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Bijak’s GMV soars 13X to Rs 807 Cr in FY23; controls losses

EntrackrEntrackr · 1y ago
Bijak’s GMV soars 13X to Rs 807 Cr in FY23; controls losses
Medial

Agritech startup Bijak’s gross revenue flew 13X in the fiscal year ending March 2023 as compared to FY22. Moreover, the Gurugram-based company also managed to cut its losses by over 16% in the same period. Bijak’s gross revenue (aka gross merchandise value – GMV) surged 13X to Rs 807 crore in FY23 from Rs 62 crore in FY22, its annual financial statements filed with the Registrar of Companies show. Founded in 2019, Bijak is a B2B agricultural commodities trading marketplace for agriculture supplies which also provides logistics and working capital requirements to suppliers. The sale of agricultural commodities via its apps (Bijak Mandi, Vyapaar, Global, and Just Fresh) was the primary source that formed 99% of the revenue in FY23. Income from commission, logistics, and interest were some other revenue drivers for Bijak. The company also made Rs 6 crore from interest on deposits and current investments tallying its overall income to Rs 813 crore in FY23. For the B2B commodity supplier, the cost of procurement of agricultural commodities accounted for 92% of the overall expenditure. To the tune of scale, this cost surged 12.4X to Rs 791 crore in FY23. Its employee benefits, advertising, doubtful debts, payment gateway, logistics, brokerage, and other overheads catalyzed the firm’s total expenditure to Rs 860 crore in FY23 from Rs 121 crore in FY22. See TheKredible for the detailed expense breakup. The optimum control in employee benefits and advertising helped Bijak to control its losses by 16.4% to Rs 46 crore in FY23 from Rs 55 crore in FY22. Its ROCE and EBITDA margin also improved to -28% and -4.7% respectively. On a unit level, it spent Rs 1.07 to earn a rupee in FY23. FY22-FY23 FY22 FY23 EBITDA Margin -83% -4.7% Expense/₹ of Op Revenue ₹1.95 ₹1.07 ROCE -30% -28% Bijak has raised around $33 million to date including its $19.4 million Series B round led by Peak XV and Omidyar Network in January 2022. According to the startup data intelligence platform TheKredible, Peak XV’s Surge Ventures is the largest external stakeholder with 13.8% followed by Bertelsmann and Omidyar Network. Bijak has based its success on removing the trust deficit between buyers and sellers of agricultural produce, and in doing so, expanded the market of opportunities for both. It seems to be doing that based on a combination of technology that enables it to keep a track record for both sides, and by offering credit to fill this gap directly. That sounds like a recipe for success, without involving a significant disruption to existing marketplaces. With more and more buyers and sellers, or transactions, the firm will also keep strengthening its own understanding and user base, which should help further reduce costs for marketing and promotions. With profitability in sight, there is much more good news to expect for its investors in the future.

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Qure.ai revenue soars 83% to Rs 141 Cr in FY24, slashes losses

EntrackrEntrackr · 9m ago
Qure.ai revenue soars 83% to Rs 141 Cr in FY24, slashes losses
Medial

Healthcare firm Qure.ai recently raised $65 million in a funding round led by Lightspeed Ventures and 360 One Asset Management. This investment follows an impressive 83% growth in Qure.ai’s revenue, which surpassed Rs 140 crore in FY24. The Lightspeed-backed firm also reduced its losses by 38.5% in this period. Qure.ai’s revenue from operations grew to Rs 141 crore in the fiscal year ending March 2024 from Rs 77 crore in FY23, its consolidated financial statements sourced from the Registrar of Companies show. Qure.ai offers AI-driven solutions designed to assist radiologists and physicians in diagnosing critical conditions such as tuberculosis, lung cancer, and stroke. In the last fiscal year, sales of these tools and software contributed 87.23% of the company’s operating revenue, doubling to Rs 123 crore. The remaining revenue was generated from the sale of healthcare products. In line with many tech and AI-driven companies, employee benefits made up more than half of Qure.ai’s total expenses. These costs surged by 66.2%, rising to Rs 108 crore in FY24 from Rs 65 crore in FY23, with Rs 12 crore allocated to ESOP expenses, a non-cash component. Additional expenses, including costs for materials, communication, travel, advertising, legal, and other overheads, contributed to an 18.2% overall increase in expenses, pushing total costs to Rs 201 crore in FY24 from Rs 170 crore in FY23. See TheKredible for the detailed expense breakup. An over 80% surge in scale, combined with effective cost controls, enabled Qure.ai to cut losses by 38.5%, reducing them to Rs 48 crore in FY24 from Rs 78 crore in FY23. While its EBITDA margin improved, it remained negative at -22.73% in FY24. On a unit basis, the company spent Rs 1.43 to earn a rupee in FY24. FY23-FY24 FY23 FY24 EBITDA Margin -78.02% -22.73% Expense/₹ of Op Revenue ₹2.21 ₹1.43 ROCE NA NA The Mumbai-based firm has raised over $120 million to date, including a recent $65 million round. According to startup data platform TheKredible, notable investors in Qure.ai include Peak XV, Lightspeed, Fractal, and Novo Holdings. Large funding rounds of the type Qure.ai has attracted are increasingly available only for firms that have traveled some distance in demonstrating market acceptance. For Qure.ai, that is evident in the topline as well as the spread of more sophisticated diagnostic tools that are available more widely in India today, promising a heady period of strong growth for the foreseeable future.

Hike’s revenue soars 8X to Rs 150 Cr in FY23; losses up 24%

EntrackrEntrackr · 1y ago
Hike’s revenue soars 8X to Rs 150 Cr in FY23; losses up 24%
Medial

After years of stagnant growth and change in business, Hike posted a notable increase in its scale in the last fiscal year. Hike’s Rush Gaming Universe (RGU)—which hosts multiple skill-based casual games—grew nearly 8X and crossed the Rs 150 crore revenue mark in FY23. The firm’s losses, however, also stood close to Rs 150 crore in the same period. Hike’s revenue from operations skyrocketed 7.8X to Rs 150.5 crore during the fiscal year ending March 2023 as opposed to Rs 19.21 crore in FY22, according to its standalone financial statement with the RoC. Hike generates revenue from commission on entry fees, winning amount and membership fees for joining the application as a VIP member. Previously, Hike used to be a P2P messaging application but in January 2021 it shut down the product and switched to a different domain by introducing two new platforms Vibe and Rush. Vibe is a social media platform to watch videos together whereas Rush is a real money skill-based gaming platform which hosts multiple casual games. The company also earned Rs 1.4 crore via interest and gain on investments and other non-operating income during the year. Including these, its overall revenue reached nearly Rs 152 crore in FY23. As per startup data intelligence platform TheKredible, marketing expenses emerged as the largest cost element for Hike which grew 4X to Rs 142.65 crore in FY23 from Rs 35.86 crore in FY22. Its employee benefit expenses accounted for 35% of the total expenditure and went up 46.2% to Rs 104.42 crore in FY23. Importantly, this cost also includes employee share based payment (settled in equity) of Rs 26.71 crore. Due to the GST crackdown on real money gaming companies coupled with a challenging funding environment, Hike’s Rush Gaming Universe (RGU) had fired around 55 people or 22% of the total workforce. To check complete Expense Breakdown visit thekredible.com View full data Hike’s expenses on server, information technology consultancy, payment gateway and other overheads catalyzed its total expenditure by over 2X to Rs 299.3 crore in FY23 as compared to Rs 140.4 crore in FY22. Visit TheKredible for complete expense breakdown and YoY performance. Despite rising expenses, the company’s losses didn’t increase at that pace. Its losses increased 24% to Rs 147.3 crore during FY23 as compared to Rs 118.7 crore in FY22. Moreover, its outstanding losses mounted to Rs 1,923 crore in the last fiscal year. Hike’s cash outflows from operations, however, declined by 9.5% to Rs 94.5 crore during FY23. Its EBITDA margin improved to -93.92% during the year which can be ascribed to the rising scale. FY22-FY23 FY22 FY23 EBITDA Margin -525% -93.92% Expense/₹ of Op Revenue ₹7.31 ₹1.99 ROCE -61.20% -136.21% On a unit level, the firm spent Rs 1.99 to earn a rupee of operating revenue in FY23. Hike turned unicorn in 2016 when Temasek led a $175 million funding round at a $1.4 billion valuation. In January 2021, it shut down its chat services to enter the real money skill-based gaming space. Since then, it has raised three undisclosed funding rounds from various investors. Its last funding round came in May 2022 led by Web3 investor Jump Crypto to develop Rush Gaming Universe (RGU) — a web3 based social gaming metaverse. Hike’s efforts to find a perfect fit seem to have paid off as the company generated a healthy revenue — even though it took a long time to get there. The company’s losses, however, are still a point of concern. From the time it first raised money in 2013 to the present day, Hike has seen its earliest investor Bharti Airtel grow five times in revenue. Even Softbank, the other early backer, has written off its interest in the firm sometime back as inconsequential. While that takes some pressure off, there is no denying that its legacy weighs heavily on Hike, even when it seemingly is the closest to discovering a viable business model. Will it be able to sustain this new momentum long enough to finally deliver a worthwhile return to any of its investors? Time will tell.

Foxtale's revenue soars to Rs 83 Cr in FY24, losses widen

EntrackrEntrackr · 6m ago
Foxtale's revenue soars to Rs 83 Cr in FY24, losses widen
Medial

Foxtale, a direct-to-consumer (D2C) skincare brand, reported Rs 83 crore of revenue in its third full fiscal year, which ended in March 2024. However, in pursuit of scale, the losses for the Mumbai-based company crossed Rs 50 crore in the same period. Foxtale’s revenue from operations surged around 6X to Rs 83 crore in FY24 from Rs 14 crore in FY23, its annual financial statements sourced from the Registrar of Companies show. Founded in 2021 by Romita Mazumdar, Foxtale is an affordable skincare brand focused on products designed for Indian skin. Its products target issues such as acne, aging, and hyperpigmentation. The brand's products are available on its website and various marketplaces, including Nykaa, Amazon, Blinkit, Flipkart, and Myntra. The sale of skin and beauty products was Foxtale's sole source of revenue in the previous fiscal year. Similar to other D2C skincare brands, Foxtale spent Rs 50 crore on advertising and promotion, which is 36% of its overall cost. This cost saw an increase of 3.8X during FY24. To the tune of scale, its cost of procurement grew 5.8X to Rs 35 crore in the previous fiscal. Foxtale's employee benefit expenses, including salaries, provident fund (PF), gratuity, and ESOPs, surged 2.8x to Rs 20 crore in FY24. Its delivery, legal, outsourcing manpower, and other overheads pushed the overall expenditure to Rs 139 crore in FY24 from Rs 33 crore in FY23. Despite registering 6x fold in scale, higher advertising expenses and employee benefit costs drove Foxtale's losses up by 189% to Rs 55 crore in FY24, compared to Rs 19 crore in FY23. On a unit level, it spent Rs 1.67 to earn a rupee of operating revenue. At the end of FY24, its current assets were recorded at Rs 69 crore, including cash and bank balances of Rs 44 crore. Foxtale has emerged as one of the few D2C startups to secure $48 million across two funding rounds in just seven months. Its latest $30 million round was spearheaded by Japanese beauty products giant, Kose Corporation. Its major competitors include Sugar Cosmetics, WOW Skin Science, Plum, MamaEarth, Minimalist, and several others.

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