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WheelsEye narrows losses by 71% to Rs 39 Cr in FY24

EntrackrEntrackr ยท 4m ago
WheelsEye narrows losses by 71% to Rs 39 Cr in FY24
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WheelsEye narrows losses by 71% to Rs 39 Cr in FY24 Logistics SaaS firm WheelsEye experienced slower growth since FY22, with revenue growth flattening in FY24. The company reported a marginal 7% increase in revenue for the fiscal year ending March 2024 but successfully reduced its losses by 71% during the same period. WheelsEyeโ€™s revenue from operations grew to Rs 218.4 crore in the last fiscal year, from Rs 203.8 crore in FY23, according to its standalone financial statement sourced from the Registrar of Companies (RoC). WheelsEye provides trucking solutions for businesses and software, GPS tracking, and FASTag solutions for truck fleet operators. Revenue from the sale of services (trucking service) increased by 18.9% to Rs 129.6 crore, while revenue from the sale of products (software) grew by 7.85% to Rs 57.7 crore. Income from other sources added another Rs 31 crore. The company made an additional Rs 35 crore from interest income which pushed its total Income to Rs 253 crore in FY24. WheelsEye's largest cost component, employee benefit expenses, dropped by 28.72% to Rs 135 crore. The cost of materials increased slightly by 3.43% to Rs 93.6 crore, while commissions paid decreased by 9.64%, standing at Rs 7.5 crore. Miscellaneous expenses for the last fiscal year amounted to Rs 56.9 crore. In the end, WheelsEye managed to reduce its overall expenses by 17.23%, bringing them down to Rs 293 crore in FY24. This cost optimization contributed to a 71% reduction in net loss, with losses narrowing to Rs 39 crore in FY24. The company also reported improved financial ratios, with its ROCE improving to -44.85% and EBITDA margin rising to -13.76%. Cost efficiency improved as well, with the company spending Rs 1.34 to earn a rupee in FY24. On the asset side, WheelsEye recorded Rs 186 crore in current assets for FY24, which included Rs 142 crore in cash and bank balances. According to the startup data intelligence platform, TheKredible, Wheelseye's parent entity is situated in the USA holding 99.9% of the Indian entity with the name Wheelseye Technology INC. The reduction in losses would be a welcome development at WheelsEye, probably something that has caused the slowdown in growth as well. The effort indicates a push to seek public market access perhaps, even as the firm remains well placed to seek growth again soon. In the past year, seemingly improving efficiency in logistics has led to a slowdown in growth within many firms in the category, something that should correct soon for WheelsEye as well.

Eruditus clocks Rs 3,733 Cr revenue in FY24, narrows losses by 83%

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Eruditus clocks Rs 3,733 Cr revenue in FY24, narrows losses by 83%
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Eruditus clocks Rs 3,733 Cr revenue in FY24, narrows losses by 83% Global edtech company Eruditus recorded modest year-on-year growth in its operating revenue, crossing the Rs 3,700 crore ($448 million) mark in the fiscal year ending June 2024. The Mumbai-based firm narrowed its losses by over 83% during the same period. Compared to FY23, the firmโ€™s operating scale grew by 12% to Rs 3,733 crore, according to its annual financial statement sourced from Singapore. Eruditus follows a financial year that runs from July to June. The firm appears to be ahead of the leading edtechs, with revenue nearly 1.8 times that of PhysicsWallah and more than double that of upGrad. PhysicsWallah reported Rs 2,015 crore revenue in FY24 whereas upGrad registered Rs 1,487 crore revenue in the same period. Eruditus offers education across more than 80 countries to over a million learners. It partners with over 80 universities across the United States, Europe, Latin America, Southeast Asia, India, and China. The firm didnโ€™t offer revenue break-up across geographies. The company deferred recognition of Rs 800 crore ($96 million) in collected revenue to the last fiscal year (FY25). Eruditus made progress in controlling its expenses as its marketing expenses dipped 18.85% year-on-year to Rs 1,007 crore in FY24 from Rs 1,241 crore in FY23. Other operating expenses were down by 32.16% year-on-year to Rs 1,045 crore in FY24 from Rs 1,541 crore in FY23. The cost optimizations led to a sharp improvement in the companyโ€™s bottom line. Eruditus narrowed its adjusted EBITDA losses by 83.45% to Rs 69 crore ($8.3 million) in FY24 from Rs 417 crore ($50 million) in FY23. With backing from investors such as TPG, the Chan Zuckerberg Initiative, SoftBank Vision Fund 2, Prosus Ventures, Accel, and Peak XV, Eruditus has the capital reserve to expand its presence and offerings across markets. In October 2024, it raised $150 million in the second-largest edtech deal of the year, after PhysicsWallahโ€™s $210 million funding. With revenue approaching $500 million and an 83% reduction in losses, the company shows a path toward sustainable growth in the edtech industry. Heading into FY25 with deferred revenue, Eruditus is on track to achieve profitability while building on its revenue base.

Vahdam Teas narrows losses by 68% to Rs 18 Cr in FY24

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Vahdam Teas narrows losses by 68% to Rs 18 Cr in FY24
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Direct-to-consumer (D2C) tea brand Vahdam experienced modest double-digit growth during the last fiscal year. Despite this, the company significantly improved its unit economics by reducing losses by 68%, bringing them down to under Rs 20 crore. Vahdam Teasโ€™ revenue from operations grew by 10.6% to Rs 225.2 crore in FY24 from Rs 203.6 crore in FY23, as per its consolidated financial statement filed with the Registrar of Companies (RoC). Vahdam Teas directly sources premium tea and spices from farms and estates across India. It sells these products to customers both locally and internationally, including in the US, Canada, and Europe, through its own website and online marketplaces. Product sales contributed 99% of Vahdam's operating revenue. Geographically, the USA remained the primary revenue driver, accounting for 68.5% of the total operating revenue, with a 12% growth to Rs 154.2 crore. Revenue from India grew by 18% to Rs 14.84 crore, while Europe and the rest of the world contributed Rs 37.4 crore and Rs 18.8 crore, respectively, showing steady growth of 5-6%. The company made an additional Rs 10 crore from non-operating revenue, which pushed its total revenue to Rs 235 crore in FY24. On the expense side, Vahdam curtailed major costs. Advertising expenses, one of its significant outlays, were reduced by 18.9% to Rs 50 crore in FY24. Freight and forwarding charges also declined by 7% to Rs 68 crore. Meanwhile, the cost of materials remained stable at Rs 47 crore, and employee benefit expenses rose by 18.4% to Rs 29 crore. Other overheads stood at Rs 58.9 crore. Overall, the company's total expenses fell by 4.7% to Rs 253 crore in FY24, from Rs 265.5 crore in FY23. The Delhi based firmโ€™s losses declined by 68% to Rs 17.7 crore in FY24 from Rs 55 crore in FY23. Its ROCE and EBITDA margin stood at -13.2% and -4.26%, respectively. Its expense-to-earning ratio stood at Rs 1.12. As of March 2024, the firm reported Rs 142 crore of current assets including Rs 83 crore of cash and bank balance. According to TheKredible, Vahdam Teas has raised a total of $39 million in funding till date, having Fireside Ventures, Sixth Sense Ventures and IIFL Asset Management as its lead investors.

FarEye narrows losses by 63% amidst modest growth in FY24

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FarEye narrows losses by 63% amidst modest growth in FY24
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FarEye narrows losses by 63% amidst modest growth in FY24 FarEye recorded only modest double-digit year-on-year growth in operating revenues for the fiscal year ending March 2024. However, it significantly reduced its losses, cutting them by nearly two-thirds during the same period. FarEyeโ€™s revenue from operations rose by 13% to Rs 157 crore in FY24 from Rs 139 crore in FY23, according to its consolidated financial statements recently filed with the Registrar of Companies (RoC). This marks a sharp slowdown from the 40% year-on-year growth the Tiger Global-backed company reported in FY23. FarEye provides software solutions to manage large logistics platformsโ€™ supply chain and delivery across manufacturing, e-commerce et al. The sale of logistics services was the sole source of revenue for the company. The cost structure saw a dramatic reset as employee benefit expenses fell 39% to Rs 153 crore in FY24. Information technology expenses decreased by 6% to Rs 46 crore, while legal charges and advertising expenses shrank by 43% and 60% to Rs 23 crore and Rs 8 crore, respectively. Other overheads also contracted by 22% to Rs 39 crore in FY24. Overall, FarEyeโ€™s total expenses dropped by 34% to Rs 269 crore in FY24, from Rs 410 crore in the previous fiscal year. The stringent cost controls helped the company to bring down its losses by 63% to Rs 89 crore in FY24, a sharp improvement from Rs 243 crore loss in FY23. Its ROCE and EBITDA margin improved to -26.82% and -45.83% respectively. On a unit basis, FarEye spent Rs 1.71 to earn a rupee of revenue in FY24, a huge improvement from Rs 2.95 in FY23. The Noida-based firmโ€™s current assets stood at Rs 372 crore, out of which Rs 305 crore are in cash and bank balance. According to TheKredible, FarEye has raised a total of approx $152 million of funding till date, having TCV, Fundamentum, Eight Roads Ventures and Elevation Capital as its lead investors. The companyโ€™s co-founders Kushal Nahata and Gautam Kumar together own 13% of the company. An underperformer by any stretch, FarEyeโ€™s struggles will worry investors who invested on the promise of opportunities in the booming logistics sector. With its focus on last mile solutions, FarEye has picked a particularly promising niche to target, with over 30% of costs linked to the last mile delivery. However, costs have been consistently high due to a global footprint, and sales have simply not grown as fast as it would have wished. How FY25 goes, considering global disruptions in markets and consequently, with FarEyeโ€™s clients both present and potential, is anyoneโ€™s guess. We wouldnโ€™t be expecting a sharp change in trajectory anytime soon therefore. With adequate cash balances, the firm certainly has no reason to stress, but another ordinary year will mean it has not really made a worthwhile impact even after a dozen years in the market. That will affect the possibility of further backing as well as valuations in no small way. FarEye needs to see the risks getting closer.

Bluestone secures debt ahead of IPO

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Bluestone secures debt ahead of IPO
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Omnichannel jewellery retailer Bluestone has raised Rs 40 crore (approximately $4.7 million) in debt funding, led by BlackSoil with participation from Caspian Impact Investments, ahead of its planned initial public offering (IPO). The board at Bluestone allotted 800 non-convertible debentures at an issue price of Rs 5,00,000 each to raise the aforementioned sum, according to its regulatory filing with the Registrar of Companies (RoC). Blacksoil led the debt round with Rs 30 crore investment ($3.5 million) while Caspian Impact Investments participated with Rs 10 crore. Recently, in December 2024, Bluestone filed a draft red herring prospectus (DRHP) with SEBI for an IPO, which consists of a fresh issue of equity shares up to Rs 1,000 crore and an offer for sale (OFS) of up to 2.398 crore equity shares to provide a complete exit to Samma Capital, Ivycap Ventures, and Kalaari Capital. Founded in 2011, the omnichannel jewellery brand BlueStone specializes in high-value jewellery, offering a range of gold and diamond rings, pendants, chains, and earrings through its retail stores and online platform. According to the DRHP, it operates over 203 stores across 86 cities. According to startup data intelligence platform TheKredible, BlueStone has raised approximately $262 million across multiple funding rounds, including a Rs 900 crore pre-IPO round led by Prosus, out of which Rs 300 crore is secondary in August last year. In FY24, BlueStone recorded a 64% year-on-year increase in revenue, rising to Rs 1,266 crore from Rs 771 crore in FY23. During the same period, the company also narrowed its losses by 15%, reducing them to Rs 142 crore in FY24.

Bluestone board approves Rs 1,000 Cr IPO, CEO invests Rs 75 Cr

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Bluestone board approves Rs 1,000 Cr IPO, CEO invests Rs 75 Cr
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Omnichannel jewellery retailer Bluestone appears close to filing a draft red herring prospectus (DRHP) as it has received the boardโ€™s approval for an initial public offering worth Rs 1,000 crore ($120 million) through a mix of fresh issues and offers for sale. According to company filings accessed by Entrackr, the board at Bluestone has passed a special resolution to approve its initial public offer of equity shares amounting to Rs 1,000 crore. The equity shares are proposed to be listed on the National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE). The utilization of the fresh proceeds to be raised via the IPO will be disclosed in the offer documents, the filings added. Bluestone has also passed a resolution to issue 13,00,000 equity shares to Gaurav Singh Kushwaha, the founder and CEO of the company, to raise Rs 75 crore ($9 million). The fresh investment by Kushwaha is aimed at meeting the minimum capital requirement for promoter shareholders, as mandated by the Issue of Capital and Disclosure Requirements (ICDR) regulations. As of now, Kushwahaโ€™s aggregate shareholding, eligible for computing the minimum promoter contribution requirement for the companyโ€™s proposed IPO, stands at 9.15%, according to the filings. In September, Bluestone initiated its pre-IPO round worth Rs 900 crore. According to sources, Bluestone plans to price its IPO shares between Rs 550 -600 each. Data from TheKredible indicates that the company's post-money valuation reached approximately Rs 7,750 crore (around $922 million) excluding ESOP, following its latest private funding round. During the previous fiscal year (FY24), Bluestone reported a 64% year-on-year growth in revenue, reaching Rs 1,266 crore from Rs 771 crore in FY23. Simultaneously, the company managed to reduce its losses by 15%, bringing them down to Rs 142 crore in FY24. Titan-owned CaratLane, a competitor to BlueStone, reported revenue of Rs 3,081 crore in the last fiscal year (FY24). The company remained profitable during the year; however, its profit saw a slight decline, dropping to Rs 79 crore in FY24 from Rs 82 crore in FY23.

ShopKirana struggles to scale in FY24, narrows losses by 30%

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ShopKirana struggles to scale in FY24, narrows losses by 30%
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B2B e-commerce platform ShopKirana has struggled to scale in the last fiscal year as the company's gross revenue fell by over 6%. However, the Info Edge-funded company reduced its losses by over 30% in FY24. Shopkirana's gross revenue decreased 6.26% to Rs 639.16 crore in FY24 from Rs 681.81 crore in FY23, according to its consolidated financial statement sourced from the Registrar of Companies (RoC). ShopKirana is a B2B e-commerce platform that connects retailers and brands directly through a mobile app and helps them in placing orders, maintaining inventory, optimising the delivery routes and making payments. Besides helping in procurement, the platform provides financial services such as banking and loan facilities. The company's revenue is predominantly derived from product sales, contributing Rs 637.32 crore (99.71% of operational revenue). The revenue from product sales declined 6.3% from Rs 680 crore in FY23. Revenue from services saw an 85.29% increase, reaching Rs 1.26 crore, while non-operating revenue added Rs 4.2 crore, bringing the total revenue to Rs 643.37 crore in the last fiscal year. On the expense side, cost of materials, its largest expense, decreased by 7.14% to Rs 627.3 crore, while employee benefit expenses fell by 17.65% to Rs 35 crore. Transportation costs and other expenses also declined by 23.57% and 24.95%, respectively. Overall, Shopkirana's total expenses dropped by 8.81% to Rs 698.63 crore in the last fiscal year. In the end, ShopKirana managed to reduce its losses by 30.5% to Rs 55.25 crore in FY24. Its ROCE and EBITDA margin stood at -69.6% and -7.85%, respectively. On a unit basis, the firm spent Rs 1.09 to earn a rupee in FY24. As of March 2024, the firm reported Rs 90.75 crore of current assets including Rs 27.8 crore of cash and bank balance. According to TheKredible, ShopKirana has raised a total of $50.46 million in funding till date. Its lead investors include Info Edge, Sixth Sense Ventures, Oman India Joint Investment fund. Shopkirana majorly competes with Jumbotail and Udaan. Lightspeed-backed Udaan is the largest player in this space which posted Rs 5,706.6 crore GMV in FY24. Jumbotail, which reported Rs 850 crore revenue in FY23, has yet to file its annual report for FY24. But with none of them close to breakeven, it remains a tough segment to be in. While the attraction is undeniable, we believe most firms have underestimated the margin pressure in the segment. B2B anywhere tends to offer a more organised market with consistent numbers, but margins are usually an issue. That has left these firms scrambling to cut losses even at the cost of growth, no surprise considering their backers are not really known to offer the kind of blank cheque funding from say, a Softbank or even a Tiger Global or Prosus. The usual recourse in the B2B segment, to offer financing solutions is also not an option here, leaving these firms to offer support to a segment that itself is under fire from quick commerce as well. All in all, a situation ripe for a major pivot or at least a search for more revenue streams.

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