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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 .

Trade Spotlight: How should you trade HDFC AMC, Raymond, Exide, Bajel Projects, and others on Wednesday?

Money ControlMoney Control · 1y ago
Trade Spotlight: How should you trade HDFC AMC, Raymond, Exide, Bajel Projects, and others on Wednesday?
Medial

These are some stock ideas for short-term trading: 1. Can Fin Homes: After forming a soccer pattern on the daily chart, Can Fin Homes had a pullback and revisited its prior support level. With significant volume increase and upward price movement, a long position can be initiated. 2. HDFC Asset Management Company: HDFC AMC has been consolidating within a broad range, but there has been a recent rise in price with strong volumes. Trading above its 20-day moving average and critical resistance zone, it indicates potential for further upward movement. 3. Lemon Tree Hotels: Lemon Tree Hotels is forming higher highs and higher lows, indicating a sustained uptrend. With a comfortable RSI and noticeable volume increase accompanying the price rise, a long position can be initiated. 4. Exide Industries: Exide Industries made a fresh record high and closed with a gain. The stock is showing strength in the ongoing trend, with the KST indicator also suggesting good momentum. Dips can be seen as buying opportunities. 5. Raymond: Raymond formed a large bullish candle with huge volumes and closed with a significant gain. The stock is on a positive trend as long as it doesn't close below the previous day's low. Buying on dips is considered a prudent strategy. 6. Craftsman Automation: Craftsman Automation is in a strong uptrend, and a breakout of the rounding bottom pattern is expected. The ADX indicator supports the trend, and buying on dips can be a strategy. 7. Apollo Tyres: Apollo Tyres has given a strong breakout above its trendline resistance. With strong momentum indicated by the RSI crossing above 65 and high volumes, a potential target can be set. 8. Granules India: Granules has re-tested its breakout mark and is holding well above it. Strong momentum is indicated by the RSI near 65, and volumes are equivalent to its 30-day average traded volume. An upside target can be set. 9. Bajel Projects: Bajel Projects has re-tested its breakout mark and is holding well above it. Strong momentum indicated by the RSI and equivalent volumes to its 30-day average trading volume. A strict stop-loss and potential upside target can be set. Note: These stock ideas are provided by different experts and it is advised to check with certified experts before making any investment decisions.

Contrails AI raises $1 Mn in pre-seed round from Huddle Ventures and IAN Group

EntrackrEntrackr · 3m ago
Contrails AI raises $1 Mn in pre-seed round from Huddle Ventures and IAN Group
Medial

Contrails AI raises $1 million in pre-seed round from Huddle Ventures and IAN Group. Trust and safety-tech AI startup Contrails AI has raised $1 million in a pre-seed funding round co-led by Huddle Ventures and IAN Group. The fresh funds will be used to fuel the US and EU pilots running across industries such as marketplaces, media houses, financial firms, and leading digital platforms, Contrails said in a press release. Co-founded by Digvijay Singh and Amitabh Kumar, Contrails AI aims to safeguard internet companies in the age of GenAI. The company delivers solutions trusted by marketplaces, media houses, financial services, and global digital platforms. According to the Bengaluru-based startup, it combines deep-tech innovation with multimodal AI expertise to engineer a compliance-ready safety infrastructure that safeguards digital ecosystems globally. By partnering with the companies in services and technology, the startup aspires to drive adoption of trust & safety solutions while building an interconnected, secure digital ecosystem. Contrails’s proprietary forensics and manipulation detection AI delivers real-time analysis with layered explainability, enabling platform review teams to detect, assess, and act on threats proactively. The platform tackles the threat of cyber crimes with a multimodal approach across video, image, audio, and text, merging fraud detection with forensic DNA analysis and global data expertise. As per market research, from 500,000 in 2023 to 8 million in 2025, deepfake files have grown 16-fold and due to phishing attacks resulted in losses of $17,700 every minute.

Spacetech startup Digantara raises $50 Mn in Series B round

EntrackrEntrackr · 1m ago
Spacetech startup Digantara raises $50 Mn in Series B round
Medial

Spacetech startup Digantara raises $50 Mn in Series B round Digantara, a space surveillance and intelligence platform, has closed its Series B fundraise of $50 million from a mix of new strategic and financial investors, including 360 ONE Asset, SBI Investments Co Japan, and Ronnie Screwvala, with continued participation from existing investors Peak XV Partners and Kalaari Capital. The fresh capital will support global expansion beyond India and the United States, the establishment of new manufacturing facilities for optical systems and satellite production, and the scaling of R&D teams worldwide. The company also plans to deploy 15 space surveillance satellites and two missile-warning satellites during 2026–27. Founded in December 2018 by Anirudh Sharma, Digantara is a space situational awareness company that develops space- and ground-based infrastructure to support safe and secure space operations. It provides data-driven orbital insights to governments, defence agencies, and commercial stakeholders globally. Its integrated platform, AIRA, combines sensing hardware, data processing, and analytics across space and terrestrial systems to enable surveillance and threat monitoring. The infrastructure includes the SCOT constellation for space surveillance, the ALBATROSS series for missile warning and tracking, and SKYGATE, a network of ground-based sensors. These systems are scheduled for phased deployment through 2026–27. Digantara operates across India, Singapore, and the United States, and plans to expand into Europe by mid-2026 to strengthen its space and defence monitoring capabilities. In February 2024, the Aditya Birla Group and SIDBI Venture Capital acquired minority stakes in Digantara. Prior to this, the company had raised $10 million in a Series A round. According to TheKredible, the company’s shareholding details reflect these investments. Several space-tech startups have raised capital over the past 12 months, including Inspecity, Manastu Space, Sisir Radar, OrbitAid, Pixxel, Ulook, and Akashalabdhi. Other players in the segment include Agnikul Cosmos, Skyroot Aerospace, Bellatrix, GlaxEye, Dhruva, SatSure, and Vesta Space.

Decoding Lenskart FY25 numbers

EntrackrEntrackr · 5m ago
Decoding Lenskart FY25 numbers
Medial

Eyewear brand Lenskart has filed its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) in order to raise Rs 2,150 crore via a fresh issue. The company made a sharp turnaround from FY24 and turned profitable, driven by robust growth in revenue and controlled spending across key verticals. Lenskart’s operating revenue grew 23% to Rs 6,653 crore in FY25 from Rs 5,428 crore in FY24, according to its restated financial statement given in DRHP. The bulk of the company’s revenue came from the sale of goods such as prescription eyewear, sunglasses, contact lenses, and accessories which rose 23% to Rs 6,360 crore. Revenue from services such as memberships, home eye check-ups, and training grew 27% to Rs 133 crore, supported by the expansion of its Lenskart Gold programs, which grew to 68 lakh members by March 2025. Other operating income consisted of lease income, scrap sales, website licence fees, and support charges which remained steady at Rs 160 crore. Geographically, revenue from India rose 27% to Rs 4,015 crore. Lenskart added 282 new stores and saw its annual transacting customer base rise 23% to 99 lakh, while eyewear unit sales surged 30% to 2 crore. International markets contributed Rs 2,638 crore, up 17% from FY24; the brand expanded its overseas footprint with 52 new stores, growing its international customer base to 25 lakh. On the expense front, employee benefit expenses emerged as the largest cost component, which rose 27% to Rs 1,379 crore in FY25, followed by material costs which increased 20% to Rs 2,134 crore. Marketing costs also saw a 27% jump to Rs 448 crore. Meanwhile, commission and incentives fell slightly by 4% to Rs 733 crore. Depreciation expenses stood at Rs 797 crore, up 19% from the previous year. Overall, total costs rose 19% to Rs 6,619 crore in FY25 as compared to Rs 5,550 crore in FY24. This combination of steady revenue growth and calibrated cost management enabled Lenskart to post a net profit of Rs 297 crore in FY25, a substantial improvement from a Rs 10 crore loss a year earlier. Its ROCE and EBITDA margin stood at 6.17% and 2.27% respectively. On a unit basis, the company spent Re 0.99 to earn a Rupee of operating revenue in FY25. The company recorded current assets worth Rs 3,630 crore in FY25, including Rs 865 crore in cash and bank balances. Lenskart converted into a public company in June this year in preparation for the listing. The public offering is being managed by a consortium of investment banks, including Kotak Mahindra Capital, Citigroup, Avendus, Axis Capital, Morgan Stanley, and Intensive Fiscal Services.

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