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Cyber attack hits Safexpay in FY24: revenue shrinks 67%, losses double

EntrackrEntrackr · 10m ago
Cyber attack hits Safexpay in FY24: revenue shrinks 67%, losses double
Medial

Fintrackr All Stories Cyber attack hits Safexpay in FY24: revenue shrinks 67%, losses double Mumbai-based fintech company Safexpay faced a tough fiscal year in FY24, with its revenue dropping sharply by 67% after its payment gateway was hacked in October 2023. Meanwhile, the company's losses doubled during the same period. Safexpay's operating revenue declined by 67% to Rs 88.5 crore down from Rs 269.5 crore in FY23, as per its consolidated financial statement sourced from the Registrar of Companies (RoC). Safexpay operates as a fintech company providing payment gateway solutions, digital banking, and API-based payment infrastructure for businesses, enabling secure transactions, recurring payments, and multi-currency support across various payment methods. The steep decline in revenue was mainly due to a sharp reduction in payment gateway transaction volumes, which led to a 79.57% drop in related income. Notably, the company's payment gateway was hacked, leading to significant financial and reputational damage. According to media reports, the Thane Police are investigating a Rs 16,180 crore scam linked to the breach. On the cost side, Safexpay’s total expenses decreased by 52.41% to Rs 143 crore in FY24 from Rs 300.5 crore in FY23. Employee benefit expenses fell by 17.46% to Rs 26 crore, while payment gateway charges, the firm's largest cost component, dropped by 79.57% to Rs 48 crore. Due to a hack in its core payment gateway business, legal expenses surged 5.5X to Rs 11 crore, while bad loans increased nearly tenfold to Rs 16 crore. The company also incurred a cost of Rs 21 crore after hackers breached Safexpay’s account and siphoned off the funds. Despite cost-cutting measures, Safexpay struggled to offset revenue declines, causing its net loss to widen to Rs 44 crore in FY24, compared to Rs 22 crore in FY23. Its Return on Capital Employed (ROCE) and EBITDA margin deteriorated to -186% and -42.12%, respectively. On a unit level, the firm spent Rs 1.62 to earn a single rupee in FY24. The Mumbai-based company reported current assets worth Rs 77 crore in FY24 which included Rs 10.5 crore in cash and bank balance. According to TheKredible, Safexpay has raised a total of $6 million of funding to date having Ardor Advisors and Choithram International as its lead investors. The company’s founder owns 44% of the company. The hit that Safexpay is having to endure is the kind of blow that can be fatal. Especially in the fintech business where one could argue that credibility is worth a lot more than money in the bank in this case. Safexpay faces a battle for survival no doubt, and one would have to say that the odds are lengthening unless it can find a long-term backer.

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Zolostays hits Rs 200 Cr revenue in FY24, trims losses

EntrackrEntrackr · 12m 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.

EV maker Ampere’s scale shrinks 46% in FY24; losses multiply 11X

EntrackrEntrackr · 1y ago
EV maker Ampere’s scale shrinks 46% in FY24; losses multiply 11X
Medial

After achieving two-fold growth in FY22 and FY23, electric vehicle maker Ampere experienced a 46% decline in revenue in FY24, with scooter sales plummeting by nearly 60%. Moreover, the company's losses widened more than 10X, driven by the significant decline in scale. Ampere's revenue from operations decreased to Rs 612 crore in the last fiscal year, from Rs 1,124 crore in FY23, its consolidated financial statements accessed from the Registrar of Companies show. Ampere, a brand under Greaves Electric Mobility, focuses on manufacturing electric scooters and three-wheeled vehicles. In FY24, scooter sales, which contributed 70.5% of the company's total operating revenue, declined by 59% to Rs 432 crore. In contrast, sales of three-wheelers surged 2.5X, reaching Rs 178 crore in the last fiscal year. Ampere also added Rs 2 crore from scrap sales and Rs 29 crore from non-operating activities, tallying the overall revenue to Rs 641 crore in FY24, compared to Rs 1,159 crore in FY23. For the EV maker, the cost of procurement of materials formed 61% of the overall expenditure. To the tune of scale, this cost decreased by 40% to Rs 526 crore in FY24. Ampere hired more workforce in FY24, which resulted in its employee benefits increased by 48.5% to Rs 101 crore. Its advertising, legal, warranty, contracting, and other overhead expenses brought the total cost to Rs 857 crore in FY24, down from Rs 1,172 crore in FY23. For a detailed cost breakdown, head to TheKredible. Caveat: We have excluded the exceptional item amounting to Rs 477 crore for calculating net loss as it is a one-time cost and non-operative. Ampere's deteriorating scale and rising employee benefit costs led to a nearly 11X surge in losses, reaching Rs 215 crore in FY24 compared to Rs 20 crore in FY23. Its ROCE and EBITDA margins declined sharply to -45.4% and -27.46%, respectively. The company's expense-to-earnings ratio stood at Rs 1.40. At the end of FY24, Ampere reported total current assets of Rs 352 crore, including cash and bank balances of Rs 62 crore. While it is pretty clear that the onslaught from Ola Electric and legacy players like Hero, Bajaj and TVS has put a brake on growth for Ampere, going by the parent firm's plans for an IPO for the mobility division, it does seem to have the backing for the long haul. Would it still be as comfortable if the planned IPO does not happen? That could mean some pretty tough decisions soon, although the firm has the experience and the pedigree to course correct and find a way out of the hole it has dug itself into.

McCain India crosses Rs 1,200 Cr revenue in FY24; profit shrinks 29%

EntrackrEntrackr · 9m ago
McCain India crosses Rs 1,200 Cr revenue in FY24; profit shrinks 29%
Medial

McCain India’s revenue from operations increased by a modest 3% YoY growth to Rs 1,214 crore in FY24, as per its standalone financial statements sourced from the Registrar of Companies (RoC). Among fried snack brands in India, McCain is a major player. The brand has expanded its portfolio to include a range of options, with revenues surpassing Rs 1,200 crore in FY24. Revenue from operations was Rs 1,172 crore in FY23. Income from the sale of its fried products was the sole revenue for McCain. It sells its products through retail, foodservice partnerships, and digital channels such as BlinkIt, Swiggy Instamart, and Zepto. The company also added Rs 31 crore, mainly from interest on deposits, resulting in an overall revenue of Rs 1245 crore in FY24, compared to Rs 1189 crore in FY23. Material procurement remained the largest cost driver, accounting for 43.8% of total expenses, rising to Rs 493 crore in FY24. Employee benefit expenses grew by 19%, reaching Rs 100 crore in FY23. Advertising cost surged by 63% to Rs 88 crore in FY24. Total expenditure was Rs 1,125 crore in FY24, up from Rs 1,020 crore in FY23. Net profits reduced by 29.4% to Rs 89 crore in FY24, compared to Rs 126 crore in FY23. Its ROCE and EBITDA margin stood at 15.28% and 4.58% respectively. It spent Rs 0.93 per rupee earned in FY24.

CityMall hits Rs 450 Cr GMV in FY24 with steady losses

EntrackrEntrackr · 11m 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.

Eggoz hits Rs 130 Cr revenue in FY25; cuts losses

EntrackrEntrackr · 7d ago
Eggoz hits Rs 130 Cr revenue in FY25; cuts losses
Medial

Eggoz’s revenue from operations rose 78% year-on-year to Rs 130 crore in FY25 from Rs 73 crore in FY24, according to its standalone financial statements sourced from the Registrar of Companies (RoC). Founded in 2017 in Bihar by Abhishek Negi, Aditya Singh, and Uttam Kumar, Eggoz operates an asset-light, farmer-led supply chain model that enables fresh eggs to reach retailers within 24 hours. Over the years, the company has expanded its presence across key markets, including Delhi-NCR, Bengaluru, Kolkata, Jaipur, and Lucknow. The sale of eggs remained the sole contributor to Eggoz’s operating revenue in FY25. That said, the company has recently expanded beyond shell eggs by foraying into the ready-to-cook segment with offerings such as momos, burger patties, and nuggets. On the expense side, procurement of eggs continued to be the largest cost centre, accounting for nearly 67% of total expenditure. Procurement costs increased to Rs 103 crore in FY25, largely in line with the company’s revenue growth. Employee benefit expenses rose to Rs 20 crore during the year, including Rs 3 crore towards ESOP-related costs. Freight, advertising, rent, and other overheads pushed Eggoz’s total expenditure to Rs 154 crore in FY25, up from Rs 100 crore in the previous fiscal. Despite higher operating expenses, improved scale helped Eggoz reduce its net losses by 8% to Rs 23 crore in FY25 from Rs 25 crore in FY24. The company also reported improvements in EBITDA, return on capital employed (ROCE), and its expense-to-revenue multiple during the year. According to the company, Eggoz reached a peak brand annual revenue run rate (ARR) of Rs 200 crore and achieved EBITDA breakeven in Q4 FY25, driven by strong consumer demand and expanded distribution. Eggoz has raised over $32 million in funding to date. This includes a $20 million round led by Gaja Capital. Prior to this, the company raised $8.8 million in a Series B round led by IvyCap Ventures, $3.5 million in Series A funding, and Rs 3.7 crore during its seed stage.

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