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Teachmint revenue grows 2X in FY24, losses down to Rs 82 Cr

EntrackrEntrackr · 7m ago
Teachmint revenue grows 2X in FY24, losses down to Rs 82 Cr
Medial

SaaS-based edtech firm Teachmint improved its financial performance in the last fiscal year, doubling its operating scale while reducing year-on-year losses by more than 39%. However, the Lightspeed-backed company has yet to achieve significant scale. Teachmint’s revenue from operations spiked to Rs 17.1 crore in the fiscal year ending March 2024 from Rs 8.15 crore in FY23, its consolidated financial statements sourced from the Registrar of Companies show. Teachmint sells education software solutions through subscriptions to schools and teachers. The sale of software solutions accounted for 73% of the operating revenue which increased by 56% to Rs 12.5 crore in FY24. The rest of the income is derived from the sale of devices like biometrics, interactive flat panels, GPS devices, among others. The Bengaluru-based company firm managed to control its overall cost, reduced by 26.6% to Rs 160 crore in FY24 from Rs 218 crore in FY23. Key areas of cost reduction include employee benefits, marketing, and IT which dwindled by 21.2%, 63.6%, and 9.1% respectively. The 2X surge and controlled expenditure helped Teachmint reduce its losses by 39.2% to Rs 110 crore during the last fiscal year from Rs 181 crore in FY23. Excluding non-cash ESOP costs, the company’s losses stood at Rs 82 crore for the fiscal year ending March 2024. Its ROCE and EBIDTA margins stood at -24.7% and -198%, respectively. On a unit level, the company spent Rs 9.36 to earn a rupee in FY24. Importantly, the firm has a total current assets of Rs 440 crore including Rs 34 crore of cash and bank balances in the last fiscal year. The company’s transformation from pre-revenue to a significant revenue jump is largely driven by shifting its focus to digitize schools. Entrackr reported about the strategic move in April last year. Teachmint faced significant challenges in FY24, including laying off over 70 employees. It has raised over $100 million in funding, with a $78 million Series B round in October 2021 at a valuation of $500 million. However, it has not raised any additional funding in the last three years. Its competitor Classplus achieved a two-fold revenue increase to Rs 213 crore in FY24, while its newer rival, Lead School, recorded 25% growth to Rs 370 crore in revenue in the same period.

Tractor Junction grows 3X in FY23, posts Rs 7.5 Cr losses

EntrackrEntrackr · 1y ago
Tractor Junction grows 3X in FY23, posts Rs 7.5 Cr losses
Medial

Rural vehicle marketplace Tractor Junction has managed to grow its scale by nearly three-fold during the last fiscal year (FY23). The byproduct of the fast-paced growth, however, is the five-year-old company slipping into red during the said period. Tractor Junction’s revenue from operations grew 196.2% to Rs 26.84 crore during the fiscal year ending March 2023 as compared to Rs 9.06 crore in FY22, as per the company’s consolidated annual financial statement with the Registrar of Companies. Launched by Shivani Gupta and Rajat Kumar, Tractor Junction is a rural vehicle marketplace that helps buy, sell, finance, and insure new and used tractors, farm equipment, and rural commercial vehicles. It also provides necessary information and vetted reviews on farm machinery, enabling users to compare shortlisted options, and bringing transparency in pricing. The company made 55% of its revenue from sale of tractors while the remaining came from the sale of services. The sales of services segment mainly deals in the business of providing advertising services to Original Equipment Manufacturers (OEMs) through generation of leads from their website and selling those leads to OEM’s. Tractor Junction also cornered Rs 1.75 crore via interest and gains on financial assets (non-operating revenue). Including this, the company’s total income stood at Rs 28.6 crore in FY23. Further, the Alwar-based company spent most on the cost of materials accounting for 42% of the total expenditure. This cost shot up over 20X to Rs 14.54 crore in FY23 from Rs 71 lakh in FY22. Employee benefit cost for the company jumped over 2X to Rs 9.35 crore during the last fiscal year. Moreover, advertising & publicity expenses also increased 56.1% to Rs 3.81 crore during FY23 from Rs 2.44 crore in FY22. Overall, the company’s total expenditure ballooned more than four-fold to Rs 34.67 crore in FY23 from Rs 8.28 crore in FY22. Head to startup intelligence platform TheKredible for complete expense breakdown and year-on-year financial performance of the company. On the back of rising expenses, the company slipped into red. Tractor Junction recorded Rs 7.46 crore losses in FY23 against Rs 67 lakh profit in FY22. The impact of cash burn can also be seen in operating cash outflows which climbed to around Rs 17 crore during the last fiscal year. FY22-FY23 FY22 FY23 EBITDA Margin 11.15% -19.41% Expense/Rupee of ops revenue ₹1.29 ₹0.91 ROCE 33.95% -15.36% The EBITDA margin and ROCE of the firm stood at -19.41% and -15.36%, respectively in FY23. On a unit level, Tractor Junction spent Rs 1.29 to earn a rupee of operating revenue during the fiscal year. As per TheKredible, Tractor Junction has raised nearly $6 million to date from investors including Info Edge, Omnivore, Rockstart and Indigram Labs et al.

Pristyn Care revenue grows 33% to Rs 601 Cr in FY24

EntrackrEntrackr · 6m ago
Pristyn Care revenue grows 33% to Rs 601 Cr in FY24
Medial

Pristyn Care, a surgery-focused hospital chain, recorded over Rs 600 crore in revenue for the fiscal year ending March 2024. While expanding its operations, the Tiger Global-backed company kept its losses steady during the same period. Pristyn Care’s revenue from operations grew by 32.7% to Rs 601 crore in FY24 from Rs 453 crore in FY23, its consolidated financial statements accessed from the Registrar of Companies show. The company follows a hybrid model, setting up its own clinics and utilizing third-party hospital infra to provide surgeries. The company claims to have a presence in over 40 cities, managing 100 clinics and treating patients in more than 350 partner hospitals. Income from the sale of healthcare services accounted for 55.24% of the total operating revenue which stood at Rs 332 crore in FY24. The rest of the revenue came from the sale of medical and healthcare products which surged 2.5X to Rs 267 crore in the previous fiscal. Pristyn Care also added Rs 31 crore in income from (non-operating) activities, which tallied its overall revenue to Rs 632 crore in FY24, as compared to Rs 494 crore in FY23. For the healthcare firm, the procurement of medical devices accounted for 26% of its total expenses. Driven by the growth in device sales, the procurement costs rose to Rs 264 crore in FY24 from Rs 75 crore in FY23. The company cut its advertising and employee benefits costs by 21% and 3.5% to Rs 183 crore and Rs 192 crore, respectively. Surgery, fees to doctors, legal, travel, consumables, and other overheads increased the overall expenditure to Rs 1,014 crore in FY24 from Rs 877 crore in FY23. By the end of FY24, the Harsimarbir Singh-led company reduced its workforce by 7% as it aims for profitability and prepares for an initial public offering (IPO) in the coming years. The 32% scale and controlled expenditure on advertising and employee benefits helped Pristyn Care to post a flat loss which stood at Rs 381 crore in FY24, as compared to Rs 383 crore in FY23. On a unit level, it spent Rs 1.69 to earn a rupee in FY24. For its surgery business, the company projects a 35% growth in FY25, along with a 60% improvement at the EBITDA level. Pristyn Care also plans to launch an IPO within the next three years. Notably, Pristyn Care achieved this growth without raising external funds in the past three years. In December 2021, the company secured $85 million from Peak XV Partners, Tiger Global to attain unicorn status. In June 2022, it acquired Lybrate, a company backed by Ratan Tata and Tiger Global.

Classplus revenue spikes 2X to Rs 260 Cr in FY24; cuts losses by 57%

EntrackrEntrackr · 9m ago
Classplus revenue spikes 2X to Rs 260 Cr in FY24; cuts losses by 57%
Medial

While many edtech posterboys experienced flat or no growth in FY24, edtech firm Classplus seems to have found stable revenue streams by empowering educators with an online presence. The Tiger Global-backed company saw its revenue grow eight-fold over the past two fiscal years, reaching Rs 213 crore in FY24, up from Rs 26 crore in FY22. At the same time, the firm reduced its losses by 57% in FY24. Classplus’s revenue from operations surged 2X to Rs 213 crore in FY24 from Rs 102 crore in FY23, its consolidated financial statements sourced from the Registrar of Companies (RoC) show. Classplus helps creators launch their online coaching business by launching their mobile apps and websites and sell online courses via them. The sale of SaaS tools and software accounted for 96.6% of its total operating revenue, which doubled to Rs 205.5 crore in FY24. The sale of products and other allied services contributed Rs 8 crore to its revenue. Additionally, the company earned Rs 52 crore, primarily from interest on fixed deposits, bringing its total income to Rs 264 crore in the fiscal year ending March 2024. It has also invested in companies like govt job-prep portal GyanLive and recently started a four year computer science course — Polaris School of Technology in Bangalore. For the six-year-old firm, employee benefits accounted for 54% of total expenses, decreasing by 12% to Rs 201.7 crore in FY24. This includes Rs 38.5 crore as ESOP cost which is non-cash in nature. Advertising and promotional expenses also saw a 7.3% decline in the last fiscal year. Legal and professional, information technology and depreciation were additional expenses that brought the overall expenditure down to Rs 375.7 crore in FY24, compared to Rs 405.2 crore in FY23. Check TheKredible for more details. The two-fold growth and controlled expenditures helped Classplus reduce its losses by 57%, bringing them down to Rs 110.4 crore in FY24 from Rs 256 crore in FY23. Its Return on Capital Employed (ROCE) and EBITDA margin improved to -15.26% and -35.99%, respectively. On a per-unit basis, the company spent Rs 1.77 to earn a rupee in FY24. FY23-FY24 FY23 FY24 EBITDA Margin -157.70% -35.99% Expense/₹ of Op Revenue ₹3.97 ₹1.77 ROCE -32.62% -15.26% The Gurugram-based company has raised over $160 million to date, including a $70 million Series D round in March 2022, which valued the company at $600 million. Its other notable investors include Tiger Global, Alpha Wave, RTP Global, Blume Ventures, and GSV Ventures. With enough dry powder to last at least another two years or more, especially if its cost controls continue to succeed at reducing losses, Classplus could be in a very good space by FY25. The offering is not as sensitive to the vagaries of the economy and as the universe of beneficiaries grows, even marketing expenses or acquisition costs will drop, if service is good. The company is also going to be building a deeper moat with higher numbers, securing its position better. At Rs 12,000 per annum or thereabouts on average for a ‘teacherpreneur’, disruptors will not find it easy to offer more for less.

ShareChat’s revenue grows 33% in FY24 to Rs 718 Cr

EntrackrEntrackr · 7m ago
ShareChat’s revenue grows 33% in FY24 to Rs 718 Cr
Medial

Mohalla Tech, the parent entity of the vernacular social media platform ShareChat and short video entertainment app Moj, has registered 33% year-on-year growth during the fiscal year ended March 2024. Its adjusted EBITDA loss also plummeted by 67% in the same period. According to the company's press release, Mohalla Tech’s revenue from operations increased to Rs 718 crore in FY24 from Rs 540 crore in FY23. Revenue from live streaming contributed 56% of the company's total operating income, which grew by 41.4% to Rs 403 crore in FY24. Advertising accounted for the remaining share, which saw a 23.5% year-on-year growth to Rs 315 crore in FY24. ShareChat also added a non-operating income of Rs 29 crore mainly from interest and gain on financial assets which tallied the overall revenue to Rs 747 crore in the last fiscal year. For the social media firm, server cost was the largest cost center in FY24. As per Sharechat’s chief financial officer Manohar Charan, the firm managed to reduce this cost by 50% in FY24. Sharechat has managed to reduce its employee benefits cost by 17% to Rs 580 crore in FY24. This includes Rs 126 crore as ESOP (non-cash). Its advertising, legal, travel, and other overheads took the overall operating expenses to Rs 1540 crore in FY24 from Rs 3119 crore in FY23. In calculating the overall cost, we have excluded all non-cash components, including interest, provisions, foreign exchange (FX) losses, depreciation, and ESOP expenses for both FY24 and FY23. The 33% growth and controlled server cost helped Mohalla Tech to reduce its adjusted EBITDA losses by 67% to Rs 793 crore in FY24 from Rs 2400 crore in FY23. Notably, the net consolidated losses of the firm stood at Rs 1,898 crore in FY24 down from Rs 5,143 crore in FY23. Backed by the likes of Temasek Holdings, Google, Twitter, The Times Group, Tiger Global, Snap, Lightspeed, and Elevation Capital, ShareChat claims to have more than 325 million monthly active users (MAUs) across all its platforms. Its short video app Moj boasts a monthly active user base of nearly 160 million. The company recently expanded its debt round to $65 million, with a $16 million infusion from Singapore-based EDBI. According to startup data intelligence platform TheKredible, ShareChat has raised around $1.8 billion. However, it saw a major haircut in valuation to less than $2 billion from $5 billion during its last fundraise in June 2022. As part of its mid-year performance cycle, the company also let go of 5% of its workforce in August this year. In 2023, ShareChat implemented several cost-cutting measures and laid off 700 employees across two phases.

Third Wave Coffee’s scale grows 4.5X to Rs 144 Cr in FY23

EntrackrEntrackr · 1y ago
Third Wave Coffee’s scale grows 4.5X to Rs 144 Cr in FY23
Medial

Coffee chain firm Third Wave Coffee secured $35 million led by homegrown private equity firm Creaegis in September last year. The funding was followed by its notable growth in scale during FY23. Third Wave’s revenue from operations surged 4.5X to Rs 144 crore in the fiscal year ending March 2023 as compared to Rs 32 crore in FY22, its annual financial statements filed with the Registrar of Companies show. Just like StarBucks, Third Wave Coffee offers curated food menus and handpicked coffee, and has over 90 cafes across Hyderabad, Coonoor, Bengaluru, Delhi (NCR), Mumbai, Chandigarh, and Pune. The firm claims to have about 109 stores, of which 50% are operational in Bengaluru. Income from the sale of coffee and food items were the two revenue sources for TWC. The firm also made Rs 2 crore from the interest on bank deposits which took its total income to Rs 147 crore in FY23. For Third Wave Coffee, its employee benefits emerged as the largest cost center accounting for 28.8% of the firm’s overall expenditure. This cost surged 3.8X to Rs 58 crore in FY23 from Rs 15 crore in FY22. Third Wave Coffee’s costs of procurements (coffee and food materials), rent, legal, freight-logistics, marketing, and other overheads took its total expenditure to Rs 201 crore in FY23 from Rs 47 crore in FY22. See TheKredible for the detailed expense breakup. Expenses Breakdown Total ₹ 47 Cr https://thekredible.com/company/third-wave-coffee/financials View Full Data To access complete data, visithttps://thekredible.com/company/third-wave-coffee/financials Total ₹ 201 Cr https://thekredible.com/company/third-wave-coffee/financials View Full Data To access complete data, visithttps://thekredible.com/company/third-wave-coffee/financials Cost of materials consumed Cost of materials consumed Employee benefit Employee benefit Rent Rent Legal professional Legal professional Travelling conveyance Travelling conveyance Transportation distribution Transportation distribution Discounting charges Discounting charges Selling and marketing Selling and marketing Others To check complete Expense Breakdown visit thekredible.com View full data The increase in employee benefits and rent led its losses to increase 3.6X to Rs 54 crore in FY23 from Rs 15 crore in FY22. Its ROCE and EBITDA margin improved to -38% and -25.9% respectively. On a unit level, TWC spent Rs 1.40 to earn a rupee in FY23. Third Wave has raised over $66 million to date including its $35 million Series C round in September last year. According to the startup data intelligence platform TheKredible, WestBridge Capital is the largest external stakeholder with 32.62% followed by Creaegis. As per Fintrackr’s estimates, its enterprise value to revenue multiple is 8.86X as of FY23. FY22-FY23 FY22 FY23 EBITDA Margin -38% -25.9% Expense/₹ of Op Revenue ₹1.47 ₹1.40 ROCE -47% -38% Towards the end of current fiscal year (FY24), Third Wave Coffee went through a tough phase as it laid off more than 100 employees soon after the $35 million fundraise. The company’s chief executive Sushant Goel also moved to a board role and Rajat Luthra, former head of KFC India and Nepal, was appointed as the new CEO. Goel had 7.89% stake in Third Wave Coffee. It competes with Blue Tokai, Sabko Coffee, Rage Coffee, Slay Coffee, Sleepy Owl, and Seven Beans Co., among others. Its closest competitor Blue Tokai registered Rs 129 crore in revenue with Rs 42 crore loss in FY23. While the mushrooming of coffee chains is not a surprise considering the rapid urbanization and aspirational whiffs around these, the sector has an unusual amount of volatility for the hospitality segment. Coffee chains by default seek the premium end of the market, leaving an opportunity for smaller setups to grab share in the lower price points, and perhaps even eventually add lower priced coffee to their offerings. Doing it all with an aura of cool can be a deadly combination for the newer coffee chains, and something they should watch out for.

Paytm revenue grows 25% and nears Rs 10,000 Cr in FY24

EntrackrEntrackr · 1y ago
Paytm revenue grows 25% and nears Rs 10,000 Cr in FY24
Medial

One97 Communication Private Limited, the parent company of Paytm, scaled 25% year-on-year during the fiscal year ending March 2024. The Noida-based firm, however, managed to maintain EBITDA profitability before ESOP throughout the last fiscal year (FY24). Paytm’s revenue from operations grew 25% to Rs 9,978 crore in FY24 from Rs 7,990 crore in FY23, its annual financial statements disclosed through the National Stock Exchange show. Income from payment services accounted for 62.48% of the total operating revenue, which grew 25% to Rs 6,235 crore in FY24. Meanwhile, income from financial services grew by 30% to Rs 2,004 crore. The remainder income came from marketing and other sources. Paytm also made Rs 547 crore from non-operating activities mainly from interest and gain on financial assets, tallying the total income to Rs 10,525 crore in the last fiscal year (FY24). To the tune of other technology firms, its employee benefits accounted for 39.4% of the overall expenditure. This cost surged 21.5% to Rs 4,589 crore in FY24 from Rs 3,778 crore in FY23. This includes Rs 1,466 crore as share-based payment aka ESOPs cost. Its payment processing charges grew 10.9% to Rs 3,280 crore in FY2. Paytm’s software/tech, marketing cum promotional, legal, and other overheads drove its total expenditure up by 15% to Rs 11,645 crore in FY24 from Rs 10,130 crore in FY23. Note: Paytm has booked Rs 1,465 crore of ESOPs and wrote off Rs 227 crore worth of investments which was made to its associate firm Paytm Payments Bank Ltd (PPBL) after RBI’s action. The decent growth and controlled expenditure helped Paytm to reduce its net losses by 20% to Rs 1,422 crore in FY24. Meanwhile, Paytm maintained its EBITDA profitability before ESOP throughout the year which stood at Rs 559 crore in FY24.

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