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Decoding ShareChat’s financial performance in FY24

EntrackrEntrackr · 6m ago
Decoding ShareChat’s financial performance in FY24
Medial

Fintrackr All Stories Decoding ShareChat’s financial performance in FY24 ShareChat’s revenue from operations grew 29.9% to Rs 718.1 crore during the fiscal year ending March 2024 as compared to Rs 552.73 crore in FY23. Mohalla Tech, the parent entity of ShareChat and Moj, claimed 33% year-on-year growth in FY24, but didn’t disclose net losses, showing adjusted EBITDA instead. Entrackr reviewed financials to provide details. Revenue from operations was Rs 718.1 crore in FY24 versus Rs 552.73 crore in FY23. Live streaming or chatroom revenue contributed 56.1% of total operating revenue, growing 41.4% to Rs 403 crore. Advertising revenue increased 23.5% to Rs 315.37 crore. The company generated Rs 12.52 crore via Jeet 11 before it shut down in December 2022. Additionally, Rs 28.98 crore came from interest and gains on financial assets, bringing total revenue to Rs 747.08 crore in FY24. Employee benefits, the largest cost, accounted for 21.9% of expenses, falling 16.8% to Rs 580.39 crore from Rs 697.96 crore. Cost-cutting measures included laying off 700 employees and reducing server rent by 45.3% to Rs 559.57 crore. Finance costs rose 50% to Rs 510.57 crore due to debt. Provision for doubtful assets and loans increased 102% to Rs 402.56 crore. Overall, expenses declined 33.2% to Rs 2,644.71 crore from Rs 3,958.75 crore. ShareChat’s losses decreased 41.4% to Rs 1,898.94 crore in FY24 from Rs 3,240.83 crore in FY23. Adjusted EBITDA loss was Rs 777.84 crore versus Rs 2,342.11 crore. Outstanding losses were Rs 12,438 crore. Operating cash outflows improved 68.3% to Rs 964.96 crore. The EBITDA margin improved to -183.50%. The company spent Rs 3.68 for each rupee of operating revenue earned. By the end of FY24, cash and bank balances were Rs 36.2 crore, with total current assets at Rs 128.96 crore. In 2024, $65 million was raised in debt across two tranches. ShareChat has secured around $1.3 billion from investors, including Twitter (now X), Alkeon Capital, Moore Strategic Ventures, and Tencent. Non-current liabilities rose from Rs 4,810.17 crore to Rs 5,401.44 crore. The company had Rs 357.78 crore in dues to creditors and micro-enterprises and small enterprises. Reliance on external funding for working capital is necessary due to losses, debt, and limited cash. Disclaimer: Bareback Media has recently raised funding from investors possibly involved in competing businesses or associated with companies covered in our reporting. This does not influence our coverage in any manner.

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Decoding Auxilo’s latest funding round, captable and valuation

EntrackrEntrackr · 11m ago
Decoding Auxilo’s latest funding round, captable and valuation
Medial

Education-focused non banking financial corporation (NBFC) Auxilo recently announced its Rs 279 crore or $33.6 million equity funding in LeapFrog through its investment vehicle Jade Inclusion Ltd. Apart from the names of the investors, the company did not disclose any details. Entrackr has gone through its regulatory filings to decode details such as round break up, shareholding, and current valuation. The board at Auxilo has passed a special resolution to allot 4,80,78,529 compulsory convertible preference shares (CCPs) at an issue price of Rs 58.04 each to raise Rs 279 crore or $33.6 million, its regulatory filing sourced from the Registrar of Companies shows. LeapFrog led the round with Rs 250 crore while Trifecta and Xponentia Opportunities Fund II pumped in Rs 14.25 crore and Rs 14.79 crore. respectively. According to the filings, the company will use the proceeds to meet its future capital requirements arising out of the growth of business and assets. As per TheKredible estimates, the company has been valued at around Rs 3124 crore or $376 million post-allotment. Following the proceeds, Balrampur Chini Mills (owned by Vivek Saraogi) and Elme Advisors will be the largest external stakeholders with 30.7% each followed by Tata Capital and ICICI Bank which hold 09.61% and 8.49% respectively. Check TheKredible for the complete shareholding. Auxilo has raised around $145 million across equity and debt since its inception including its $57 million funding round led by Tata Capital Growth in July last year. Soon after the equity funding, the company also raised $12 million debt led by Dezerv Securities early this week. Entrackr exclusively reported the development. Established in 2017, Auxilo offers student loans for pursuing education within India or abroad. It also extends loans to educational institutions for infrastructure and working capital requirements. The New Delhi-based company demonstrated strong financial performance, achieving over 2X year-on-year growth to reach Rs 174 crore in FY23. Moreover, its profits doubled to Rs 26 crore in FY23. The company is yet to file its annual results for FY24. LeapFrog mainly focuses on financial, health, and climate tech startups. Apart from Auxilo, the fund led Battery Smart’s $65 million Series B round and $48 million round of Electronica Finance.

ShareChat’s revenue grows 33% in FY24 to Rs 718 Cr

EntrackrEntrackr · 7m ago
ShareChat’s revenue grows 33% in FY24 to Rs 718 Cr
Medial

Mohalla Tech, the parent entity of the vernacular social media platform ShareChat and short video entertainment app Moj, has registered 33% year-on-year growth during the fiscal year ended March 2024. Its adjusted EBITDA loss also plummeted by 67% in the same period. According to the company's press release, Mohalla Tech’s revenue from operations increased to Rs 718 crore in FY24 from Rs 540 crore in FY23. Revenue from live streaming contributed 56% of the company's total operating income, which grew by 41.4% to Rs 403 crore in FY24. Advertising accounted for the remaining share, which saw a 23.5% year-on-year growth to Rs 315 crore in FY24. ShareChat also added a non-operating income of Rs 29 crore mainly from interest and gain on financial assets which tallied the overall revenue to Rs 747 crore in the last fiscal year. For the social media firm, server cost was the largest cost center in FY24. As per Sharechat’s chief financial officer Manohar Charan, the firm managed to reduce this cost by 50% in FY24. Sharechat has managed to reduce its employee benefits cost by 17% to Rs 580 crore in FY24. This includes Rs 126 crore as ESOP (non-cash). Its advertising, legal, travel, and other overheads took the overall operating expenses to Rs 1540 crore in FY24 from Rs 3119 crore in FY23. In calculating the overall cost, we have excluded all non-cash components, including interest, provisions, foreign exchange (FX) losses, depreciation, and ESOP expenses for both FY24 and FY23. The 33% growth and controlled server cost helped Mohalla Tech to reduce its adjusted EBITDA losses by 67% to Rs 793 crore in FY24 from Rs 2400 crore in FY23. Notably, the net consolidated losses of the firm stood at Rs 1,898 crore in FY24 down from Rs 5,143 crore in FY23. Backed by the likes of Temasek Holdings, Google, Twitter, The Times Group, Tiger Global, Snap, Lightspeed, and Elevation Capital, ShareChat claims to have more than 325 million monthly active users (MAUs) across all its platforms. Its short video app Moj boasts a monthly active user base of nearly 160 million. The company recently expanded its debt round to $65 million, with a $16 million infusion from Singapore-based EDBI. According to startup data intelligence platform TheKredible, ShareChat has raised around $1.8 billion. However, it saw a major haircut in valuation to less than $2 billion from $5 billion during its last fundraise in June 2022. As part of its mid-year performance cycle, the company also let go of 5% of its workforce in August this year. In 2023, ShareChat implemented several cost-cutting measures and laid off 700 employees across two phases.

Decoding Groww’s $200 Mn pre-IPO funding round

EntrackrEntrackr · 1m ago
Decoding Groww’s $200 Mn pre-IPO funding round
Medial

Decoding Groww’s $200 Mn pre-IPO funding round The development comes just days after the company filed a confidential DRHP with the Securities and Exchange Board of India (SEBI). Groww is looking to raise $700 million to $1 billion through an IPO. Billionbrains Garage Ventures Limited, the parent firm of Groww, is raising Rs 1,735 crore (approximately $200 million) in a fresh round led by Singapore-based GIC and existing investor ICONIQ Capital. The development comes just days after the company filed a confidential DRHP with the Securities and Exchange Board of India (SEBI). Groww is looking to raise $700 million to $1 billion through an IPO. The board at Groww has passed a special resolution to issue 3.59 crore preference shares at an issue price of Rs 482.8 each to raise the aforesaid amount, its filing accessed from the Registrar of Companies shows. Government of Singapore Investment Corporation (GIC), through its affiliate Viggo Investment, will be injecting Rs 867.5 crore ($100 million) while ICQNIC Capital will contribute a similar amount through its entity ISP VII-B Blocker GW. According to the filing, the company will use these proceeds for the growth of its existing business and its subsidiaries. Following the fresh proceeds both ISP Blocker and Viggo Investment will hold 1.43% each. As per Entrackr’s estimates, Groww will be valued at $7 billion post-money. Groww has raised close to $600 million so far from investors including Peak XV, Tiger Global, Ribbit Capital, and YC Continuity. The company was last valued at approximately $3 billion after securing $251 million in its Series E round in October 2021. According to a company internal document, Groww reported a 31% jump in its revenue to Rs 4,056 crore in FY25 whereas its profit jumped 3X jump to Rs 1819 crore in the same period. Groww reported revenue of Rs 3,145 crore and an operating profit of Rs 545 crore in FY24. However, it paid a one-time tax of Rs 1,340 crore for shifting domicile to India, leading to a net loss of Rs 805 crore in FY24. Its audited financial numbers for the fiscal year ending March 2025 has yet to be reported with the RoC.

Decoding Ola Electric’s RHP fine print and FY24 numbers

EntrackrEntrackr · 11m ago
Decoding Ola Electric’s RHP fine print and FY24 numbers
Medial

Electric mobility company Ola Electric received approval from SEBI for its IPO and filed the red herring prospectus (RHP) on July 26. The company aims to raise Rs 6,146 crore ($740 million) which includes a fresh issue of Rs 5,500 crore ($662.7 million) and an offer for sale of up to 84,941,997 shares amounting to Rs 646 crore ($77.8 million) considering upper limit (Rs 76) of the price band. The company has set a price of Rs 72 to 76 per share. Ola Electric’s IPO will be open on August 2 for retail investors and their anchor book for its initial public offering (IPO) will open on August 1, 2024. The closing date of the IPO is August 6, 2024. It has appointed Kotak, BOFA Securities, Axis Capital, SBI Capital, CITI, Golaman Sachs, ICICI and BOB Capital as their lead managers. Entrackr has reviewed Ola Electric’s DRHP to decode its IPO blueprint. Ola Electric’s current captable According to the revised DRHP, Bhavish Aggarwal is the largest stakeholder in Ola Electric with 36.94% followed by SoftBank which holds 21.98%. Tiger Global commands 6.03% while Alpha Wave and Matrix Partners (now Z47) hold 3.49% and 3.43%, respectively. At the same time, Ola Electric’s employee stock options (ESOPs) pool stood at 7.67% of the total share capital. Who is selling in the IPO? Apart from Hyundai Motor and ANI Technologies (Ola Cabs), every major stakeholder is participating in Ola Electric’s offer for sale. During the sale of 84.9 million shares, Aggarwal is offloading 37.91 million shares amounting to Rs 288.2 crore at Rs 76 per share (upper limit of the price band), representing 2.78% of his total shareholding in Ola Electric. SoftBank will dilute its stake by 2.68% with 1.48x returns, and Tiger Global will sell 1.99% of its holding marking 6.5x gains. Alpha Wave and Temasek will sell 2.68% and 0.16% of their holdings with 1.22x and 1.01x returns, respectively. As an early backer of Ola Electric, Matrix Partners first invested in 2018, allowing them to benefit from a lower average cost of acquisition at Rs 8.22 per share. In contrast, Tiger Global’s average cost of acquisition was Rs 11.70 per share, and SoftBank invested at Rs 51.37 per share. Importantly, based on the price band of Rs 72-76 that will be available to the public, the investors above will realize specific returns from Ola Electric. Where will the IPO proceeds be utilized? According to the DRHP, out of the Rs 5,500 crore in fresh funds, Rs 1,227.6 crore will be allocated to capital expenditure, Rs 800 crore to debt payment, and Rs 1,600 crore for research and development. Ola Electric will also invest Rs 350 crore in organic growth initiatives, with the remaining amount will be used for general corporate purposes. Financial standing as of FY24 Ola Electric has shown strong growth over the past two fiscal years, with revenue increasing 13.4 times from Rs 373 crore in FY22 to Rs 5,010 crore in FY24, solely driven by sales of electric scooters. The hyper-growth has come at an efficient cost as its losses rose only 7.6% to Rs 1,584 crore in the last fiscal year (FY24) from Rs 1,472 crore in FY23. Where did Ola Electric spend the most during FY24? The SoftBank-backed firm allocated approximately 70% of its expenses to the cost of materials. Among these costs, cells comprised 32.7%, and power electronics accounted for 14.79%. Motors and other components collectively made up the remaining expense. Notably, out of the total cost of materials, Ola Electric imported 36.86% alone from China ( Rs 1,618 crore) in the form of lithium-ion cells, magnets, amplifiers, and electronic integrated circuits. Revenue breakdown by scooter model and units sold Ola Electric offers its scooter in five variants: Ola S1 Pro (Gen1), Ola S1 Pro (Gen2), Ola S1, Ola S1 Air, and Ola S1X. The company sold 3,29,618 scooters in FY24 which is more than 2X as compared to FY23. Ola S1 pro (Gen1 and Gen2) cumulatively generated 59.62% of the total revenue while Ola S1 Air and Ola S1 X+ added 18.93% and 10.66% of revenue to the company’s coffers. Importantly, the cancellation rate as a percentage of fully paid and confirmed orders rose to 9.14% in FY24, up from 7.69% in FY23. Ola electric has a gross margin of 12.58% while TVS Motos, Eicher Motors, Bajaj Motors and Hero MotoCorp have gross margins 37.65%, 45.69%, 28.92% and 32.49%, respectively.

Decoding AI’s Role In Boosting Rural Development

Inc42Inc42 · 1y ago
Decoding AI’s Role In Boosting Rural Development
Medial

The integration of AI in rural development can address disparities, foster self-sufficiency, and improve the quality of life in rural areas. AI-powered educational platforms can personalize learning experiences, while AI-driven financial services enhance financial inclusion. In agriculture, precision farming enabled by AI technologies increases productivity and promotes sustainable practices. AI can also optimize infrastructure management and support economic development by creating new job opportunities. Additionally, AI-driven technologies improve connectivity and communication in remote areas, bridging the urban-rural divide. Overall, AI has the potential to transform rural communities and unlock unprecedented opportunities.

Exclusive: Decoding Bluestone’s pre-IPO round

EntrackrEntrackr · 10m ago
Exclusive: Decoding Bluestone’s pre-IPO round
Medial

Omnichannel jewellery retailer Bluestone has raised Rs 600 crore (approximately $72 million) led by Prosus (through its subsidiary MIH Investments) and with participation from Steadview, Think Investments, and Pratithi Growth Fund. The board at Bluestone has passed a special resolution 1,03,80,622 Series H compulsory cumulative preference shares at an issue price of Rs 578 to raise Rs 600 crore or $72 million, its internal fining accessed by Entrackr from Registrar of Companies show. Prosus led the round with Rs 351 crore or $42.2 million while Steadview Capital, Think Investments and Pratithi Growth Fund pumped in Rs 80 crore, Rs 84 crore, and Rs 35 crore respectively. The 27 other investors participated with the rest of the primary capital into Bluestone. This is part of an earlier reported Rs 900 crore pre-IPO round out of which Rs 300 crore is secondary. The funds will be used for expansion, ongoing operations, capital expenditure, and other general corporate purposes, the filing further added. According to startup data intelligence platform TheKredible, the company has been valued at around $972 million post-allotment. Following the fresh proceeds, Prosus holds 4.48% of the company while Steadview Capital, Think Investments and Pratithi Growth command 1.04%, 1.10%, and 1.08%, respectively. Founded in 2011 by Gaurav Singh Kushwaha, Bluestone provides an extensive jewellery collection for both men and women, available through its website and network of offline stores. According to the firm’s website, it operates over 190 stores across 75 cities. Bluestone continued to grow its revenue and narrow losses in the fiscal year ending March 2023. During the fiscal, the firm achieved 65% year-on-growth and its collection stood at Rs 787 crore. Its losses dwindled 87% to Rs 167 crore. It’s yet to file its annual results for FY24. Bluestone’s close competitor CaratLane, which is owned by Titan, reported Rs 3,081 crore revenue with Rs 79 crore profit in FY24.

Decoding ProcMart’s Series B round, captable and valuation

EntrackrEntrackr · 1y ago
Decoding ProcMart’s Series B round, captable and valuation
Medial

B2B procurement marketplace ProcMart Mobility recently announced its $30 million Series B fundraising led by Fundamentum and Edelweiss Discovery Fund. While the Noida-based company did not disclose more details of the round, Entrackr sifted through its regulatory filings to decode the round break-up, captable, and exact valuation. The board at ProcMart has passed a special resolution to allot 33,521 Series B CCPS at an issue price of Rs 73,388.82 each to raise Rs 246 crore or $30 million, its regulatory filing accessed from the Registrar of Companies shows. Fundamentum led the round with Rs 102.5 crore while Edelweiss Discovery Fund and Paramark KB Fund pumped in Rs 86.1 crore and Rs 57.4 crore respectively. As per TheKredible estimates, the company has been valued at around Rs 724 crore or $88 million (post-money). Following the fresh proceeds, Sixth Sense Ventures is the largest external stakeholder with 21.16% followed by IndiaMART which holds 12.85% of the company. Its founder and chief executive officer (CEO) Anish Popli commands a 29.45% stake in the company after the Series B round. Head to TheKredible for the detailed captable. Founded in 2015, ProcMart provides supply chain solutions and infrastructure to businesses including services such as purchase order management, contract administration, master data management, e-catalog management, and market intelligence. ProcMart claims to have been growing 100% Y-o-Y and profitable over the last three years. During FY23, it registered Rs 206 crore in gross revenue with Rs 1.68 crore profit. The company is yet to file its financial results for FY24. It directly or indirectly competes with Moglix, Infra.Market, Zetwerk, Ofbusiness, and IndustryBuying.

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