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LoadShare’s scale remains flat in FY23, losses shrink 19%

EntrackrEntrackr · 1y ago
LoadShare’s scale remains flat in FY23, losses shrink 19%
Medial

Last-mile logistics startup LoadShare seems to have lost momentum during FY23 as the company’s scale barely grew in single digits as compared to over 90% growth in FY22. However, in a pointer perhaps to the firm’s focus during the year, it managed to cut losses by almost 20% during the fiscal year ending March 2023. LoadShare’s revenue from operations grew 6.5% to Rs 384.5 crore during FY23 as compared to Rs 361.2 crore in FY22, as per its consolidated annual financial statement with the Registrar of Companies. Loadshare provides logistics solutions which include 10-minute quick commerce, 30-minute food deliveries, intraday e-commerce deliveries, and regional trucking to warehouses. The majority of its revenue comes from B2B deliveries while the rest from B2C delivery services. The company has not disclosed the breakdown of revenue in FY23. Loadshare claims to process over 350K last-mile deliveries per day and serves over 200 clients across more than 10,000 pin codes. Moving further, delivery charges and related costs formed 71.4% of the total expenditure which went up 12% to Rs 362.2 crore in FY23 from Rs 323.5 crore in the previous financial year(FY22). Spends on employee benefits grew 36.8% to Rs 95.85 crore during the year from Rs 70.08 crore in FY22. This cost also included expenses on the employee stock option scheme and employee stock purchase plan worth Rs 17.35 crore in FY23 and Rs 11.13 crore in FY22. LoadShare further incurred expenses on information technology, legal & professional fees, and other operating and admin expenses which catalyzed its total expenditure to Rs 507.5 crore in FY23. However, compared to the previous fiscal year, the company’s total expenses increased only 1.8% from Rs 498.3 crore in FY22. Head to the startup intelligence platform TheKredible for more details about the company’s financials. Following its prudent spending, LoadShare’s losses shrank 19.4% to Rs 111 crore during FY23 against Rs 137.7 crore in FY22. Additionally, operating cash outflows of the company went up 38.3% to Rs 98.9 crore during the last fiscal year. While its net cash outflows stood at Rs 5.45 crore. Coming to ratios, the EBITDA margin of the firm bettered to -25.79% in FY23 whereas ROCE registered at -75.61%. On a unit level, LoadShare spent Rs 1.32 to earn a rupee of operating revenue during the fiscal year. FY22-FY23 FY22 FY23 EBITDA Margin -35.19% -25.79% Expense/₹ of Op Revenue ₹1.38 ₹1.32 ROCE -54.92% -75.61% As per TheKredible, LoadShare has raised over $60 million to date from the likes of Tiger Global, Beenext, Matrix Partners, and Filter Capital, among others. It last raised $40 million in Series C funding led by Tiger Global in February 2022. The direction of the firm’s business, when taken with the broad direction of the economy, would seem to indicate Fy24 will mark further improvement in metrics for LoadShare. A double digit growth in topline with a further shrinking of losses to bring EBITDA margins to -15% or below would be a welcome target, placing the firm in a position to build strongly for growth again. The broader market seems to be on a strong footing after years of investments by multiple startups and established players, and logistics services firms like LoadShare find a far more receptive market for their services today. Investor interest will narrow down to the larger firms in the business soon, and LoadShare should be well placed to attract further support for its growth ambitions.

Why EV maker Ather’s IPO didn’t tick all right boxes

EntrackrEntrackr · 2m ago
Why EV maker Ather’s IPO didn’t tick all right boxes
Medial

Why EV maker Ather’s IPO didn’t tick all right boxes Ather had to scale down its expected valuation from $2 billion to $1.4 billion ahead of the IPO — a move that, to some investors, signaled weaker demand or a lack of confidence. Ather Energy’s Rs 2,626 crore IPO — India’s third-largest public offering of 2025 so far — had all the makings of a headline event: a respected EV brand, strong engineering pedigree, and a fast-growing electric scooter market. Yet, as the subscription window closed, the response appeared muted. Institutional investors subscribed to just 1.7 times the shares allocated for Qualified Institutional Buyers (QIB) category, while Non-Institutional Investors (NIIs) subscribed to only 66% of their quota. Retail investors showed comparatively more interest, with a subscription rate of 1.78 times, thanks possibly to some last minute pushing by brokerages promising the possibility of listing gains. Ather is known for its solid engineering and high-quality scooters. But when it came to the IPO, it struggled to get attention. Many investors felt the company didn’t share a big, bold vision — something Ola did well. Ather had to scale down its expected valuation from $2 billion to $1.4 billion ahead of the IPO — a move that, to some investors, signaled weaker demand or a lack of confidence, especially when compared to the bolder positioning of rivals like Ola Electric. Even when we look at the financials of both EV companies, the contrast is clear. Ahead of its IPO, Ola Electric disclosed in its Red Herring Prospectus (RHP) that it recorded Rs 5,000 crore in revenue for FY24, with a net loss of Rs 1,584 crore — meaning the company spent Rs 1.25 to earn every Rs 1 in revenue. Ather Energy, on the other hand, reported Rs 1,579 crore in revenue with a loss of Rs 580 crore for the first nine months of FY25, translating to a cost of Rs 1.36 to earn every Rs 1. That higher per-unit cost, combined with lower scale, may have made investors cautious, especially when comparing Ather’s path to profitability with Ola’s stronger topline growth. Ather’s slow and steady approach to expansion, which ensured high customer loyalty and trust, has boomeranged when it comes to the IPO. Public markets tend to reward speed, growth, or profitability, and in Ather’s case, it appears lucky to have scraped through with none of the above. That is a huge endorsement of its reputation and promise, and possibly positive word of mouth. That the IPO was practically a compulsion is also a reason why the firm decided to forge ahead, with limited runway available and backers holding off. There is every possibility that investors will have to be more patient than usual to see the firm deliver returns. The founders have almost been timid in making claims linked to prospects, the antithesis of what Bhavish Aggarwal of Ola Electric. One can only hope that this refusal to chest thump will deliver the kind of returns that gladden the heart in time.

Zomato posts Rs 5,405 Cr revenue and Rs 59 Cr profit in Q3 FY25

EntrackrEntrackr · 5m ago
Zomato posts Rs 5,405 Cr revenue and Rs 59 Cr profit in Q3 FY25
Medial

Zomato posts Rs 5,405 Cr revenue and Rs 59 Cr profit in Q3 FY25 Zomato’s revenue from operations surged 64.4% to Rs 5,405 crore in Q3 FY25 in contrast to Rs 3,288 crore in Q3 FY24. The results showcase a decent growth in scale while the year-on-year (YoY) profits declined 57% during the period. Zomato’s revenue from operations surged 64.4% to Rs 5,405 crore in Q3 FY25 in contrast to Rs 3,288 crore in Q3 FY24, as per the firm’s consolidated financial results sourced from the National Stock Exchange. Compared to the previous quarter (Q2 FY25) year, its operating revenue went up by 12.6% from Rs 4,799 crore. Zomato operates several units including a food marketplace platform connecting end users, restaurants, and delivery personnel. Hyperpure provides farm-to-fork supplies to restaurants and businesses while Blinkit offers kirana, FMCG, and other essentials within 10 minutes. The firm made 38.3% of its total operating revenue (Rs 2,072 crore) via the food ordering and delivery business. Collections from its Hyperpure supplies (B2B business) increased 13.4% to Rs 1,671 crore during the same period while the quick commerce vertical (Blinkit) contributed Rs 1,399 crore to the group’s coffers. The remaining income came from the ‘Going-out’ segment and other operating activities during the quarter ending December 2024. Blinkit’s revenue ramped up over 117% YoY from Rs 644 crore generated in Q3 FY24. Zomato also earned Rs 252 crore as non-operating income (mainly from interest and gains on financial assets) in Q3 FY25. As a result, its overall revenue reached Rs 5,657 crore during the period. Coming to expenses, delivery and related charges accounted for 26% in Q3 which registered at Rs 1,450 crore. The purchase of stock (after adjustment of changes in inventories) inclined to Rs 1,500 crore, while employee benefits cost was at Rs 689 crore during the quarter. Zomato also spent Rs 521 crore on and promotions, akin to which its total expenditure rose 63.6% YoY to Rs 5,533 crore in Q3 of FY25. Zomato’s profits slipped 57.2% YoY to Rs 59 crore in Q3. In the previous quarter (Q2 FY25), it booked Rs 176 crore in profits. On a unit level, the company spent Rs 1.02 to earn a rupee in Q3 of FY25. For the nine-month ended period (Apr-Dec 2025), Zomato recorded Rs 14,410 crore revenue from operations with a profit of Rs 488 crore. In December 2024, Zomato achieved a historic milestone by becoming the first Indian startup to join the Bombay Stock Exchange (BSE) Sensex 30, replacing JSW Steel Limited. In the race for instant food delivery, a few days back, Zomato re-introduced a 15-minute food delivery service in select cities. The company also received a GST demand notice amounting to Rs 803 crore from the Thane Commissionerate in Maharashtra, related to the non-payment of GST on delivery charges, including interest and penalties. In the first week of January, Zomato was trading above Rs 250 when its foreign brokerage Jefferies downgraded Zomato from “buy” to “hold” rating, citing competition in the quick commerce space. Following the rating, its price tumbled down under Rs 230, however, on the back of strong YoY growth, the company is regaining momentum as its price is at Rs 239.9 with a market cap of Rs 2,10,336 crore or $24.3 Bn. In December 2024, Zomato achieved its all-time high price at Rs 304.5 a share.

RailYatri posts Rs 274 Cr revenue in FY23; losses shrink 58%

EntrackrEntrackr · 1y ago
RailYatri posts Rs 274 Cr revenue in FY23; losses shrink 58%
Medial

Train ticketing platform RailYatri has demonstrated strong financial health in the past couple of years. The growth can be witnessed from its topline which inched close to touching the Rs 300 crore mark. Along with this, the Noida-based company also managed to bring down its losses during FY23. RailYatri’s revenue from operations grew 2.3X to Rs 273.73 crore during the fiscal year ending March 2023 as compared with Rs 117.21 crore in FY22, as per the company’s consolidated financial statements with the Registrar of Companies. Founded in 2014, RailYatri offers train ticket information along with intercity bus service — IntrCity SmartBus which runs on routes such as Delhi–Lucknow, Delhi–Kanpur, Mumbai–Pune, Bengaluru–Hyderabad, and Chennai–Coimbatore among others. RailYatri has also launched a ‘flexi-ticket’ feature that allows users to make last-minute changes to their plans when finding a reservation on trains isn’t available. Co-founded by Kapil Raizada, Manish Rathi, and Sachin Saxena, the company made 93% of its revenue via roadway operations while the remaining part came from erectioning commissioning, and advertising publicity. It also made around Rs 6 crore via interest and gains on financial assets during the year which took its topline to Rs 279.75 crore at the end of FY23. RailYatri spent 11% of its expenses on employee benefits during the period. This cost went up 26.7% to Rs 32.9 crore during FY23 from Rs 25.97 crore in FY22. This cost also includes expenses on the employee stock option scheme and employee stock purchase plan worth Rs 24 lakh and Rs 3.71 crore in FY23 and FY22, respectively. Advertisement & promotional costs declined 21.8% to Rs 6.4 crore whereas Information technology expenses grew to Rs 1.82 crore during FY23. Notably, RailYatri booked Rs 242 crore of its expenditure under miscellaneous expenses which is likely to include outsourced support, cashback & discounts, and other operational and admin expenses during FY23. In total, the overall expenditure surged 83.4% to Rs 298 crore during FY23 from Rs 162.5 crore in FY22. Head to TheKredible for a complete expense breakdown and year-on-year financial performance of the company. Despite rising expenses, the company managed to control its bottom line by 58.5% during the year. Its losses shrank to Rs 18.2 crore in FY23 from Rs 43.87 crore in FY22. Also read: Decoding the financial performance of India’s top OTA players The stability of operations can also be witnessed from its operating cash outflows which improved by 45% to Rs 19.96 crore in FY23. Amid an improved financial performance, the EBITDA margin and ROCE of the company also strengthened to -5.55% and 13808.33%, respectively, during the year. On a unit level, RailYatri spent Rs 1.09 to earn a rupee of operating revenue in FY23. FY22-FY23 FY22 FY23 EBITDA Margin -35.96% -5.55% Expense/₹ of Op Revenue ₹1.39 ₹1.09 ROCE -475.11% 13808.33% As per the startup intelligence platform TheKredible, RailYatri has raised over $50 million to date. A few days back, it raised $3.44 million in a mix of equity and debt funding round led by Mirabilis Investment Trust. Entrackr exclusively reported this development.

Funding and acquisitions in Indian startup this week [07 - 12 Oct]

EntrackrEntrackr · 9m ago
Funding and acquisitions in Indian startup this week [07 - 12 Oct]
Medial

During the week, 32 Indian startups raised around $134.42 million in funding. These deals count 4 growth-stage deals and 22 early-stage deals while 6 startups kept their transaction details undisclosed. Last week, 21 early and growth-stage startups cumulatively raised over $92.63 million in funding. [Growth-stage deals] Among the growth-stage deals, 4 startups raised $55.8 million in funding this week. Industrial robotics maker Haber spearheaded with $38 million funding round. SaaS platform for physical therapy professionals Spry Therapeutics raised $15 million followed by aerial intelligence platform Aereo and pharmaceutical packaging startup Sorich Foils with $1.8 million and $1 million in funding, respectively. [Early-stage deals] Further, 22 early-stage startups secured funding worth $78.62 million during the week. D2C diaper brand Bumtum (Millennium Babycares) led the list followed by EV firm UrjaMobility, vacuum and process solutions provider Economy Process Solutions, space-tech firm XDLINX, and dental care platform Dezy among others. Meanwhile, Jivi, Suraasa, Adloggs, Humm Care, A4 Hospital, and Deftouch also raked in funding but did not disclose the transaction details. For more information, visit TheKredible. [City and segment-wise deals] In terms of the city-wise number of funding deals, Bengaluru-based startups led with 11 deals followed by Delhi-NCR, Mumbai, Pune, Coimbatore, et al. Segment-wise, Healthtech startups are on the top spot with 5 deals. SaaS, E-commerce, Fintech, Media and entertainment, Edtech, and Robotics startups followed the list among others. [Series-wise deals] During the week, seed funding deals are on top, with 18 deals followed by Series A, pre-Series A, Series B, and pre-IPO deals among others. [Week-on-week funding trend] On a weekly basis, startup funding went up 45.11% to $134.42 million as compared to around $92.63 million raised during the previous week. The average funding in the last eight weeks stands at around $358.15 million with 28 deals per week. [Fund launches] D2C Insider, a community of D2C founders, launched the Super Angels Fund with a corpus of Rs 25 crore. LC Nueva Investment Partners launched the LC Nueva Momentum Fund with a target corpus of Rs 150 crore. Northern Arc launched the Finserv Fund with a target corpus of Rs 1,500 crore. [Key hirings and departures] The startup ecosystem witnessed 17 notable hirings this week. Evenflow onboarded Priyesh Singh, Aparajitha Vijayaraghavan, Prashant Agarwal, and Ruchi Shaikh at different leading positions. Oyo also welcomed Sonal Sinha, Rachit Srivastava, Shashank Jain, Pankhuri Sakhuja, and Ashish Bajpai to fill different roles. Meanwhile, Orios Venture Partners’s CFO & CEO Gaurav Bindal, Zomato’s Independent Director Gunjan Soni, and Menhood’s Compliance Officer resigned. [Mergers and Acquisitions] This week, three notable acquisitions took place in the Indian startup ecosystem. Ozonetel acquired CloudConnect Communications, eBikeGo purchased Varcas Automobiles, and Exicom took over Tritium. [ESOP buyback] Whatfix, a digital adoption platform (DAP), has introduced a $58 million liquidity program for its employees and investors. Online gaming startup Winzo has also announced the completion of its fourth round of employee stock options plan (ESOP) liquidation. [Shutdown and layoffs] Plug-and-play platform Toplyne is shutting down operations and returning capital to investors. While two-wheeler marketplace BeepKart reportedly fired another 60-70 employees. Visit TheKredible to see series-wise deals along with amount breakup, complete details of fund launches, and more insights. [New launches] Fintech startup Jar forays into the D2C jewelry space with the launch of Nek Blinkit to launch ‘Cafe’ for quick snack deliveries IPO-bound Swiggy rolls out large order fleet in Gurugram Ranveer Singh-backed Bold Care ventures into women’s wellness Innov8 launches Managed Office Spaces vertical ShareChat launches social media app ‘Vibely’ [Potential Deals] D2C fashion brand Zouk set to raise $10 Mn led by Aavishkaar Capital Prosus to double down on Urban Company in a secondary deal Amazon-backed ToneTag in talks to raise $50 Mn [Financial results this week] Servify posts Rs 755 Cr revenue in FY24; cuts losses by 59% Kuku FM reports Rs 88 Cr revenue in FY24; spends Rs 100 Cr on marketing Pine Labs India posts Rs 1,384 Cr revenue in FY24; losses jump 3X DCGpac hits profitability as revenue nears Rs 100 Cr in FY24 Leegality turns profitable with 87% revenue growth in FY24 boAt cuts losses by 47% in FY24, revenue holds steady at Rs 3,122 Cr Your-Space posts Rs 142 Cr revenue in FY24; losses up 20% Info Edge revenue touches Rs 1,230 Cr revenue in H1 FY25 [News flash this week] Ola, Uber, and Porter score zero in Fairwork India Ratings 2024 Ola Electric faces show-cause notice amid rising complaints Magicpin becomes the largest food delivery seller app on ONDC Govt. eyes action against e-commerce firms for dark pattern violations Zetwerk begins talks with JP Morgan and other bankers for an IPO Physics Wallah selects four investment bankers for $500 Mn IPO BlackBuck gets SEBI nod For Rs 550 Cr IPO Zomato’s Deepinder Goyal exits, Titan Capital’s Kunal Bahl joins Shark Tank India [Conclusion] After a dip in funding last week, the weekly funding surged over 45% $134.42 million this week. The week saw three startup-focused fund launches namely D2C Insider (Super Angel Fund), LC Nueva Investment, and Northern Arc (Finserv AIF Fund). The Indian government is poised to take action against e-commerce companies that have been accused of flouting dark pattern regulations during the festive season sales. The Central Consumer Protection Authority (CCPA) is investigating complaints alleging that these companies have used deceptive design elements to trick consumers into making purchases. Dark patterns, such as creating a false sense of urgency or misleading customers, have become a growing concern as e-commerce has boomed in India. To address this issue, the government introduced guidelines last year to regulate the use of dark patterns and curb deceptive practices by e-commerce companies. Around tech IPOs, Zetwork and Physics Wallah are in talks with investment bankers for their respective IPOs while logistics firm Blackbuck has received SEBI’s green signal for the public listings. Kunal Bahl, the founder of Snapdeal and Titan Capital, is joining Shark Tank India as a new shark. His addition comes after Zomato’s Deepinder Goyal stepped down from his role as a judge due to Swiggy’s sponsorship of the show. A new report by Fairwork India has ranked Ola, Uber, and Porter lowest for working conditions for gig workers in India. The evaluation assessed 11 platforms and found that while BigBasket, Swiggy, Urban Company, and Zomato performed well, no platform fully met all five principles of fair labor standards. The report emphasizes the urgent need to improve conditions for gig workers in the country’s rapidly growing platform economy.

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