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PlanetSpark posts Rs 41 Cr revenue and Rs 90 Cr loss in FY23

EntrackrEntrackr · 1y ago
PlanetSpark posts Rs 41 Cr revenue and Rs 90 Cr loss in FY23
Medial

Edtech business is hard to crack and this is evident from the balance sheets of most of the companies in the space which have shown astounding losses. Seven-year-old PlanetSpark is no exception as the firm’s losses were more than twice its revenue in the fiscal year ending March 2023. FITT-JEE-backed PlanetSpark’s revenue from operations increased 41%to Rs 42 crore in the last fiscal year (FY23) from Rs 30 crore in FY22, as per its filings with the Registrar of Companies (RoC). Founded in 2017 by Kunal Malik and Manish Dhooper, PlanetSpark offers live 1:1 classes in public speaking, creative writing, storytelling, debate, podcasting et al for the K8 generation. The sale of educational services was the only source of revenue for the company while it also made Rs 1.1 crore from interest on deposits. In the end, tPlanetSpark’s total income stood at 43.5 crore during the last fiscal year. PlanetSpark spent Rs 63.17 crore towards employee benefits which includes Rs 5.5 crore as ESOP cost (non-cash component). Similar to other ed-tech startups, it spent a significant 90 crore on marketing and teachers’ salaries. Its legal/professional, rent, information technology, and other overheads led its total cost to Rs 133 crore in FY23 from Rs 139.5 crore in FY22. Head to TheKredible for a complete expense breakdown and its YoY financial health. Expense Breakdown Total ₹ 139.53 Cr https://thekredible.com/company/planetspark/financials View Full Data To access complete data, visithttps://thekredible.com/company/planetspark/financials Total ₹ 133.02 Cr https://thekredible.com/company/planetspark/financials View Full Data To access complete data, visithttps://thekredible.com/company/planetspark/financials Employee Benefit Employee Benefit Teachers Pay Teachers Pay Marketing and Branding expense Marketing and Branding expense Software and Server Charges Software and Server Charges Payment Gateway charges Payment Gateway charges Other Expenses To check complete Expense Breakdown visit thekredible.com View full data With over 40% scale and controlled expenses, PlanetSpark managed to trim its losses by 18% to Rs 90 crore in FY23. Its ROCE and EBITDA margin also improved to -197.1% and 226% respectively. On a unit level, PlanetSpark spent Rs 3.14 to earn a rupee of operating revenue in FY23. FY22-FY23 FY22 FY23 EBITDA Margin -362% -197.1% Expense/₹ of Op Revenue ₹4.65 ₹3.14 ROCE -1065% 226% According to the startup data intelligence platform TheKredible, PlanetSpark has mopped up over $34 million to date including a $17 million round this year. Prime Venture Partners is the largest stakeholder with 32.6% followed by FIIT- JEE. Its co-founder Kunal Malik and Maneesh Dhopper cumulatively command 29.6%.

Chaayos scale remains flat in FY24; turns EBITDA positive

EntrackrEntrackr · 6m ago
Chaayos scale remains flat in FY24; turns EBITDA positive
Medial

Fintrackr: Chaayos Scale Remains Flat in FY24; Turns EBITDA Positive Over the past 18-20 months, growth and late-stage Indian startups have shifted their focus toward profitability. While many managed to significantly reduce their losses in FY24, their growth was constrained by a sharp reduction in cash burn. Chaayos followed this trend, reporting a more than 50% drop in losses, though its operational scale remained flat for the fiscal year ending March 2024. Chaayos’ revenue from operations grew by 4.85% to Rs 248.5 crore in FY24 from Rs 237 crore in FY23, according to its consolidated financial statement filed on the Registrar of Companies (RoC). The company sells a variety of teas and other snacks and beverages with dine-in, takeaways, and online ordering facilities. It has over 200 outlets across Delhi-NCR, Mumbai, and Bengaluru. Chaayos’ core revenue streams include sales of manufactured goods such as tea, which accounted for 95.32% of the revenue. This revenue increased 3.1% to Rs 236.87 crore in FY24. Revenue from traded goods (snacks, tea leaf) almost doubled, rising by 98.52% to Rs 10.74 crore, while income from services fell by 51.89% to Rs 0.89 crore. The company made an additional Rs 22.7 crore from non-operating sources which pushed its total income to Rs 271.2 crore in the last fiscal year. On the expense front, Chaayos' largest expense category, employee benefit expenses rose by 4.45% to Rs 81.15 crore in FY24. Cost of materials decreased by 11% to Rs 76.54 crore. Other significant costs included depreciation, which remained stable at Rs 51.83 crore, and commissions, which declined by 4.62% to Rs 26 crore. Miscellaneous expenses added Rs 89.69 crore to the company’s overall spending. In the end, the company managed to reduce its total expenses by 11.07% to Rs 325.21 crore in FY24, down from Rs 365.68 crore in FY23. Due to controlled expenses across verticals, Chaayos’ losses shrank 50.6% to Rs 54 crore in FY24. It is worth noting that the company achieved positive EBITDA of Rs 28.35 crore in FY24. Its ROCE and EBITDA Margin stood at -6.02% and 10.45% respectively. On a unit basis, the company spent Rs 1.31 to earn a rupee of operating revenue in FY24. As of March 2024, the firm reported Rs 181.42 crore of current assets including Rs 89.16 crore of cash and bank balance. Like almost every marketer out there, Chaayos has also been betting big on premiumisation, even as the break up between online and offline sales remains broadly equal. Those are both tough choices to make from a margin perspective, as premiumisation pits it against stronger competition, and online is still all about putting margins on the line. The firm is truly at an inflection point, twelve years after it first started. It is a well-regarded brand, can boast of some innovations and experiences unique to it, and has some level of scale. The problem now is to repeat all of the above at half the cost and time, to put it simply. Does Chaayos have a plan?

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

EntrackrEntrackr · 8m 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.

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