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ETSA 2024: Hardika Shah’s Kinara building a credit bridge for the MSMEs

Economic TimesEconomic Times · 9m ago
ETSA 2024: Hardika Shah’s Kinara building a credit bridge for the MSMEs
Medial

- Hardika Shah founded Kinara Capital, a company that provides unsecured loans to micro, small, and medium enterprises (MSMEs) in India. - Kinara Capital aims to surpass $100 million in revenue this year and has a physical presence in over 100 cities. - The company operates in Tamil Nadu, Karnataka, Andhra Pradesh, Telangana, Maharashtra, and Gujarat, and plans to expand further in these areas. - Kinara focuses on deepening its reach in existing markets and forming strategic partnerships to serve more MSMEs. - It offers collateral-free business loans ranging from Rs 5,000 to Rs 30 lakh. - Kinara has supported over 82,000 MSMEs in sectors such as manufacturing, construction, and building materials. - The company achieved its ninth consecutive profitable year in fiscal 2024, with a net profit of Rs 62 crore. - Kinara uses technology to improve its underwriting process and customer support. - Kinara operates 133 branches with over 1,600 field staff, providing doorstep services and omnichannel customer support. - The company runs the HerVikas program, which supports women-led MSMEs with tailored financing solutions. - Kinara expects to surpass $1 billion in cumulative disbursements and advocates for MSMEs to benefit from green and WaSH financing. - The company has adjusted its business model to comply with increased regulatory scrutiny in India's digital lending sector.

Falca crosses Rs 350 Cr revenue in FY24, losses soar 3X

EntrackrEntrackr · 4m ago
Falca crosses Rs 350 Cr revenue in FY24, losses soar 3X
Medial

Falca crosses Rs 350 Cr revenue in FY24, losses soar 3X Full-stack agritech supply chain company Falca has demonstrated consistent growth in its gross merchandise value (GMV). The firm recorded a 65X increase in GMV over the past five fiscal years, with gross revenue rising to Rs 368 crore in FY25 from Rs 5.6 crore in FY20. On a year-on-year basis, Falca’s GMV increased by 27% to Rs 368 crore in FY24 from Rs 289 crore in FY23, its consolidated financial statement sourced from the Registrar of Companies (RoC) shows. Falca offers four key products catering to different aspects of the agricultural supply chain. Suggi supplies agricultural inputs such as seeds and pesticides through a network of physical stores. Samrat is a full-stack solution that provides advisory services, inputs, and market linkage. Siri functions as a trading platform, connecting large farmers, traders, and FPOs with buyers. Lastly, Sampoorna offers mobile and web applications to enhance farm yield and operational efficiency. The sale of these products and services was the sole source of revenue for Falca in the last fiscal year. Outpacing its year-on-year revenue growth, Falca's total expenses rose 30.2% to Rs 384 crore in FY24. The cost of materials remained the largest expense, making up 94% of total expenses. In line with the company's scale, material costs increased by 27%, reaching Rs 362 crore in FY24, up from Rs 284 crore in FY23. Falca’s employee benefit costs doubled to Rs 10 crore, and finance expenses spiked 50% to Rs 3 crore. Other expenses added another Rs 9 crore for the fiscal year ending March 2024. In the end, Falca’s net loss widened threefold to Rs 15 crore in FY24, compared to a Rs 5 crore loss in FY23. The company’s EBITDA margin further declined from -1% in FY23 to -3.14% in FY24. On a unit basis, the company spent Rs 1.04 to earn a single rupee in FY24. Falca’s cash and bank balances dropped by 50% to Rs 4 crore, while current assets declined significantly from Rs 53.5 crore to Rs 24.5 crore. According to startup data intelligence platform TheKredible, it has raised a total of approx $3 million of funding to date, having Kingston Smiler and Inflection Point Ventures as its lead investors.

Smartworks crosses Rs 700 Cr revenue in FY23; losses up 44%

EntrackrEntrackr · 1y ago
Smartworks crosses Rs 700 Cr revenue in FY23; losses up 44%
Medial

Co-working platform Smartworks has been demonstrating strong growth in the last two fiscal years — its scale grew two-fold to cross Rs 710 crore in revenue in the fiscal year ending March 2023. However, the company’s losses also crossed the Rs 100 crore mark. Smartworks’ revenue from operations surged 97.5% to Rs 711 crore in FY23 from Rs 360 crore in FY22, its consolidated financial statements sourced from the Registrar of Companies (RoC) show. Smartworks provides managed office spaces by leasing properties from real estate developers and subsequently subleasing them to enterprises or companies. The company has a presence across Delhi-NCR, Kolkata, Bengaluru, Chennai, Pune, Hyderabad, and others. Revenue from lease rental accounted for 97% of the total operating revenue which increased 97.4% to Rs 687 crore crore in FY23. The rest of the collections came from allied services. On the expense side, the cost of depreciation and amortization turned out to be the largest cost center accounting for 40.5% of the overall expenses. This cost surged by 67.9% to Rs 356 crore in FY23. Its employee benefits, finance, repairs, electricity, safety, custodial fees, and other overheads catalyzed the firm’s overall expenditure by 80.3% to Rs 880 crore in FY23 from Rs 488 crore in FY22. Head to TheKredible for the detailed expense breakup. Expense Breakdown Total ₹ 488 Cr https://thekredible.com/company/smartworks/financials View Full Data To access complete data, visithttps://thekredible.com/company/smartworks/financials Total ₹ 880 Cr https://thekredible.com/company/smartworks/financials View Full Data To access complete data, visithttps://thekredible.com/company/smartworks/financials Employee benefit Employee benefit Finance costs Finance costs Depreciation and amortisation Depreciation and amortisation Repairs to building Repairs to building Electricity Electricity Safety security Safety security Custodial fees Custodial fees Others To check complete Expense Breakdown visit thekredible.com View full data The increase of 80% in overall expenses resulted in a 44.29% surge in losses which reached Rs 101 crore in FY23 as compared to Rs 70 crore in FY22. On a unit level, it spent Rs 1.24 to earn a rupee in FY23. Gurugram-based Smartworks has raised over $50 million to date including its $25 million Series A round from the Singapore-based Keppel Land. The company is also reportedly in talks to raise $70-90 million. With its focus on managed office spaces besides co-working, Smartworks has sought to serve a larger segment of the market, particularly larger firms that are not so enamored with a co-working option. However, as evident, that can drive up costs a lot more, leaving the firm to travel an extended runway to profitability. With strong revenue momentum and a commercial market that is in very healthy condition, it does look like the firm will be in the black soon, and seeking newer avenues and markets for growth.

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