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Cashfree launches risk management and fraud prevention tool RiskShield

Economic TimesEconomic Times · 1y ago
Cashfree launches risk management and fraud prevention tool RiskShield
Medial

Bengaluru-based payment aggregator Cashfree Payments has launched a real-time risk management solution called 'RiskShield'. The solution aims to reduce fraudulent activities by up to 40%, allowing users to block transactions from specific mobile numbers, email addresses, IP addresses, and more. Cashfree Payments' CEO, Akash Sinha, stated that RiskShield is a result of extensive research and analysis, providing merchants with a complete risk management solution. The solution incorporates artificial intelligence and machine learning algorithms to detect fraudulent transaction patterns, minimizing chargebacks and disputes for businesses. Cashfree Payments saw a 75% rise in revenue in FY23, reaching Rs 614 crore.

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

EntrackrEntrackr · 2m ago
Unnati Agri crosses Rs 500 Cr revenue in FY24; losses widen marginally
Medial

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.

Amazon India logistics unit posts Rs 4,889 Cr income in FY24

EntrackrEntrackr · 9m ago
Amazon India logistics unit posts Rs 4,889 Cr income in FY24
Medial

Amazon Transportation Services reported a marginal growth in its revenue during the fiscal year ending March 2024. At the same time, the company reduced its losses by over 6% during the same period. AmazonTransport Services aka ATS’s revenue from operations grew 7.6% to Rs 4,888.9 crore in FY24 from Rs 4,543.3 crore in FY23, its standalone financial statement sourced from Tofler shows. Apart from operational income, ATS’s other income spiked 66% to Rs 57.3 crore in FY24 from Rs 34.5 crore in the previous fiscal year. This brought the total income for FY24 to Rs 4,946.2 crore. Amazon Transportation Services provides logistics and delivery solutions, supporting Amazon's e-commerce operations. Its services include order pickup, sorting, and last-mile delivery across India. It makes money via offering aforementioned services to Amazon India. The company’s total expenses excluding depreciation stood at Rs 4,690.8 crore in FY24 from Rs 4,310.2 crore in FY23, marking an 8.8% rise. Depreciation expenses, however, decreased by 10.2%, standing at Rs 313.7 crore for FY24, down from Rs 349.4 crore in FY23. Despite the growth in revenue, ATS managed to reduce its losses by 6.3% to Rs 80.3 crore in FY24 from Rs 85.7 crore in FY23. Its outstanding losses reached Rs 469.8 crore as of the end of FY24. Other equity components, including the share-based compensation reserve, increased 26% to Rs Rs 490.4 crore in the last fiscal year. While ATS’s parent company, Amazon Corporate Holdings continues to support its operations, the persistent losses indicate ongoing challenges in reaching profitability despite YoY revenue growth. In the past five years, Amazon India (through transport services) has expanded its partnership with Indian Railways, increasing from a single train in 2019 to over 120 trains by 2024, now covering 130 intercity routes across 91 cities.

Purple Style Labs posts Rs 372 Cr revenue in FY23, cuts losses

EntrackrEntrackr · 1y ago
Purple Style Labs posts Rs 372 Cr revenue in FY23, cuts losses
Medial

Purple Style Labs, an omnichannel luxury fashion platform, experienced rapid growth with a revenue increase of over eight-fold in the last two fiscal years. Its revenue from operations reached Rs 372 crore in FY23, compared to Rs 44 crore in FY21. The Mumbai-based company also managed to narrow down its losses significantly in the fiscal year ending March 2023. Purple Style Labs primarily generates revenue from the sale of designer fashion and lifestyle products, with a significant contribution from its UK-based subsidiary. The company's expenses include material procurement, advertising and marketing, employee benefits, and other overheads. Despite the growth, Purple Style Labs still posted losses in FY23.

Razorpay posts Rs 2,279 Cr revenue in FY23; bottom line remains stagnant

EntrackrEntrackr · 1y ago
Razorpay posts Rs 2,279 Cr revenue in FY23; bottom line remains stagnant
Medial

Razorpay demonstrated significant growth in the last two fiscal years, rising 2.7X from Rs 841 crore in FY21 to Rs 2,279 crore in FY23. Despite the growth, the bottom line of the company remained stagnant in FY23. Razorpay’s revenue from operations increased 53.88% to Rs 2,279 crore in FY23 from Rs 1,4812 crore in FY22, its consolidated financial statements sourced from the Registrar of Companies show. Razorpay collaborates directly with banks and payment card networks, alleviating its merchants from the burden of handling the intricate systems, regulations, and prerequisites of the payment industry. The fees paid by merchants for making the transactions are the primary source of revenue for Razorpay. The company also earned Rs 14 crore from interest and gain on financial assets (non-operating) which tallied its total income to Rs 2,293 crore in FY23. Expense Breakdown Total ₹ 1476 Cr https://thekredible.com/company/razorpay/financials View Full Data To access complete data, visithttps://thekredible.com/company/razorpay/financials Total ₹ 2283 Cr https://thekredible.com/company/razorpay/financials View Full Data To access complete data, visithttps://thekredible.com/company/razorpay/financials Employee benefit Employee benefit Advertising promotional Advertising promotional Legal professional Legal professional Finance costs Finance costs Hosting and banking partners and others To check complete Expense Breakdown visit thekredible.com View full data Its employee benefits emerged as the largest cost center forming 28% of the overall expenditure. This cost rose 71% to Rs 638 crore in FY23 from Rs 373 crore in FY22. This includes Rs 65 crore as ESOP costs which were settled in equity (non-cash). Its banking partners channel, server, advertising cum promotional, legal, finance and other overheads took the total expenditure up by 54.67% to Rs 2283 crore in FY23 from Rs 1476 crore in FY22. The substantial increase in employee benefits resulted in the company’s profits stabilizing at Rs 7.2 crore in FY23 which stood at Rs Rs 7.3 crore in FY22. Its ROCE and EBITDA registered at 2% and 2.5% respectively. On a unit level, it spent Re 1 to earn a rupee in FY23. FY22-FY23 FY22 FY23 EBITDA Margin 3% 2.5% Expense/₹ of Op Revenue ₹1 ₹1 ROCE 3% 2% The company has raised over $800 million across rounds and was valued at around $7 billion in its last round. It competes with Cashfree which posted a revenue of Rs 614 crore in FY23, and PayU which reported a scale of $400 million in the previous fiscal (FY23). The coming months are going to be crucial for the payment gateway and neo-banking platform. In December 2023, Razorpay along with a few other companies received the final payment aggregator (PA) license. This finally enables the company to move their business forward by onboarding new customers. Moreover, the company recently announced that it has achieved an annualized total payment volume (TPV) of $150 billion. “Over the last year, the brand witnessed significant growth via industry-first innovations, strategic acquisitions, and expansion of its footprint in the Southeast Asia region,” the company said in a press release. Also, Razorpay is in the process of moving its domicile to India. According to co-founder and chief executive officer Harshil Mathur, the process is expected to conclude in the next six to 12 months. Razorpay also plans to go for an IPO after a couple of years.

FabHotels gross revenue crosses Rs 550 Cr in FY24, losses widen 23%

EntrackrEntrackr · 6m ago
FabHotels gross revenue crosses Rs 550 Cr in FY24, losses widen 23%
Medial

FabHotels gross revenue crosses Rs 550 Cr in FY24, losses widen 23% Casa2 Stays, the parent firm of FabHotels, reported a 34% increase in gross revenue for the fiscal year ending March 2024. However, its loss rose by 23%, driven by a twofold increase in employee benefit expenses. FabHotels’ gross revenue increased to Rs 552 crore in FY24 from Rs 412 crore in the previous fiscal year (FY23), according to its financial statement sourced from the Registrar of Companies (RoC). The revenue for FY23 appears different this year as it marks FabHotels’ first set of financial statements prepared in compliance with Indian Accounting Standards (Ind AS). FabHotels, a budget hotel chain with over 600 properties across more than 50 cities in India, generated 99.4% of its gross revenue from accommodation bookings. Gross revenue increased by 33.35% to Rs 549 crore in FY24. Meanwhile, other revenue sources contributed Rs 3.3 crore. The company also recorded an additional income of Rs 11 crore from interest on deposits and liabilities written off, which pushed its overall revenue to Rs 563.6 crore in the last fiscal year. Accommodation expenses remained the largest cost component forming 74% of the overall cost, which grew by 32% to Rs 435 crore. FabHotels’ employee costs shot up 2X to Rs 92 crore in FY24. This includes Rs 15 crore as ESOP cost. Its commission expenses rose by 8% to Rs 27 crore, while other costs added Rs 34 crore. Overall, total expenses grew by 38.5% to Rs 588 crore in FY24 from Rs 424.7 crore in FY23. The two-fold jump in employee benefits led FabHotel to increase its losses by 23% to Rs 114 crore in FY24, compared to Rs 93 crore in FY23. Its ROCE and EBITDA Margin were recorded at -84.09% and -19.52%, respectively. On a unit basis, the company spent Rs 1.06 to earn a rupee of revenue. At the end of FY24, FabHotel’s current assets stood at Rs 172 crore, including cash and bank balances worth Rs 94 crore. FabHotel has raised around $70 million to date. Accel is the largest external stakeholder with 21.39% followed by Goldman Sachs. FabHotels competes directly with Treebo and Bloom Hotels. In FY24, Treebo surpassed Rs 100 crore in revenue, while Bloom Hotels achieved a 73.6% increase in operational revenue to Rs 250 crore and recorded a profit of Rs 14 crore. FabHotels, with its budget offerings and reach, faces a moment of truth to deliver sustainable profitability that can power future growth. The hospitality sector leaves very little margin for major misses now. FabHotels has placed its bets, with little leeway to change much now. Judgement awaits in the next few months and year, perhaps.

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