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Zepto finalises new Bengaluru office on the busy Sarjapur road

YourStoryYourStory · 11m ago
Zepto finalises new Bengaluru office on the busy Sarjapur road
Medial

- Zepto is finalizing a lease agreement to convert Total Mall on Sarjapur Road in Bengaluru into its office space. - Employees may face peak-hour traffic in Bengaluru due to the location of the new office. - Zepto plans to move some roles to an ad-hoc office in Bengaluru from November and aims to shift completely to the new office by February. - Sarjapur Road is home to major corporate offices of Walmart, Adobe, Rubrik, Swiggy, Flipkart, and others. - Zepto confirmed its base shift from Mumbai to Bengaluru in August, aiming to bring all business teams together under one roof. - Zepto currently has nearly 1,000 employees and plans to expand its team and operations after raising close to $1 billion in funding this year.

Pepperfry’s growth woes continue in FY24, losses drop 37.5%

EntrackrEntrackr · 7m ago
Pepperfry’s growth woes continue in FY24, losses drop 37.5%
Medial

Omnichannel furniture brand Pepperfry continues to face growth challenges, marking its second consecutive fiscal year of revenue decline. After a 10% drop in FY23, the Mumbai-based company saw a 30% year-on-year decline in operating revenue in FY24. Pepperfry’s revenue from operations declined to Rs 189 crore in FY24, down from Rs 272 crore in FY23, according to its consolidated financial statement filed with the Registrar of Companies (RoC). Pepperfry primarily earns revenue from marketplace services and product sales. In FY24, revenue from services contributed Rs 169 crore, though it declined 29.9% year-on-year. Meanwhile, income from product sales saw a sharper drop of 50.7%, falling to Rs 15 crore. Other income, including miscellaneous sources, contributed Rs 5 crore in FY24. The company earned an additional Rs 20 crore from interest income, bringing its total income to Rs 209 crore in FY24. On the expenditure side, Pepperfry optimized its costs, resulting in a 31% reduction in total expenses, which fell to Rs 327 crore in FY24. Pepperfry significantly reduced its expenses across multiple categories in FY24. Employee benefit expenses declined by 29.7%, standing at Rs 60.5 crore, while advertising costs were cut by 44.3% to Rs 59 crore. Similarly, transportation expenses dropped 27.8% to Rs 28.5 crore, and the cost of materials saw the sharpest decline, shrinking by 65.8% to Rs 6.5 crore. Additionally, depreciation and amortization expenses decreased by 17.7%, totaling Rs 51 crore for the year. Due to controlled expenses, Pepperfry managed to reduce its losses by 37.5% to Rs 117 crore in FY24 from Rs 188 crore in FY23. Its ROCE and EBITDA Margin stood at -57.94% and -20.79%, respectively. On a unit level, Pepperfry spent Rs 1.73 to earn a rupee of revenue in FY24. The Mumbai-based firm had current assets worth Rs 141 crore in FY24 including Rs 78 crore in cash and bank balance. According to TheKredible, Pepperfry has raised more than $230 million in funding, having Norwest Venture, General Electric, Goldman Sachs and State Street Investments as its lead investors. The firm recently elevated Madhusudan Bihani to the role of chief financial officer (CFO). Pepperfry’s struggles have been well documented, and there certainly doesn’t seem to be any end in sight. The firm has done enough course corrections to come a full circle in some ways, and a breakout looks increasingly difficult. While it must be galling for the firm to see later entrants like Wooden Street do well, one feels it is trapped in its own ideas where it had the conviction to start, but is running out of reasons to consider giving up. It’s not as uncommon as one would imagine, and making the course corrections yet again is a lot more difficult than it seems from the outside. But again, speaking from outside, we believe the marketplace model has very limited utility, and we simply cannot see how it can be a solution to Pepperfry’s journey to become a sustainable business.

Exclusive: Get My Parking to raise fresh funds at 90% valuation surge

EntrackrEntrackr · 3m ago
Exclusive: Get My Parking to raise fresh funds at 90% valuation surge
Medial

Exclusive: Get My Parking to raise fresh funds at 90% valuation surge AI-based parking management system Get My Parking is all set to raise Rs 21.6 crore (approximately $2.5 million) in an extended Series A round led by existing investor IvyCap Ventures with participation from Legacy Assets LLP and others. This funding comes four years after Get My Parking raised $6 million in its Series A round in May 2021, led by IvyCap Ventures. The company’s board passed a resolution to issue 3,923 Series A2 compulsory convertible preference shares at an issue price of Rs 55,088 apiece to raise Rs 21.6 crore, according to its filing with the Registrar of Companies (RoC). Existing investor IvyCap will be leading the round with Rs 13 crore investment followed by Legacy Assets’ Rs 3 crore. The rest of the amount will be contributed by Manish Kohli, The Sarvasva Trust, and 7 other individual investors. The funds raised will be used to meet general business needs, including working capital requirements and expansion plans, the filing added. According to Entrackr’s estimates, Get My Parking’s valuation is expected to rise by nearly 90% to Rs 335 crore (approximately $39 million) post-allotment, up from Rs 177 crore during its previous $6 million funding round. Founded in 2015 by Chirag Jain and Rasik Pansare, Get My Parking offers smart parking solutions using IoT technology, enabling operators to digitize their parking spaces and manage them efficiently with features like automated entry, digital payments, and live availability updates. According to startup data intelligence platform TheKredible, the Bengaluru-based company has raised over $10 million since its inception. IvyCap Ventures is the largest external stakeholder with a 15.87% stake, followed by Europe’s leading parking operator, APCOA, which holds a 12% stake. Get My Parking reported over 50% growth in operating revenue to Rs 29.4 crore in the fiscal year ending March 2024, while reducing its losses by 57% to Rs 6.5 crore during the same period. Get My Parking competes with the Peak XV-backed Park+ which posted Rs 131 crore revenue in FY24. The company also competes with Parky, Park Smart, among others.

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