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Exclusive: BankBazaar bags Rs 130 Cr in equity and debt funding

EntrackrEntrackr · 1y ago
Exclusive: BankBazaar bags Rs 130 Cr in equity and debt funding
Medial

BankBazaar, an online marketplace for financial products, has raised Rs 80 crore ($9.6 million) in its ongoing Series D round via private placement. This is the first round of investment for the firm in 2024. The board at BankBazaar has passed a special resolution to issue up to 22,821 Series D2 CCPS at an issue price of Rs 3,727 each to raise Rs 80 crore, its regulatory filing sourced from the RoC shows. According to the filings, the company will deploy this fund for purposes like meeting capital requirements, expansion, and growth. BankBazaar has already received Rs 46.35 crore in three tranches while the rest of the amount will flow to its account soon. The Peak XV Partners-backed firm also raised Rs 50 crore via non-convertible debentures and convertible share warrants from Vistra ITCL (India) Limited, separate filing reveals. As per TheKredible estimates, the Chennai-based company has been valued at around $217 million (post-allotment). BankBazaar is a co-branded credit card issuer that lets you check your credit score as well as cross-sells third-party loans and insurance products. As per the company website, it has partnered with more than 50 banks and has a customer base of over 50 million. The 15-year-old company has amassed over $110 million in funding to date from Amazon, GUS Holdings, Walden Investments, Eight Roads, and others. See TheKredible for the complete shareholding pattern. While the company claimed to achieve breakeven with revenue of Rs 250 crore in FY24, its revenue from operations saw a surge of 65.6% to Rs 159 crore in FY23 from Rs 96 crore in FY22. However, its losses stood at Rs 27 crore in FY23.

IntrCity crosses Rs 320 Cr income in FY24, nears break-even

EntrackrEntrackr · 6m ago
IntrCity crosses Rs 320 Cr income in FY24, nears break-even
Medial

Travel-tech platform IntrCity, which owns SmartBus and RailYatri, could not replicate its FY23 growth momentum in FY24. After achieving six-fold growth in FY23, the company recorded a modest 16% year-on-year revenue increase for the fiscal year ending March 2024. However, the Nandan Nilekani family trust-backed firm reduced its losses by over 52%, bringing them below Rs 10 crore in FY24. IntrCity's revenue from operations grew 15.9% to Rs 317.34 crore during FY24 as compared to Rs 273.9 crore in FY23, as per the company's consolidated financial statements with the Registrar of Companies. IntrCity operates web and mobile platforms for its brands, SmartBus and RailYatri. The flagship brand, IntrCity SmartBus, caters to long-distance bus routes across India, while RailYatri offers train travel services such as ticket booking and meal ordering. As per the filings, the majority of commission revenue came from the Indian Railway Catering and Tourism Corporation (IRCTC) during FY24. The company collected 93.8% of the revenue from bus operations which went up 16.9% to Rs 297.71 crore in FY24. It also earned Rs 18.08 crore from commission along with Rs 1.55 crore via advertisement services. Additionally, collection from interest and gain on financial assets (non-operating revenue) stood at Rs 3.38 crore. Including this, the company's overall revenue climbed to Rs 320.7 crore in FY24. On the expense side, the cost of revenue (direct cost for the distribution of services) accounted for 68.3% of the total expenditure. This cost grew 14.2% to Rs 225.8 crore in FY24 from Rs 197.8 crore in FY23. Operation and maintenance costs went up 9.3% to Rs 43.5 crore while spending on employee benefits remained almost flat at Rs 36.85 crore during the last fiscal year. The company incurred Rs 7.42 crore on advertisement and promotions and paid Rs 3.9 crore commission for catering and payment gateway services. In the end, IntrCity's expenses increased 9.7% to Rs 330.6 crore during FY24 in comparison to Rs 301.3 crore during FY23. On the back of controlled expenditure and double-digit growth in revenues, the firm managed to bring down its losses by 53.7% to Rs 9.9 crore in FY24. The losses were at Rs 21.4 crore in the previous fiscal year. Operating cash outflows of IntrCity also improved by 69.8% during the period and stood at Rs 6.1 crore. As of the last fiscal year, the firm's outstanding losses stood at Rs 242.5 crore. During FY24, the travel-tech platform managed to improve its EBITDA margin by 459 BPS to -2.08%. On a unit level, IntrCity spent Rs 1.04 to earn an operating revenue during the said period. IntrCity has Rs 17.4 crore in cash and bank balances while its total assets stood at Rs 41.2 crore for the fiscal year ended March 2024. As per the startup data intelligent platform TheKredible, IntrCity has raised over $50 million to date and was valued at around Rs 912 crore or $110 million in the latest funding round in February this year. Among online travel aggregator (OTA) platforms, MakeMyTrip is the largest player in terms of revenue. Ixigo, EaseMyTrip, Yatra, and Cleartrip are also the key players in the segment.

Awfis nears Rs 900 Cr income in FY24; losses contract 62%

EntrackrEntrackr · 1y ago
Awfis nears Rs 900 Cr income in FY24; losses contract 62%
Medial

Co-working solutions provider Awfis showcased a 55.8% growth in scale during the fiscal year ending March 2024. However, the losses for the Amit Ramani-led firm contracted 61.8% to Rs 17.8 crore in FY24. On a year-on-year basis, Awfis’ revenue from operations grew 55.8% to Rs 849 crore in FY24 from Rs 545 crore in FY23, its consolidated financial statements disclosed in the stock exchange filing show. On a sequential basis, the firm posted a 5% increase in revenue to Rs 232 crore in Q4 FY24 from Rs 221 crore in Q3 FY24. 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. Income from co-working space rental and allied services formed 73% of the total operating revenue which spiked 47.7% to Rs 619 crore in FY24 from Rs 419 crore in FY23. Income from construction and fit-out projects, facility management, and sale of food items were other revenue drivers for Awfis in the fiscal year ending March 2024. See TheKredible for the complete revenue breakup. Awfis’s burn on subcontract stood at Rs 171 crore in FY24 while its employee benefits saw an increment of 41.7% to Rs 136 crore in FY24. Its finance, legal, depreciation and amortization, purchase of traded goods, and other overheads took the overall expenditure up by 45.8% to Rs 892 crore in FY24 from Rs 612 crore in FY23. Head to TheKredible for the detailed expense breakdown. The 55.8% surge in scale and controlled cost mechanism helped Awfis to contract its losses by 61.8% to a marginal Rs 17.8 in FY24 from Rs 46.6 crore in FY23. On a unit level, it spent Rs 1.05 to earn a rupee in FY24. The company’s stock was listed on NSE on May 30 and opened at Rs 435 with a 13.58% premium over the issue price of Rs 383. The improvement in the fundamentals pushed its share price to Rs 500.1 (as of June 19). Awfis currently holds a total market capitalization of Rs 3,472 crore.

BigHaat’s gross revenue nears Rs 700 Cr in FY23

EntrackrEntrackr · 1y ago
BigHaat’s gross revenue nears Rs 700 Cr in FY23
Medial

Agritech startup BigHaat registered over five-fold growth during the fiscal year ending March 2023. However, in pursuit of rapid scale its losses also rose in a similar proportion during the same period. BigHaat’s gross revenue surged 5.3X to Rs 643 crore in FY23 from Rs 120 crore in FY22, its consolidated financial statements filed with the Registrar of Companies show. Founded in 2015, BigHaat leverages technology to provide a wide range of solutions and services to farmers, helping them optimize their agricultural practices and increase productivity. Market linkages formed 92% of the overall gross revenue which increased 6.6X to Rs 594 crore in FY23. The rest of the income comes from input business, exports, commission of marketplace, and others. See TheKredible for the detailed revenue breakup. In tune with growth in scale, its cost of procurement emerged as the largest cost center accounting for 92.5% of the total expenditure. This cost rose by 5.4X to Rs 623 crore in FY23 from Rs 115 crore in FY22. Its employee benefits, selling cum distribution, legal-professional, information technology, fulfillment, and other overheads took the total expenditure to Rs 673 crore in FY23 from Rs 128 crore in FY22. Head to TheKredible for the complete expense breakup. Expenses Breakdown Total ₹ 128 Cr https://thekredible.com/company/bighaat/financials View Full Data To access complete data, visithttps://thekredible.com/company/bighaat/financials Total ₹ 673 Cr https://thekredible.com/company/bighaat/financials View Full Data To access complete data, visithttps://thekredible.com/company/bighaat/financials Cost of procurement Cost of procurement Employee benefit Employee benefit Selling and distribution Selling and distribution Legal professional Legal professional Information technology Information technology Fulfilment cost Fulfilment cost Others To check complete Expense Breakdown visit thekredible.com View full data The spurt in procurement and employee benefits resulted in a significant increase in losses, rising 5.8X to Rs 35 crore in FY23 from Rs 6 crore in FY22. Its ROCE and EBITDA margin stood at -40% and -4.3%, respectively. On a unit level, it spent Rs 1.05 to earn a rupee in FY23. FY22-FY23 FY22 FY23 EBITDA Margin -6% -4.3% Expense/₹ of Op Revenue ₹1.07 ₹1.05 ROCE -14% -40% BigHaat has raised $29 million to date and was valued at $58 million in its last round. As per the startup data intelligence platform TheKredible, JM Financial is the largest external stakeholder with 27.29% followed by Ankur Capital and Beyond Next Ventures. Its co-founders Sateesh Nukala and Sachin Nandwana cumulatively command 23.29% of the company. The numbers would indicate a business that is more about trading and arbitrage than anything else, unless BigHaat incurred some major one off expenses. But at this scale, it’s obvious that the firm has the ability and knowledge to make it count, which is what should make it an interesting agritech to track from here on.

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