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DealShare’s GMV remains flat in FY23 with Rs 1,043 Cr outstanding loss

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Entrackr · 1y ago

DealShare’s GMV remains flat in FY23 with Rs 1,043 Cr outstanding loss

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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OfBusiness revenue crosses Rs 15,000 Cr in FY23, profits surge 2.3X

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Entrackr · 1y ago

OfBusiness revenue crosses Rs 15,000 Cr in FY23, profits surge 2.3X

Industrial goods and services procurement platform OfBusiness experienced significant growth in the last fiscal year, with its gross merchandise value (GMV) more than doubling to Rs 15,342 crore in FY23 from Rs 7,140 crore in FY22. The company primarily operates in trading and manufacturing sectors, with trading contributing to 82% of its GMV. Overall expenditure also increased 2.14 times, reaching Rs 15,037 crore in FY23. Despite this, OfBusiness achieved a 2.3 times increase in profits to Rs 463 crore in FY23. The company has also introduced various tech offerings for SMEs and its lending arm, Oxyzo, reported a profit of Rs 197 crore in FY23.

Falca crosses Rs 350 Cr revenue in FY24, losses soar 3X

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Entrackr · 4m ago

Falca crosses Rs 350 Cr revenue in FY24, losses soar 3X

Falca crosses Rs 350 Cr revenue in FY24, losses soar 3X Full-stack agritech supply chain company Falca has demonstrated consistent growth in its gross merchandise value (GMV). The firm recorded a 65X increase in GMV over the past five fiscal years, with gross revenue rising to Rs 368 crore in FY25 from Rs 5.6 crore in FY20. On a year-on-year basis, Falca’s GMV increased by 27% to Rs 368 crore in FY24 from Rs 289 crore in FY23, its consolidated financial statement sourced from the Registrar of Companies (RoC) shows. Falca offers four key products catering to different aspects of the agricultural supply chain. Suggi supplies agricultural inputs such as seeds and pesticides through a network of physical stores. Samrat is a full-stack solution that provides advisory services, inputs, and market linkage. Siri functions as a trading platform, connecting large farmers, traders, and FPOs with buyers. Lastly, Sampoorna offers mobile and web applications to enhance farm yield and operational efficiency. The sale of these products and services was the sole source of revenue for Falca in the last fiscal year. Outpacing its year-on-year revenue growth, Falca's total expenses rose 30.2% to Rs 384 crore in FY24. The cost of materials remained the largest expense, making up 94% of total expenses. In line with the company's scale, material costs increased by 27%, reaching Rs 362 crore in FY24, up from Rs 284 crore in FY23. Falca’s employee benefit costs doubled to Rs 10 crore, and finance expenses spiked 50% to Rs 3 crore. Other expenses added another Rs 9 crore for the fiscal year ending March 2024. In the end, Falca’s net loss widened threefold to Rs 15 crore in FY24, compared to a Rs 5 crore loss in FY23. The company’s EBITDA margin further declined from -1% in FY23 to -3.14% in FY24. On a unit basis, the company spent Rs 1.04 to earn a single rupee in FY24. Falca’s cash and bank balances dropped by 50% to Rs 4 crore, while current assets declined significantly from Rs 53.5 crore to Rs 24.5 crore. According to startup data intelligence platform TheKredible, it has raised a total of approx $3 million of funding to date, having Kingston Smiler and Inflection Point Ventures as its lead investors.

Beardo crosses Rs 100 Cr revenue in FY23, slips into losses

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Entrackr · 1y ago

Beardo crosses Rs 100 Cr revenue in FY23, slips into losses

Beardo, owned by Marico, saw a 12.2% increase in revenue to Rs 106.6 crore in FY23, despite a deceleration from its notable 50% growth in FY22. However, the company slipped into losses during FY23 after making its first-ever profit in FY22. High advertising costs and legal fees impacted its finances, leading to a loss of Rs 6.13 crore in FY23, compared to a profit of Rs 75 lakhs in FY22. The challenge for Beardo remains building a flagship brand to lead its portfolio in the competitive D2C sector.

PharmEasy’s scale crosses Rs 6,600 Cr in FY23; losses down 16%

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Entrackr · 1y ago

PharmEasy’s scale crosses Rs 6,600 Cr in FY23; losses down 16%

PharmEasy's parent company, API Holdings, has managed to improve its financial performance in FY23, with a 16% growth in revenue from operations to Rs 6,644 crore. However, the company had to compromise on its rapid growth in scale. PharmEasy's gross merchandise value (GMV) was Rs 14,351 crore in FY23. The company also reduced its losses by 16.2% to Rs 2,289.8 crore. Plans to raise Rs 3,500 crore through a rights issue from existing investors are underway. Competitor Tata 1mg saw a 2.5x increase in revenue and 2.2x increase in losses in FY23.

Licious gets a reality check: Rs 500 Cr loss, flat revenue in FY23

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Entrackr · 1y ago

Licious gets a reality check: Rs 500 Cr loss, flat revenue in FY23

D2C meat and seafood firm Licious has reported flat revenue growth and a loss of Rs 500 crore in FY23, despite raising $150 million in funding. The company's operating income grew by only 9.6% to Rs 747.7 crore, falling short of its projected revenue. Cost of procurement formed almost half of Licious' expenditure, while employee benefits, advertising, and other operating costs also contributed. The company's EBITDA margin was -55.45%, and its founders claim they are not planning to fundraise further at this time.

DealShare’s FY24 Revenue Plummets 75% To INR 500 Cr

Inc42 · 8m ago

DealShare’s FY24 Revenue Plummets 75% To INR 500 Cr

The Indian startup, DealShare, based in Delhi NCR, experienced a significant decrease in operating revenue for the fiscal year. Their revenue dropped from INR 1,963.5 Cr to INR 499 Cr. However, the company managed to narrow its net loss by 67% during this period. The loss decreased from INR 503 Cr to INR 167.7 Cr. DealShare attributed this improvement to a reduction in expenditure by 70%, cutting costs from INR 2,557.6 Cr to INR 768.1 Cr in FY24.

OkCredit lost Rs 428 Cr to earn Rs 9 Cr since incorporation

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Entrackr · 1y ago

OkCredit lost Rs 428 Cr to earn Rs 9 Cr since incorporation

OkCredit, a digital ledger app for small and medium-sized businesses, has struggled to generate significant revenues despite receiving a $90 million investment from investors like Lightspeed and Tiger Global. The company reported an operating revenue of Rs 26 lakh in FY18 but failed to generate any revenue in FY19 and FY20. Its revenue from operations grew over 21 times to Rs 8.3 crore in FY23 but its outstanding losses reached Rs 428.5 crore. Employee benefit expenses were the largest cost center, accounting for 45.7% of total expenses. The company's losses decreased by 58% to Rs 47.7 crore in FY23.

Spinny’s gross revenue balloons to Rs 3,260 Cr in FY23

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Entrackr · 1y ago

Spinny’s gross revenue balloons to Rs 3,260 Cr in FY23

Spinny, a used car retailer, saw its gross revenue (GMV) soar to Rs 3,262 crore in FY23 from Rs 109 crore in FY22, thanks to its full-stack platform and cash-and-carry model. Car sales represented 95% of total gross operating revenue in FY23, while services, commissions, and financial services contributed to the remaining income. However, Spinny's losses increased by 67.3% to Rs 820 crore in FY23, despite its rapid revenue growth and expansion. The company became a unicorn in December 2021 and has been strategically positioned in the market through strong communication and the right timing of fund raises.

Info Edge crosses Rs 2,500 Cr revenue and Rs 500 Cr profit threshold in FY24

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Entrackr · 1y ago

Info Edge crosses Rs 2,500 Cr revenue and Rs 500 Cr profit threshold in FY24

Info Edge, the parent company of Naukri and 99acres, published its financial statements on Thursday. The consolidated figures showcased a modest 8% increase in revenue for FY24. However, the company made a turnaround in its bottom line, transitioning from a loss of Rs 70 crore in FY23 to a profit of Rs 594 crore in FY24. Info Edge’s revenue from operations grew 8% to Rs 2,536 crore in FY24 from Rs 2,345 crore in FY23, its consolidated financial statements disclosed with the stock exchange shows. Meanwhile, the company posted a 4.8% increase in revenue to Rs 657 crore in Q4 FY24 from Rs 627 crore in Q3 FY24. The Sanjeev Bikchandani-led firm operates through different segments. Income from Naukari.com and related portals formed 74.1% of its total revenue which increased 7.49% to Rs 1,880 crore in FY24. Its other segment 99acres saw a 23.6% growth to Rs 351 crore in FY24. Jeevansathi and Shiksha combined participated with Rs 305 crore of revenue during FY24. Info Edge made Rs 414 crore from non-operating activities tallying its total revenue to Rs 2,950 crore in FY24. Akin to other internet companies, its employee benefits accounted for 61% of its total expenditure which grew only 2.83% to Rs 1,128 crore in FY24 from Rs 1,097 crore in FY22. Info Edge’s network/internet, advertising cum promotional, legal, traveling and other overheads push the total expenditure to Rs 1830 crore in FY23 from Rs 1,858 crore in FY23. Note 1: The company recorded exceptional items of Rs 110 crore and Rs 509 crore in FY24 and FY23 respectively due to the decrease in the carrying value of investments. This was the primary reason for the significant loss posted in FY23. Note 2: The company has 15 joint ventures including Makesense, Happily Unmarried’s Ustraa (now acquired by VLCC), Shopkirana, Juno, Sploot and others during FY24. Info Edge recorded a share loss of Rs 131 crore and 231 crore in FY24 and FY23 respectively in its joint ventures which also makes a part of its consolidated figures and reflects losses in the financial statements. At the end, Indo Edge posted a net profit of Rs 594 crore in FY24 where the figures stood at a loss of Rs 70 crore in FY23 (refer note 1 and 2). On a unit level, it spent Rs 0.72 to earn a rupee in FY23.

Ustraa reports Rs 100 Cr revenue and Rs 40 Cr loss in FY23

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Entrackr · 1y ago

Ustraa reports Rs 100 Cr revenue and Rs 40 Cr loss in FY23

Men's grooming startup Ustraa, owned by Happily Unmarried, reported a revenue growth of 47% to Rs 97 crore in FY23, with 67% of sales coming from online channels. However, the company's expenses grew by 45.3% to Rs 138 crore, leading to a 43% increase in losses to Rs 40 crore. Ustraa's closest competitors, Beardo and The Man Company, posted higher revenues, while Beardo incurred a loss of Rs 6.13 crore in FY23.

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