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Chingari’s Loss Narrows Nearly 70% To INR 42.5 Cr In FY23

Inc42 · 1y ago

Chingari’s Loss Narrows Nearly 70% To INR 42.5 Cr In FY23

Chingari, the short-video sharing platform, saw its net loss decrease by 69.5% to INR 42.5 Cr in FY23. The reduction in advertising costs and increased operating revenue contributed to this improvement. Chingari's operating revenue more than doubled to INR 112.6 Cr in the fiscal year. The startup gained popularity after TikTok was banned in India. Despite facing funding challenges, Chingari pivoted to 18+ content and introduced paid live one-on-one calls to boost revenue. However, the impact of this pivot will be evident in their FY24 results.

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LEAD Schools’ FY23 Loss Narrows 18.5% to INR 322 Cr

Inc42 · 1y ago

LEAD Schools’ FY23 Loss Narrows 18.5% to INR 322 Cr

Mumbai-based edtech startup LEAD School reported a net loss of INR 321.9 crore ($42.5 million) for the financial year 2022-23, an 18.5% decrease from the INR 395.3 crore loss it posted in the previous fiscal year. The company's operating revenue more than doubled to INR 273.1 crore from INR 132.3 crore. LEAD School, backed by WestBridge Capital, attributed the reduction in losses to cost-cutting measures, stating that it reduced its cash burn by 60-70% in FY23 compared to the previous year. Employee expenses continued to be the biggest expenditure for the startup, which laid off over 160 employees during the year.

Pepperfry’s FY23 loss narrows marginally to INR 188 Cr, sales up by 10%

Inc42 · 1y ago

Pepperfry’s FY23 loss narrows marginally to INR 188 Cr, sales up by 10%

Pepperfry, an ecommerce furniture startup, has reported a minor decrease in its net loss for the financial year ended March 31, 2023. The company's net loss narrowed by 3% to INR 187.6 crore in FY23, compared to INR 194 crore in the previous fiscal year. Despite the decrease in net loss, Pepperfry's operating revenue increased by 10% to INR 272.3 crore, with its primary source of revenue being the commission earned from connecting customers with merchants on its platform. The startup has been preparing for its upcoming IPO.

InsuranceDekho’s Net Loss Narrows 29% To INR 51.5 Cr In FY23

Inc42 · 1y ago

InsuranceDekho’s Net Loss Narrows 29% To INR 51.5 Cr In FY23

InsuranceDekho, the insurance arm of CarDekho, has reported a 29% decrease in net loss for FY23. The company's operating revenue doubled to INR 96.4 Cr, contributing to this improvement. Total expenses increased by 25% to INR 151.8 Cr, with employee benefits being the largest expenditure. InsuranceDekho aims to break even by the end of the next financial year.

IPO-bound Awfis’ net loss narrows to INR 46.6 Cr in FY23

Inc42 · 1y ago

IPO-bound Awfis’ net loss narrows to INR 46.6 Cr in FY23

IPO-bound coworking space provider Awfis reported a net loss of INR 46.6 Cr in the financial year 2022-23 (FY23), a decline of over 18% compared to the previous year. The company's revenue from contracts with customers grew by 112% YoY to INR 545.3 Cr in FY23. Awfis plans to raise INR 160 Cr through a fresh issue of shares during its IPO and is experiencing increased demand for flexible workspaces due to the COVID-19 pandemic. However, the company faces rising expenses, including finance costs and employee benefit expenses.

IPO-Bound PayMate’s FY23 Loss Narrows Marginally To INR 55.7 Cr

Inc42 · 1y ago

IPO-Bound PayMate’s FY23 Loss Narrows Marginally To INR 55.7 Cr

IPO-bound B2B payments solutions provider PayMate reported a marginal decrease in net loss for FY23, narrowing it down by 3.5% to INR 55.7 Cr compared to the previous year. PayMate's operating revenue increased by 11.7% to INR 1,350.1 Cr in FY23. The company witnessed a surge in adoption by customers, with a growth of 84.53% compared to FY22. PayMate is expanding its presence in Central Europe, Middle East, and Africa (CEMEA) and the Asia-Pacific (APAC) regions. It is yet to refile its draft papers for IPO.

Amagi’s Loss Narrows 70% To INR 321 Cr In FY23

Inc42 · 1y ago

Amagi’s Loss Narrows 70% To INR 321 Cr In FY23

Amagi, a media-focused SaaS unicorn, has reported a 70% reduction in losses to INR 321.2 Cr in FY23, thanks to increased revenue and cost-cutting measures. Its operating revenue grew 58% to INR 680.6 Cr. The company managed to decrease total expenses by 29%, with employee benefit expenses increasing by 24%. Other expenses, including telephone and postage costs, legal fees, and advertising expenses, decreased significantly. Amagi raised $79 Mn in funding and announced the acquisition of UK-based Tellyo to enhance its offerings in live sports and news broadcast segments.

CashKaro Narrows Its Loss 25% YoY In FY23, Crosses INR 250 Cr Revenue Mark

Inc42 · 1y ago

CashKaro Narrows Its Loss 25% YoY In FY23, Crosses INR 250 Cr Revenue Mark

Coupons and cashback app CashKaro reported a 25% decrease in net loss for FY23, narrowing it to INR 11.1 Cr from INR 14.8 Cr in FY22. The company saw a 15% YoY increase in operating revenue to INR 248.6 Cr, primarily driven by platform services and the sale of e-vouchers. CashKaro's total expenses rose 13% to INR 262.8 Cr, with cashback expenses comprising the largest chunk. The company also raised INR 130 Cr in Series C funding and surpassed 20 million users.

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.

Faasos Parent Rebel Foods Breaches The INR 1,000 Cr Revenue

Inc42 · 1y ago

Faasos Parent Rebel Foods Breaches The INR 1,000 Cr Revenue

Mumbai-based cloud kitchen Rebel Foods, the parent company of Faasos and Behrouz Biryani, reported an operating revenue of INR 1,195.2 Cr in FY23, a 39% increase from the previous fiscal year. The startup's total expenditure also rose by 28% YoY to reach INR 1,827 Cr in FY23, mainly due to higher procurement costs. Despite the revenue growth, Rebel Foods posted a loss of INR 656.5 Cr in FY23. The company operates over 450 kitchens in 70 cities and has raised over $500 Mn from investors including Goldman Sachs and InnoVen Capital.

HRtech unicorn Darwinbox’s FY23 loss surges 2.4X to INR 158 Cr

Inc42 · 1y ago

HRtech unicorn Darwinbox’s FY23 loss surges 2.4X to INR 158 Cr

HRtech unicorn Darwinbox reported a consolidated net loss of INR 158.25 crore in FY23, a significant increase from INR 65.72 crore in the previous fiscal year. Despite nearly doubling its operating revenue to INR 224.04 crore, the startup's expenses also increased to INR 407.22 crore in FY23. Darwinbox offers cloud-based HR solutions to companies across various functions. The startup aims to achieve profitability in its India operations by 2023 and is planning for a public listing by 2025.

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