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CityMall hits Rs 450 Cr GMV in FY24 with steady losses

EntrackrEntrackr · 5m ago
CityMall hits Rs 450 Cr GMV in FY24 with steady losses
Medial

CityMall, a social e-commerce platform serving smaller cities and towns, recorded over 23% year-on-year growth for the fiscal year ending March 2024, with its gross revenue exceeding Rs 420 crore. CityMall’s gross revenue (GMV) increased to Rs 427 crore in FY24 from Rs 346.4 crore in FY23, according to its standalone financial statement sourced from the Registrar of Companies (RoC). CityMall sells lifestyle, grocery, and other essentials through a network of community resellers in tier II and III cities. Revenue from product sales accounted for 91.62% of the total operating revenue, which increased by 17.1% to Rs 391.5 crore in FY24. The remaining GMV came from logistics and marketing services, which stood at Rs 35.8 crore. CityMall also made an additional income of Rs 32 crore from interest on deposits and investments that brought its total income to Rs 459 crore in the last fiscal year, compared to Rs 378 crore in FY23. On the expense front, the cost of procurement of products was the largest cost center which rose 20.4% to Rs 390 crore in FY24. CityMall’s employee benefit expenses grew by 7.7% to Rs 91 crore, while transportation costs jumped 45.5% to Rs 56 crore. Overall, the Gurugram-based company’s total expenses increased by 17.7% to Rs 615.2 crore in FY24, compared to Rs 522.7 crore in FY23. In the end, losses for the Accel-backed firm increased by 10% to Rs 159 crore in FY24 from Rs 145 core in FY23. Its ROCE and EBITDA Margins stood at -36.18% and -30.34%, respectively. On a unit basis, the company spent Rs 1.44 to earn a rupee of operating revenue in FY24. The Gurugram-based company reported total current assets of Rs 427 crore at the end of FY24, including Rs 187 crore in cash and bank balance. CityMall has raised over $110 million in funding to date including its $75 million Series C led by Norwest in March 2022. According to the startup data intelligence platform TheKredible Elevation Capital is the largest external stakeholder followed by Accel and Jungle Ventures. DealShare, one of CityMall's closest competitors, saw a 75% decline in gross scale in FY24, while its losses decreased by 66% in the last fiscal.

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CityMall to raise Rs 55 Cr in debt; expands ESOP pool

EntrackrEntrackr · 4m ago
CityMall to raise Rs 55 Cr in debt; expands ESOP pool
Medial

Grocery-focused social e-commerce platform CityMall has raised Rs 55 crore approximately $6.3 million in debt from Trifecta Venture debt fund and Alteria Capital Fund. The board of CityMall has passed a resolution to issue 400 series X NCDs to Trifecta Venture and 1,500 series X1 NCDs to Alterial Capital Fund having face values of Rs 10 lakh and 1 lakh, respectively, to raise the above sum. According to filings, the company will utilize this debt funding for the expansion and growth of the company's business. CityMall's board has expanded its ESOP pool by adding 1,03,300 new options worth Rs 47 crore, increasing the total pool to 3,73,200 options valued at Rs 171 crore. Notably, every 100 ESOP options will be converted into one equity share, a separate resolution shows. CityMall sells lifestyle, grocery, and other essentials through a network of community resellers in tier II and III cities. The company also plans to add new categories such as beauty through this network. The firm has not raised external capital (debt or equity) for the past three years. The firm last raised $75 million in funding led by Norwest Venture Partners in March 2022, where it was valued at $320 million. According to the startup data intelligence platform TheKredible, Elevation Capital is the largest external stakeholder followed by Accel and Jungle Ventures. CityMall’s gross revenue (GMV) increased by 23% from Rs 346 crore in FY23 to Rs 427 crore during FY24. The Angad Kikla and Naisheel Verdhan-led firm reported a loss of Rs 159 crore in the same period. DealShare, one of the early competitors of CityMall, pivoted to a hybrid model in 2023 from a community group buying model. The Tiger Global-backed company also faced a 75% decline in its revenue in FY24.

Zolostays hits Rs 200 Cr revenue in FY24, trims losses

EntrackrEntrackr · 5m ago
Zolostays hits Rs 200 Cr revenue in FY24, trims losses
Medial

Zolostays hits Rs 200 Cr revenue in FY24, trims losses Co-living company Zolostays has achieved a fivefold increase in growth over the last two fiscal years, expanding its revenue from Rs 43 crore in FY22 to more than Rs 200 crore in FY24. Despite this growth, the Nexus Ventures-backed firm maintained control over its losses during this period. Zolostays’ revenue from operations doubled to Rs 204.4 crore in FY24 from Rs 95.5 crore in FY23, as per its consolidated financial statement sourced from the Registrar of Companies (RoC). Zolostays provides co-living spaces to students, professionals, and organizations. Income from residential accommodations and facilities, including service fees and accommodation charges, accounted for 93% of the total operating revenue. This income grew 3.4x to Rs 191 crore in FY24 from Rs 55 crore in FY23. Zolostays also offers services to colleges and universities for managing residential facilities, along with food subscriptions and other amenities. Revenue from this segment dropped 72% to Rs 10.4 crore in FY24. The firm earned Rs 4.6 crore in interest income, bringing its total income to Rs 209 crore in FY24. On the cost front, property management and operational expenses were the largest component, accounting for 52% of total costs. These expenses, which include food, rent, electricity, housekeeping, and consumables, increased 2.3X to Rs 139 crore in FY24 from Rs 60.5 crore in FY23. Its employee benefit expenses increased by 16% to Rs 83 crore in FY24. Legal, advertising, communication, commission, and other overheads took the total cost up by 58% to Rs 266 crore in FY24 from Rs 168 crore in FY23. Zolostays' two-fold growth and controlled expenses led to a 17.4% reduction in losses, down to Rs 57 crore in FY24 from Rs 69 crore in FY23. Its ROCE and EBITDA margin stood at -89.96% and -16.75%, respectively, with an expense-to-revenue ratio of Rs 1.30. In FY24, the Bengaluru-based firm reported current assets of Rs 76 crore, including Rs 34 crore in cash and bank balances. Zolo has raised a total of $118 million of funding to date. According to the startup data intelligence platform TheKredible, Nexus Ventures is the largest external stakeholder with 34% followed by Investcrop and Mirae Asset.

DCGpac hits profitability as revenue nears Rs 100 Cr in FY24

EntrackrEntrackr · 9m ago
DCGpac hits profitability as revenue nears Rs 100 Cr in FY24
Medial

B2B packaging solutions platform DCGpac has been expanding steadily, reaching nearly Rs 100 crore in revenue for the fiscal year ending March 2024. Moreover, the Gurugram-based company, which raised only Rs 20 crore, achieved profitability during this period. DCGpac’s revenue from operations grew by 21.4%, reaching Rs 96.5 crore in FY24, up from Rs 79.5 crore in FY23, its consolidated financial statements sourced from the Registrar of Companies (RoC) show. DCGpac is a packaging materials supplier offering a range of products and services, including corrugated boxes, courier bags, bubble films, designer boxes, and “Design to Distribution” solutions. Sales of packaging materials represent the sole source of revenue for DCGpac. According to the company’s website, it serves over 50,000 customers, including Blinkit, Shiprocket, Delhivery, Myntra, DHL, Shadowfax, and others. As with other packaging solutions platforms, the cost of materials accounted for 83.17% of DCGpac’s total expenditure, rising by 19% to Rs 80.4 crore in FY24. Employee benefits expenses stood at Rs 8 crore for the last fiscal year. Additional costs, including advertising, warehousing, packing, information technology, printing, and other operating overheads, brought total expenditure up by 17.9% to Rs 96.7 crore in FY24, compared to Rs 82 crore in FY23. Steady growth and careful cost management helped DCGpac achieve profitability in FY24, posting net profits of Rs 19 lakh compared to a loss of Rs 1.67 crore in FY23. DCGpac’s ROCE and EBITDA margin stood at 3.34% and 1.19%, respectively. On a unit level, the company spent Re 1 to earn a rupee of operating revenue in FY24. FY23-FY24 FY23 FY24 EBITDA Margin -1.98% 1.19% Expense/₹ of Op Revenue ₹1.03 ₹1 ROCE -15.66% 3.34% DCGpac has raised a total of Rs 20 crore to date, including a pre-Series Seed round of $1.5 million led by Venture Catalysts, 9Unicorns, and Inflection Point Ventures in April 2022.

CityMall’s GMV soars 2.4X to Rs 352 Cr in FY23; losses grow 10%

EntrackrEntrackr · 1y ago
CityMall’s GMV soars 2.4X to Rs 352 Cr in FY23; losses grow 10%
Medial

Social commerce startup CityMall raised $75 million in its Series C round led by Norwest Ventures just before the start of FY23. The fundraise enabled it to hack 140% growth in its gross revenue in the last fiscal year. CityMall’s revenue from operations surged to Rs 352 crore in the fiscal year ending March 2023 from Rs 144 crore in FY22, its annual financial statement filed with the Registrar of Companies shows. CityMall deals in lifestyle, grocery, and other essentials through a network of community resellers in tier II and III cities. The Gurugram-based firm claims to have around 20,000 resellers, and 200K consumers in eight smaller cities across the state of Haryana. The sale of traded goods formed 94.8% of the total operating revenue for CityMall which increased 2.43X to Rs 334 crore in FY23. Logistics, marketing contracts, brand, and scrap were other revenue drivers of the Elevation Capital backed company. See TheKredible for the detailed revenue breakup. When it comes to cost, procurement of goods was the largest burn accounting for 62% of the firm’s overall expenditure. In line with scale, this cost surged 2.4X to Rs 326 crore in FY23 while its employee benefits saw an increase of 56.4% during the said period. Its rent, advertising cum promotional, transportation, cloud/hosting, contractual manpower, and other overheads took the overall expenditure up by 88.53% to Rs 526 crore in FY23 from Rs 279 crore in FY22. Check TheKredible for the complete expense breakdown. Expenses Breakdown Total ₹ 279 Cr https://thekredible.com/company/citymall/financials View Full Data To access complete data, visithttps://thekredible.com/company/citymall/financials Total ₹ 526 Cr https://thekredible.com/company/citymall/financials View Full Data To access complete data, visithttps://thekredible.com/company/citymall/financials Cost of procurement Cost of procurement Employee benefit Employee benefit Rent Rent Advertising promotional Advertising promotional Cost transportation Cost transportation Cloud and hosting Cloud and hosting Manpower Manpower Others To check complete Expense Breakdown visit thekredible.com View full data Despite a spurt in expenses, CityMall has managed to hold tight control on losses which grew only 10% to Rs 145 crore in FY23 compared to Rs 131 crore in FY22.Its ROCE and EBITDA margin stood at -25% and -35.7% respectively. On a unit level, it spent Rs 1.49 to earn a rupee. FY22-FY23 FY22 FY23 EBITDA Margin -86% -35.7% Expense/₹ of Op Revenue ₹1.94 ₹1.49 ROCE -23% -25% CityMall has raised over $110 million across several rounds and was valued at around $300 million in its last equity funding round. According to the startup data intelligence platform TheKredible, Elevation Capital is the largest external stakeholder with 18.58% followed by Accel Partners and Jungle Ventures. Its co-founders Naisheel Verdhan and Angad Kikla collectively hold 19.23% of the company.

Acko hits Rs 2,000 Cr revenue threshold with lower losses in FY24

EntrackrEntrackr · 9m ago
Acko hits Rs 2,000 Cr revenue threshold with lower losses in FY24
Medial

New-age insurance firm Acko has shown consistent growth over recent years, surpassing the Rs 2,000 crore revenue mark in the fiscal year ending March 2024. At the same time, the company reduced its losses by 9%, bringing them below Rs 700 crore. Acko’s revenue increased by 19.8% to Rs 2,106 crore in FY24, up from Rs 1,758 crore in FY23, according to its consolidated annual figures accessed from the Registrar of Companies. For the digital insurance provider, income from gross premium earned accounted for 73.35% of total income, showing a 33.9% growth to Rs 1,587 crore during the last fiscal year. Service contracts, recoveries from reinsurers, commissions, interest income from investments, and other miscellaneous income brought total revenue to Rs 2,160 crore in FY24, up from Rs 1,797 crore in FY23. See TheKredible for the detailed revenue breakup. In terms of cost breakdown, claims paid in the previous fiscal year accounted for 29.3% of total expenses, remaining steady at Rs 830 crore in FY24. Advertising and promotional costs were the next largest overhead, rising to Rs 563 crore in FY24. Employee benefits, commissions to selling agents, reinsurance premiums, information technology, legal/professional fees, and other expenses brought total expenditure to Rs 2,830 crore in FY24, compared to Rs 2,535 crore in FY23. See TheKredible for the detailed cost breakdown. The controlled costs in employee benefits, advertising, and claims paid helped Acko reduce its losses by 9.3% to Rs 670 crore in FY24, down from Rs 738.5 crore in FY23. While ROCE and EBITDA margin improved, they remained negative at -35.2% and -30.1%, respectively. On a per-unit basis, Acko spent Rs 1.34 to earn a rupee in FY24. Earlier this year, Acko founder Varun Dua stated that the firm aims to achieve profitability by FY27, driven by its general and health insurance segments turning positive. Its competitor, Digit Insurance was recently listed on the stock exchange and posted more than Rs 1,800 crore revenue in Q1 FY25. FY23-FY24 FY23 FY24 EBITDA Margin -40.55% -30.10% Expense/₹ of Op Revenue ₹1.44 ₹1.34 ROCE -54.98% -35.23% To date, Acko has raised over $458 million, including a $255 million unicorn round led by General Atlantic in October 2021. According to TheKredible, General Atlantic is the largest external stakeholder with a 10.7% stake, followed by Accel Partners and Elevation Capital. See TheKredible for the complete shareholding pattern. Acko’s rise in the insurance market, built mostly around its auto insurance business first, and now, the push into general and health insurance, certainly caused a flutter, if not a disruption. The digital first approach is no longer the novelty it was even 2 years back, and it now faces a much tougher grind ahead as legacy stalwarts fight back to retain marketshare. The travails of Star Health (aggressive selling initially, and now customer data leak) are just one indication of the many risks insurers face in the health segment, where shortcuts are frowned upon. Acko has also been pumping money into advertising and promotions rather than the traditional distribution model. However, it might be running up against the limits of such an approach, as the role of agents and other influencers remains strong in the health segment. Even Auto firms with their in-house insurance tie-ups are fighting harder now, with dealers sweetening in-house insurance offers with other deals around accessories etc. Dealers at firms like Toyota even warn that cashless settlements are an issue with Acko, something that we couldn’t verify independently yet. All in all, Acko is into the deep end of the market now, where every basis point gain in marketshare will be fought over, and it might need to relook its high decibel advertising only approach soon.

Cars24 sells 2 lakh cars in FY24, revenue nears Rs 7,000 Cr

EntrackrEntrackr · 7m ago
Cars24 sells 2 lakh cars in FY24, revenue nears Rs 7,000 Cr
Medial

Following a modest growth in FY23, Cars24, an e-commerce platform for pre-owned vehicles registered 25% year-on-year growth in the fiscal year ended March 2024. However, the firm’s net losses stood at Rs 498.4 crore with an adjusted EBITDA of Rs 318.8 crore in FY24. Cars24 India’s gross revenue grew to Rs 6,917 crore in FY24 from Rs 5,530 crore in FY23, according to the company’s press release. In an interaction with Entrackr, Cars24's Chief Financial Officer Ruchit Agarwal said that the sale of cars through the auction business and retail contributed approximately 92% of the total revenue. This income grew by 24% to Rs 6,400 crore in FY24 from Rs 5,164 crore in FY23. Agarwal added that the income from the financial services stood at around Rs 300 crore while the rest of the revenue came from service fees, parking fees and the sale of other value-added services including insurance assistance and warranties. In FY24, the company claims to have sold 200,000 cars. Cars24’s holding firm is based in Singapore and oversees 12 subsidiaries across India, Australia, the UAE, and Thailand. The company’s consolidated financial results are yet to be released and may differ from the figures reported by the Indian entity through the release. For the pre-owned vehicle seller, the procurement of cars was the largest cost center, accounting for 81.8% of the overall cost. In the line of scale, this cost grew by 23.8% to Rs 6,106 crore in FY24. Its employee benefits, technology, advertising, legal, commission to brokers, and other overheads pushed the overall expenditure of the firm to Rs 7,461 crore in the last fiscal year from Rs 6,053 crore in FY23. The significant growth in scale and controlled expenditure enabled Cars24 to retain its net losses steady at Rs 498 crore in FY24. However, the adjusted EBITDA (losses excluding all non-cash items) stood at Rs 318.8 crore in FY24. Notably, the company claims to have improved its gross margin by 35% in the last fiscal. Cars24 has not raised external funding in the last three years. In December 2021, the company raised $450 million at a valuation of $3.3 billion. Its major investors include Alpha Wave, SoftBank, Tencent, and DST Global. In August, Cars24’s co-founder, Gajendra Jangid, said that the company is preparing for an initial public offering, though he did not disclose a specific timeline.

Falca crosses Rs 350 Cr revenue in FY24, losses soar 3X

EntrackrEntrackr · 4m ago
Falca crosses Rs 350 Cr revenue in FY24, losses soar 3X
Medial

Falca crosses Rs 350 Cr revenue in FY24, losses soar 3X Full-stack agritech supply chain company Falca has demonstrated consistent growth in its gross merchandise value (GMV). The firm recorded a 65X increase in GMV over the past five fiscal years, with gross revenue rising to Rs 368 crore in FY25 from Rs 5.6 crore in FY20. On a year-on-year basis, Falca’s GMV increased by 27% to Rs 368 crore in FY24 from Rs 289 crore in FY23, its consolidated financial statement sourced from the Registrar of Companies (RoC) shows. Falca offers four key products catering to different aspects of the agricultural supply chain. Suggi supplies agricultural inputs such as seeds and pesticides through a network of physical stores. Samrat is a full-stack solution that provides advisory services, inputs, and market linkage. Siri functions as a trading platform, connecting large farmers, traders, and FPOs with buyers. Lastly, Sampoorna offers mobile and web applications to enhance farm yield and operational efficiency. The sale of these products and services was the sole source of revenue for Falca in the last fiscal year. Outpacing its year-on-year revenue growth, Falca's total expenses rose 30.2% to Rs 384 crore in FY24. The cost of materials remained the largest expense, making up 94% of total expenses. In line with the company's scale, material costs increased by 27%, reaching Rs 362 crore in FY24, up from Rs 284 crore in FY23. Falca’s employee benefit costs doubled to Rs 10 crore, and finance expenses spiked 50% to Rs 3 crore. Other expenses added another Rs 9 crore for the fiscal year ending March 2024. In the end, Falca’s net loss widened threefold to Rs 15 crore in FY24, compared to a Rs 5 crore loss in FY23. The company’s EBITDA margin further declined from -1% in FY23 to -3.14% in FY24. On a unit basis, the company spent Rs 1.04 to earn a single rupee in FY24. Falca’s cash and bank balances dropped by 50% to Rs 4 crore, while current assets declined significantly from Rs 53.5 crore to Rs 24.5 crore. According to startup data intelligence platform TheKredible, it has raised a total of approx $3 million of funding to date, having Kingston Smiler and Inflection Point Ventures as its lead investors.

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