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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.

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

EntrackrEntrackr · 7m 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.

Celebal Tech nears Rs 300 Cr revenue in FY24, but bleeds heavily

EntrackrEntrackr · 4m ago
Celebal Tech nears Rs 300 Cr revenue in FY24, but bleeds heavily
Medial

Celebal Technologies, an IT services provider, crossed the Rs 270 crore revenue mark with a 43% year-on-year growth in the fiscal year ending March 2024. However, losses for the Norwest Ventures-backed firm surged to Rs 60 crore during the same period. Celebal Technologies’s revenue from operations increased to Rs 275 crore in FY24 from Rs 192 crore in FY23, its consolidated financial statements sourced from the Registrar of Companies (RoC) show. Co-founded in 2016 by Anupam Gupta and Anirudh Kala, Celebal Technologies specializes in data science, AI, and enterprise cloud solutions. Technology consulting remains the sole revenue driver for the Jaipur-headquartered firm. It also earned Rs 6 crore from interest and the sale of current investments, bringing its total revenue to Rs 281 crore in FY24. With a presence in the USA, APAC, UAE, Europe, and Canada, the company generated Rs 122 crore from international markets. Like other SaaS firms, employee benefits were the largest cost center for the company, accounting for 71% of total expenses. This expense surged 87% to Rs 245 crore in FY24 from Rs 131 crore in FY23. Notably, the firm has a dedicated workforce of over 2,000 professionals. Technical services, rent, travel, advertising, and legal expenses were among the key overheads that pushed Celebal Technologies’ total expenditure up by 73%—from Rs 199 crore in FY23 to Rs 344 crore in FY24. An 87% rise in employee benefits—primarily salaries and wages—outpaced revenue growth, pushing Celebal Technologies’ losses to Rs 60 crore in FY24 from Rs 1 crore in FY23. At a unit level, the company spent Rs 1.25 to earn a rupee, while its ROCE and EBITDA margins declined to -39.1% and -19.2%, respectively. By the end of FY24, its total current assets stood at Rs 139 crore, with cash and bank balances of Rs 18 crore. Celebal Technologies secured its first institutional funding of $32 million in 2022, led by Norwest Venture Partners. The company later raised debt from BlackSoil. According to startup data intelligence platform TheKredible, Norwest holds the largest external stake at 19.58%, while the two co-founders collectively own over 70% of the company’s capital.

Awfis nears Rs 900 Cr income in FY24; losses contract 62%

EntrackrEntrackr · 1y ago
Awfis nears Rs 900 Cr income in FY24; losses contract 62%
Medial

Co-working solutions provider Awfis showcased a 55.8% growth in scale during the fiscal year ending March 2024. However, the losses for the Amit Ramani-led firm contracted 61.8% to Rs 17.8 crore in FY24. On a year-on-year basis, Awfis’ revenue from operations grew 55.8% to Rs 849 crore in FY24 from Rs 545 crore in FY23, its consolidated financial statements disclosed in the stock exchange filing show. On a sequential basis, the firm posted a 5% increase in revenue to Rs 232 crore in Q4 FY24 from Rs 221 crore in Q3 FY24. Founded in 2015, Awfis offers customized office spaces for startups, SMEs, and large corporations including ancillary services like food and beverages, IT support, and infrastructure services among others. Income from co-working space rental and allied services formed 73% of the total operating revenue which spiked 47.7% to Rs 619 crore in FY24 from Rs 419 crore in FY23. Income from construction and fit-out projects, facility management, and sale of food items were other revenue drivers for Awfis in the fiscal year ending March 2024. See TheKredible for the complete revenue breakup. Awfis’s burn on subcontract stood at Rs 171 crore in FY24 while its employee benefits saw an increment of 41.7% to Rs 136 crore in FY24. Its finance, legal, depreciation and amortization, purchase of traded goods, and other overheads took the overall expenditure up by 45.8% to Rs 892 crore in FY24 from Rs 612 crore in FY23. Head to TheKredible for the detailed expense breakdown. The 55.8% surge in scale and controlled cost mechanism helped Awfis to contract its losses by 61.8% to a marginal Rs 17.8 in FY24 from Rs 46.6 crore in FY23. On a unit level, it spent Rs 1.05 to earn a rupee in FY24. The company’s stock was listed on NSE on May 30 and opened at Rs 435 with a 13.58% premium over the issue price of Rs 383. The improvement in the fundamentals pushed its share price to Rs 500.1 (as of June 19). Awfis currently holds a total market capitalization of Rs 3,472 crore.

Metalbook nears Rs 800 Cr gross revenue in FY24

EntrackrEntrackr · 5m ago
Metalbook nears Rs 800 Cr gross revenue in FY24
Medial

Full-stack metal supply-chain platform Metalbook recorded nearly Rs 800 crore of gross revenue for the fiscal year ended March 2024. However, its losses surged over two-fold in the same period. Metalbook’s gross revenue, known as gross merchandise value (GMV), surged 76% to Rs 796 crore in FY24 from Rs 452 crore in FY23, according to its financial statement sourced from the Registrar of Companies (RoC). Founded in 2021, Metalbook is a full-stack procurement platform that helps businesses, including SMEs, with inventory liquidation, logistics, and credit, among others. It claims to work with over 500 manufacturers, dealers, and suppliers, including ArcelorMittal Nippon Steel, Tata Steel, and JSW, across 16 countries. These services were the only source of revenue for the Gurugram-based company in FY24. The firm also made an additional Rs 2.5 crore from interest on deposits and investments, which pushed its total income to Rs 799 crore in FY24. For the supply chain platform, the cost of procurement of materials was the company’s largest cost center, accounting for 96% of the overall expenditure. This cost surged by 75.34% to Rs 782 crore in FY24. Employee benefit expenses jumped 90.48% to Rs 16 crore. Provisions for bad debts stood at Rs 3.7 crore, while other expenses—including legal, technology, and travel—contributed Rs 14.3 crore. These factors drove total expenses up by 77.78% to Rs 816 crore in FY24. Despite the 76% growth in scale, Metalbook’s loss spiked by 2.8 times to Rs 17 crore in FY24 from Rs 6 crore in FY23. Its return on capital employed (ROCE) and EBITDA margin stood at -9.65% and -1.27% respectively. On a unit basis, the company spent Rs 1.03 to earn a rupee of gross revenue in FY24. The Delhi-based company’s current assets stood at Rs 193 crore, which includes Rs 61 crore of cash and bank balance in the previous fiscal year. According to TheKredible, Metalbook has raised $23 million of funding to date. Axilor, Foundamental, and RTP Global are the major investors who hold 13.55%, 8.23%, and 5.81% of the company respectively.

Just Dogs nears Rs 100 Cr revenue in FY24, losses balloon

EntrackrEntrackr · 3m ago
Just Dogs nears Rs 100 Cr revenue in FY24, losses balloon
Medial

Just Dogs, a retail and services brand specializing in pet care, reported a 30% year-on-year increase in revenue for the fiscal year ending March 2024. However, the Ahmedabad-based company also saw a significant rise in losses during the same period as it pushed for growth. Just Dogs’ revenue from operations increased by 32% to Rs 94 crore in FY24 from Rs 71 crore in FY23, according to its financial statement sourced from the Registrar of Companies (RoC). Founded in 2011, Just Dogs offers dog food, supplements, accessories, and other pet products through its platform. The startup is developing a full-stack online experience for pet parents, along with expanding its network of offline stores. Just Dogs generates its revenue from a mix of product and service categories. Revenue from pet food remained its dominant stream, accounting for over 70% of the topline and rising 47% to Rs 66 crore in FY24. Income from pet treats and grooming products grew to Rs 10 crore and Rs 2 crore, respectively. However, revenue from services declined to Rs 16 crore from Rs 17.5 crore in FY23. On the cost front, the company’s largest expense — material costs — rose 37% to Rs 67 crore, making up nearly two-thirds of the total expenses. Employee benefit expenses surged by 62.5% to Rs 13 crore, while marketing and rent each doubled to Rs 6 crore and Rs 10 crore, respectively. Other operational overheads amounted to Rs 10 crore in FY24. Overall, the company’s expenses outpaced its revenue growth, rising 47% to Rs 106 crore in FY24 from Rs 72 crore in FY23. Despite the topline growth, the company slipped deeper into the red with losses ballooning to Rs 11 crore in FY24 — a sharp surge from a marginal loss of Rs 6 lakh in FY23. Its ROCE and EBITDA margin stood at -25.12% and -10.21% respectively. At the unit level, Just Dogs spent Rs 1.13 to earn a rupee of operating revenue in FY24, compared to Rs 1.01 in FY23. The Ahmedabad-based startup recorded current assets worth Rs 43 crore in FY24, which includes Rs 8 crore in cash and bank balances. Just Dogs has raised a total of $7 million in funding to date, having Sixth Sense Ventures as its lead investor, which holds a 23% stake in the company. Meanwhile, Co-founders Ashish Anthony and Poorvi Anthony jointly hold a 77% stake in the company, leaving ample room for future fundraising opportunities. It competes with Peak XV-backed Heads Up for Tails, Supertails, which raised $15 million in a round led by RPSG Capital — Wiggles, and several other players in the pet care space.

Tata 1mg’s revenue nears Rs 2,000 Cr in FY24; losses down by 75%

EntrackrEntrackr · 1y ago
Tata 1mg’s revenue nears Rs 2,000 Cr in FY24; losses down by 75%
Medial

Tata 1mg chased growth during FY22 and FY23 and its collection spiked over two-fold in both fiscal years. But the company appears to have prioritized the bottom line in the fiscal year ending March 2024. As a result, its revenue grew by only 21%, and at the same time it cut down losses by 75% in FY24. Tata 1mg’s revenue from operations increased to Rs 1,968 crore in FY24 from Rs 1,627 crore in FY23, its consolidated financial statements sourced from the Registrar of Companies (RoC) show. Income from the sale of medicines formed 81.3% of Tata 1mg’s total revenue which increased 24% to Rs 1,599 crore in FY24. Lab test fees, patient support programme, advertising, shipping, were other revenue drivers for the Gurugram-based firm. The Prashant Tandon-led company also earned Rs 23 crore from interest, gain of financial assets, and other miscellaneous avenues which pushed its total income to Rs 1,991 crore in FY24. See TheKredible for the detailed revenue breakup. Since 1mg operates with inventory, the cost of procurement of medicines accounted for 56% of the overall expenditure. This cost grew by just 8.5% to Rs 1,289 crore in FY24. Tata 1mg’s spends on employee benefits, information technology, legal, advertising, commissions, packaging, fulfillment, and other overheads took its total cost up by 20.4% to Rs 2303 crore in FY24. Head to TheKredible for the complete expense breakdown. The decent scale and controlled cost helped Tata 1mg to reduce losses by 75% to Rs 313 crore in FY24 from Rs 1,255 crore in FY23. Its EBITDA margin stood at -10.85% in FY24. On a unit level, Tata 1mg spent Rs 1.17 to earn a rupee in the previous fiscal year. Cevat: The primary reason for the substantial losses in FY23 was the FVTPL cost (non-cash in nature), which amounted to Rs 668 crore. Tata Digital acquired a 55% stake in 1mg in June 2021 but since then it gained around 8.5% additional stake in the e-medicine platform. According to TheKredible, Tata Digital currently holds a 63.5% stake in 1mg which was last valued at 1.25 billion. As per Fintrackr’s estimates, its enterprise value to revenue multiple stood at 4.87X. FY23-FY24 FY23 FY24 EBITDA Margin -71.66% -10.85% Expense/₹ of Op Revenue ₹1.78 ₹1.17 ROCE -341.99 NA While the focus on bottomline is understandable as part of a large umbrella like the Tata Group, where freedom is proportional to financial performance,Tata 1mg’s cost control measures have another reason. It is probably no longer worthwhile to acquire customers at a high cost where customers have basically flunked the loyalty test. That has made most e-commerce players a lot more reticent about indiscriminate discounting and the likes in favor of much more data led, targeted campaigns. Of course, with a turkey as large as Tata Neu around, one would expect Tata 1mg to get a lot more leeway however.

Hangyo nears Rs 300 Cr revenue in FY24; profit spikes 2X

EntrackrEntrackr · 4m ago
Hangyo nears Rs 300 Cr revenue in FY24; profit spikes 2X
Medial

Hangyo Ice Cream secured India's largest venture funding for an ice cream brand, raising $25 million from Faering Capital in August last year. The investment was driven by the company’s expanding scale, as it surpassed Rs 300 crore in revenue in FY24 while maintaining profitability. Hangyo’s revenue from operations grew 23.5% year-on-year to Rs 294 crore in FY24 from Rs 238 crore in FY23, its consolidated financial statements sourced from the Registrar of Companies show. Founded in 2003 by Pradeep Pai and Dinesh Pai, Hangyo sells cups, cones, sorbets, stick ice creams, tubs, and kulfis across general trade, modern trade, and online channels including quick commerce apps. Income from the sale of ice creams is the sole source of revenue for Hangyo in FY24. For the ice cream seller, the cost of procurement was the largest cost center forming 57% of its overall expenditure. This cost grew by 9.1% to Rs 168 crore in FY24. The employee benefits also saw a surge of 38.9% to Rs 25 crore in the previous fiscal (FY24). Its power, fuel, advertising, transportation/distribution, traveling, and other overheads drove the total expenditure up by 23.5% to Rs 294 crore in FY24 from Rs 238 crore in FY23. The decent scale and controlled costs helped Hangyo to register a 2.1X surge in its profits to Rs 11.8 crore in FY24, compared to Rs 5.6 crore in FY23. At a unit level, it spent Rs 0.95 to earn a rupee. Its ROCE and EBITDA margins improved to 28.77% and 11.86% respectively. By the end of FY24, its total current assets stood at 59 crore. Hangyo has raised a total of $30 million to date including $5 million from Capvent Partners in 2013. Over the past two years, several new-age and established ice cream brands, including Hocco, Go Zero, and NIC, have secured significant funding. Hocco raised $12 million from the Chona family and others, while NIC secured $31 million across two rounds. Mumbai-based Go Zero also raised $2.5 million through two funding rounds.

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