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Bijnis records 100% growth in FY23; losses touch Rs 100 Cr

EntrackrEntrackr · 1y ago
Bijnis records 100% growth in FY23; losses touch Rs 100 Cr
Medial

Bijnis, a B2B (business-to-business) marketplace for the unorganized retail segment has registered 100% year-on-year growth during the fiscal year ending March 2023. However, the losses for the Delhi-based company also rose almost 75% touching Rs 100 crore mark during the same period. The revenue from operations for Bijnis surged to Rs 52 crore in FY23 from Rs 26 crore in FY22, its annual financial statements filed with the Registrar of Companies show. Bijnis is a B2B marketplace which connects manufacturers, suppliers, traders, and retailers, enabling them to expand their businesses effectively. Commission charged from the sale of supplies on its platform formed 90% of the total operating revenue which increased 2.1X to Rs 47 crore in FY23. Collection from freight and sale of goods are other revenue drivers for Bijnis. The Peak XV-backed firm also added Rs 13 crore from interest and gain of investment bringing its total income to Rs 65 crore during FY23. View TheKredible for a detailed revenue breakup. Similar to other technology startups, its employee benefits accounted for 50% of the overall expenditure. This cost grew by 82.2% to Rs 82 crore in FY23 from Rs 45 crore in FY23. In tune with scale, its freight cost increased 60% in FY23. The company’s cost of procurement, advertising, traveling, information technology, legal and other overheads catalyzed the overall expenditure up by 84.3% to Rs 164 crore in FY23 from Rs 89 crore in FY22. Expenses Breakdown Total ₹ 89 Cr https://thekredible.com/company/bijnis/financials View Full Data To access complete data, visithttps://thekredible.com/company/bijnis/financials Total ₹ 164 Cr https://thekredible.com/company/bijnis/financials View Full Data To access complete data, visithttps://thekredible.com/company/bijnis/financials Employee benefit Employee benefit Freight Freight Advertising promotional Advertising promotional Travelling conveyance Travelling conveyance Information technology Information technology Cost of material consumed Cost of material consumed Others To check complete Expense Breakdown visit thekredible.com View full data Head to TheKredible for a detailed expense breakdown. The surge in employee benefits, freight, and advertising outpaced the revenue growth, leading to a 74.6% increase in losses, which amounted to Rs 100 crore in FY23 compared to Rs 57 crore in FY22. Its ROCE and EBITDA margin stood at -70% and -150% respectively. On a unit level, it spent Rs 3.15 to earn a rupee in FY23. FY22-FY23 FY22 FY23 EBITDA Margin -170% -150% Expense/₹ of Op Revenue ₹3.42 ₹3.15 ROCE -26% -70% Bijnis has raised around $42 million across rounds including its $30 million round led by Westbridge Capital in September 2021. According to the startup data intelligence platform, TheKredible Info Edge is the largest external stakeholder with 26.3% followed by Matrix Partners and Peak XV Partners with 14.21% each. A B2B firm dominating in only one segment is relatively rare, and Bijnis just has seen a particularly accessible opportunity in footwear to do so. Or perhaps used the exposure here to build further. With a firm like Zetwerk on a similar track to look up to, the firm seems to be seeking the wider, but tougher opportunity in smaller firms with factories. It will need a longer runway to get traction here, and that will make support from existing investors well worth tracking in the coming quarters.

Related News

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.

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