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Cashfree Payments’ net loss widens 46X to INR 133.1 Cr in FY23

Inc42 · 1y ago

Cashfree Payments’ net loss widens 46X to INR 133.1 Cr in FY23

Cashfree Payments, a fintech platform, reported a significant increase in net loss, widening it by 46X to INR 133.1 Cr in FY23 compared to INR 2.9 Cr in the previous year. Despite a YoY rise in operating revenue and commission income, the net loss surged due to a sharp jump in employee costs. Cashfree spent a substantial amount on payment gateway processing charges, employee benefits, advertising, and promotional expenses. The startup aims to expand its offerings and has received approvals from the Reserve Bank of India (RBI) for cross-border payments and to operate as a payment aggregator.

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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.

Amazon India Marketplace’s loss widens 33% to INR 4,854 Cr in FY23

Inc42 · 1y ago

Amazon India Marketplace’s loss widens 33% to INR 4,854 Cr in FY23

Amazon Seller Services, the marketplace business of Amazon India, reported a 33% increase in standalone net loss for FY23, widening to INR 4,854.1 Crore from INR 3,649.2 Crore in the previous year. Operating revenue, however, only saw a marginal growth of 3.4% to INR 22,198 Crore. The company's total expenses increased by 7.9% to INR 27,283.6 Crore, with delivery charges comprising over 25% of the expenses. The marketplace faces competition from Flipkart, Tata, Reliance, Meesho, and Nykaa in the Indian ecommerce market.

Walmart-backed PhonePe’s loss crosses INR 2,500 Cr mark in FY23

Inc42 · 1y ago

Walmart-backed PhonePe’s loss crosses INR 2,500 Cr mark in FY23

PhonePe, the fintech giant backed by General Atlantic, experienced a net loss of over INR 2,500 Cr in the financial year ended March 31, 2023. Its consolidated net loss grew by 39% to INR 2,795.3 Cr in FY23 due to increased ESOP expenses. Despite the loss, PhonePe saw a rise in operating revenue by 77% to INR 2,913.7 Cr. The company attributed this growth to various factors, including the launch of new products and services and an increase in revenue from payments and allied services.

Purplle’s FY23 sales inch closer to INR 500 Cr mark, loss widens to INR 230 Cr

Inc42 · 1y ago

Purplle’s FY23 sales inch closer to INR 500 Cr mark, loss widens to INR 230 Cr

Beauty ecommerce marketplace Purplle saw a significant increase in its operating revenue, reaching INR 474.9 crore in FY23, up by 116% from FY22. However, the startup's net loss also grew by 13% to INR 230 crore during the same period. The company's EBITDA margin improved to -41.56% from -84.9% in the previous fiscal year. Purplle earns revenue through product sales, advertising, and other sources, with revenue from the sale of its products accounting for 51% of its operating revenue.

Ather Energy’s net loss widens 22.5% to ₹1,060 cr in FY24

Inshorts · 1y ago

Ather Energy’s net loss widens 22.5% to ₹1,060 cr in FY24

Bengaluru-based two-wheeler electric vehicle (EV) manufacturer Ather Energy’s net loss widened 22.5% in the fiscal year ended March 31, 2024 (FY24), as per the annual report of Hero MotoCorp. The EV manufacturer’s net loss jumped to ₹1,059.7 crore in FY24 from ₹864.5 crore in FY23, as per the report.

D2C brand mCaffeine’s loss widens 61% to INR 92 Cr in FY23, sales at INR 205 Cr

Inc42 · 1y ago

mCaffeine, a direct-to-consumer (D2C) beauty and personal care brand, reported a 61.5% increase in its standalone net loss for FY23, reaching INR 91.6 crore. The higher losses were attributed to increased employee costs and advertising expenses. However, the company's sales revenue grew by 51.8% to INR 205.2 crore during the same period. mCaffeine, known for its caffeine-infused skincare products, raised $31 million in Series C funding earlier in the year to fuel its R&D and expand its distribution network.

Yulu’s FY23 net loss widens 71% to INR 94.9 Cr as business expands

Inc42 · 1y ago

Yulu’s FY23 net loss widens 71% to INR 94.9 Cr as business expands

Emobility startup Yulu witnessed a 71% increase in consolidated net loss to INR 94.9 Cr in FY23 as expenses rose due to the expansion of battery swapping infrastructure and increasing headcount. Despite a 44% YoY increase in operating revenue to INR 41.7 Cr, the company's bottom line was impacted. Yulu generates most of its revenue from renting EVs to daily commuters and last-mile delivery executives, with this segment seeing a 31% YoY growth to INR 38 Cr. The startup also saw a significant increase in expenses, with total expenditure reaching INR 140.1 Cr, a 60.5% increase from the previous year.

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).

Swiggy DRHP: Revenue Crosses INR 10,000 Cr Mark In FY24, Loss Almost Halves

Inc42 · 11m ago

Swiggy DRHP: Revenue Crosses INR 10,000 Cr Mark In FY24, Loss Almost Halves

Swiggy's net loss for FY24 was INR 2,350 Cr, a decrease from the previous year's loss of INR 4,179.3 Cr. However, its operating revenue saw a 36% increase, reaching INR 11,247.3 Cr compared to INR 8,264.5 Cr in FY23. The company also improved its EBITDA margin from -46.4% in FY23 to -16.2% in FY24.

eShakti FY23: Net Loss Jumps 23% To INR 46.1 Cr, Revenue Up 19%

Inc42 · 1y ago

eShakti FY23: Net Loss Jumps 23% To INR 46.1 Cr, Revenue Up 19%

Chennai-based fashion ecommerce platform eShakti has reported a 23% increase in net loss for the year ending March 31, 2023. The company's loss amounted to INR 46.1 Cr in FY23 compared to INR 37.5 Cr in the previous year. This higher loss was primarily due to increased expenditure, which rose by 21% to INR 203.9 Cr in FY23. On the positive side, eShakti's operating revenue grew by 19% to INR 154.5 Cr in FY23 from INR 129.9 Cr in FY22.

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