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E-comm unicorn DealShare’s gross revenue nosedives 75% in FY24

EntrackrEntrackr · 9m ago
E-comm unicorn DealShare’s gross revenue nosedives 75% in FY24
Medial

DealShare underwent a management change in the last fiscal year as three co-founders left the firm, which has visibly impacted its financial performance in FY24. The company’s gross scale declined by 75% in the fiscal year ending March 2024, while losses decreased by 66%. DealShare’s gross revenue from operations fell to Rs 499 crore in FY24 from Rs 1,963 crore in FY23, its consolidated financial statement sourced from the Registrar of Companies (RoC) shows. Collection from traded goods shrank 74.7% to Rs 495.8 crore for the Jaipur-based company, whereas income from marketing services also narrowed 44.3% to Rs 3.3 crore during the last fiscal year. Cost of Material was the largest burn for the company which stood at Rs 529.3 crore in the last fiscal year while it incurred Rs 99 crore on employee benefit expenses which decreased 54.7%. Meanwhile, depreciation and amortization expenditures were reduced by 58.8% to Rs 14.75 crore. With other expenses of Rs 123.58 crore, its total expenses fell 69.9% to Rs 768.18 crore during the last fiscal year. While the gross scale dwindled significantly, the firm managed to cut down losses by 66% to Rs 167.7 crore in FY24 from Rs 502 crore in FY23. Its ROCE and EBITDA margin stood at -12.2% and -25.26%, respectively, on a unit basis, DealShare spent Rs 1.54 to earn a rupee in FY24. As of March 31, 2024, DealShare had a cash and cash equivalents of Rs 108.64 crore while bank balance (excluding cash equivalents) jumped three fold to Rs 292.3 crore from Rs 94 crore in the previous year. Meanwhile, its trade receivables decreased to Rs 525.7 crore in FY24. The last fiscal year (FY24) was quite challenging for DealShare as the firm let go of more than 100 employees and it had to shut down its B2B vertical. Out of four, three co-founders have left the firm and currently, its retail business chief Kamaldeep Singh is leading the firm. According to startup data intelligence platform TheKredible, DealShare has raised $393 million to date from investors like Tiger Global, ADIA, Alpha Wave, and Kora Investment. Soon after becoming a unicorn in January 2022, it raised another $45 million at a valuation of $1.7 billion. If the exit of three founders was not enough, the sharp drop clearly indicates all is not well with the firm. In this season of wholesale changes, a new leadership team seems keener to start on a clean slate perhaps, by withdrawing from many deals and processes that the previous founders found acceptable. One hopes they have good reasons for that. It is not an uncommon problem in India to have founders holding on to the ‘secret sauce’ that keeps their forms humming, leading to a sharp drop in case the relevant person leaves. The hope usually is that the firm will reach enough scale and credibility to manage on its own. In this case, that has clearly not happened quickly enough for DealShare, despite significant topline growth. A 75% decline from a significant size indicates deeper issues at the firm. Or that it would take much more than a single financial year to resolve. We would comfortably place DealShare outside the Unicorn club for starters, if investors haven’t already done so.

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Okinawa’s revenue nosedives 87% to Rs 182 Cr in FY24

EntrackrEntrackr · 4m ago
Okinawa’s revenue nosedives 87% to Rs 182 Cr in FY24
Medial

Okinawa’s revenue nosedives 87% to Rs 182 Cr in FY24 Okinawa Autotech, once a prominent player in India’s electric two-wheeler space, saw its revenue plunge by nearly 87% in FY24, posting a loss of Rs 50 crore, which signaled a major setback for the homegrown EV brand. Okinawa’s revenue from operations decreased to Rs 182 crore in FY24 from Rs 1,144 crore in FY23, its regulatory filing accessed from the Registrar of Companies (RoC) shows. Founded in 2015, Okinawa Autotech is an electric two-wheeler manufacturer known for models like the PraisePro, iPraise+, Okhi-90, Ridge+, Lite, and R3. The sale of electric two-wheelers was the sole source of revenue for the Gurugram-based firm. Okinawa's sales declined significantly from 95,931 units in FY23 to 20,873 units in FY24. The company's market share also dropped from 13.17% to 2.20% during the same period. In the current fiscal year (FY25), it has managed to sell only 3,548 units, translating to a market share of just 0.31%. For the electric vehicle manufacturer, the cost of procurement accounted for 68% of the overall expenditure. To the tune of scale, this cost was reduced by 80% to Rs 171 crore in FY24 and Rs 859 crore in FY23. Its employee benefits shrank by 16% to Rs 26 crore in FY24. Okinawa’s advertising cost diminished by 88% to Rs 4 crore in FY24. Its rent, warranty claims, freight, and other overheads took the overall cost to Rs 251 crore in FY24 from Rs 991 crore in FY23. The sharp contraction in scale led Okinawa to report a Rs 52 crore loss in FY24. For context, the company posted Rs 166 crore of EBITDA in FY23. Its ROCE and EBITDA margins worsened to -102% and -25.8% respectively. On a unit level, it spent Rs 1.38 to earn a rupee in FY24. By the close of FY24, Okinawa’s total current assets were valued at Rs 276 crore. Okinawa competes with Ola Electric, which reported Rs 1,045 crore in revenue for Q3 FY25, and Ather, which filed its DRHP to raise Rs 3,100 crore through an initial public offering (IPO). In the traditional two-wheeler market, it faces competition from established players like Bajaj, Hero, and TVS Electric. Okinawa’s decline is the result of several challenges, including fire safety issues, stricter regulations, a loss of consumer trust, and growing competition from better-equipped rivals. Once seen as a leader in the EV space, the company now faces the tough realities of a maturing market, where success depends on innovation, compliance, and consistency.

CityMall hits Rs 450 Cr GMV in FY24 with steady losses

EntrackrEntrackr · 6m 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.

Ideaforge revenue nosedives 85% in Q1 FY26

EntrackrEntrackr · 1m ago
Ideaforge revenue nosedives 85% in Q1 FY26
Medial

Fintrackr All Stories Ideaforge revenue nosedives 85% in Q1 FY26 Drone maker ideaForge Technologies reported a sharp decline in its topline during the quarter ended June 2025, as revenue from operations fell over 85% year-on-year to Rs 12.78 crore Kunal Manchanada 22 Jul 2025 23:09 IST Drone maker ideaForge Technologies reported a sharp decline in its topline during the quarter ended June 2025, as revenue from operations fell over 85% year-on-year to Rs 12.78 crore from Rs 86.4 crore in Q1 FY25. The company also recorded a net loss of Rs 21.7 crore compared to a profit of Rs 1.9 crore in Q1 FY25. The revenue drop was due to a high base in Q1 last year, when IdeaForge had delivered large defence and institutional orders. This quarter saw fewer such deliveries, though gross margin improved to 61.7% on the back of a better product mix. According to the filings, EBITDA margin worsened to -118.5% in Q1 FY26 from -85.7% in the previous quarter, while PAT margin slipped to -184.3% from -126.5% in Q4 FY25. The decline was primarily driven by a sharp fall in revenue, even as overall expenses remained largely unchanged. Despite the weak financials, IdeaForge secured a Rs 137 crore order from the Indian Army during the quarter as part of emergency procurement. The company also highlighted its participation in defence operations like Operation Sindoor, where its drones were deployed in active surveillance missions. “The quarter reinforced ideaForge’s resilience in both tech and business,” said Ankit Mehta, CEO and whole-time director. He pointed to upcoming policy tailwinds, including the Rs 40,000 crore Emergency Procurement push, Rs 1 lakh crore RDI fund, and expected PLI rollout, as key enablers for the drone ecosystem. Founded in 2007, Mumbai-based ideaForge went public in 2023 and counts institutional investors like Qualcomm Ventures and Infosys among its backers. IdeaForge closed the market at Rs 542 today with a total market capitalization of Rs 2,342 crore (approximately $275 million).

Exclusive: Zetwerk secures debt from JM Financial

EntrackrEntrackr · 1m ago
Exclusive: Zetwerk secures debt from JM Financial
Medial

B2B e-commerce unicorn Zetwerk has raised Rs 75 crore (around $8.8 million) in debt funding from JM Financial, one of the banks it has reportedly appointed for its planned initial public offering (IPO). As per regulatory filings accessed via the Registrar of Companies (RoC), the company’s board issued 7,500 non-convertible debentures having a face value of Rs 1,00,000 each to raise the above-mentioned amount. Founded by Amrit Acharya, Srinath Ramakkrushnan, Rahul Sharma, and Vishal Chaudhary, Zetwerk connects buyers with suppliers for manufacturing projects. It partners with vendors specializing in fabrication, machining, casting, forging, and galvanizing of machine parts. It’s operational in India, the US, the Middle East, and Southeast Asia. According to startup data intelligence platform TheKredible, the Peak XV-backed company has raised over $850 million to date, including debt. This includes a $67 million Series F round led by Khosla Ventures at a $3 billion valuation, as exclusively reported by Entrackr. Zetwerk plans to raise at least $500 million through its IPO in the next 12 to 24 months, targeting a valuation of around $5 billion. While it has yet to disclose its FY25 numbers, the Bengaluru-based company reported a 26% increase in gross revenue, rising to Rs 14,435.72 crore in FY24 from Rs 11,448.66 crore in FY23. However, during the same period, losses surged 9X to Rs 919 crore, which included exceptional items worth Rs 371.7 crore. In the B2B e-commerce space, Zetwerk competes with Infra.Market, which recently raised $150 million in debt from Mars Growth Capital, and IPO-bound OfBusiness, which recently secured Rs 100 crore in funding. It also rivals Moglix, another unicorn in the segment.

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