinDCX has elevated Mridul Gupta as its founding partner. In his new role, Gupta will be responsible for meeting the company’s growth goals, focusing on international expansion, building high-performance teams, and driving profitability. According to CoinDCX, Gupta will continue to be responsible for the India market, strengthening its product portfolio, marketing, partnerships, and operations to accelerate the firm’s strategic growth in India. He joined the platform in 2021 as its chief operating officer (COO) and has been instrumental in building compliant crypto investment & trading products. Prior to CoinDCX, he was the chief strategy officer at Pine Labs. He also had a stint at Stellaris Venture Partners, Goldman Sachs, his own startup and consulted multiple banks across India & South East Asia. Recently, CoinDCX has acquired BitOasis as they are planning to enter into the Middle East and North African market. Launched in 2018 by Sumit Gupta, CoinDCX is a cryptocurrency trading platform designed to facilitate cryptocurrency transactions. The company’s platform allows customers to trade multiple cryptocurrencies legally and withdraw funds to their bank account.

IPO-bound boAt elevates Gaurav Nayyar as CEO

EntrackrEntrackr · 1m ago
IPO-bound boAt elevates Gaurav Nayyar as CEO
Medial

**IPO-bound boAt elevates Gaurav Nayyar as CEO** Nayyar, who previously served as Chief Operating Officer, steps into the CEO role at a time when boAt has returned to profitability and received regulatory clearance for its much-awaited IPO. Imagine Marketing, the parent company of boAt, has elevated Gaurav Nayyar to Chief Executive Officer as the company gears up for its next stage of growth and a public listing. Nayyar brings more than two decades of strategic and operational experience, including eight years as a partner at Bain & Company before joining boAt three years ago. Together with the founding team, he has helped drive the company’s operational execution and business performance. Co-founder Sameer Mehta, who led boAt as CEO in recent years, will now focus on long-term strategy as Executive Director. Co-founder Aman Gupta will retain his role as Non-Executive Director. The leadership change comes on the back of boAt's strong performance in FY25, as the company posted a net profit of Rs 60 crore compared to a loss of Rs 74 crore in the previous year. This turnaround was driven by cost control, resilient audio product sales, and growth in international markets, despite a contraction in its wearables division. boAt's total revenue for FY25 stood at Rs 3,098 crore, of which India contributed the majority, and international revenue grew 44 percent year on year. boAt is now set to become the first Indian D2C electronics brand to go public after receiving SEBI’s approval for its IPO. The upcoming public offer is expected to raise Rs 2,000 crore, with a fresh issue component of Rs 900 crore, and places the company’s valuation near Rs 13,000 crore, as per reports.

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