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Ixigo ends Q2 FY25 with Rs 206 Cr revenue and Rs 13 Cr PAT

EntrackrEntrackr · 8m ago
Ixigo ends Q2 FY25 with Rs 206 Cr revenue and Rs 13 Cr PAT
Medial

Online travel aggregator (OTA) Ixigo’s revenue from operations grew 26% to Rs 206.47 crore in Q2 FY25 as compared to the same quarter of FY24. The growth was steered by the flight and bus segment. The flight gross transaction value grew by 43% YoY, while the bus GTV increased by 46%. The company’s contribution margin also improved by 24% to Rs 91.08 crore in Q2 FY25, compared to Rs 73.67 crore in Q2 FY24, the company said in a stock exchange filing. However, the contribution margin as a percentage of revenue from operations slightly decreased from 45% in Q2 FY24 to 44% in Q2 FY25. The Gurugram-based company generated the majority (53.5%) of its operating revenue from train ticketing amounting to Rs 110.4 crore in Q1 FY25. Flight and bus booking services contributed 27% and 19.3% to the company’s coffers, respectively. The firm’s operating expenses rose in Q2 FY25, reflecting increased investments in growth. Employee expenses and marketing costs contributed to this spike, which was necessary to support the company’s expansion in user acquisition and market penetration. Despite the rise in costs, EBITDA saw a sharp increase of 655%, reaching Rs 22.4 crore in Q2 FY25, compared to Rs 2.96 crore in Q2 FY24. Adjusted EBITDA also jumped 326% to Rs 20.99 crore in Q2 FY25. Ixigo profit after tax (PAT) declined by 51%, from Rs 26.70 crore in Q2 FY24 to Rs 13.08 crore in Q2 FY25. This decline was primarily due to a deferred tax charge of Rs 5.26 crore in Q2 FY25.

BlackSoil NBFC raises $12 Mn equity capital from existing backers

EntrackrEntrackr · 1y ago
BlackSoil NBFC raises $12 Mn equity capital from existing backers
Medial

Alternative credit platform BlackSoil NBFC, the flagship arm of BlackSoil Group, has raised equity of Rs 100 crore ($12 million) from its existing Indian investors and family offices through a rights issue. The capital injection will improve BlackSoil NBFC’s credit profile and boost its borrowing capabilities and growth, the company said in a press release. BlackSoil is backed by investors and family offices of Allcargo Logistics, Navneet Education, Mahavir Agency, and Mathew Cyriac-led Florintree Advisors. This latest funding also marks BlackSoil NBFC’s fourth capital infusion within eight years, bringing its total equity raise to approximately Rs 250 crore ($30 million). Additionally, it has secured debt financing of over Rs 1,700 crore (more than $200 million) from HNIs, banks et al. BlackSoil provides alternative credit solutions to growth companies, financial institutions, NBFCs and MSMEs across sectors. At the group level, BlackSoil has surpassed Rs 5,000 crore (over $600 million) disbursement across 214 deals by December 2023. Its portfolio includes ideaForge, Upstox, Bluestone, OYO, Udaan, Zetwerk, Spinny, Yatra, Dunzo, Purplle, Mobikwik and Cure Foods. As per BlackSoil, its AUM grew around 30% year-on-year in 2023 and it deployed Rs 1650 crore (nearly $200 million) across 63 deals and exited from over 20 deals in the last year. The firm also said that its portfolio companies collectively raised equity of $800 million in the last year while three of them including Yatra, ideaForge and Cellecor got listed on the stock exchange in 2023.

Swiggy posts Rs 3,600 Cr revenue in Q2; Instamart contributes 13.6%

EntrackrEntrackr · 7m ago
Swiggy posts Rs 3,600 Cr revenue in Q2; Instamart contributes 13.6%
Medial

Foodtech and quick commerce giant Swiggy has managed a 30.3% quarter-on-quarter growth in its operating revenue which spiked to Rs 3,601 crore during Q2 FY25 as compared to Rs 2,763 crore Q2 FY24. This growth was largely driven by the expansion of its quick commerce businesses which grew 135% in the last quarter. Swiggy’s food delivery business continues to be a major contributor, accounting for 43.7% of the total collection in Q2 FY25. Revenues from this vertical grew 23% to Rs 1,575 crore from Rs 1,281 crore in Q2 FY24. The company’s quick commerce segment also saw remarkable growth, with revenue surging by 135% to Rs 490 crore in Q2 FY25 from Rs 208 crore in Q2 FY24. The segment's gross order value (GOV) growth was driven by an increase in order frequency and the addition of new stores, contributing significantly to the company’s overall revenue. Scootsy Logistics contributed a major 40% of Swiggy’s overall operating income. Income from this entity increased by 22% quarter-on-quarter to Rs 1,452 crore in Q2 FY25 from Rs 1,190 crore in Q2 FY24. Scootsy alone earned a total revenue of Rs 5,196 crore of revenue in FY24. This vertical is engaged in the business of supply chain services and distribution. Swiggy’s Dine Out, Genie, Swiggy Mini and other non-operating income took its total revenue to Rs 3,686 crore in Q2 FY25. On the cost side, the procurement of FMCG products for supply chain distribution formed 32.2% of its overall cost which increased by 16.1% to Rs 1,388 crore in Q2 FY25. Meanwhile, the delivery charges saw a modest 4.7% growth to Rs 1,095 crore in Q2 FY25. Swiggy spent Rs 607 crore and Rs 605 crore on employee benefits and advertising, respectively. Its legal, infrastructure, and other overheads pushed the overall cost up by 22.9% to Rs 4309 crore in Q2 FY25. The 30.3% scale and controlled expenditure helped Swiggy to decrease its losses by 4.9% to Rs 625 crore in Q2FY25 from Rs 657 crore in Q2FY24. It spent Rs 1.19 to earn a rupee in Q2FY25.

BlackSoil NBFC raises over Rs 200 Cr debt

EntrackrEntrackr · 12m ago
BlackSoil NBFC raises over Rs 200 Cr debt
Medial

BlackSoil NBFC, the flagship arm of BlackSoil Group, has raised Rs 208 crore debt. The round witnessed participation from HNIs, UHNIs, Family Offices, banks, and NBFCs. According to BlackSoil, 60% of this funding came from new debt investors and its total debt raised to over Rs 1,570 crore as of June 30, 2024. The company had recently raised Rs 100 crore through a rights issue where all its investors participated in this round. BlackSoil is backed by investors and family offices of Allcargo Logistics, Navneet Education, Mahavir Agency and Mathew Cyriac-led Florintree Advisors. The company has expanded its lender network, including several banks and NBFCs, enhancing its borrowing capabilities. Co-founded in 2016 by Mohinder Pal Bansal & Ankur Bansal, it offers customized credit solutions to emerging corporates, financial institutions, NBFCs, and MSMEs across sectors. The group claims that it has solidified its position as a preferred lender for new-age economy businesses, employing a sector-agnostic approach and cash flow-focused underwriting methodology BlackSoil has 5 unicorns in its portfolio including Spinny, Upstox, MobiKwik and others. The most recent unicorn in their portfolio is Spinny which became a billion dollar valued company in 2021. BlackSoil maintains a diversified portfolio spanning a wide range of sectors, including fintech, agri-tech, B2B, consumer, healthcare, SaaS, and IoT. It has also expanded into emerging sectors like EV, quick commerce, hospitality, and online travel aggregators (OTA). Its noteworthy investments include ideaForge, Upstox, Bluestone, OYO, Udaan, Zetwerk, Spinny, Yatra, Purplle, Curefoods, Celbal Technologies and JCB Salons. The Mumbai-based company says that it saw over 30% year-on-year growth in debt fundraise, having a network of nine banks & five NBFCs, and more than 250 HNI families.

Go Digit reports flat growth in Q2 FY25, profit soars 3.2X

EntrackrEntrackr · 8m ago
Go Digit reports flat growth in Q2 FY25, profit soars 3.2X
Medial

Go Digit General Insurance Limited reported modest financial performance, with its operating revenue (net premium) increasing by 3.7% to Rs 1,891 crore in Q2 FY25 from Rs 1,824 crore in Q1 FY24. During the period, the firm’s gross premium witnessed an 11% dip. Net premiums written also saw a dip of 5% this quarter, reaching Rs 1,927 crore in Q2 FY25 compared to Rs 1,821 crore in the same quarter last year, according to its quarterly results reported on the NSE. Additionally, income from investments grew significantly, reaching Rs 284 crore in Q2 FY25, compared to Rs 211 crore in the same quarter of FY24, driven by a stronger investment portfolio performance. Total income for Q2 FY25 stood at Rs 2,175 crore, up from Rs 1,868 crore in the corresponding quarter of the previous year, showcasing overall financial growth for the company during this period. Go Digit experienced rising expenses in Q2 FY25, including commissions and brokerage costs, which amounted to Rs 572 crore, up from Rs 533 crore in Q2 FY24. Employee benefits also saw an increase, with expenses totaling Rs 90.5 crore in Q2 FY25. Moreover, operating expenses related to business development, sales promotion, and other operations grew significantly, and stood at Rs 132 crore in Q2 FY25. These increases contributed to the overall rise in the firm's expenses during the quarter. In terms of claims, the company paid out Rs 851 crore in claims during Q2 FY25, up from Rs 763 crore in Q2 FY24. There was also a change in outstanding claims, with an increase to Rs 483 crore in Q2 FY25 compared to Rs 315 crore in Q2 FY24. Despite the higher income, the underwriting loss for Q2 FY25 was Rs 244.83 crore, a slight increase from Rs 219.33 crore in the previous year. At the end, GoDigit’s profit surged 3.2X to Rs 89 crore during the quarter ending September 2024 as compared to the same quarter in FY24.

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