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Morgan Stanley-backed Recykal’s scale dips in FY24; losses spike 31%

EntrackrEntrackr · 7m ago
Morgan Stanley-backed Recykal’s scale dips in FY24; losses spike 31%
Medial

Morgan Stanley-backed Recykal’s scale dips in FY24; losses spike 31% While Recykal, a B2B waste management marketplace, achieved 4X year-on-year growth in FY23, the firm could not maintain the same momentum in FY24, with its gross revenue declining by nearly 5%. Moreover, the company’s losses spiked 31% in the same period. Recykal’s gross revenue declined by 4.4% to Rs 712 crore in FY24 from Rs 745 crore in FY23, its consolidated financial statements sourced from the Registrar of Companies show. Founded in 2016, Recykal offers digital solutions for waste management, assisting businesses in meeting EPR targets, sourcing recyclables, and tracking industrial waste. Its services include EPR certificates, plastic neutrality, ITAD, a digital marketplace, and circularity solutions. Gross collections from scrap and waste sales contributed 85% of the gross revenue, which declined 7.4% year-on-year to Rs 608 crore in FY24 from Rs 657 crore in FY23. The remaining revenue was generated from the sale of sustainability services, including EPR certificates. Recykal also added Rs 6 crore interest on deposits and gain on the sale of current investments which tallied the overall income to Rs 718 crore in the last fiscal year, from Rs 748 crore in FY23. For the waste management firm, scrap and waste procurement remained the largest cost center, making up 89.5% of total expenses. With a slight decline in scale, this cost decreased by 3.6% to Rs 673 crore in FY24. Employee benefits surged by 43.3% to Rs 43 crore in FY24, including Rs 3.2 crore in ESOP costs (non-cash). Provisions for doubtful debts, legal expenses, rent, communication, logistics, and other overheads drove total expenditure to Rs 752 crore in FY24. The decline in scale led Recykal to record a 30.8% increase in losses, standing at Rs 34 crore in FY24, up from Rs 26 crore in FY23. Its Return on Capital Employed (ROCE) stood at -15.66%, while its EBITDA margin was -4.04%, with an expense-to-revenue ratio of Rs 1.06. By the end of FY24, Recykal reported total current assets of Rs 317 crore, including Rs 70 crore in cash and bank balances. Recykal has raised over $38 million to date including its $13 million round led by 360 ONE Asset Management. According to the startup data intelligence platform TheKredible, Morgan Stanley is the largest external stakeholder followed by 360 One Asset Management.

Bijnis records 100% growth in FY23; losses touch Rs 100 Cr

EntrackrEntrackr · 1y ago
Bijnis records 100% growth in FY23; losses touch Rs 100 Cr
Medial

Bijnis, a B2B (business-to-business) marketplace for the unorganized retail segment has registered 100% year-on-year growth during the fiscal year ending March 2023. However, the losses for the Delhi-based company also rose almost 75% touching Rs 100 crore mark during the same period. The revenue from operations for Bijnis surged to Rs 52 crore in FY23 from Rs 26 crore in FY22, its annual financial statements filed with the Registrar of Companies show. Bijnis is a B2B marketplace which connects manufacturers, suppliers, traders, and retailers, enabling them to expand their businesses effectively. Commission charged from the sale of supplies on its platform formed 90% of the total operating revenue which increased 2.1X to Rs 47 crore in FY23. Collection from freight and sale of goods are other revenue drivers for Bijnis. The Peak XV-backed firm also added Rs 13 crore from interest and gain of investment bringing its total income to Rs 65 crore during FY23. View TheKredible for a detailed revenue breakup. Similar to other technology startups, its employee benefits accounted for 50% of the overall expenditure. This cost grew by 82.2% to Rs 82 crore in FY23 from Rs 45 crore in FY23. In tune with scale, its freight cost increased 60% in FY23. The company’s cost of procurement, advertising, traveling, information technology, legal and other overheads catalyzed the overall expenditure up by 84.3% to Rs 164 crore in FY23 from Rs 89 crore in FY22. Expenses Breakdown Total ₹ 89 Cr https://thekredible.com/company/bijnis/financials View Full Data To access complete data, visithttps://thekredible.com/company/bijnis/financials Total ₹ 164 Cr https://thekredible.com/company/bijnis/financials View Full Data To access complete data, visithttps://thekredible.com/company/bijnis/financials Employee benefit Employee benefit Freight Freight Advertising promotional Advertising promotional Travelling conveyance Travelling conveyance Information technology Information technology Cost of material consumed Cost of material consumed Others To check complete Expense Breakdown visit thekredible.com View full data Head to TheKredible for a detailed expense breakdown. The surge in employee benefits, freight, and advertising outpaced the revenue growth, leading to a 74.6% increase in losses, which amounted to Rs 100 crore in FY23 compared to Rs 57 crore in FY22. Its ROCE and EBITDA margin stood at -70% and -150% respectively. On a unit level, it spent Rs 3.15 to earn a rupee in FY23. FY22-FY23 FY22 FY23 EBITDA Margin -170% -150% Expense/₹ of Op Revenue ₹3.42 ₹3.15 ROCE -26% -70% Bijnis has raised around $42 million across rounds including its $30 million round led by Westbridge Capital in September 2021. According to the startup data intelligence platform, TheKredible Info Edge is the largest external stakeholder with 26.3% followed by Matrix Partners and Peak XV Partners with 14.21% each. A B2B firm dominating in only one segment is relatively rare, and Bijnis just has seen a particularly accessible opportunity in footwear to do so. Or perhaps used the exposure here to build further. With a firm like Zetwerk on a similar track to look up to, the firm seems to be seeking the wider, but tougher opportunity in smaller firms with factories. It will need a longer runway to get traction here, and that will make support from existing investors well worth tracking in the coming quarters.

Flipkart Internet reports Rs 20,493 Cr revenue in FY25; losses down 37%

EntrackrEntrackr · 19d ago
Flipkart Internet reports Rs 20,493 Cr revenue in FY25; losses down 37%
Medial

Flipkart Internet reports Rs 20,493 Cr revenue in FY25; losses down 37% Flipkart Internet, the B2B arm of Walmart-owned Flipkart, reported a 14% year-on-year rise in revenue, crossing the Rs 20,000 crore mark in the fiscal year ending March 2025. The Bengaluru-based firm also reduced its losses by 37%, bringing them below Rs 1,500 crore during the same period. Flipkart Internet’s revenue from operations increased to Rs 20,493 crore in FY25, from Rs 17,907 crore in FY24, as per its consolidated financial statements filed with the Registrar of Companies (RoC). Flipkart’s revenue is driven by marketplace, logistics, and advertising services. Income from marketplace services more than doubled to Rs 7,751 crore in FY25 from Rs 3,734 crore in FY24, contributing 38% to operating revenue. Advertising income surged 27% to Rs 6,317 crore, making up 31% of the topline. However, revenue from logistics services declined by 38% to Rs 4,224 crore, reducing its share to 21%. The firm made an additional Rs 314 crore from non-operating sources, which pushed its total revenue to Rs 20,807 crore in the last fiscal year (FY25). On the cost side, the largest cost head remained logistics service charges, which increased 9% to Rs 7,144 crore, accounting for 32% of total expenses. Employee benefit expenses declined 8% to Rs 4,748 crore, while marketing costs rose sharply by 37% to Rs 4,100 crore, making up 18% of overall costs. Collection charges stood at Rs 2,693 crore (12.1% of expenses) and legal/professional fees at Rs 1,394 crore. Overall, Flipkart Internet’s total expenses grew 8% to Rs 22,311 crore in FY25 from Rs 20,627 crore in FY24. Flipkart Internet managed to cut its losses by 37% to Rs 1,494 crore in FY25, from Rs 2,359 crore in FY24. Its EBITDA losses narrowed to Rs 1,078 crore in FY25 from Rs 1,869 crore in FY24, with the EBITDA margin improving from -10.25% to -5.18%. On a unit level, Flipkart spent Rs 1.09 to earn a rupee in FY25, better than Rs 1.15 in FY24. The company’s current assets stood at Rs 11,952 crore, while cash and bank balances rose to Rs 187 crore.

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