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Cashify nears Rs 1,000 Cr revenue in FY24, cuts losses by two-third

EntrackrEntrackr · 7m ago
Cashify nears Rs 1,000 Cr revenue in FY24, cuts losses by two-third
Medial

The re-commerce marketplace Cashify recorded a modest 14.4% year-on-year increase in revenue, surpassing the Rs 900 crore mark for the fiscal year ending March 2024. However, the NewQuest Capital-backed firm reduced its losses by 63% during the same period. Cashify’s revenue from operations increased to Rs 935 crore in the last fiscal year, from Rs 817 crore in FY23, its annual financial statements sourced from the Registrar of Companies (RoC) show. Cashify enables users to buy and sell used electronics, primarily phones and laptops. It also partners with OEMs like Xiaomi, OnePlus, and Samsung for exchange programs and collaborates with Amazon and Flipkart to simplify refurbished device trade. The sale of used mobile phones and other electronic gadgets like speakers, laptops, tablets, gaming consoles, and smartwatches formed 91.5% of the total operating revenue, which increased by 12.3% to Rs 856 crore in FY24. The rest of the income comes from commission and mobile repair services. The Gurugram-based firm earned Rs 19.8 crore from non-operating services, taking the overall income to Rs 955 crore in FY24, compared to Rs 832 crore in FY23. Having a cash-and-carry model, the cost of procurement of materials accounted for 79.3% of the total expenditure. This cost grew by 6.4% to Rs 800 crore in FY24 from Rs 752 crore in FY23. Cashify managed to maintain its employee benefits steady at Rs 123 crore in FY24 while its marketing cost decreased by 14.3% to Rs 30 crore. Rent, logistics, legal, traveling, and other overheads took the overall cost up by only 3.3% to Rs 1,008 crore in FY24 from Rs 976 crore in FY23. The constant growth and controlled cost helped Cashify to shrink its losses by 63.2% to Rs 53 crore in FY24 as compared to Rs 144 crore in FY23. Its ROCE and EBITDA margin improved to -15.6% and -3.98%, respectively. On a unit level, it spent Rs 1.08 to earn a rupee in FY24. Cashify’s current assets stood at Rs 382 crore with cash and bank balance of Rs 91 crore in the last fiscal year (FY24). Cashify has raised $130 million across several rounds. According to TheKredible, NewQuest Capital is the largest external shareholder with 19.5%, followed by Olympus and MIH Ecommerce Holdings. It competes with Greendust and Yaantra among several others. Writing about Cashify financials last year, Entrackr projected a profitable year by FY26 for the re-commerce firm, and we believe they remain on course for that milestone in FY25 itself possibly. The firm has the scale and experience to make corrections where required, and features like tie-ups with top selling manufacturers or extended warranties for a nominal amount have gone a long way to help assuage consumer fears. Unlike either related though not similar platforms like OLX or Quikr.

Treebo crosses Rs 100 Cr revenue in FY24, outstanding losses climb to Rs 488 Cr

EntrackrEntrackr · 6m ago
Treebo crosses Rs 100 Cr revenue in FY24, outstanding losses climb to Rs 488 Cr
Medial

Treebo crosses Rs 100 Cr revenue in FY24, outstanding losses climb to Rs 488 Cr Treebo Hotels, a premium-budget hotel chain, crossed the Rs 100 crore revenue milestone in the fiscal year ending March 2024. Despite this growth, the Bengaluru-based company saw its losses rise by 17%, bringing total outstanding losses to Rs 488 crore. Treebo Hotels’s revenue from operations grew 22.5% to Rs 109 crore in FY24 from Rs 89 crore in FY23, its consolidated financial statements filed with the Registrar of Companies show. Income from accommodation services (taken on lease and managed properties) formed 95% of the total operating revenue which increased by 22.3% to Rs 104 crore in FY24 from Rs 85 crore in FY23. The rest of the income comes from the sale of products, and subscription services. The company also added Rs 7.22 crore as other income (non-operating) which tallied its overall revenue to Rs 116 crore in FY24 from Rs 94 crore in FY23. Treebo spent 41% of its overall expenditure on employee benefits which increased marginally by 7% to Rs 59 crore in FY24. Its cost and commission surged 70% and 48% to Rs 17 crore and Rs 43 crore in the previous fiscal year. Its cost of materials, legal, technology, traveling, and other overheads took the overall cost up by 22% to Rs 144 crore in FY24 from Rs 118 crore in FY23. The increased advertising and commission costs led Treebo to raise its losses by 16.7% to Rs 28 crore in FY24, compared to Rs 24 crore in FY23. Its ROCE and EBITDA margin stood at -540% and -18.1% respectively. On a unit level, it spent Rs 1.32 to earn a rupee in FY24. The company’s total current assets stood at Rs 34 crore with cash and bank balances of Rs 7 crore in the previous fiscal. According to startup data intelligence platform TheKredible, decade-old Treebo has secured Rs 566 crore (approximately $70 million) in funding from investors including Accor, Elevation Capital, Matrix Partners, and Bertelsmann. The company’s most recent major funding, amounting to $16 million, was raised in June 2021. Treebo competes directly with Bloom Hotels and FabHotels. In FY24, Bloom Hotels saw its operational revenue rise by 73.6% to Rs 250 crore, with a profit of Rs 14 crore. FabHotels recorded Rs 224 crore in operating revenue for FY23 but has not yet filed its FY24 annual report.

Chingari crosses Rs 100 Cr revenue in FY23; losses decline 70%

EntrackrEntrackr · 1y ago
Chingari crosses Rs 100 Cr revenue in FY23; losses decline 70%
Medial

Short-video-making app Chingari made a pivot to become a paid but private live streaming app which connects users and creators in the beginning of the ongoing fiscal year. While the impact of the pivot on its top and bottom lines will be evaluated when it reports FY24 numbers, the company’s revenue soared over two-fold in FY23. Chingari’s revenue from operations spiked 2.3X to Rs 113 crore in the fiscal year ending March 2023, its annual financial statement sourced from the Registrar of Companies (RoC) shows. Significantly, the company’s losses nosedived 70% during the last fiscal year. Founded in November 2018, Chingari used to be a TikTok clone until FY23 where it allowed users to create and post short-videos. The sale of services was the only source of revenue for Chingari in the last fiscal. In August 2022, Chingari launched its crypto token called $GARI and was set to make a debut on six global exchange platforms – FTX, Huobi, Kucoin, OKEX, Gate.IO, MEXC Global. The firm also roped in Bollywood actor Salman Khan to launch the NFT marketplace and reward platform. Caveat: Chingari didn’t provide revenue break-up for FY23 but it looks like most of its collection came via advertising and crypto activities. Moving to the cost side, application development formed 32% of the overall expenditure which increased by 16.3% to Rs 50 crore in FY23. Chingari’s employee benefits cost surged 3.8X to Rs 46 crore in FY23. It’s worth noting that Chingari fired around 60% of its employees in the current calendar year and is only left with 50-60 people in the team as per media reports. Chingari’s advertising cum promotional cost declined significantly to Rs 29 crore in FY23 from Rs 113 crore in FY22. The legal professional, subscription membership, rent, traveling, and other expenditures took the company’s overall cost to Rs 156 crore in the previous fiscal year. The decent scale and effective control on advertising helped Chingari to reduce its losses by 70% to Rs 42 crore in FY23 from Rs 139 crore in FY22. Meanwhile, its EBITDA margin improved to -36.3%. On a unit level, the Mumbai-based firm spent Rs 1.38 to earn a rupee in FY23. FY22-FY23 FY22 FY23 EBITDA Margin -284% -36.3% Expense/Rupee of ops revenue ₹3.86 ₹1.38 ROCE -376% N/A Chingari has raised a total of Rs 360 crore across rounds while its total outstanding losses stood at Rs 223 crore until March 2023. Importantly, it had a total current assets of only Rs 24 crore at the end of FY23. Between short videos and crypto, it’s a tough call to pick the least promising option in hand for Chingari. While FY24 figures will reflect the impact of the Crypto winter, even as FY23 probably derived some momentum from there, it certainly makes one pessimistic about the story for FY24. On the cost front, one beauty of the Crypto business (the only one, some would argue ), is that the business no longer counts on high sales and marketing costs. In many cases, the model has moved to a revenue share with its beneficiaries , a slightly evolved version of multi level marketing schemes in fact. That might have explain the lower costs as well for FY23. Now that the firm has moved to a desi version of OnlyFans, it is anyone’s guess what kind of insights it will offer about India ‘s online audiences in due course. We are betting not many would be waiting with baited breath.

IntrCity crosses Rs 320 Cr income in FY24, nears break-even

EntrackrEntrackr · 6m ago
IntrCity crosses Rs 320 Cr income in FY24, nears break-even
Medial

Travel-tech platform IntrCity, which owns SmartBus and RailYatri, could not replicate its FY23 growth momentum in FY24. After achieving six-fold growth in FY23, the company recorded a modest 16% year-on-year revenue increase for the fiscal year ending March 2024. However, the Nandan Nilekani family trust-backed firm reduced its losses by over 52%, bringing them below Rs 10 crore in FY24. IntrCity's revenue from operations grew 15.9% to Rs 317.34 crore during FY24 as compared to Rs 273.9 crore in FY23, as per the company's consolidated financial statements with the Registrar of Companies. IntrCity operates web and mobile platforms for its brands, SmartBus and RailYatri. The flagship brand, IntrCity SmartBus, caters to long-distance bus routes across India, while RailYatri offers train travel services such as ticket booking and meal ordering. As per the filings, the majority of commission revenue came from the Indian Railway Catering and Tourism Corporation (IRCTC) during FY24. The company collected 93.8% of the revenue from bus operations which went up 16.9% to Rs 297.71 crore in FY24. It also earned Rs 18.08 crore from commission along with Rs 1.55 crore via advertisement services. Additionally, collection from interest and gain on financial assets (non-operating revenue) stood at Rs 3.38 crore. Including this, the company's overall revenue climbed to Rs 320.7 crore in FY24. On the expense side, the cost of revenue (direct cost for the distribution of services) accounted for 68.3% of the total expenditure. This cost grew 14.2% to Rs 225.8 crore in FY24 from Rs 197.8 crore in FY23. Operation and maintenance costs went up 9.3% to Rs 43.5 crore while spending on employee benefits remained almost flat at Rs 36.85 crore during the last fiscal year. The company incurred Rs 7.42 crore on advertisement and promotions and paid Rs 3.9 crore commission for catering and payment gateway services. In the end, IntrCity's expenses increased 9.7% to Rs 330.6 crore during FY24 in comparison to Rs 301.3 crore during FY23. On the back of controlled expenditure and double-digit growth in revenues, the firm managed to bring down its losses by 53.7% to Rs 9.9 crore in FY24. The losses were at Rs 21.4 crore in the previous fiscal year. Operating cash outflows of IntrCity also improved by 69.8% during the period and stood at Rs 6.1 crore. As of the last fiscal year, the firm's outstanding losses stood at Rs 242.5 crore. During FY24, the travel-tech platform managed to improve its EBITDA margin by 459 BPS to -2.08%. On a unit level, IntrCity spent Rs 1.04 to earn an operating revenue during the said period. IntrCity has Rs 17.4 crore in cash and bank balances while its total assets stood at Rs 41.2 crore for the fiscal year ended March 2024. As per the startup data intelligent platform TheKredible, IntrCity has raised over $50 million to date and was valued at around Rs 912 crore or $110 million in the latest funding round in February this year. Among online travel aggregator (OTA) platforms, MakeMyTrip is the largest player in terms of revenue. Ixigo, EaseMyTrip, Yatra, and Cleartrip are also the key players in the segment.

Power2SME gross revenue crosses 1,000 Cr in FY23; cuts losses

EntrackrEntrackr · 1y ago
Power2SME gross revenue crosses 1,000 Cr in FY23; cuts losses
Medial

B2B e-commerce platform Power2SME has demonstrated decent growth with better unit economics as reflected in its top and bottom lines in the fiscal year ending March 2023. While it managed a 50% growth in gross margin in FY23, the company also reduced losses by 9% as it slashed employee benefits among other costs. Power2SME’s gross revenue spiked to Rs 1,056 crore in FY23 from Rs 703 crore in FY22, its consolidated financial statements filed with the Registrar of Companies (RoC) show. Power2SME provides raw materials such as steel, chemicals, inks, paints, metals, polymers along with financial services to SMEs to fulfill their capital needs through its subsidiary entities. Income from the sale of goods contributed 99% of the total gross revenue whereas the rest of the collections came from interest and finance (operating). The company also made Rs 6 crore from interest on current and non-current investments (non-operating) which took its total revenue to Rs 1,063 crore in FY23. For the e-commerce platform, the cost of procurement comprised 93.4% of the total expenditure. Tracking the growth in scale, this cost grew by 49.6% to Rs 1,019 crore in FY23 from Rs 681 crore in FY22. Its employee benefits, insurance, legal/professional, advertising, finance, and other overheads took the overall expenditure to Rs 1,091 crore in FY23 from Rs 740 crore in FY22. View TheKredible for the complete expense breakdown. The decent acceleration and cost control enabled Power2SME to reduce its losses by 9% to Rs 28.5 crore in FY23. Its ROCE and EBITDA margin improved to -10% and -0.6% respectively. On a unit level, it spent Rs 1.03 to earn a rupee in FY23. FY22-FY23 FY22 FY23 EBITDA Margin -3% -0.6% Expense/₹ of Op Revenue ₹1.05 ₹1.03 ROCE -24% -10% Power2SME last raised its equity round of $36 million in January 2018 and has raised around $80 million to date. According to startup data intelligence platform TheKredible, Accel is the largest stakeholder with 26.1% followed by Kalaari Capital and Inventus Capital. Its co-founder and CEO Narayan Ramaswamy commands 12.17% of the company at the moment. With its last funding round in 2018, Power2Sme is certainly straining to deliver on its promise, and the current growth momentum should necessitate a round of funding soon. That it hasn’t yet gone for the most obvious growth hack, i.e., lending to its users is interesting, and might just be the next focus area yet. But the significant scale and operating breakeven suggests big things soon at the firm. We are betting you will find yourself back here soon enough to read an important update on the firm.

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