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CarTrade's profits surge on low base, revenue grows marginally by 5%

Money Control

Money Control · 2y ago

CarTrade's profits surge on low base, revenue grows marginally by 5%

CarTrade's profits surge due to a low base effect, while revenue sees a marginal 5% growth. The company's financial results show an increase in profitability driven by the comparison with a previous low base. However, the modest revenue growth indicates challenges in achieving substantial expansion. The surge in profit came even as CarTrade’s revenues increased marginally by about 5 percent to Rs 86.1 crore in the June quarter, up from Rs 82.7 crore in the same period last year.

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Tracxn posts INR 2.2 Cr in PAT in Q3; Operating revenue grows 4.4% YoY

Inc42 · 1y ago

Tracxn posts INR 2.2 Cr in PAT in Q3; Operating revenue grows 4.4% YoY

Market intelligence platform Tracxn Technologies reported a 64% decline in profit after tax (PAT) for the December quarter of FY24, compared to the same period last year. However, excluding exceptional gains, Tracxn's PAT increased by 55% year-on-year. The company's operating revenue grew by 4.4% YoY. Tracxn aims to improve customer acquisition and expansion as the market opens up further. It is also focusing on paid customer engagement and account expansion. Tracxn's total expenses decreased marginally, and it plans to set up separate teams for customer expansion and engagement initiatives.

Kazakh fintech giant Kaspi.kz makes US IPO filing public

Reuters · 1y ago

Kazakh fintech giant Kaspi.kz makes US IPO filing public

Kazakhstan-based fintech company Kaspi.kz has revealed a surge in profits and revenue, as it moves closer to a US listing by making its IPO paperwork public. The firm, valued at almost $19 billion on the London Stock Exchange, is set to join other highly valued companies planning US listings in 2024. Kaspi.kz hopes that a US listing will attract a larger and more diverse investor base. In its most recent quarter, the company reported a 40% increase in net income and a 51% rise in revenue. Morgan Stanley, J.P. Morgan, and Citigroup are the lead underwriters for its IPO.

Classplus’ revenue grows 3.3X to Rs 149 Cr in FY23

Entrackr

Entrackr · 1y ago

Classplus’ revenue grows 3.3X to Rs 149 Cr in FY23

Delhi-based B2B edtech startup Classplus raised $70 million in a Series C funding round, enabling it to achieve a four-fold growth in operations during the last fiscal year. Its total revenue grew by 3.3 times to Rs 149.2 crore in FY23, with operational revenue rising four times to Rs 102 crore. Classplus offers a mobile solution for educators to monetize their student base by selling online courses. The company focused on controlling overhead expenses, although overall expenditure increased by 16 times in FY22. Employee benefits accounted for 56.5% of the expenses.

FY24: Cashfree Payments grows marginally in year of RBI ban

The Arc Web

The Arc Web · 8m ago

FY24: Cashfree Payments grows marginally in year of RBI ban

Indian payment aggregator Cashfree reported operating revenue of ₹642.7 crore in fiscal year 2024, a growth of only 4.7% from the previous year. Its primary business is payment gateways, competing with companies like Razorpay and Paytm. More than 75% of its revenue comes from payment gateways and payouts, while its products contribute 15%. The company was impacted by the RBI ban on payment aggregators in 2022-2023, but saw a 50% increase in merchant onboarding in 2024. Cashfree has a base of 600,000 businesses and processes $80 billion in annual payment volume.

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.

Decoding Astrotalk’s fortunes: How the astrology startup hit 4X profit growth

Inc42 · 1y ago

Astrotalk, an astrology marketplace, has achieved profitability in FY20 with scalable growth. The company reported revenue of INR 282 Cr and a profit of INR 27 Cr in FY23, showcasing a 2X-plus growth and nearly 4X surge in profits. Astrotalk aims to reach INR 600 Cr in revenue by FY24 and has plans for international expansion, aspiring to become the 'Uber' for astrology. The startup follows a curated marketplace model, focusing on quality service providers, and charges a commission for each transaction.

Meesho FY23 revenue grows 77% to Rs 5,735 crore, loss narrows 48%

Economic Times

Economic Times · 1y ago

Meesho FY23 revenue grows 77% to Rs 5,735 crore, loss narrows 48%

Meesho, an Indian social commerce platform, has reported a 77% growth in revenue to Rs 5,735 crore in FY23. Additionally, the company has managed to narrow its losses by 48%. Meesho serves as a platform connecting sellers with customers through social media platforms like WhatsApp, Facebook, and Instagram. The startup has been attracting significant investor interest and aims to continue scaling its operations and expanding its user base.

OTT platform Ullu nears Rs 100 Cr revenue in FY23; profits up 4X

Entrackr

Entrackr · 1y ago

OTT platform Ullu nears Rs 100 Cr revenue in FY23; profits up 4X

Ullu, an Indian over-the-top (OTT) platform, has reported significant growth in revenue and profits in FY23. The platform's revenue from operations doubled to Rs 93.1 crore ($12.6 million) compared to the previous fiscal year, while profits increased almost four-fold. Ullu, which primarily generates revenue from subscription sales, saw a surge in the cost of production and advertising/promotional expenses. However, the company's efficient cost management allowed for substantial profit growth, with an improved ROCE and EBITDA margin. The platform, known for its explicit content, faces the challenge of sustaining success beyond its niche market.

ShareChat’s revenue grows 33% in FY24 to Rs 718 Cr

Entrackr

Entrackr · 8m ago

ShareChat’s revenue grows 33% in FY24 to Rs 718 Cr

Mohalla Tech, the parent entity of the vernacular social media platform ShareChat and short video entertainment app Moj, has registered 33% year-on-year growth during the fiscal year ended March 2024. Its adjusted EBITDA loss also plummeted by 67% in the same period. According to the company's press release, Mohalla Tech’s revenue from operations increased to Rs 718 crore in FY24 from Rs 540 crore in FY23. Revenue from live streaming contributed 56% of the company's total operating income, which grew by 41.4% to Rs 403 crore in FY24. Advertising accounted for the remaining share, which saw a 23.5% year-on-year growth to Rs 315 crore in FY24. ShareChat also added a non-operating income of Rs 29 crore mainly from interest and gain on financial assets which tallied the overall revenue to Rs 747 crore in the last fiscal year. For the social media firm, server cost was the largest cost center in FY24. As per Sharechat’s chief financial officer Manohar Charan, the firm managed to reduce this cost by 50% in FY24. Sharechat has managed to reduce its employee benefits cost by 17% to Rs 580 crore in FY24. This includes Rs 126 crore as ESOP (non-cash). Its advertising, legal, travel, and other overheads took the overall operating expenses to Rs 1540 crore in FY24 from Rs 3119 crore in FY23. In calculating the overall cost, we have excluded all non-cash components, including interest, provisions, foreign exchange (FX) losses, depreciation, and ESOP expenses for both FY24 and FY23. The 33% growth and controlled server cost helped Mohalla Tech to reduce its adjusted EBITDA losses by 67% to Rs 793 crore in FY24 from Rs 2400 crore in FY23. Notably, the net consolidated losses of the firm stood at Rs 1,898 crore in FY24 down from Rs 5,143 crore in FY23. Backed by the likes of Temasek Holdings, Google, Twitter, The Times Group, Tiger Global, Snap, Lightspeed, and Elevation Capital, ShareChat claims to have more than 325 million monthly active users (MAUs) across all its platforms. Its short video app Moj boasts a monthly active user base of nearly 160 million. The company recently expanded its debt round to $65 million, with a $16 million infusion from Singapore-based EDBI. According to startup data intelligence platform TheKredible, ShareChat has raised around $1.8 billion. However, it saw a major haircut in valuation to less than $2 billion from $5 billion during its last fundraise in June 2022. As part of its mid-year performance cycle, the company also let go of 5% of its workforce in August this year. In 2023, ShareChat implemented several cost-cutting measures and laid off 700 employees across two phases.

'A dissatisfied culture': Deepinder Goyal reveals what may be fueling Blinkit’s quiet ascent

Economic Times

Economic Times · 19d ago

'A dissatisfied culture': Deepinder Goyal reveals what may be fueling Blinkit’s quiet ascent

Eternal CEO Deepinder Goyal highlights the 'dissatisfied' culture at Blinkit as a key factor in its growth. Blinkit's strategies focus on staying low-profile and continuously improving, with ambitions to expand from 1,544 to 2,000 stores by December 2025. The company reported increased revenue from operations and improved margins, although profits dipped significantly compared to the previous year. The shift towards a combined marketplace and inventory-led model aims to enhance quick commerce operations.

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