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Bombay Shaving Company’s Loss Nearly Doubles To INR 80 Cr In FY23

Inc42 · 1y ago

Bombay Shaving Company’s Loss Nearly Doubles To INR 80 Cr In FY23

Delhi NCR-based grooming and personal care company Bombay Shaving Company experienced a significant increase in net loss during the financial year ending March 2023. The startup's net loss amounted to INR 80.2 crores, rising by 85% compared to the previous fiscal year. However, the company's operating revenue reached INR 177.3 crores, representing a 69% increase from the previous year. Bombay Shaving Company primarily earns revenue through online and offline sales. It recently raised INR 24 crores in debt funding to expand its offline presence to more cities.

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Bombay Shaving Company crosses Rs 200 Cr revenue in FY24; cuts losses by 22%

Entrackr

Entrackr · 7m ago

Bombay Shaving Company crosses Rs 200 Cr revenue in FY24; cuts losses by 22%

Bombay Shaving Company, a grooming and personal care brand, narrowed down its losses to Rs 62.15 crore in FY24, making a notable improvement from Rs 80.25 crore in FY23. Meanwhile, its operating scale also crossed the Rs 200 crore revenue mark in the last fiscal year. Bombay Shaving Company’s revenue from operations surged 27.38% to Rs 225.85 crore in FY24 from Rs 177.30 crore in FY23, its consolidated financial report sourced from the Registrar of Companies (RoC) shows. Bombay Shaving Company is a D2C grooming and personal care startup with a portfolio of a wide range of products including shaving cream, haircare, skincare, and beard care products. The sale of these products was the sole source of revenue for the company in the last fiscal year. The company made an additional Rs 7.6 crore from interest income which pushed its total revenue to Rs 233.4 crore in FY24. For the men's grooming brand, the cost of material was the largest component of BSC’s expenses, increasing by 34.39% to Rs 118.76 crore in FY24. The advertising and employee benefits costs rose marginally to Rs 85.90 crore and Rs 36.79 crore, respectively. Its delivery and handling charges declined by 9.41% to Rs 18.78 crore, respectively, while other expenses remained stable at Rs 35.34 crore. Overall, total expenses for Bombay Shaving Company increased to Rs 295.57 crore in FY24 from Rs 262 crore in FY23. The Gurugram-based Company managed to reduce its net loss by 22% to Rs 62.2 crore in FY24. Its ROCE and EBITDA margin stood at -74.66% and -22.90%, respectively. On a unit basis, the company spent Rs 1.31 to earn a rupee in FY24. The firm reported Rs 203 crore of current assets in FY24 including Rs 72.5 crore of cash and bank balance. According to TheKredible, Bombay Shaving Company has raised a total of $51.5 million in funding to date. Its lead investors include Sixth Sense Ventures, Colgate-Palmolive, Malabar Investments, Reckitt, and Patni & Family. Bombay Shaving Company competes with Ustraa, Beardo, and The Man Company in the grooming segment. Ustraa reported a 2.94% revenue decline to Rs 94.02 crore and a loss of Rs 50 crore in FY24. Meanwhile, Beardo’s revenue from operations rose to Rs 173.2 crore, and The Man Company saw a 58% increase in revenue, reaching Rs 182 crore.

IPO-bound Ola Electric’s FY23 net loss almost doubles to INR 1,472 Cr on surge in expenses

Inc42 · 1y ago

IPO-bound Ola Electric’s FY23 net loss almost doubles to INR 1,472 Cr on surge in expenses

Ola Electric, led by Bhavish Aggarwal, saw its net loss almost double to INR 1,472 Cr in FY23 due to increased expenses. The company reported an EBITDA loss of INR 1,318 Cr in FY23 and targets EBITDA profitability of INR 803 Cr in FY25. Despite the losses, Ola Electric's consolidated revenue surged by 510% to INR 2,782 Cr in FY23. The startup aims to raise $700 Mn through its IPO and achieve a market capitalization of $10 Bn. Ola Electric retained the top spot in electric two-wheeler registrations, with over 27,000 units registered in November.

Exclusive: Bombay Shaving Company Raises INR 24 Cr Debt From Alteria Capital

Inc42 · 1y ago

Exclusive: Bombay Shaving Company Raises INR 24 Cr Debt From Alteria Capital

Direct-to-consumer grooming and personal care startup Bombay Shaving Company has secured INR 24 crore ($3 million) in debt funding from venture debt fund Alteria Capital. The funding will be used to refine the startup's go-to-market strategy for its razor category, as well as expand its offline presence to 25 cities from the current 12. The startup, which offers products for men's and women's grooming, has raised a total of $48 million in funding to date and reported around INR 178 crore ($23.6 million) in revenue for FY23. It competes with brands like The Man Company and Ustraa in the men's grooming space.

MPL India Posts A Loss Of INR 87 Cr In FY23

Inc42 · 1y ago

MPL India Posts A Loss Of INR 87 Cr In FY23

Indian gaming startup MPL (Mobile Premier League) saw its net loss decrease by over 80% in FY23, reporting a loss of INR 87.2 crore compared to INR 449.4 crore in the previous year. MPL's operating revenue increased by 36% to INR 814 crore in FY23, primarily driven by platform fees from fantasy gaming tournaments. The company also experienced a decline in advertising expenses and employee benefit expenses. MPL, a unicorn company backed by Peak XV Partners, has raised over $350 million in funding and competes with Dream11 and WinZO Games.

Pine Labs’ FY23 operating revenue grows 37% to INR 1,280 Cr, net loss doubles

Inc42 · 1y ago

Pine Labs’ FY23 operating revenue grows 37% to INR 1,280 Cr, net loss doubles

Fintech unicorn Pine Labs reported a consolidated net loss of INR 56.2 crore ($8 million) in the 2022-23 financial year, more than double the net loss of INR 22.6 crore ($3 million) in the previous year. The company's operating revenue surpassed INR 1,000 crore ($136 million), growing 37% to INR 1,280.5 crore ($174 million). Pine Labs generates revenue from digital payments and issuing businesses, with revenue from sale of services reaching INR 1,013.8 crore ($138 million) in FY23. The company's revenue from India grew 37% to INR 1,253.7 crore ($170 million), while income from global markets increased 51% to INR 268.7 crore ($36 million).

Ola Cabs parent ANI Tech’s FY23 revenue crosses INR 2,500 Cr mark, loss declines to INR 772 Cr

Inc42 · 1y ago

Ola Cabs parent ANI Tech’s FY23 revenue crosses INR 2,500 Cr mark, loss declines to INR 772 Cr

Ola Financial Services recorded a net loss of INR 54.6 Cr in FY23, compared to a profit of INR 8.6 Cr in FY22. Ola's parent company, ANI Technologies, reduced its consolidated net loss by 49.2% to INR 772.2 Cr in FY23. Ola's sales increased by 63% to INR 1,987.5 Cr, while its net loss decreased by 64.8% to INR 1,082.5 Cr in FY23. Ola's rival, Uber India, saw its net sales rise by 54% to INR 2,666.1 Cr in FY23, with a loss of INR 311.3 Cr. Ola Electric is also planning an IPO to raise funds.

Mensa Brands’ FY23 loss more than doubles to INR 227 Cr

Inc42 · 1y ago

Mensa Brands’ FY23 loss more than doubles to INR 227 Cr

Mensa Brands, a house of brands startup, has reported a consolidated net loss of INR 227 crore in the financial year 2022-23 (FY23), more than doubling from the previous year. Despite a surge in operating revenue by over 137% to INR 499.6 crore, the company's expenses also increased by 142% to INR 763.2 crore. Mensa Brands, founded by former Myntra CEO Ananth Narayanan, owns and operates several consumer brands and has raised over $200 million in equity funding.

HRtech unicorn Darwinbox’s FY23 loss surges 2.4X to INR 158 Cr

Inc42 · 1y ago

HRtech unicorn Darwinbox’s FY23 loss surges 2.4X to INR 158 Cr

HRtech unicorn Darwinbox reported a consolidated net loss of INR 158.25 crore in FY23, a significant increase from INR 65.72 crore in the previous fiscal year. Despite nearly doubling its operating revenue to INR 224.04 crore, the startup's expenses also increased to INR 407.22 crore in FY23. Darwinbox offers cloud-based HR solutions to companies across various functions. The startup aims to achieve profitability in its India operations by 2023 and is planning for a public listing by 2025.

upGrad’s FY23 revenue almost doubles to INR 1,194 Cr, adjusted EBITDA loss shrinks

Inc42 · 1y ago

upGrad’s FY23 revenue almost doubles to INR 1,194 Cr, adjusted EBITDA loss shrinks

Edtech giant upGrad reported a significant growth in revenue for the year ended in March 2023. Its revenue almost doubled to INR 1,194 Cr ($159 million) in FY23 from INR 608 Cr ($81 million) in FY22. The strong growth was attributed to the increasing number of paid learners and its acquisitions. Despite reducing its adjusted EBITDA loss, upGrad's net loss also increased. The startup aims to strike a balance between profitable growth and new investments for long-term potential. It expects to be operationally profitable from H2 FY24 onwards.

Scaler’s Loss Almost Doubles To INR 330 Cr In FY23, Operating Revenue Jumps Over 4X

Inc42 · 1y ago

Scaler’s Loss Almost Doubles To INR 330 Cr In FY23, Operating Revenue Jumps Over 4X

Edtech platform Scaler recorded a net loss of INR 330.3 crore in FY23, a 90% increase from the previous fiscal year. The loss was attributed to higher advertising and marketing expenses related to the launch of new courses. Despite operating revenue of INR 316.7 crore, four times that of the previous year, the company's bottom line suffered. Scaler provides upskilling programs for tech professionals and raised $55 million in Series B funding last year to support international expansion, develop new products, recruit talent, and make acquisitions.

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