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E-waste recycler Attero nears Rs 450 Cr revenue in FY24

EntrackrEntrackr · 3m ago
E-waste recycler Attero nears Rs 450 Cr revenue in FY24
Medial

Electronic waste recycling startup Attero registered a 54% year-on-year growth in FY24, bringing its revenue close to the Rs 450 crore mark. However, despite the strong top-line growth, the company’s net profit declined by 30% during the fiscal year. Attero’s revenue from operations increased by 54% to Rs 446 crore in FY24 from Rs 289 crore in FY23, according to its consolidated financial statement sourced from the Registrar of Companies (RoC). Attero is an environmentally focused company, specializing in recycling and upcycling services for electronic waste and biowaste. It uses patented technology to recycle e-waste, including dismantling and extracting precious metals from electronic devices and lithium-ion batteries. The sale of products (recycled metals, battery-grade materials) accounted for 75% of the revenue at Rs 333 crore. Whereas, the rest of the income comes from the sale of services, including e-waste recycling, lithium-ion battery processing, EPR compliance, secure data destruction, and waste management solutions. For the e-waste recycling firm, the cost of procurement of materials formed 85% of Attero’s total expenses, which increased by 63.5% to Rs 363 crore in FY24. Its Employee benefit expenses rose by 16.7% to Rs 14 crore, while legal charges jumped 66.7% to Rs 10 crore. Other overheads, including manpower and general expenses, stood at Rs 31 crore. Overall, the company's total expenditure rose by 51.6% to Rs 426 crore in FY24 from Rs 281 crore in FY23. Despite robust revenue growth, the sharp rise in procurement weighed on profitability. Attero’s profit margin narrowed, leading to a decline in net profit by 31% to Rs 14.5 crore in FY24 from Rs 21 crore in FY23. Its ROCE and EBITDA margin stood at 19.32% and 8.41% respectively. On a unit level, the company spent Rs 0.96 to earn a rupee during the fiscal year. The Roorkee-based firm recorded total current assets worth Rs 232 crore in FY24, including Rs 12 crore in cash and bank balance. According to TheKredible, Attero has raised a total funding of $31 million to date. The company's lead investors include NEA-Indo US Venture (34.74%), DFJ Mauritius (23.54%), and GHIOF (9.47%). Its co-founder & CEO, Nitin Gupta, holds a 9.19% stake in the company. Disclaimer: Bareback Media has recently raised funding from a group of investors. Some of the investors may directly or indirectly be involved in a competing business or might be associated with other companies we might write about. This shall, however, not influence our reporting or coverage in any manner whatsoever.

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Ranveer Allahbadia’s Monk-E nears Rs 100 Cr revenue in FY24, profit jumps 59%

EntrackrEntrackr · 5m ago
Ranveer Allahbadia’s Monk-E nears Rs 100 Cr revenue in FY24, profit jumps 59%
Medial

Ranveer Allahbadia’s Monk-E nears Rs 100 Cr revenue in FY24, profit jumps 59% Monk Entertainment, co-founded by YouTuber Ranveer Allahbadia (BeerBiceps) and Viraj Seth, has capitalized on this trend, generating Rs 100 crore in revenue in the last fiscal year. Monk Entertainment’s revenue from operations recorded a modest 2.2% growth to Rs 97.8 crore in FY24 from Rs 95.8 crore in FY23, its annual financial statements filed with the Registrar of Companies (RoC) show. Monk-E, a full-stack creative digital media agency, specializes in talent management, video production, social media management, and influencer marketing. In FY24, the company generated 86.6% of its revenue from India, with the rest coming from international markets. On the cost side, influencer marketing charges made up 84% of the total expenses, though the cost dipped 2% year-on-year to Rs 77.4 crore in FY24 from Rs 79 crore in FY23. Meanwhile, employee benefit expenses grew 38% to Rs 7.7 crore during the same period. Out of the total influencer marketing charges, Allahbadia and his venture BeerBiceps Media received Rs 7.77 crore for providing technical services to Monk-E. Commission, legal fees, rent, advertising, and other overheads pushed Monk-E's total costs to Rs 92 crore in FY24. Monk-E recorded a 58.9% year-on-year profit increase, with profits rising to Rs 7.23 crore in FY24 from Rs 4.55 crore in FY23. Its ROCE stood at 35.4%, while the EBITDA margin reached 7.86%. On a unit level, the company spent Re 0.94 to earn a rupee. By the end of FY24, Monk-E's total current assets were reported at Rs 28.46 crore, including Rs 5.5 crore in cash and bank balances. While it's probably too early to speculate about the impact on the firm from Allahbadia’s recent controversy, the scale of Monk-E shows how much is at stake. It is crucial for viewers to apply better discretion before believing everything they see and hear from these new-age channels.

Cars24 sells 2 lakh cars in FY24, revenue nears Rs 7,000 Cr

EntrackrEntrackr · 7m ago
Cars24 sells 2 lakh cars in FY24, revenue nears Rs 7,000 Cr
Medial

Following a modest growth in FY23, Cars24, an e-commerce platform for pre-owned vehicles registered 25% year-on-year growth in the fiscal year ended March 2024. However, the firm’s net losses stood at Rs 498.4 crore with an adjusted EBITDA of Rs 318.8 crore in FY24. Cars24 India’s gross revenue grew to Rs 6,917 crore in FY24 from Rs 5,530 crore in FY23, according to the company’s press release. In an interaction with Entrackr, Cars24's Chief Financial Officer Ruchit Agarwal said that the sale of cars through the auction business and retail contributed approximately 92% of the total revenue. This income grew by 24% to Rs 6,400 crore in FY24 from Rs 5,164 crore in FY23. Agarwal added that the income from the financial services stood at around Rs 300 crore while the rest of the revenue came from service fees, parking fees and the sale of other value-added services including insurance assistance and warranties. In FY24, the company claims to have sold 200,000 cars. Cars24’s holding firm is based in Singapore and oversees 12 subsidiaries across India, Australia, the UAE, and Thailand. The company’s consolidated financial results are yet to be released and may differ from the figures reported by the Indian entity through the release. For the pre-owned vehicle seller, the procurement of cars was the largest cost center, accounting for 81.8% of the overall cost. In the line of scale, this cost grew by 23.8% to Rs 6,106 crore in FY24. Its employee benefits, technology, advertising, legal, commission to brokers, and other overheads pushed the overall expenditure of the firm to Rs 7,461 crore in the last fiscal year from Rs 6,053 crore in FY23. The significant growth in scale and controlled expenditure enabled Cars24 to retain its net losses steady at Rs 498 crore in FY24. However, the adjusted EBITDA (losses excluding all non-cash items) stood at Rs 318.8 crore in FY24. Notably, the company claims to have improved its gross margin by 35% in the last fiscal. Cars24 has not raised external funding in the last three years. In December 2021, the company raised $450 million at a valuation of $3.3 billion. Its major investors include Alpha Wave, SoftBank, Tencent, and DST Global. In August, Cars24’s co-founder, Gajendra Jangid, said that the company is preparing for an initial public offering, though he did not disclose a specific timeline.

PaisaWapas revenue nears Rs 70 Cr in FY24, remains profitable

EntrackrEntrackr · 4m ago
PaisaWapas revenue nears Rs 70 Cr in FY24, remains profitable
Medial

Fintrackr All Stories PaisaWapas revenue nears Rs 70 Cr in FY24, remains profitable Cashback and coupons app PaisaWapas has managed steady growth as its revenue from operations grew 24% year-on-year for the fiscal year ending March 2024. Moreover, the Bengaluru-based company also increased its profit by around 17% during the same period. PaisaWapas’ revenue from operations grew by 24% to Rs 68.7 crore in FY24 from Rs 55.5 crore in FY23, its financial statements sourced from the Registrar of Companies (RoC) show. PaisaWapas operates as a cashback and deals platform, linking shoppers with e-commerce partners. It generates revenue through affiliate commissions, sharing a portion as cashback with users, and also earns from promotions and s. Revenue from these services surged 25.8% to Rs 66.7 crore in FY24, contributing 97% of the operating revenue in FY24. However, revenue from the sale of goods increased marginally by 35.4% to Rs 1.53 crore. The company also generated Rs 30 lakh from other income sources, pushing its total income to Rs 69 crore in the last fiscal year. Cashback to users remained the largest expense category, decreasing 14.6% to Rs 19.5 crore. Meanwhile, payouts to users increased 2.2X to Rs 15.5 crore. Advertising costs rose 95.1% to Rs 16 crore, indicating a focus on customer acquisition and engagement. Employee benefit expenses grew 41.1% to Rs 5.22 crore. Overall, total expenses increased 25% to Rs 64.4 crore, up from Rs 51.5 crore in FY23. PaisaWapas increased its profit by 16.7% to Rs 3.5 crore from Rs 3 crore in FY23. The firm recorded an EBITDA of Rs 4.86 crore, with an EBITDA margin of 7.04% and a Return on Capital Employed (ROCE) of 41.5%. The Bengaluru-based platform reported current assets of Rs 22 crore as of March 2024, while cash and bank balances rose 75% to Rs 7 crore. According to TheKredible, PaisaWapas has raised a total of $46K in funding to date. Vividhity Ventures is the lead investor, holding 2% of the company’s stake. Meanwhile, PaisaWapas’ founders, Shankar Singh and Ashish Kumar, collectively own 94% of the company. PaisaWapas competes against the companies such as CashKaro, CouponDunia, GoPaisa and GrabOn, among several others.

Exclusive: OfBusiness revenue nears Rs 20,000 Cr in FY24; profits crosses Rs 600 Cr

EntrackrEntrackr · 1y ago
Exclusive: OfBusiness revenue nears Rs 20,000 Cr in FY24; profits crosses Rs 600 Cr
Medial

Following a 2X jump in scale during FY23, industrial goods and services procurement platform OfBusiness continued its growth run as its revenue grew by 25.8% in the fiscal year ending March 2024. At the same time, the firm’s profit spiked by 30% and crossed the Rs 600 crore mark. OfBusiness’ revenue grew to Rs 19,296 crore in FY24 from 15,343 crore in FY23, according to the company’s consolidated financial documents reviewed by Entrackr. The sale of industrial goods (raw materials) and revenue from financial services offered to the buyers on their platforms were the primary sources of operating revenue for OfBusiness in FY24. The company also made Rs 232 crore from interest and other financial activities, tallying the overall revenue to Rs 19,529 crore in FY24. Being a goods and service procurement platform, the purchase of industrial goods and raw materials including construction materials, chemicals, and produce emerged as the largest cost centers, forming 88.5% of OfBusiness’ total expenses during FY24. In the line of scale, this cost increased by 21% to Rs 16,543 crore in FY24. The firm’s burn on employee benefits, finance, legal, conveyance, advertising, and other overheads took its overall cost up by 24.3% to Rs 18,696 crore in FY24 from Rs 15,037 crore in FY23. Note: OfBusiness’ ESOP-related expenses for this year stood at Rs 32 Cr in FY24 which is similar to last year. The decent growth in scale and controlled expenditure helped OfBusiness to post a 30.2% increase in its profits to Rs 603 crore in FY24. Its ROCE and EBITDA margin improved to 12.33% and 7.44% respectively. On a unit level, OfBusiness spent Rs 0.97 to earn a rupee in FY24. FY23-FY24 FY23 FY24 EBITDA Margin 6.30% 7.44% Expense/₹ of Op Revenue ₹0.98 ₹0.97 ROCE 9.28 12.23 OfBusiness has raised around $800 million including its $325 million Series G round in December 2021 where it was valued at $5 billion. According to the startup data intelligence platform TheKredible, Alpha Wave is the largest external stakeholder with 19.16% followed by Creation Investment and Matrix Partners. OfBusiness competes with Zetwerk, Infra.market, and Moglix. Zetwerk recorded Rs 11,449 crore GMV in FY23 while Infra. Market and Moglix’s gross revenue stood at 11,846 crore and Rs 4,500 crore respectively in the same period (FY23).

Tata 1mg’s revenue nears Rs 2,000 Cr in FY24; losses down by 75%

EntrackrEntrackr · 1y ago
Tata 1mg’s revenue nears Rs 2,000 Cr in FY24; losses down by 75%
Medial

Tata 1mg chased growth during FY22 and FY23 and its collection spiked over two-fold in both fiscal years. But the company appears to have prioritized the bottom line in the fiscal year ending March 2024. As a result, its revenue grew by only 21%, and at the same time it cut down losses by 75% in FY24. Tata 1mg’s revenue from operations increased to Rs 1,968 crore in FY24 from Rs 1,627 crore in FY23, its consolidated financial statements sourced from the Registrar of Companies (RoC) show. Income from the sale of medicines formed 81.3% of Tata 1mg’s total revenue which increased 24% to Rs 1,599 crore in FY24. Lab test fees, patient support programme, advertising, shipping, were other revenue drivers for the Gurugram-based firm. The Prashant Tandon-led company also earned Rs 23 crore from interest, gain of financial assets, and other miscellaneous avenues which pushed its total income to Rs 1,991 crore in FY24. See TheKredible for the detailed revenue breakup. Since 1mg operates with inventory, the cost of procurement of medicines accounted for 56% of the overall expenditure. This cost grew by just 8.5% to Rs 1,289 crore in FY24. Tata 1mg’s spends on employee benefits, information technology, legal, advertising, commissions, packaging, fulfillment, and other overheads took its total cost up by 20.4% to Rs 2303 crore in FY24. Head to TheKredible for the complete expense breakdown. The decent scale and controlled cost helped Tata 1mg to reduce losses by 75% to Rs 313 crore in FY24 from Rs 1,255 crore in FY23. Its EBITDA margin stood at -10.85% in FY24. On a unit level, Tata 1mg spent Rs 1.17 to earn a rupee in the previous fiscal year. Cevat: The primary reason for the substantial losses in FY23 was the FVTPL cost (non-cash in nature), which amounted to Rs 668 crore. Tata Digital acquired a 55% stake in 1mg in June 2021 but since then it gained around 8.5% additional stake in the e-medicine platform. According to TheKredible, Tata Digital currently holds a 63.5% stake in 1mg which was last valued at 1.25 billion. As per Fintrackr’s estimates, its enterprise value to revenue multiple stood at 4.87X. FY23-FY24 FY23 FY24 EBITDA Margin -71.66% -10.85% Expense/₹ of Op Revenue ₹1.78 ₹1.17 ROCE -341.99 NA While the focus on bottomline is understandable as part of a large umbrella like the Tata Group, where freedom is proportional to financial performance,Tata 1mg’s cost control measures have another reason. It is probably no longer worthwhile to acquire customers at a high cost where customers have basically flunked the loyalty test. That has made most e-commerce players a lot more reticent about indiscriminate discounting and the likes in favor of much more data led, targeted campaigns. Of course, with a turkey as large as Tata Neu around, one would expect Tata 1mg to get a lot more leeway however.

Awfis nears Rs 900 Cr income in FY24; losses contract 62%

EntrackrEntrackr · 1y ago
Awfis nears Rs 900 Cr income in FY24; losses contract 62%
Medial

Co-working solutions provider Awfis showcased a 55.8% growth in scale during the fiscal year ending March 2024. However, the losses for the Amit Ramani-led firm contracted 61.8% to Rs 17.8 crore in FY24. On a year-on-year basis, Awfis’ revenue from operations grew 55.8% to Rs 849 crore in FY24 from Rs 545 crore in FY23, its consolidated financial statements disclosed in the stock exchange filing show. On a sequential basis, the firm posted a 5% increase in revenue to Rs 232 crore in Q4 FY24 from Rs 221 crore in Q3 FY24. Founded in 2015, Awfis offers customized office spaces for startups, SMEs, and large corporations including ancillary services like food and beverages, IT support, and infrastructure services among others. Income from co-working space rental and allied services formed 73% of the total operating revenue which spiked 47.7% to Rs 619 crore in FY24 from Rs 419 crore in FY23. Income from construction and fit-out projects, facility management, and sale of food items were other revenue drivers for Awfis in the fiscal year ending March 2024. See TheKredible for the complete revenue breakup. Awfis’s burn on subcontract stood at Rs 171 crore in FY24 while its employee benefits saw an increment of 41.7% to Rs 136 crore in FY24. Its finance, legal, depreciation and amortization, purchase of traded goods, and other overheads took the overall expenditure up by 45.8% to Rs 892 crore in FY24 from Rs 612 crore in FY23. Head to TheKredible for the detailed expense breakdown. The 55.8% surge in scale and controlled cost mechanism helped Awfis to contract its losses by 61.8% to a marginal Rs 17.8 in FY24 from Rs 46.6 crore in FY23. On a unit level, it spent Rs 1.05 to earn a rupee in FY24. The company’s stock was listed on NSE on May 30 and opened at Rs 435 with a 13.58% premium over the issue price of Rs 383. The improvement in the fundamentals pushed its share price to Rs 500.1 (as of June 19). Awfis currently holds a total market capitalization of Rs 3,472 crore.

BookMyShow profit nears Rs 110 Cr in FY24, event biz bleeds

EntrackrEntrackr · 7m ago
BookMyShow profit nears Rs 110 Cr in FY24, event biz bleeds
Medial

Online ticketing platform BookMyShow has experienced a remarkable turnaround over the past two years (FY23 and FY24), with its revenue soaring more than 5X and achieving profitability. Its revenue spiked to nearly Rs 1,400 crore in FY24, from only Rs 277 crore in FY22. BookMyShow reported a 43.2% year-on-year growth to Rs 1,396.86 crore in revenue from operations during the fiscal year ending March 2024 as compared to Rs 975.51 crore in FY23, its consolidated financial statement with the Registrar of Companies shows. BookMyShow, an online ticketing platform for movies and events, operates with 17 subsidiaries and two joint ventures. Here's a breakdown of its revenue growth across different streams. BookMyShow generates revenue primarily through online ticket bookings, turnkey ticketing solutions for concerts and events, and software sales. It also earns from advertisement space and from subscription contracts. Additional income sources include food and beverage sales, maintenance contracts, and on-ground services. The company collected 57.4% of its revenue from online ticketing (ticket bookings and turnkey solutions) which grew 23.8% year-on-year to Rs 801.57 crore in FY24. Around 32% of the revenue came from live events, worth Rs 454.72 crore which surged 91.5% during the year. The remaining sum of Rs 140.57 crore was collected via advertisement, marketing, sale of food & beverages, gift vouchers, and software, et al. The company also earned Rs 33.28 crore from interest and gains on financial assets, taking the overall revenue to Rs 1,430.14 crore in FY24. Out of the convenience fee, a certain portion of the revenue is shared with the cinema owners. BookMyShow paid a revenue share worth Rs 323.03 crore during FY24, accounting for 43.6% of the online ticket booking revenue. The firm spent Rs 233.49 crore on production which spiked 95% YoY in FY24, while the fees paid to artists soared 103.3% to Rs 211.32 crore in the same period. Employee benefit expenses went up 24% to Rs 170.72 crore during the year. Further, advertisement & promotions, and payment gateway charges stood at Rs 78.97 crore and Rs 49.57 crore, respectively. The overall expenditure of BookMyShow inclined 40.3% to Rs 1,319.88 crore in FY24 from Rs 940.86 crore during the previous fiscal year. Segment-wise, BookMyShow made profits of Rs 258.65 crore via online ticketing and Rs 84.13 crore through advertisement, marketing, sale of food & beverages, gift vouchers, and software et al. However, the live events vertical bled with a loss of Rs 137.99 crore during FY24. In the end, BookMyShow’s profits grew 27.6% to Rs 108.63 crore during FY24, against Rs 85.11 crore made in the last fiscal year (FY23). On the back of heavy cash burn on opex (operational expenses), its operating cashflows slipped 85.3% to Rs 33.54 crore during the period. Moreover, the outstanding losses of the firm stood at Rs 751.42 crore. The EBITDA margin and ROCE of the company registered at 11.07% and 15.25%, respectively. On a unit level, BookMyShow spent Re 0.94 to earn a rupee of operating revenue in the last fiscal year. At the end of FY24, the company had Rs 306.72 crore in cash and bank balances while its overall current assets were worth Rs 1,209.84 crore with a current ratio of 138%. As per TheKredible, BookMyShow has raised Rs 1,490 crore to date from the likes of TPG Growth, Elevation Capital, and Accel. Network 18 is the major stakeholder in the company having control of around 39% stake. Its valuation as per its Series D funding stood at nearly Rs 5,700 crore. Foodtech giant Zomato, which acquired Paytm’s movies and ticketing business, competes with BookMyShow.

Metalbook nears Rs 800 Cr gross revenue in FY24

EntrackrEntrackr · 5m ago
Metalbook nears Rs 800 Cr gross revenue in FY24
Medial

Full-stack metal supply-chain platform Metalbook recorded nearly Rs 800 crore of gross revenue for the fiscal year ended March 2024. However, its losses surged over two-fold in the same period. Metalbook’s gross revenue, known as gross merchandise value (GMV), surged 76% to Rs 796 crore in FY24 from Rs 452 crore in FY23, according to its financial statement sourced from the Registrar of Companies (RoC). Founded in 2021, Metalbook is a full-stack procurement platform that helps businesses, including SMEs, with inventory liquidation, logistics, and credit, among others. It claims to work with over 500 manufacturers, dealers, and suppliers, including ArcelorMittal Nippon Steel, Tata Steel, and JSW, across 16 countries. These services were the only source of revenue for the Gurugram-based company in FY24. The firm also made an additional Rs 2.5 crore from interest on deposits and investments, which pushed its total income to Rs 799 crore in FY24. For the supply chain platform, the cost of procurement of materials was the company’s largest cost center, accounting for 96% of the overall expenditure. This cost surged by 75.34% to Rs 782 crore in FY24. Employee benefit expenses jumped 90.48% to Rs 16 crore. Provisions for bad debts stood at Rs 3.7 crore, while other expenses—including legal, technology, and travel—contributed Rs 14.3 crore. These factors drove total expenses up by 77.78% to Rs 816 crore in FY24. Despite the 76% growth in scale, Metalbook’s loss spiked by 2.8 times to Rs 17 crore in FY24 from Rs 6 crore in FY23. Its return on capital employed (ROCE) and EBITDA margin stood at -9.65% and -1.27% respectively. On a unit basis, the company spent Rs 1.03 to earn a rupee of gross revenue in FY24. The Delhi-based company’s current assets stood at Rs 193 crore, which includes Rs 61 crore of cash and bank balance in the previous fiscal year. According to TheKredible, Metalbook has raised $23 million of funding to date. Axilor, Foundamental, and RTP Global are the major investors who hold 13.55%, 8.23%, and 5.81% of the company respectively.

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