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Bloom Hotels posts Rs 250 Cr revenue in FY24; profit spikes 2.3X

EntrackrEntrackr · 11m ago
Bloom Hotels posts Rs 250 Cr revenue in FY24; profit spikes 2.3X
Medial

Hospitality chain Bloom Hotels has showcased impressive over fivefold growth in the past two fiscal years, surging its scale from Rs 49 crore in FY22 to Rs 250 crore in FY24. On a year-on-year basis, its operating revenue grew 73.6% in the fiscal year ending March 2024, while the firm’s profit spiked 2.3X. Bloom’s revenue from operations grew by 73.6% to Rs 250 crore in FY24 from Rs 144 crore in FY23, according to its annual consolidated financial statements sourced from the Registrar of Companies. The company operates hotel brands such as Bloom Hotel, Bloom Hub, BloomSuites, and Bloomrooms. Income from the room rental accounted for 85.2% of the operating revenue which surged 79% to Rs 213 crore in the last fiscal year from Rs 119 crore in FY23. The rest of the revenue came from food/beverages and other allied services which stood at Rs 33 crore and Rs 4 crore, respectively. Bloom also added Rs 8 crore primarily from the interest on deposits which pushed its overall revenue to Rs 258 crore in FY24. Currently, it has over 50 hotels located across Mumbai Pune, Udaipur, Jaipur, NCR et al. For the hospitality chain business, the cost of lease rent was the latest cost center, forming 31.5% of the overall cost. In the line of expansion, the cost grew 79% to Rs 77 crore in FY24. Notably, Bloom has entered into multiple operating lease agreements, with lease durations ranging from 5 to 44 years. These agreements encompass a mix of company-owned leased hotels and revenue-linked lease arrangements based on earnings from the leased premises. Its employee benefits and commissions to agents grew by 58% and 78% to Rs 60 crore and Rs 16 crore, respectively. Advertising, legal, and cost of food & beverages were other overheads, taking the total cost to Rs 244 crore in FY24 from Rs 144 crore in FY23. Check TheKredible for more details. The impressive scale and controlled cost boosted Bloom’s profits over two-fold to Rs 14 crore in FY24. Its ROCE and EBITDA margin improved to 6.25% and 10.08% respectively in the last fiscal year. Bloom has improved its expense-to-revenue ratio, reducing it to Rs 0.98 from Rs 1.00 in the previous fiscal year. Its total current assets stood at Rs 118 crore, including Rs 97 crore in cash and bank balances. Bloom Hotels has secured approximately Rs 362 crore (around $45 million) in funding from Samena Capital, which now holds a majority stake in the company. Its competitors Treebo Hotels and FabHotels reported operating revenue of Rs 88.6 crore and Rs 224 crore, respectively, in FY23. Both companies are yet to submit their annual reports for the last fiscal year (FY24).

FTX cleared to repay billions to customers after bankruptcy plan approval

Economic TimesEconomic Times · 1y ago
FTX cleared to repay billions to customers after bankruptcy plan approval
Medial

1. FTX, a bankrupt crypto exchange, has received court approval for its wind-down plan, allowing it to repay customers using up to $16.5 billion in recovered assets. 2. The plan prioritizes repaying FTX customers before other competing claims, and aims to repay 98% of customers who held $50,000 or less on the exchange within 60 days. 3. FTX's founder, Sam Bankman-Fried, has been sentenced to 25 years in prison for stealing from FTX customers, but the company is in talks with the U.S. Department of Justice regarding seized funds. 4. U.S. government agencies have agreed to let FTX focus on customer repayments over fines and tax debts, and a liquidator appointed in the Bahamas has joined forces with FTX. 5. FTX has recovered cash and crypto assets that went missing during its collapse, and has raised additional funds by selling off other assets, such as its investments in tech companies. 6. Some FTX customers have expressed disappointment over missing out on crypto price rebounds, and some have objected to the wind-down plan, demanding higher repayments based on recent cryptocurrency value increases.

Quick Clean raises Rs 50 Cr in Series A round

EntrackrEntrackr · 8m ago
Quick Clean raises Rs 50 Cr in Series A round
Medial

Quick Clean, a professional linen management solutions provider, has raised Rs 50 crore ($5.7 million) in its Series A funding round co-led by Alkemi Growth Capital and Blue Ashva Capital, and witnessed an additional investment of Rs 10 crore ($1.15 million) credit line from Venture Debt Cos. The company had previously raised $188K from Deepan Exim and others. The fresh funds will be used to expand its footprint into healthcare and hospitality, Quick Clean said in a press release. Co-founded in 2010 by Anshul Gupta and Ankur Gupta, Quick Clean started by introducing coin-operated laundromat services before evolving into an importer and distributor of commercial laundry equipment and expanding to 45 franchises in their first year of operation. The company has partnered with leading technology providers like Electrolux Professional, Trevil, and Rennai. The Gurugram-based company has a presence across 36 cities in India, with a team of over 750 experienced professionals and an ARR of Rs 80 crore. Quick Clean boasts over 3,000 installed machines across more than 120 five-star hotels and leading healthcare chains, including Taj, Marriott, Fairmont, ITC, Radisson, AIIMS, PMCH, and other large organizations. The company has claimed to have processed over 600 million kg of linen, saved 210 million liters of water (meeting the daily water requirement of 15 lakh households), and reduced 60 million kg of carbon emissions. Quick Clean aims to raise hygiene standards, enhance sustainability, and lead India’s professional linen management revolution.

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