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Exclusive: Zetwerk secures debt from JM Financial

EntrackrEntrackr · 14h ago
Exclusive: Zetwerk secures debt from JM Financial
Medial

B2B e-commerce unicorn Zetwerk has raised Rs 75 crore (around $8.8 million) in debt funding from JM Financial, one of the banks it has reportedly appointed for its planned initial public offering (IPO). As per regulatory filings accessed via the Registrar of Companies (RoC), the company’s board issued 7,500 non-convertible debentures having a face value of Rs 1,00,000 each to raise the above-mentioned amount. Founded by Amrit Acharya, Srinath Ramakkrushnan, Rahul Sharma, and Vishal Chaudhary, Zetwerk connects buyers with suppliers for manufacturing projects. It partners with vendors specializing in fabrication, machining, casting, forging, and galvanizing of machine parts. It’s operational in India, the US, the Middle East, and Southeast Asia. According to startup data intelligence platform TheKredible, the Peak XV-backed company has raised over $850 million to date, including debt. This includes a $67 million Series F round led by Khosla Ventures at a $3 billion valuation, as exclusively reported by Entrackr. Zetwerk plans to raise at least $500 million through its IPO in the next 12 to 24 months, targeting a valuation of around $5 billion. While it has yet to disclose its FY25 numbers, the Bengaluru-based company reported a 26% increase in gross revenue, rising to Rs 14,435.72 crore in FY24 from Rs 11,448.66 crore in FY23. However, during the same period, losses surged 9X to Rs 919 crore, which included exceptional items worth Rs 371.7 crore. In the B2B e-commerce space, Zetwerk competes with Infra.Market, which recently raised $150 million in debt from Mars Growth Capital, and IPO-bound OfBusiness, which recently secured Rs 100 crore in funding. It also rivals Moglix, another unicorn in the segment.

Nat Habit’s revenue grows 80% in FY24, losses remain flat

EntrackrEntrackr · 2m ago
Nat Habit’s revenue grows 80% in FY24, losses remain flat
Medial

Nat Habit’s revenue grows 80% in FY24, losses remain flat Nat Habit, a personal care startup focused on fresh and natural beauty products, recorded an 80% jump in revenue during the fiscal year ending March 2024. Despite the strong growth, the company’s net losses remained largely unchanged during the same period. Nat Habit’s revenue from operations increased by 80% to Rs 72 crore in FY24 from Rs 40 crore in FY23, according to its financial statement sourced from Registrar of Companies (RoC). Founded by Swagatika Das and Gaurav Agarwal in 2018, Nat Habit offers Ayurvedic personal care products such as shampoo, face wash, moisturiser among others. Sale of these products was the sole source of revenue for the company during the said fiscal year (FY24). Advertising remained the company’s largest cost center, rising 38.5% to Rs 36 crore and accounting for nearly 40% of total expenses. The startup also incurred Rs 14 crore in employee benefits, more than doubling from Rs 6.5 crore in FY23. Raw material costs increased to Rs 12 crore, while transportation and other operating overheads stood at Rs 11 crore and Rs 18 crore, respectively in the said fiscal year. Overall, the company’s total expenses rose 65.5% to Rs 91 crore in FY24 from Rs 55 crore in FY23. Revenue growth outpacing expenses led to losses remaining flat at Rs 17.75 crore in FY24 as compared to Rs 17.6 crore in FY23. Its ROCE and EBITDA margin stood at -24.65% and -21.58%, respectively. The firm spent Rs 1.26 to earn a rupee of operating revenue in FY24, compared to Rs 1.38 in FY23. The Gurugram-based company recorded current assets worth Rs 58 crore in FY24 which includes Rs 41 crore in cash and bank balance. According to TheKredible, Nat Habit has raised a total of approx $16 million of funding till date, having Peak XV Partners, Fireside Ventures and Whiteboard Capital as its lead investors. The company’s co-founders Swagatika Das and Gaurav Agarwal together own 33.1% of the company. In FY24, Nat Habit bought back about 6 lakh shares at a price of Rs 250 each, aiming to better manage its ownership structure and create more value for shareholders. At the same time, the company increased its authorized share capital sharply from Rs 3.51 crore to Rs 29.3 crore, possibly to prepare for future fundraising.

Teachmint revenue grows 2X in FY24, losses down to Rs 82 Cr

EntrackrEntrackr · 7m ago
Teachmint revenue grows 2X in FY24, losses down to Rs 82 Cr
Medial

SaaS-based edtech firm Teachmint improved its financial performance in the last fiscal year, doubling its operating scale while reducing year-on-year losses by more than 39%. However, the Lightspeed-backed company has yet to achieve significant scale. Teachmint’s revenue from operations spiked to Rs 17.1 crore in the fiscal year ending March 2024 from Rs 8.15 crore in FY23, its consolidated financial statements sourced from the Registrar of Companies show. Teachmint sells education software solutions through subscriptions to schools and teachers. The sale of software solutions accounted for 73% of the operating revenue which increased by 56% to Rs 12.5 crore in FY24. The rest of the income is derived from the sale of devices like biometrics, interactive flat panels, GPS devices, among others. The Bengaluru-based company firm managed to control its overall cost, reduced by 26.6% to Rs 160 crore in FY24 from Rs 218 crore in FY23. Key areas of cost reduction include employee benefits, marketing, and IT which dwindled by 21.2%, 63.6%, and 9.1% respectively. The 2X surge and controlled expenditure helped Teachmint reduce its losses by 39.2% to Rs 110 crore during the last fiscal year from Rs 181 crore in FY23. Excluding non-cash ESOP costs, the company’s losses stood at Rs 82 crore for the fiscal year ending March 2024. Its ROCE and EBIDTA margins stood at -24.7% and -198%, respectively. On a unit level, the company spent Rs 9.36 to earn a rupee in FY24. Importantly, the firm has a total current assets of Rs 440 crore including Rs 34 crore of cash and bank balances in the last fiscal year. The company’s transformation from pre-revenue to a significant revenue jump is largely driven by shifting its focus to digitize schools. Entrackr reported about the strategic move in April last year. Teachmint faced significant challenges in FY24, including laying off over 70 employees. It has raised over $100 million in funding, with a $78 million Series B round in October 2021 at a valuation of $500 million. However, it has not raised any additional funding in the last three years. Its competitor Classplus achieved a two-fold revenue increase to Rs 213 crore in FY24, while its newer rival, Lead School, recorded 25% growth to Rs 370 crore in revenue in the same period.

IndiaMart-backed EasyEcom’s revenue grows 65% in FY23, losses balloon 18X

EntrackrEntrackr · 1y ago
IndiaMart-backed EasyEcom’s revenue grows 65% in FY23, losses balloon 18X
Medial

Saas-based ecommerce enablement solutions provider EasyEcom has continued its growth journey as its operating scale grew by 64.5% in FY23. However, its losses surged over 18X in the same period. EasyEcom’s revenue from operations grew to Rs 6.71 crore during the fiscal year ending March 2023 in comparison to Rs 4.08 crore in FY22, as per data shared by the startup intelligence platform TheKredible. Co-founded by Punit Gupta, Jitesh Advani, and Swati Jindal in 2015, EasyEcom’s SaaS suite includes inventory and warehouse management. The platform also offers modules for automating back-office functions like shipping-related payments reconciliation and return reconciliation. EasyEcom spent the most on employee benefits which formed 67.5% of the total expenses. This cost jumped 3X to Rs 8.5 crore during the last fiscal year. Notably, this also includes an ESOP cost worth Rs 78 lakh. IT costs such as server hosting and technical consultancy charges soared to Rs 1.59 crore during FY23 from Rs 67 lakh in FY22. The company also incurred professional, subscription, business promotion, and other admin and operating expenses during the fiscal year. At the end, the company’s overall cost surged 188.3% to Rs 12.6 crore in FY23 from Rs 4.37 crore in FY22. Following the heavy spending to grab the pace in the market, the company’s losses spiked to Rs 4.4 crore during the last fiscal year from Rs 24 lakh in FY22. On a unit level, EasyEcom spent Rs 1.88 to earn a rupee of operating revenue during FY23. Check out TheKredible for a complete expense breakdown and year-on-year financial performance and more information about the company. The startup made the headlines in January 2022 when IndiaMart acquired a 26% stake in EasyEcom for $2 million as part of a Series A round. The startup secured angel funding in December 2017 from tech industry executives and early-stage investment funds. In October 2019, it raised an undisclosed funding from the early-stage fund Amistad Venture.

Exclusive: Zetwerk raises $20 Mn from Wheelhouse Ventures

EntrackrEntrackr · 1y ago
Exclusive: Zetwerk raises $20 Mn from Wheelhouse Ventures
Medial

Business-to-business e-commerce unicorn Zetwerk has raised Rs 166 crore or $20 million from Wheelhouse Venture Capital in the ongoing Series F funding round. This is the maiden investment for Wheelhouse Venture in the Bengaluru-based firm. The board at Zetwerk has passed a special resolution to allot 40,81,593 Series F2 CPPS at an issue price of Rs 407.39 each to raise Rs 166.28 crore or $20 million, its regulatory filing sourced from the Registrar of Companies shows. As per startup data intelligence platform TheKredible, the firm has been valued at $2.8 billion in the new round, slightly higher than the $2.7 billion reported in its previous round of $120 million. Entrackr had exclusively reported the development in October 2023. Following the fresh proceeds, Wheelhouse got a little less than 1% stake in Zetwerk while Greenoaks remained the largest stakeholder with 21.63% followed by Peak XV partners and Lighspped. Its co-founders Srinath Ramakkrushnan and Amrit Acharya cumulatively command 15.56% of the company. Head to TheKredible for the complete cap table. Zetwerk partners with offline suppliers engaged in the fabrication, machining, casting, forging, and galvanizing of machine parts. Operational in over 15 countries, it claims to serve over 100 customers across more than 25 industries in India, North America, MEA, et al. Continuing its growth trajectory in the last fiscal year, Zetwerk’s GMV (gross revenue) surged 2.3X to Rs 11,448 crore while its losses grew 81% to Rs 109 crore in the same period (FY23).

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