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FarEye spent Rs 361 Cr to earn Rs 139 Cr in FY23

EntrackrEntrackr · 1y ago
FarEye spent Rs 361 Cr to earn Rs 139 Cr in FY23
Medial

SaaS-based logistics management platform FarEye showcased a modest 42% year-on-year growth during the fiscal year ended March 2023 but the firm’s losses worth Rs 243 crore flattened from the previous fiscal year but remained high. FarEye’s revenue from operations grew 41.8% to Rs 139 crore in FY23 from RS 98 crore in FY22, its consolidated financial statements filed with the Registrar of Companies (RoC) show. FarEye provides software solutions to manage large logistics platforms’ supply chain and delivery across manufacturing, e-commerce et al. The sale of logistics services was the sole source of revenue for the company. Besides operating activities, the $150 million round helped FarEye to make Rs 27 crore from interest on investments (non-operating) which took its total collection to Rs 166 crore in FY23. Like other technology startups, its employee benefits accounted for 61.2% of the overall expenditure. This cost grew only 8% to Rs 251 crore in FY23 from Rs 232 crore in FY22. Its information technology, traveling, legal-professional, advertising, repair, rent, and other overheads catalyzed the FarEye’s overall expenditure to Rs 410 crore in FY23 from Rs 361 crore in FY22. FarEye’s prudent expense management helped the Microsoft-backed firm to register a mere 4.7% increase in its losses to Rs 243 crore in FY23. Its ROCE and EBITDA margin stood at -60% and -142.2%, respectively. On a unit level, FarEye spent Rs 2.95 to earn a rupee in FY23. FY22-FY23 FY22 FY23 EBITDA Margin -176% -142.2% Expense/₹ of Op Revenue ₹3.68 ₹2.95 ROCE -36% -60% FarEye’s total current assets stood at Rs 438 crore including current investments and cash/bank balance during FY23. FarEye has raised over $150 million across rounds and was valued at $400 million in its last fundraiser. According to the startup data intelligence platform TheKredible, TCV is the largest stakeholder with 13.74% followed by Elevation Capital. As per Fintrackr estimates, its enterprise value to revenue multiple was 21X at the end of FY23. While there are firm indications that the firm has turned, or is close to turning the corner as far as margin improvement goes, Fareye’s backers would know that much could go wrong from here as well. With FY24 over, the firm would have done well to not only maintain the growth rate from FY23, but also keep expenses in control as it did previously. Any major slip up here will lead to serious questions about it’s long term viability, leading to an adverse impact on the existing business sooner than later.

Waycool posts Rs 1,251 Cr revenue and Rs 686 Cr loss in FY23

EntrackrEntrackr · 11m ago
Waycool posts Rs 1,251 Cr revenue and Rs 686 Cr loss in FY23
Medial

B2B food and agritech platform Waycool claims Rs 1,600 crore in revenue with the goal of operational break even in FY24. While the company is yet to release its financial statements for FY24, it recently disclosed its results for the fiscal year ending March 2023 after an 11-month delay. Entrackr has sifted through the firm’s regulatory filings to understand its financial health in FY23. Waycool’s revenue from operations grew by 62% to Rs 1,251 Crore in FY23 from Rs 772 Crore in FY22, its consolidated financial statements sourced from the Registrar of Companies show. The difference in the revenue figures for FY22 was due to the adoption of IND AS by the company. The firm reported Rs 927 crore revenue in FY22. Waycool is a full-stack supply chain player working with farmers and clients who source agricultural and dairy products from the company. The company has its 7 own consumer brands namely Madhuram, KitchenJi, DeziFresh, AllFresh and others. The collection from the sale of goods formed 98% of the total operating revenue which surged 60% to Rs 1,228 crore in FY23. Out of the total sale of goods, the finished goods ( the sale of its own brands) contributed 10% only while the rest of the sales came from traded goods. Income from commissions and cold storage management were some co-revenue drivers for Waycool. The company also added Rs 11 crore from interest on fixed deposits and non-current investments, tallying the overall income to Rs 1,262 crore in FY23. See TheKredible for the detailed revenue breakup. Since Waycool follows an inventory-led model, the cost of procurement of materials accounted for 61.51% of the total expenditure. In line with scale, this cost grew 58.2% to Rs 1,200 crore in FY23. The firm’s expenses on employee benefits, doubtful debts, advertising, transportation, and other overheads took its overall cost up by 71.3% to Rs 1,951 crore in FY23 from Rs 1,139 crore in FY22. Check TheKredible for the detailed expense breakdown. Note: We have excluded the expense of Rs 1,906 crore and 828 crore from FY23 and FY22 respectively which were incurred against the loss of fair value of the preference shares, the company’s spokesperson confirmed, after sending queries. Despite the decent scale, the company didn’t manage to control its costs, resulting in its losses surged by 89% to Rs 685 crore in FY23. The company spent Rs 1.56 to earn a rupee in FY23. FY22-FY23 FY22 FY23 EBITDA Margin -149.68% -199.66% Expense/₹ of Op Revenue ₹1.47 ₹1.56 ROCE N/A N/A While operational break-even might seem too ambitious in FY24 with these numbers, it is not impossible, considering Waycool is well past the investment stage now. However, the Chennai-based company has been struggling to find new investment and closed several initiatives in a bid to cut costs and extend the runway. According to sources, things aren’t looking great for Waycool and it would be exciting to watch whether it bounces back or wilts away on the lines of several promising venture-backed agritech startups.

Juspay’s revenue spikes 88% to Rs 213 Cr in FY23; losses stand still

EntrackrEntrackr · 1y ago
Juspay’s revenue spikes 88% to Rs 213 Cr in FY23; losses stand still
Medial

Payments technology firm Juspay has been consistent in its scale with 85% YoY growth in the last two fiscal (FY23 and FY22). At the same time, the SoftBank-backed company kept a tight rein on its losses which remained almost unchanged in the fiscal year ending March 2023. Juspay’s revenue from operations grew 88.5% to Rs 213 crore in FY23 from Rs 113 crore in FY22, its annual financial statements filed with the Registrar of Companies show. Juspay offers payment processing technology to merchants and is working behind offline payment solutions. Its flagship products include Juspay Safe, HyperSDK, Express Checkout, and UPI in a Box. It claims to process over 100 million transactions with an annualized TPV (total payment value) of more than $500Bn. Payment platform integration and related services were the primary source of revenue for Juspay. The company also earned Rs 24 crore from interest on non-current and current investments which tallied Juspay’s total income to Rs 213 crore during the previous fiscal year (FY23). Similar to other payments companies, its employee benefits emerged as the largest cost center forming 62% of the overall expenditure. This cost surged 70% to Rs 214 crore in FY23 from Rs 126 crore in FY22. This includes 54 crore as ESOP cost which is non-cash in nature. Juspay’s expenses on rent, information technology, legal professional, advertising, and overheads took its overall cost up by 53.8% to Rs 343 crore in FY23 from Rs 223 crore in FY22. Check TheKredible for a detailed expense breakdown. The impressive scale with a tight control on expenses helped Juspay control its losses which increased only by 5% to Rs 106 crore in FY23 as compared to Rs 101 crore in FY22. Its ROCE and EBITDA margin improved -21% and -40.9% respectively. On a unit level, the Accel Partners-backed firm spent Rs 1.61 to earn a rupee in FY23. FY22-FY23 FY22 FY23 EBITDA Margin -80% -40.9% Expense/₹ of Op Revenue ₹1.97 ₹1.61 ROCE -24% -21% The Bengaluru-based company secured over $85 million across rounds including a $60 million round led by SoftBank in 2021. According to the startup data intelligence platform TheKredible, Accel is the largest external stakeholder with 12.39% followed by VEF VC and SoftBank.

Exclusive: DaMENSCH raises fresh capital from existing investors at flat valuation

EntrackrEntrackr · 1y ago
Exclusive: DaMENSCH raises fresh capital from existing investors at flat valuation
Medial

D2C men’s lifestyle brand DaMENSCH has raised Rs 21.62 crore (approximately $2.5 million) in its extended Series B round from existing investors. The fresh investment, which came after a gap of two years, appears to be a bridge round for the Bengaluru-based company. The board at DaMENSCH has passed a special resolution to issue 1,017 shares at an issue price of Rs 2,12,515 each to raise Rs 21.6 crore, its regulatory filing accessed from the Registrar of Companies shows. Existing investors including Matrix Partners, Saama Capital, Whiteboard Capital, and A91 Emerging Fund also participated during the round. The bridge round has flown in at a flat valuation. As per TheKredible estimates, it has been valued at around $70-75 million (post-money). DaMENSCH has raised over $25 million to date including its $16.6 million Series B round led by A91 Partners in February 2022. According to the startup data intelligence platform TheKredible, A91 Partners is the largest external stakeholder followed by Matrix and Saama Capital. Started in 2018 by Anurag Saboo and Gaurav Pushkar, DaMENSCH offers a range of innerwear and casual wear. It leverages its own website and marketplaces such as Amazon, Flipkart, and Myntra for distribution. While the company is yet to file its financial statements for FY24, DaMENSCH’s revenue grew 22.7% year-on-year to Rs 77.57 crore in FY23. Unlike its scale, the firm’s losses surged twofold to Rs 62.34 crore in the fiscal year ending March 2023. DaMENSCH directly competes with Bummer which secured Rs 9.25 crore from Gruhas Collective Consumer Fund in March. XYXX seems to be the most funded player in the space as it raised over $36 million to date including $13.5 million from Amazon Sambhav Fund in May last year.

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