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DealShare FY23 losses widen 14% to Rs 502.7 crore
YourStory
·
1y ago
Medial
Social commerce platform DealShare's FY23 losses widened 14% to Rs 502.7 crore, up from Rs 440.7 crore incurred in the previous year. Total expenses increased marginally to Rs 2,557.6 crore from Rs 2,340.3 crore. The Bengaluru-based firm posted a 5% increase in revenue from operations to Rs 1,963.5 in FY23 from the year-ago period.
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Unnati Agri crosses Rs 500 Cr revenue in FY24; losses widen marginally
Entrackr
·
3m ago
Medial
Unnati Agri continued its growth momentum by crossing the Rs 500 crore revenue mark in the fiscal year ending March 2024. While its losses increased by 14% year-on-year, they remained under control during the same period. Unnati Agri’s revenue from operations increased by 30% to Rs 515 crore in FY24, from Rs 397 crore in FY23, according to its financial statements sourced from the Registrar of Companies (RoC). Unnati enables farmers to buy agri-inputs and sell produce directly to food processors and agribusinesses, generating 99% of its revenue from these transactions. It also offers pre- and post-harvest services along with working credit through a unified platform. On the expense side, material costs remained dominant at 88% of total expenses. These costs rose 27% to Rs 469 crore in FY24 from Rs 370 crore in FY23. Discount charges, tied to incentives and promotions, more than doubled to Rs 31 crore from Rs 15 crore. Employee benefits increased to Rs 15 crore, and other expenses rose to Rs 18 crore. Overall, the Orios Venture-backed firm’s total expense increased by 29% to Rs 533 crore in FY24 from Rs 412 crore in FY23. Despite the top-line growth, the company’s losses slightly widened to Rs 16 crore in FY24 from Rs 14 crore in FY23. Its ROCE and EBITDA stood at -17.19% and -2.03%, respectively. On a unit basis, the company spent Rs 1.03 to earn a rupee of operating revenue in FY24. Unnati’s total assets rose to Rs 144 crore in FY24, with current assets reaching Rs 141 crore. As of March 2024, the firm held Rs 34 crore in cash and bank balances, offering a liquidity buffer. According to startup data intelligence platform TheKredible, Unnati Agri has raised approximately $14 million in funding till date, having NABVENTURES and VSS Investco as its lead investors. Its co-founders, Amit Sinha and Ashok Prasad together own 44.6% of the company.
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Apparel maker Blissclub sees FY23 loss widen four-fold
Economic Times
·
1y ago
Medial
Bangalore-based apparel maker Blissclub reported a fourfold increase in losses to Rs 36 crore for the financial year ended March 2023. However, the firm's operating revenue surged to Rs 68.3 crore in FY23, compared to Rs 15 crore in FY22. Blissclub focuses on long-lasting women's apparel, which stands in contrast to the fast fashion industry. The company's expenses also increased, with total expenses reaching Rs 108 crore in FY23. In May 2022, Blissclub secured $15 million funding led by Eight Roads Ventures and Elevation Capital.
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Blinkit's losses widen to 1,078 crore in FY23, revenue surges threefold: Report
Economic Times
·
1y ago
Medial
Blinkit, the Zomato-owned quick delivery platform, reported an increase in losses to Rs 1,078.9 crore in FY23 from Rs 996.7 crore in FY22. Delivery and related charges accounted for a significant portion of the expenses. However, Blinkit also saw its revenue triple in FY23, reaching Rs 724.2 crore from Rs 236.1 crore in FY22. Marketplace commissions were a major source of income for Blinkit, contributing 55.9% to the total operating collection. The online food delivery platform, Zomato, is set to release its Q2 FY24 results soon.
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Cashfree posts Rs 614 Cr revenue in FY23; losses widen
Entrackr
·
1y ago
Medial
Cashfree, an online payments processor and aggregator backed by State Bank of India, recorded significant growth in operating scale with a 75.43% increase in revenue from operations in FY23. However, its losses also increased to Rs 133 crore from Rs 3 crore in FY22, mainly due to higher employee benefits and payment processing costs. Cashfree's revenue rose to Rs 614 crore in FY23 from Rs 350 crore in FY22, primarily driven by commissions charged to merchants for using its payment infrastructure. The company recently obtained a payment aggregator license from the Reserve Bank of India, which is expected to boost its revenue further.
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Foxtale's revenue soars to Rs 83 Cr in FY24, losses widen
Entrackr
·
7m ago
Medial
Foxtale, a direct-to-consumer (D2C) skincare brand, reported Rs 83 crore of revenue in its third full fiscal year, which ended in March 2024. However, in pursuit of scale, the losses for the Mumbai-based company crossed Rs 50 crore in the same period. Foxtale’s revenue from operations surged around 6X to Rs 83 crore in FY24 from Rs 14 crore in FY23, its annual financial statements sourced from the Registrar of Companies show. Founded in 2021 by Romita Mazumdar, Foxtale is an affordable skincare brand focused on products designed for Indian skin. Its products target issues such as acne, aging, and hyperpigmentation. The brand's products are available on its website and various marketplaces, including Nykaa, Amazon, Blinkit, Flipkart, and Myntra. The sale of skin and beauty products was Foxtale's sole source of revenue in the previous fiscal year. Similar to other D2C skincare brands, Foxtale spent Rs 50 crore on advertising and promotion, which is 36% of its overall cost. This cost saw an increase of 3.8X during FY24. To the tune of scale, its cost of procurement grew 5.8X to Rs 35 crore in the previous fiscal. Foxtale's employee benefit expenses, including salaries, provident fund (PF), gratuity, and ESOPs, surged 2.8x to Rs 20 crore in FY24. Its delivery, legal, outsourcing manpower, and other overheads pushed the overall expenditure to Rs 139 crore in FY24 from Rs 33 crore in FY23. Despite registering 6x fold in scale, higher advertising expenses and employee benefit costs drove Foxtale's losses up by 189% to Rs 55 crore in FY24, compared to Rs 19 crore in FY23. On a unit level, it spent Rs 1.67 to earn a rupee of operating revenue. At the end of FY24, its current assets were recorded at Rs 69 crore, including cash and bank balances of Rs 44 crore. Foxtale has emerged as one of the few D2C startups to secure $48 million across two funding rounds in just seven months. Its latest $30 million round was spearheaded by Japanese beauty products giant, Kose Corporation. Its major competitors include Sugar Cosmetics, WOW Skin Science, Plum, MamaEarth, Minimalist, and several others.
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FabHotels gross revenue crosses Rs 550 Cr in FY24, losses widen 23%
Entrackr
·
7m ago
Medial
FabHotels gross revenue crosses Rs 550 Cr in FY24, losses widen 23% Casa2 Stays, the parent firm of FabHotels, reported a 34% increase in gross revenue for the fiscal year ending March 2024. However, its loss rose by 23%, driven by a twofold increase in employee benefit expenses. FabHotels’ gross revenue increased to Rs 552 crore in FY24 from Rs 412 crore in the previous fiscal year (FY23), according to its financial statement sourced from the Registrar of Companies (RoC). The revenue for FY23 appears different this year as it marks FabHotels’ first set of financial statements prepared in compliance with Indian Accounting Standards (Ind AS). FabHotels, a budget hotel chain with over 600 properties across more than 50 cities in India, generated 99.4% of its gross revenue from accommodation bookings. Gross revenue increased by 33.35% to Rs 549 crore in FY24. Meanwhile, other revenue sources contributed Rs 3.3 crore. The company also recorded an additional income of Rs 11 crore from interest on deposits and liabilities written off, which pushed its overall revenue to Rs 563.6 crore in the last fiscal year. Accommodation expenses remained the largest cost component forming 74% of the overall cost, which grew by 32% to Rs 435 crore. FabHotels’ employee costs shot up 2X to Rs 92 crore in FY24. This includes Rs 15 crore as ESOP cost. Its commission expenses rose by 8% to Rs 27 crore, while other costs added Rs 34 crore. Overall, total expenses grew by 38.5% to Rs 588 crore in FY24 from Rs 424.7 crore in FY23. The two-fold jump in employee benefits led FabHotel to increase its losses by 23% to Rs 114 crore in FY24, compared to Rs 93 crore in FY23. Its ROCE and EBITDA Margin were recorded at -84.09% and -19.52%, respectively. On a unit basis, the company spent Rs 1.06 to earn a rupee of revenue. At the end of FY24, FabHotel’s current assets stood at Rs 172 crore, including cash and bank balances worth Rs 94 crore. FabHotel has raised around $70 million to date. Accel is the largest external stakeholder with 21.39% followed by Goldman Sachs. FabHotels competes directly with Treebo and Bloom Hotels. In FY24, Treebo surpassed Rs 100 crore in revenue, while Bloom Hotels achieved a 73.6% increase in operational revenue to Rs 250 crore and recorded a profit of Rs 14 crore. FabHotels, with its budget offerings and reach, faces a moment of truth to deliver sustainable profitability that can power future growth. The hospitality sector leaves very little margin for major misses now. FabHotels has placed its bets, with little leeway to change much now. Judgement awaits in the next few months and year, perhaps.
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Dealshare FY24 revenue falls 75% post restructuring, loss narrows to a third
Economic Times
·
10m ago
Medial
Dealshare, the hyperlocal ecommerce firm backed by Tiger Global, reported a 74.5% decline in operating revenue to Rs 499 crore for the fiscal year ending March 2024. Despite the decrease in revenue, the company managed to reduce its losses to Rs 167 crore, a third of the previous year's losses. Dealshare underwent restructuring and leadership changes, including the closure of its B2B segment and the departure of founders Vineet Rao and Sankar Bora. Kamaldeep Singh is now leading the company as CEO. Dealshare has raised $387 million in equity funding to date.
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New-age luggage brand Mokobara's operating revenue grows four-fold in FY23, losses widen 78%
Economic Times
·
1y ago
Medial
Luggage brand Mokobara experienced a significant increase in operating revenue, growing more than four times to Rs 53 crore in FY23. However, losses also widened by 78% to approximately Rs 8 crore. The company's total expenses in FY23 were three times higher than the previous year, with the largest expense being the purchase of stock. Mokobara is currently in talks with venture investor Peak XV Partners for a potential investment of $12-15 million. The startup, founded by former Urban Ladder executives, is competing with established players in the premium luggage segment.
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Fi Money's losses widen to ₹301 Cr, expenses balloon in FY23
YourStory
·
1y ago
Medial
Fintech firm Fi Money, also known as Epifi Technologies, reported increased losses of Rs 301.07 crore in FY23, a 20% rise from the previous year. However, its revenue from operations grew to Rs 38 crore, with financial services accounting for the majority. Fi Money, founded in 2019, is a neo-banking platform backed by Ribbit Capital, B Capital, Sequoia Capital, and Temasek. The company recently entered the mutual funds space and undertook a restructuring exercise that involved laying off 10% of its workforce.
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DealShare’s GMV remains flat in FY23 with Rs 1,043 Cr outstanding loss
Entrackr
·
1y ago
Medial
DealShare, a unicorn startup, has reported stagnant gross revenue (GMV) in FY23, indicating struggles with product market fit. The majority of the revenue comes from the sale of grocery items, but the company's complex model and high procurement costs contributed to limited growth. Employee benefits expenses and total costs also increased significantly. With losses increasing and outstanding losses reaching Rs 1,043 crore, DealShare's financial performance remains challenging. The company has raised $393 million from investors but needs to find a clearer path to improve margins.
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