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BetterPlace crossed Rs 500 Cr revenue in FY23; losses grew 47%

EntrackrEntrackr · 1y ago
BetterPlace crossed Rs 500 Cr revenue in FY23; losses grew 47%
Medial

HR-tech startup BetterPlace has demonstrated outstanding financial performance during the last two fiscal years: tenfold growth from Rs 51 crore in FY21 to Rs 523 crore in FY23. BetterPlace’s revenue from operations grew 90% to Rs 523 crore in FY23 from Rs 275 crore in FY22, its consolidated financial statements filed with the Registrar of Companies show. Founded in 2015, BetterPlace caters to the entire value chain of frontline workforce management encompassing discovery, hiring, onboarding, background verification, and payroll to upskilling, and services such as vendor management, workforce fulfillment, insurance, and credit. The income from workforce fulfillment services accounted for 91.2% of the total operating revenue which surged 2.3X to Rs 477.3 crore in FY23 from Rs 202.29 crore in FY22. Onboarding, software licensing, sale of products, and interest income (non-operating) are some other revenue drivers that tallied its total income to Rs 534 crore during the preceding fiscal year (FY23). Check TheKredible for the detailed revenue breakup. Employee benefits emerged as the largest cost center for BetterPlace, forming 82.73% of the overall expenditure. This cost grew two-fold to Rs 551 crore in FY23. It includes Rs 8.78 crore as ESOPs cost. Other overheads such as procurement, legal, KYC authentication, software, and technology took the overall expenditure to Rs 666 crore in FY23 from Rs 371 crore in FY22. Head to TheKredible for the complete expense breakdown. Expense Breakdown Total ₹ 371.3 Cr https://thekredible.com/company/betterplace/financials View Full Data To access complete data, visithttps://thekredible.com/company/betterplace/financials Total ₹ 665.93 Cr https://thekredible.com/company/betterplace/financials View Full Data To access complete data, visithttps://thekredible.com/company/betterplace/financials Cost of procurement Cost of procurement Employee benefit Employee benefit Depreciation and amortization Depreciation and amortization Legal and professional charges Legal and professional charges Sub-Contracting Expenses Sub-Contracting Expenses KYC authentication charges KYC authentication charges Software expense Software expense Other To check complete Expense Breakdown visit thekredible.com View full data The 90% growth in scale and controlled cost helped BetterPlace restrict its losses to Rs 132 crore in FY23 which stood at Rs 89 crore in FY22. Its ROCE and EBITDA margin stood at -182% and -24% respectively. On a unit level, it spent Rs 1.27 to earn a rupee in FY23. FY22-FY23 FY22 FY23 EBITDA Margin -27% -24.0% Expense/₹ of Op Revenue ₹1.35 ₹1.27 ROCE -46% -182% BetterPlace has raised over $90 million across rounds. According to the startup data intelligence platform TheKredible, Jungle Ventures is the largest stakeholder with 17.99% shares followed by Unitus Ventures and 3one4 Capital. Visit TheKredible for the full shareholding pattern. Betterplace certainly seems to be well placed to grow, having finally cracked the growth code after years of trials and learning, one assumes. Typically, when a firm this old grows this fast, it can mean some strong years of growth ahead. Starting from just verification services, the firm has quietly integrated all subsequent services like onboarding, upskilling etc into a single platform, making it a true HR SaaS firm. Going ahead, it will probably be the quality of the top tier team, rather than just the founders who decide how far this firm goes.

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Treebo crosses Rs 100 Cr revenue in FY24, outstanding losses climb to Rs 488 Cr

EntrackrEntrackr · 6m ago
Treebo crosses Rs 100 Cr revenue in FY24, outstanding losses climb to Rs 488 Cr
Medial

Treebo crosses Rs 100 Cr revenue in FY24, outstanding losses climb to Rs 488 Cr Treebo Hotels, a premium-budget hotel chain, crossed the Rs 100 crore revenue milestone in the fiscal year ending March 2024. Despite this growth, the Bengaluru-based company saw its losses rise by 17%, bringing total outstanding losses to Rs 488 crore. Treebo Hotels’s revenue from operations grew 22.5% to Rs 109 crore in FY24 from Rs 89 crore in FY23, its consolidated financial statements filed with the Registrar of Companies show. Income from accommodation services (taken on lease and managed properties) formed 95% of the total operating revenue which increased by 22.3% to Rs 104 crore in FY24 from Rs 85 crore in FY23. The rest of the income comes from the sale of products, and subscription services. The company also added Rs 7.22 crore as other income (non-operating) which tallied its overall revenue to Rs 116 crore in FY24 from Rs 94 crore in FY23. Treebo spent 41% of its overall expenditure on employee benefits which increased marginally by 7% to Rs 59 crore in FY24. Its cost and commission surged 70% and 48% to Rs 17 crore and Rs 43 crore in the previous fiscal year. Its cost of materials, legal, technology, traveling, and other overheads took the overall cost up by 22% to Rs 144 crore in FY24 from Rs 118 crore in FY23. The increased advertising and commission costs led Treebo to raise its losses by 16.7% to Rs 28 crore in FY24, compared to Rs 24 crore in FY23. Its ROCE and EBITDA margin stood at -540% and -18.1% respectively. On a unit level, it spent Rs 1.32 to earn a rupee in FY24. The company’s total current assets stood at Rs 34 crore with cash and bank balances of Rs 7 crore in the previous fiscal. According to startup data intelligence platform TheKredible, decade-old Treebo has secured Rs 566 crore (approximately $70 million) in funding from investors including Accor, Elevation Capital, Matrix Partners, and Bertelsmann. The company’s most recent major funding, amounting to $16 million, was raised in June 2021. Treebo competes directly with Bloom Hotels and FabHotels. In FY24, Bloom Hotels saw its operational revenue rise by 73.6% to Rs 250 crore, with a profit of Rs 14 crore. FabHotels recorded Rs 224 crore in operating revenue for FY23 but has not yet filed its FY24 annual report.

Lahori Zeera crosses Rs 300 Cr revenue in FY24; profits spike 3X

EntrackrEntrackr · 3m ago
Lahori Zeera crosses Rs 300 Cr revenue in FY24; profits spike 3X
Medial

Lahori Zeera has emerged as one of India’s fastest-growing independent beverage companies, surpassing Rs 300 crore in revenue during FY24. The Rupnagar, Punjab-based company’s profit tripled in the last fiscal year. On a year-on-year basis, Lahori’s revenue from operations grew 47.2% to Rs 312 crore in FY24 from Rs 212 crore in FY23, as per its consolidated financial statements accessed from the Registrar of Companies (RoC). The company generates revenue from beverage sales, including Lahori Zeera, Lahori Nimboo, and Lahori Shikanji, with a small contribution from scrap sales and other non-operating income (gains from investment sales), totaling Rs 313.5 crore in the last fiscal. Procurement was the largest cost center for the beverage manufacturer, accounting for 66% of total expenses. As the company scaled, this cost increased by 35.3%, rising from Rs 136 crore in FY23 to Rs 184 crore in FY24. Employee benefit expenses grew significantly, increasing by 68.8% year-on-year to Rs 27 crore in the same period. Expenses related to rent, freight, subcontracting, legal fees, and other overheads contributed to a 36.9% rise in total expenditure, which grew from Rs 203 crore in FY23 to Rs 278 crore in FY24. Lahori Zeera's profits tripled to Rs 22.5 crore in FY24, up from Rs 7.6 crore in FY23, driven by a 47% revenue surge and controlled costs. The company spent Rs 0.89 to earn a rupee during the year. Its ROCE and EBITDA margins stood at 15.36% and 13.65%, respectively. By the end of FY24, total current assets stood at Rs 76 crore, including Rs 38 crore in cash and bank balances. Lahori Zeera's CEO, Saurabh Munjal, aims for Rs 500 crore in revenue for the current fiscal year and is reportedly in advanced discussions with Motilal Oswal to raise Rs 400-450 crore. The success of Lahori Zeera is particularly notable in a market dominated by billion-dollar competitors like Pepsi, Coke, and now Reliance. The brand's growth has been bolstered by a strong advertising campaign and expanded distribution. However, there is concern about maintaining the brand's essence as it scales, especially in light of investor-driven pressures.

ApnaKlub’s gross revenue spikes 6X to Rs 278 Cr in FY23

EntrackrEntrackr · 1y ago
ApnaKlub’s gross revenue spikes 6X to Rs 278 Cr in FY23
Medial

B2B consumer goods startup ApnaKlub raised $16 million led by TrueScale Capital and ICMG partners in January this year. And, it looks like the company’s growth numbers attracted the two backers: Its gross scale spiked nearly six-fold in the fiscal year ending March 2023. ApnaKlub’s gross revenue grew to Rs 278 crore in FY23 from Rs 47 crore in FY22, its financial statements sourced from RoC show. Founded in 2020, Apnaklub connects retailers, kirana stores, and fast-moving consumer goods (FMCG) brands via its wholesale partners. The sale of products was the primary source of revenue for ApnaKlub. Its personal care products top the collection charts followed by beverages, home care, processed foods, and others. The company also has an income of Rs 3 crore from the interest on long-term investments (non-operating) in FY23. See TheKredible for the detailed revenue breakup. In line with fellow B2B wholesale startups, the cost of procurement of goods turned out to be the largest cost center forming 82% of the overall expenditure. In sync with scale, this cost surged 5.8X to Rs 275 crore in FY23 from Rs 47 crore in FY22. ApnaKlub’s employee benefits, rent, advertising cum promotional, freight, contract, legal, and other overheads pushed its total expenditure to Rs 332 crore in FY23 from Rs 63 crore in FY22. Head to TheKredible for the detailed expense breakup. ApnaKlub bled heavily in pursuit of growth, leading to a 4.6X increase in losses to Rs 56 crore in FY23 as compared to Rs 12 crore in FY22. Its ROCE and EBITDA margins were recorded at -50% and -17.4% respectively. On a unit level, it spent Rs 1.19 to earn a rupee in FY23. FY22-FY23 FY22 FY23 EBITDA Margin -32% -17.4% Expense/₹ of Op Revenue ₹1.34 ₹1.19 ROCE -52% -50% While ApnaKlub might be on a path to breakeven only at a Rs 1000 crore plus turnover, the higher share of personal care products might allow a faster path to profitability, considering the better margins in that segment. Having said that, it is no secret that the actual marketplace for this segment is a battlefield that has left most players bloodied, if not fatally wounded. ApnaKlub must be doing something different to convince investors to bet on it in the current funding environment, and just for that, the firm needs to be tracked carefully for the next steps on its journey.

Just Dogs nears Rs 100 Cr revenue in FY24, losses balloon

EntrackrEntrackr · 2m ago
Just Dogs nears Rs 100 Cr revenue in FY24, losses balloon
Medial

Just Dogs, a retail and services brand specializing in pet care, reported a 30% year-on-year increase in revenue for the fiscal year ending March 2024. However, the Ahmedabad-based company also saw a significant rise in losses during the same period as it pushed for growth. Just Dogs’ revenue from operations increased by 32% to Rs 94 crore in FY24 from Rs 71 crore in FY23, according to its financial statement sourced from the Registrar of Companies (RoC). Founded in 2011, Just Dogs offers dog food, supplements, accessories, and other pet products through its platform. The startup is developing a full-stack online experience for pet parents, along with expanding its network of offline stores. Just Dogs generates its revenue from a mix of product and service categories. Revenue from pet food remained its dominant stream, accounting for over 70% of the topline and rising 47% to Rs 66 crore in FY24. Income from pet treats and grooming products grew to Rs 10 crore and Rs 2 crore, respectively. However, revenue from services declined to Rs 16 crore from Rs 17.5 crore in FY23. On the cost front, the company’s largest expense — material costs — rose 37% to Rs 67 crore, making up nearly two-thirds of the total expenses. Employee benefit expenses surged by 62.5% to Rs 13 crore, while marketing and rent each doubled to Rs 6 crore and Rs 10 crore, respectively. Other operational overheads amounted to Rs 10 crore in FY24. Overall, the company’s expenses outpaced its revenue growth, rising 47% to Rs 106 crore in FY24 from Rs 72 crore in FY23. Despite the topline growth, the company slipped deeper into the red with losses ballooning to Rs 11 crore in FY24 — a sharp surge from a marginal loss of Rs 6 lakh in FY23. Its ROCE and EBITDA margin stood at -25.12% and -10.21% respectively. At the unit level, Just Dogs spent Rs 1.13 to earn a rupee of operating revenue in FY24, compared to Rs 1.01 in FY23. The Ahmedabad-based startup recorded current assets worth Rs 43 crore in FY24, which includes Rs 8 crore in cash and bank balances. Just Dogs has raised a total of $7 million in funding to date, having Sixth Sense Ventures as its lead investor, which holds a 23% stake in the company. Meanwhile, Co-founders Ashish Anthony and Poorvi Anthony jointly hold a 77% stake in the company, leaving ample room for future fundraising opportunities. It competes with Peak XV-backed Heads Up for Tails, Supertails, which raised $15 million in a round led by RPSG Capital — Wiggles, and several other players in the pet care space.

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