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Lightrock-backed axio's FY23 revenue doubles but losses widen too

VCCircle

VCCircle · 1y ago

Lightrock-backed axio's FY23 revenue doubles but losses widen too

Lightrock-backed axio's revenue for FY23 doubled, but the company also experienced wider losses during the period. Non-banking lender axio, with investors such as Lightrock, Amazon, Elevation Capital, Sequoia Capital, and Ribbit Capital, reported improved revenue despite increased losses. Capfloat Financial Services Pvt. Ltd, a subsidiary of axio, claims to have served 15 million customers.

Related News

Lightspeed-backed SolarSquare nearly doubles revenue in FY25, trims losses

VCCircle

VCCircle · 2m ago

Lightspeed-backed SolarSquare nearly doubles revenue in FY25, trims losses

SolarSquare, a rooftop solar panel provider backed by investors like Lightspeed Venture Partners and Elevation Capital, nearly doubled its revenue in the financial year ending March 2025. The Mumbai-based company also managed to reduce its losses, according to a top executive. SolarSquare is supported by several other prominent investors such as Lightrock, Lowercarbon, Rainmatter, and Gruhas Proptech. This growth reflects increased investment and a strong market presence in the renewable energy sector.

Cashfree posts Rs 614 Cr revenue in FY23; losses widen

Entrackr

Entrackr · 1y ago

Cashfree posts Rs 614 Cr revenue in FY23; losses widen

Cashfree, an online payments processor and aggregator backed by State Bank of India, recorded significant growth in operating scale with a 75.43% increase in revenue from operations in FY23. However, its losses also increased to Rs 133 crore from Rs 3 crore in FY22, mainly due to higher employee benefits and payment processing costs. Cashfree's revenue rose to Rs 614 crore in FY23 from Rs 350 crore in FY22, primarily driven by commissions charged to merchants for using its payment infrastructure. The company recently obtained a payment aggregator license from the Reserve Bank of India, which is expected to boost its revenue further.

Fi Money's losses widen to ₹301 Cr, expenses balloon in FY23

YourStory

YourStory · 1y ago

Fi Money's losses widen to ₹301 Cr, expenses balloon in FY23

Fintech firm Fi Money, also known as Epifi Technologies, reported increased losses of Rs 301.07 crore in FY23, a 20% rise from the previous year. However, its revenue from operations grew to Rs 38 crore, with financial services accounting for the majority. Fi Money, founded in 2019, is a neo-banking platform backed by Ribbit Capital, B Capital, Sequoia Capital, and Temasek. The company recently entered the mutual funds space and undertook a restructuring exercise that involved laying off 10% of its workforce.

DealShare FY23 losses widen 14% to Rs 502.7 crore

YourStory

YourStory · 1y ago

DealShare FY23 losses widen 14% to Rs 502.7 crore

Social commerce platform DealShare's FY23 losses widened 14% to Rs 502.7 crore, up from Rs 440.7 crore incurred in the previous year. Total expenses increased marginally to Rs 2,557.6 crore from Rs 2,340.3 crore. The Bengaluru-based firm posted a 5% increase in revenue from operations to Rs 1,963.5 in FY23 from the year-ago period.

NFT platform Rario’s FY23 losses widen more than ten-fold to Rs 560 crore

Economic Times

Economic Times · 1y ago

NFT platform Rario’s FY23 losses widen more than ten-fold to Rs 560 crore

Cricket-focused NFT platform Rario reported a significant increase in losses to INR 560 crore in FY23, up from INR 47 crore in FY22, due to a write-off of intangible assets related to its NFTs. Operating revenue grew to INR 39 crore from INR 1 crore YoY. Total expenses surged over 12 times to INR 599 crore, with a significant portion attributed to the write-off of intangible assets. The startup, backed by Dream Sports, faced challenges amid a global downturn in crypto assets and legal battles.

General Atlantic-backed Acko’s FY23 revenue growth slows, losses widen

VCCircle

VCCircle · 1y ago

General Atlantic-backed Acko’s FY23 revenue growth slows, losses widen

Insurtech unicorn Acko, backed by General Atlantic, has experienced a slower revenue growth and wider losses for the financial year ending in March 2023. Despite raising $255 million in October 2021, the increase in expenses offset the rise in revenue. Acko has been expanding its services beyond general insurance to include health and life insurance.

Apparel maker Blissclub sees FY23 loss widen four-fold

Economic Times

Economic Times · 1y ago

Apparel maker Blissclub sees FY23 loss widen four-fold

Bangalore-based apparel maker Blissclub reported a fourfold increase in losses to Rs 36 crore for the financial year ended March 2023. However, the firm's operating revenue surged to Rs 68.3 crore in FY23, compared to Rs 15 crore in FY22. Blissclub focuses on long-lasting women's apparel, which stands in contrast to the fast fashion industry. The company's expenses also increased, with total expenses reaching Rs 108 crore in FY23. In May 2022, Blissclub secured $15 million funding led by Eight Roads Ventures and Elevation Capital.

Google-backed Adda247’s revenue doubles, losses grow fourfolds in FY23

Money Control

Money Control · 1y ago

Google-backed Adda247’s revenue doubles, losses grow fourfolds in FY23

Adda247, a vernacular test prep platform backed by Google, reported a 2x increase in revenue for FY23, reaching Rs 129.65 crore. However, the company's losses also escalated, growing nearly fourfold to Rs 109.72 crore, primarily due to increased expenses in investing in its UPSC and vernacular segments. With a focus on test prep and skilling, Adda247 aims to achieve profitability by FY25 and is eyeing an IPO within the next two to three years. The company currently serves 50 million monthly active users and over 2 million paid users.

Unnati Agri crosses Rs 500 Cr revenue in FY24; losses widen marginally

Entrackr

Entrackr · 1m ago

Unnati Agri crosses Rs 500 Cr revenue in FY24; losses widen marginally

Unnati Agri continued its growth momentum by crossing the Rs 500 crore revenue mark in the fiscal year ending March 2024. While its losses increased by 14% year-on-year, they remained under control during the same period. Unnati Agri’s revenue from operations increased by 30% to Rs 515 crore in FY24, from Rs 397 crore in FY23, according to its financial statements sourced from the Registrar of Companies (RoC). Unnati enables farmers to buy agri-inputs and sell produce directly to food processors and agribusinesses, generating 99% of its revenue from these transactions. It also offers pre- and post-harvest services along with working credit through a unified platform. On the expense side, material costs remained dominant at 88% of total expenses. These costs rose 27% to Rs 469 crore in FY24 from Rs 370 crore in FY23. Discount charges, tied to incentives and promotions, more than doubled to Rs 31 crore from Rs 15 crore. Employee benefits increased to Rs 15 crore, and other expenses rose to Rs 18 crore. Overall, the Orios Venture-backed firm’s total expense increased by 29% to Rs 533 crore in FY24 from Rs 412 crore in FY23. Despite the top-line growth, the company’s losses slightly widened to Rs 16 crore in FY24 from Rs 14 crore in FY23. Its ROCE and EBITDA stood at -17.19% and -2.03%, respectively. On a unit basis, the company spent Rs 1.03 to earn a rupee of operating revenue in FY24. Unnati’s total assets rose to Rs 144 crore in FY24, with current assets reaching Rs 141 crore. As of March 2024, the firm held Rs 34 crore in cash and bank balances, offering a liquidity buffer. According to startup data intelligence platform TheKredible, Unnati Agri has raised approximately $14 million in funding till date, having NABVENTURES and VSS Investco as its lead investors. Its co-founders, Amit Sinha and Ashok Prasad together own 44.6% of the company.

Blinkit's losses widen to 1,078 crore in FY23, revenue surges threefold: Report

Economic Times

Economic Times · 1y ago

Blinkit's losses widen to 1,078 crore in FY23, revenue surges threefold: Report

Blinkit, the Zomato-owned quick delivery platform, reported an increase in losses to Rs 1,078.9 crore in FY23 from Rs 996.7 crore in FY22. Delivery and related charges accounted for a significant portion of the expenses. However, Blinkit also saw its revenue triple in FY23, reaching Rs 724.2 crore from Rs 236.1 crore in FY22. Marketplace commissions were a major source of income for Blinkit, contributing 55.9% to the total operating collection. The online food delivery platform, Zomato, is set to release its Q2 FY24 results soon.

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