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SafeGold clocks Rs 6,867 Cr in gold transactions in FY25; turns EBITDA positive

EntrackrEntrackr · 22d ago
SafeGold clocks Rs 6,867 Cr in gold transactions in FY25; turns EBITDA positive
Medial

Digital gold investment platform Safegold’s gross revenue growth slowed to 12% in FY25 as it reported Rs 6,867 crore in operating revenue. The firm also turned EBITDA positive during the year. Digital gold investment platform Safegold’s gross revenue growth slowed to 12% in FY25, following strong expansion of 82% and 36% in FY23 and FY24, respectively, amid soaring gold prices in the country. However, the company turned EBITDA positive during the last fiscal year. Safegold gross revenue surged by 12% to Rs 6,867 crore in FY25 from Rs 6,116 crore in FY24, its consolidated financial statements filed with the Register of Companies (RoC) shows. Safegold is a digital platform that allows customers to easily buy, sell, and securely store vaulted gold, even in small denominations. It also enables users to convert their digital gold into jewellery through partnerships with Tata-owned Tanishq and CaratLane. The sale of digital gold across online and offline platforms was the primary revenue driver for the Mumbai-based company and contributed Rs 6,839 crore. The firm earned another Rs 27 crore from other operating revenue sources. Safegold sourced gold from refineries, custodians, and other trusted partners, accounting for 99.2% of its total expenditure. This cost climbed 12.5% to Rs 6,809 crore in FY25 from Rs 6,052 crore in FY24, mirroring its overall scale-up. Employee benefits expenses rose 12.5% year-on-year to Rs 12.44 crore in FY25, while it booked Rs 30.83 crore under miscellaneous expenses. Legal and professional fees, advertising, distribution, and other overheads pushed the total expenditure to Rs 6,895 crore in FY25. On the bottom line, Safegold’s losses rose to Rs 12.2 crore, which included Rs 14.48 crore of one-time exceptional expenses. At the operational level, however, the company reported a positive EBITDA of Rs 2 crore during the year. Its ROCE and EBITDA margin stood at 32.77% and 0.03% respectively. On a unit level, it spent Rs 1 to earn a rupee in FY25. The company’s current assets stood at Rs 56.74 crore, including cash and bank balances of Rs 32 crore at the end of March 2025. Safegold is backed by Pravega Ventures, Beenext, a Singapore-based angel network, and individual investors such as Rajan Anandan, Roshan Angrish, Prashant Malik, and Niraj Shah. The company has raised over $2 million to date, according to startup data intelligence platform TheKredible. Even as SafeGold reported steady growth in FY25, digital gold continues to gain traction among retail investors. SEBI’s recent clarification that these products do not fall under its regulatory or commodity-derivative framework has removed ambiguity but keeps the category largely self-governed, a gap that could hamper customer interests in the long run if platforms fail to uphold adequate safeguards. With distribution widening across fintech apps, the onus is now on players to strengthen disclosures, audits and vault-management practices as the category scales.

Safegold gross revenue nears Rs 5,000 Cr in FY23; turns profitable

EntrackrEntrackr · 1y ago
Safegold gross revenue nears Rs 5,000 Cr in FY23; turns profitable
Medial

Several digital investment platform users like Zerodha, Groww, Upstox, and more saw a huge uptick in user base in the last couple of years, mainly driven by the stay-at-home-norms during the Covid phase. Beyond the stock markets, investment in digital gold experienced a turnaround, too. This could also be evident from Safegold’s exceptional financial performance in FY23. Safegold gross revenue surged by 81.8% to Rs 4,498 crore in FY23 from Rs 2,474 crore in FY22, its consolidated financial statements filed with the Register of Companies show. Safegold is a digital platform enabling customers to effortlessly purchase, sell, and securely receive vaulted gold, even at minimal amounts. The sale of digital gold from online and offline platforms was the only source of revenue for the Delhi-based company. Notably, 79.2% of Goldsafe’s trade comprises wholesale transactions, with the remaining portion falling under retail trade. For the digital gold platform, the purchase of digital gold and related items accounted for 99.1% of the overall expenditure. In tune with scale, this cost grew 99.1% to Rs 4,459 crore in FY23 from Rs 2,443 crore in FY22. Its employee benefits, legal/professional, advertising, distribution, and other overheads took the overall cost to Rs 4500 crore in FY23 from Rs 2475 crore in FY22. See TheKredible for the detailed expense breakup. The 80% year-on-year scale and controlled expenditure helped Safegold to register a profit of Rs 11 crore in FY23 where the figures were at a loss of Rs 1 crore in FY22. Its ROCE and EBITDA margin stood at 46% and 0.2% respectively. On a unit level, it spent Rs 1 to earn a rupee in FY23. FY22-FY23 FY22 FY23 EBITDA Margin 0% 0.2% Expense/₹ of Op Revenue ₹1.00 ₹1.00 ROCE -8% 46% Safegold is backed by Pravega Ventures, Beenext, a Singapore angel network, and individuals like Rajan Anandan, Roshan Angrish, Prashant Malik, and Niraj Shah. Head to TheKredible for the complete shareholding. In what is a business built on the finest of margins in a commodity as well established as gold, the company has done well to deliver high growth. But with margins set to remain slim, and profitability delivered on the back of interest income, the firm still needs work to ensure costs stay in check as volumes grow. That sounds possible in a category like Gold, especially in a bullish market for the yellow metal, making Safegold a firm to keep an eye on .

Upstox profit jumps 8X to Rs 190 Cr in FY24

EntrackrEntrackr · 10m ago
Upstox profit jumps 8X to Rs 190 Cr in FY24
Medial

Upstox profit jumps 8X to Rs 190 Cr in FY24 Following Rs 1,050 crore of revenue with profitability in FY23, Upstox delivered another notable year with 25% year-on-year growth during the fiscal year ended March 2024. Moreover, the profits jumped 8X to Rs 190 crore in the same period. Upstox’s revenue from operations grew to Rs 1,311 crore in FY24 from Rs 1,050 crore in FY23, according to the company’s press release. Upstox provides retail investors with investment options, including stocks, IPOs, futures & options (F&O), commodities, currencies, fixed deposits, peer-to-peer lending, government bonds, non-convertible debentures (NCDs), gold, and insurance. According to the company, it has a user base of 1.7 crore, with a significant 85% of its customers coming from tier II and III cities. “In FY24, we focused on innovation and high-impact growth, ensuring every investor and trader has the best tools at their fingertips. We are building a profitable, innovation-driven, and customer-first company that sets new benchmarks in security, speed, and simplicity” Ravi Kumar, CEO and Co-founder, Upstox said in the press release. In May 2024, the firm also entered the insurance distribution business. Upstox has raised over $200 million to date and was valued at $3.5 billion in its last fundraise. According to the startup data intelligence platform TheKredible, Tiger Global is the largest external stakeholder, holding 38.54%. The founding team including Ravi Kumar, Shrinivas Vishwanath, and Kavitha Subramanian own 36.12% of the company. Raghu Nathan Kumar, the company’s director, has 15% stake. In October 2024, the company delivered a 10X return to Ratan Tata in the partial buyback. Upstox's major competitors include Zerodha, Groww, Angel One, and PhonePe’s Share.Market. In FY24, Groww's revenue surged to Rs 3,145 crore, Zerodha reported Rs 8,370 crore in revenue and Rs 4,700 crore in profits. Angel One recorded Rs 4,280 crore in revenue in the previous fiscal year. According to the National Stock Exchange, Upstox ranks fifth in active users, with 2.89 million. Groww holds the top position, followed by Zerodha and Angel One.

Ultrahuman income jumps 15x to Rs 107 Cr in two fiscal years

EntrackrEntrackr · 11m ago
Ultrahuman income jumps 15x to Rs 107 Cr in two fiscal years
Medial

Wearable tech startup Ultrahuman scaled three-fold year-on-year to over Rs 100 crore during the fiscal year ended in March 2024. Moreover, the Deepinder Goyal-backed firm managed to reduce its losses by 45% in the same period. Ultrahuman's total income grew to Rs 107 crore in FY24 from Rs 30 crore in FY23, its consolidated financial statements sourced from the Registrar of Companies show. Ultrahuman is a self-quantification platform that provides a smart ring called Ring Air, a glucose monitoring wearable M1 Live, and a blood testing product called Blood Vision, among others. Ultrahuman recently launched its luxury Rare smart ring collection at the Consumer Electronics Show (CES) 2025, featuring 18-karat gold and platinum models priced up to $2,200. It is considered one of the most expensive smart rings in the world. Income from the sale of smart rings accounted for 75% of the total revenue which stood at Rs 80 crore in FY24. The rest of the collections come from subscription income and other allied services for the Bengaluru-based company. The company also has two subsidiaries in UAE and London till FY24. Moving to its cost front, its cost of procurement of rings and related materials was the largest cost center for Ultrahuman accounting for 26% of the overall expenditure which increased 85% to Rs 38 crore in FY23. The company managed to keep the employee benefits flat and reduced its advertising cost by 38% during FY24. Its technology, freight, legal, software, server, and other overheads took the overall expenditure up by 44.6% to Rs 146 crore in FY24 from Rs 101 crore in FY23. The 3X scale and controlled expenditure helped Ultrahuman to shrink its losses by 45% to Rs 39 crore in FY24, compared to 71 crore in FY23. On a per-unit basis, the company spent Rs 1.36 to earn Rs 1 in FY24, a significant improvement from Rs 3.37 in FY23. Ultrahuman has raised over $60 million to date including its $35 million Series B round led by Deepinder Goyal and existing investors at a post-money valuation of $125 million. According to the startup data intelligence platform TheKredible, Nexus Ventures is the largest external stakeholder with 17.26% followed by Blume Ventures. Its co-founders Mohit Kumar and Vatsal Singhal cumulatively owned 28.9% of the company. While the growth metrics seem inspired by its name, Ultrahuman still faces a formidable challenge of turning the corner in terms of profits. Smart ring, glucose monitoring are all fiercely competitive categories where the best narrative will win finally. With the utter dependence on outsourcing manufacturing, the business will always face external risks that are difficult to predict.

Decoding $88.5 Mn Udaan-Shopkirana stock deal

EntrackrEntrackr · 5m ago
Decoding $88.5 Mn Udaan-Shopkirana stock deal
Medial

Udaan has acquired Shopkirana in an all-stock deal, marking a notable consolidation in the grocery commerce space. While both firms have termed the deal strategic, Entrackr’s analysis suggests it is an unremarkable acquisition from an investor’s perspective. According to regulatory filings, the board of Info Edge has approved the transfer of its entire 26.14% stake in ShopKirana, held through its wholly-owned subsidiary Startup Investments Holding Ltd (SIHL), to Hiveloop Technology Pvt Ltd (HEPL), a subsidiary of Trustroot Internet (Udaan’s parent entity) based out of Singapore. In return, Info Edge will receive 1.68 crore shares of Hiveloop Technology, which translates to around 0.91% of HEPL on a fully diluted basis. These shares are linked to 73,561 reference shares at the Udaan parent and are valued at approximately $23.13 million, as per the agreement. The swap pegs Shopkirana’s total enterprise value at roughly $88.5 million, based on the value attributed to Info Edge’s minority stake (26.14%). According to the disclosure, the transaction is subject to customary closing conditions mentioned in the agreements. According to Entrackr’s analysis, ShopKiarana will get a 3.48% value of Udaan’s India business as per the Info Edge holding in Udaan’s Indian entity. Shopkirana has raised over $50 million in its lifetime from Info Edge, Sixth Sense Ventures, Oman India Joint Investment Fund, and others. Founded in 2015, ShopKirana focuses on digitizing procurement for kirana stores across smaller cities such as Indore, Bhopal, Lucknow, Agra, Surat, and Meerut. Its integration with Udaan will expand the latter’s reach in high-frequency categories like fast-moving consumer goods (FMCG) and hotel, restaurant, and catering (HoReCa) business. For the fiscal year ended in March 2024, Shopkirana’s gross revenue decreased 6.26% to Rs 639.16 crore in FY24 from Rs 681.81 crore in FY23. However, the firm managed to reduce its losses by 30% to Rs 55 crore in FY24. The transaction is yet another indicator of the investor fatigue and challenges in the grocery commerce space. Firms have found it extremely difficult to squeeze out profits, even as scale has been relatively easier to acquire thanks to the sheer size of the category. Only the biggest will offer a market-based exit to investors, while consolidation might be the way out for the rest. ShopKirana has probably tried to become acquisition-ready by controlling costs, but paid a price in terms of topline growth. For Udaan, which has been on a push towards reducing EBITDA losses for the past two years, a stock swap is the best outcome while it hopes for an upside in due course. With any potential exit some time away, ShopKirana is a relatively low-risk acquisition that it will hope can surprise on the upside.

Groww’s customer acquisition cost spikes 73% in H1 FY26

EntrackrEntrackr · 27d ago
Groww’s customer acquisition cost spikes 73% in H1 FY26
Medial

Groww reported a profitable yet uneven second quarter of FY26, posting higher earnings even as pressure mounted across revenue, user activity, customer acquisition costs, and cash reserves, according to its Q2 FY26 shareholders’ letter shared with the exchanges. The company recorded Rs 1,071 crore in total income for the quarter, with profit after tax of Rs 471 crore, a 12% year-on-year increase on paper. However, the growth isn’t as strong as it appears. In the year-ago period, Groww had booked a one-time long-term incentive provision of Rs 159.3 crore, which was reversed later. Adjusting for that reversal, the company’s PAT would have actually declined 12–13% YoY, matching the drop in operating revenue. Revenue from operations slipped 9% YoY to Rs 1,019 crore, largely due to reduced derivatives activity following SEBI’s true-to-label circular. User momentum remains under strain as well. Groww’s NSE active clients fell to 11.9 million, down from 13.2 million earlier this year. The trend reflects a broader industry correction, with the overall NSE active base declining from 50.2 million in January 2025 to 45.3 million by the end of Q2. Groww said the metric is a lagging indicator and highlighted early signs of a rebound in October, where its market share edged up to 26.6%, compared to 25.6% last year. Total transacting users grew 5% sequentially to 19 million, while total customer assets inched up 2% to Rs 2.7 trillion. The quarter also absorbed the financial impact of Groww’s acquisition of Fisdom, completed in October. The company paid Rs 961 crore for the deal, which reflects in its balance sheet. Fisdom, which generated Rs 166 crore in revenue last year, will begin contributing to Groww’s revenue from the upcoming quarter, adding an estimated 3–4% to operating income. On the cost front, the company’s cost to grow rose 23% YoY and 15% QoQ to Rs 125 crore, steered primarily by a 48% jump in performance marketing spends. While branding expenses fell, overall customer acquisition costs spiked sharply. Groww’s CAC for H1 FY26 climbed to Rs 1,374, significantly higher than Rs 796 in the same period last year. Despite reporting strong profits, Groww’s cash balance fell 6%, declining from Rs 3,819 crore to Rs 3,599 crore. The company attributed the fall to increased deployment into its MTF and LAS books, debt repayments, and the cash outflow related to the Fisdom acquisition. Groww also expanded its product suite further. Commodity derivatives, launched in phases in September, saw early engagement with 7,000–8,000 daily transacting users, although their contribution to revenue is still below 1%. The company also rolled out 915, a desktop-first terminal for advanced traders, and continued scaling its presence in fixed-income products, capturing 5–6% retail market share in Bond IPOs. Overall, Groww’s second quarter was defined by a paradoxical mix of rising profitability and weakening operating momentum. Revenue declined, user activity softened, customer acquisition became more expensive, and cash reserves shrank. With Fisdom’s consolidation kicking in next quarter and high-yield lending and trading products expanding, the coming months will test whether Groww can hold on to its high-margin profile amid a cooling retail investment cycle.

BlinkIt brings EMI option for orders over Rs 2,999

EntrackrEntrackr · 1y ago
BlinkIt brings EMI option for orders over Rs 2,999
Medial

Blinkit, the quick commerce platform, has introduced an EMI (Equated Monthly Installments) option for its customers, allowing them to split payments for purchases over Rs 2,999. This option will be available on all orders except those containing gold and silver coins. The new EMI feature is part of Blinkit's strategy to expand its customer base and drive more significant purchases on its platform. With a growing number of consumers relying on quick commerce for grocery, household items, and more, this option can make larger orders more accessible. By enabling consumers to spread payments over time could also lead to higher-value transactions, as per experts tracking this space. Currently, it has tied up with several banks such as HDFC, SBI, ICICI, Kotak Mahindra, Axis, RBL and CITI Bank to provide EMI options via credit cards. For Blinkit, introducing EMI as a payment option aligns with its focus on scaling up and increasing customer loyalty. Quick commerce is highly competitive, with companies like Blinkit, Swiggy Instamart, and Zepto all vying for market share. By facilitating such transactions, Blinkit aims to increase its average order value, a key metric in its growth strategy. Early this week, Blinkit launched the Seller Hub to enable brands to manage their presence on the platform independently, without needing intermediaries. Over 200 brands already have access, the platform offers tools for brands to control their quick commerce operations efficiently. Blinkit has emerged as a leader in the quick commerce space, and recently, HSBC valued it at around $20.8 billion, more than twice the valuation of its parent company, Zomato, which was valued at $9.2 billion by the banking firm. An EMI option, through third party lenders, is one more way to eke out margins in the tough e-commerce business. Not to mention that it might deter some deal seekers to stick with Blinkit just for the convenience of the EMI. So improved margins here too. With the wider portfolio of products like gold and mobiles etc that has been added, an EMI option was a natural progression, one could argue. So what could go wrong? Other than the typical initial costs of processes for the added feature, not much, one would imagine, with a very strong upside if it takes off well. In which case, it will not be a unique offering for too long in any case.

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