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Advantage Club crosses Rs 300 Cr revenue in FY23; profitability in sight

EntrackrEntrackr · 1y ago
Advantage Club crosses Rs 300 Cr revenue in FY23; profitability in sight
Medial

Employee engagement platform Advantage Club has maintained its growth streak in FY23 with the firm’s operating revenue skyrocketing by 93.4%. Simultaneously, the firm also managed to control its losses in the fiscal year ending March 2023 and is likely to turn profitable in FY24. Advantage Club’s revenue from operations grew to Rs 323 crore in FY23 from Rs 167 crore in FY22, its annual financial statements filed with the Registrar of Companies show. The company provides employee engagement and experience solutions, which includes rewards, recognition, flexible benefits, wellness, onboarding, and more. It claims to work with 1,000 clients with a presence across 100 countries. The company has doubled its user base to 4 million in less than 15 months. Voucher sale was the primary source of revenue for Advantage Club forming 91.5% of the total operating earning which surged 92% to Rs 297 crore in FY23. The rest of the income came from the sale of services, discount income without product margin, and brand breakage. For the reward and recognition provider firm, the procurement of vouchers naturally became the largest cost center accounting for 92% of the overall expenditure. In line with the scale, this cost grew 92.3% to Rs 299 crore in FY23. The firm’s burn on employee benefits, advertising cum promotional, information technology, legal, and other overheads took its overall expenditure to Rs 324 crore in FY23 from Rs 171 crore in FY22. See TheKredible for the detailed expense breakup. The high procurement cost (vouchers) overshadowed the revenue growth, making it challenging for the company to achieve profitability in the last fiscal year. As a result, the company has been flirting around breakeven for the last three fiscal years. Its ROCE and EBITDA margin recorded at -20% and -0.3% respectively. On a unit level, it spent Re 1 to earn a rupee in FY23.

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.

Accel and Peak XV-backed grocery brand Apna Mart revenue jumps 86% in FY24

EntrackrEntrackr · 7m ago
Accel and Peak XV-backed grocery brand Apna Mart revenue jumps 86% in FY24
Medial

Following eight-fold growth in FY23, Bharat-focused franchise-led grocery chain Apna Mart delivered another strong performance, achieving an 85.6% year-on-year spike in its operating scale in FY24. However, the company's losses also grew by 50% but remained under Rs 35 crore during this period. Three-year-old Apna Mart’s revenue from operations grew to Rs 59.4 crore in the last fiscal year from Rs 32 crore in FY23, its annual financial statements sourced from the Registrar of Companies (RoC) show. Founded by Chetan Garg and Abhishek Singh, Apna Mart is a franchise-driven omnichannel grocery and FMCG chain that delivers within 15 minutes. It operates in 14 cities including Ranchi, Hazaribagh and Bilaspur. The sale of fast-moving consumer goods (FMCG) was the sole source of revenue in FY24. Apna Mart also added Rs 3.6 crore from interest on deposits and mutual fund redemption, bringing its overall income to Rs 63 crore during the last fiscal year, compared to Rs 32.2 crore in FY23. For the consumer goods store, the cost of procurement for products accounted for 61% of the overall expenditure. To the tune of scale, this cost increased by 85% to Rs 58.4 crore in FY24 from Rs 31.6 crore in FY23. Its employee benefits surged by 82.4% to Rs 16.6 crore in FY24, including a Rs 2 crore non-cash ESOP cost. Advertising, legal, and manpower charges were among the other major overheads that pushed the firm’s total expenditure up by 77.8% to Rs 96 crore in FY24 from Rs 54 crore in FY23. On the back of increased burn on procurement and employee benefits, Apna Mart's losses grew 51.4% year-on-year to Rs 33 crore in FY24. Its ROCE and EBITDA margin stood at -57.7% and -49.76%, respectively. The firm’s expense-to-earnings ratio stood at Rs 1.62 in FY24. Apna Mart has total current assets of Rs 28.3 crore including a cash balance of Rs 1 crore at the end of the fiscal year ending March 2024. According to the startup data intelligence platform TheKredible, Apna Mart has raised over $14 million in funding to date. Backed by Accel Partners, Peak XV Partners, Titan Capital, Disruptors Capital, and Sparrow Capital among others, the firm is currently valued at Rs 397 crore (approximately $48 million). Its enterprise value to revenue multiple stood at 6.68X in the previous fiscal year. In a fast evolving sector line quick commerce, Apna Mart’s focus on tier 2 cities is a huge question, considering how difficult it has been to turn a profit in those markets. It's scale also doesn't offer any significant procurement advantage yet. We believe that the firm has many challenges to tackle before it can breathe easy. A Franchisee based model might have helped control costs, and losses somewhat, but it should be interesting to see how far that can travel.

HR tech platform Keka posts Rs 78 Cr revenue in FY24; losses spike 2.8X

EntrackrEntrackr · 7m ago
HR tech platform Keka posts Rs 78 Cr revenue in FY24; losses spike 2.8X
Medial

HR tech platform Keka continued its growth journey with a 62% year-on-year increase during the fiscal year ending March 2024. However, this growth came at a steep cost, as the Hyderabad-headquartered firm's losses surged 2.8X in the last fiscal. Ten-years-old Keka's revenue from operations grew to Rs 78 crore in FY24 from Rs 48 crore in FY23, its annual financial statements sourced from the Registrar of Companies (RoC) show. Founded in 2015 by Vijay Yalamanchili, Keka provides HR-related solutions that aim to streamline and automate payroll, recruiting, leave and attendance, performance management, and more. According to the company, its HR application is embraced by 2.5 million employees. For the SaaS startup, the subscription income from the sale of its closed-based HR and payroll management software (Keka HR) accounted for 97.4% of its overall operating revenue which grew 60% to Rs 76 crore in FY24. The remaining revenue came from one-time implementation fees for the WestBridge Capital-backed firm. The company also added Rs 9 crore from interest on deposits and current investments, which led its total revenue to Rs 87 crore in FY24, as compared to Rs 54 crore in FY23. Similar to other SaaS companies, employee benefits accounted for 64.5% of the overall expenditure. This cost spiked 94% to Rs 107 crore in FY24. It includes Rs 6 crore ESOP cost which is non-cash in nature. Keka's advertising spend surged 3.6X to Rs 22 crore in FY24. Its informational technology, rent, traveling, legal, and other overheads took the total expenditure up by 100% to Rs 166 crore in FY24 from Rs 83 crore in FY23. See TheKredible for the detailed cost breakup. With around 2X growth in advertising and employee benefits, Keka's losses spiked 2.8X to Rs 80 crore in FY24, compared to Rs 28 crore in FY23. Its ROCE and EBIDTA ratios were recorded at -85% and -89%, respectively. Keka's expense-to-earning ratio stood at Rs 2.13. During the end of FY24, its total current assets registered at 97 crore including the cash and bank balance of Rs 88 crore. Keka has raised around $59 million to date including a $57 million Series A led by WestBridge Capital in November 2022. According to the startup data intelligence platform TheKredible, WestBridge Capital is the largest external stakeholder with 20% while its founder and chief executive officer command 66% of the company.

Boult Audio revenue jumps 40% to over Rs 700 Cr in FY24

EntrackrEntrackr · 2m ago
Boult Audio revenue jumps 40% to over Rs 700 Cr in FY24
Medial

Boult Audio revenue jumps 40% to over Rs 700 Cr in FY24 Bootstrapped consumer electronics brand Boult Audio recorded a 40% surge in operating revenue for the fiscal year ending March 2024. However, the notable top-line came at a cost, as the Delhi-based company’s profit declined by 37%. Boult’s revenue from operations increased by 40% to Rs 697 crore in FY24 from Rs 498 crore in FY23, according to its financial statement sourced from the Registrar of Companies (RoC). Founded in 2017, Boult Audio designs, develops and manufactures wireless earbuds, headphones, smartwatches, and speakers. Revenue from sale of these products remained the sole source of revenue. The company’s revenue majorly came from domestic sales, which grew 45% to Rs 620 crore in FY24. Revenue from overseas sales remained stable at Rs 77 crore, contributing 11% to the top line. Boult made additional Rs 5 crore from non-operating revenue which pushed its total revenue to Rs 702 crore in FY24 from Rs 501 crore in FY23. On the expense side, the largest cost component—cost of material consumed—rose 25% to Rs 402 crore, accounting for nearly 58% of total expenses. Advertising expenditure spiked 74% to Rs 162 crore, while post-supply discounts grew 84% to Rs 70 crore. These two expenditures collectively accounted for over 33% of its total expenses. Employee benefit expenses rose by over 50% year-on-year to Rs 26 crore in FY24. Other overheads, including admin and general expenses, added Rs 39 crore to the total cost. Overall, total costs increased by 41% to Rs 699 crore in FY24. As overall costs outpaced revenue growth, Boult’s net profit declined by 37% to Rs 2.5 crore in FY24 from Rs 4 crore in FY23. Its ROCE and EBITDA margin stood at 52.94% and 2.64%, respectively. On a unit level, Boult Audio spent Rs 1.00 to earn each rupee of revenue. As of March 2024, the company recorded current assets worth Rs 211 crore including Rs 9 crore in cash and bank balance. Boult’s inventories stood at Rs 964.5 crore during the same period—up 63% from FY23. This significant buildup suggests Boult is preparing for high-volume sales, possibly ahead of festive seasons or upcoming launches. Boult made its first recorded CSR contribution of Rs 12.23 lakh in FY24. According to TheKredible, Boult Audio has remained unfunded till date. Its co-founders, Varun Gupta and Tarun Gupta together own 49.5% of the company. Its director Vinod Gupta holds a 23.76% stake, while Pankhuri Gupta, who leads design at Boult, holds 25.74% stake in the company. The firm competes directly with homegrown electronics rivals boAt and Noise. In FY24, market leader boAt reported revenue of Rs 3,118 crore but closed the year with a loss of Rs 80 crore. Noise followed with Rs 1,431 crore in revenue and a loss of Rs 19 crore.

Auxilo’s profit jumps 2.5X in FY24; revenue grows double

EntrackrEntrackr · 11m ago
Auxilo’s profit jumps 2.5X in FY24; revenue grows double
Medial

Overseas education loans have picked up steam in India in the last few years, and the specialized companies in the space have been growing exponentially. Incred, LeapFinance and Leverage Edu reported significant uptick in their financing business focused on education. Earlier last year, HDFC had sold off its education loan business, HDFC Credila to a clutch of PEs at a hefty premium too, indicating the bullishness around the sector. The focus of the story today is education-focused non banking financial company Auxilo which posted a two-fold growth in its revenue to Rs 356.68 crore in FY24 from Rs 178 crore in FY23, its annual financial statements with the Registrar of Companies (RoC) shows. Auxilo has churned the majority of its collection through processing fees and interest received on the loan disbursements. This income accounted for 94.8% of the revenue which surged 94.5% to Rs 338.2 crore in the fiscal year ending March 2024 from Rs 173.81 crore in FY23. The company also made Rs 10.64 crore from non-operating sources which pushed its total income to Rs 367.32 crore in FY24. On the expense side, interest on borrowing formed 61.35% of the total expense. This expense mounted by 144.58% to Rs 168.49 crore in FY24 from Rs 68.89 crore in FY23. Meanwhile, its employee benefit cost grew 28.45% to Rs 41.76 crore in FY24 from Rs 32.51 crore in FY23. Other expenses including legal-professional, business sourcing, advertising increased by 17.91% to Rs 54.6 crore in FY24. Auxilo Finserve’s overall cost grew 2X to Rs 274.63 crore in FY24 from Rs 156 crore in FY23. Significantly, its profit also increased 2.5X to Rs 69.21 crore in FY24 from Rs 26 crore in FY23. Its ROEC and EBITDA stood at 8.57% and 79.91%, respectively. On a unit level, the company spent Re 0.77 to make a rupee of operating revenue in FY24. FY23-FY24 FY23 FY24 EBITDA Margin 70.48% 79.91% Expense/₹ of Op Revenue ₹0.88 ₹0.77 ROCE 6.68% 8.57% Considering that most education loans are not collateral backed, or unsecured, one has to wonder if the industry is not overheating. High growth rates for education loans, when seen in context of the headlines around the tightness in the jobs market, makes you wonder. Of course, lenders are betting on a cyclical turnaround by the time these loans fall due in a couple of years or earlier, besides the surging demand for overseas study in India. But froth is surely building up. Even loans given for study overseas, which form a significant chunk of these, are not the sure thing they used to be as immigration rules and conditions for work go through a churn in many of the destinations due to tight job markets. It does seem to be a classic case of venture and PE funding driving founders to stay the course, even when they would ordinarily have paused for considering a course correction. We will be watching out for the signs that speed breakers do exist on this seemingly smooth growth highway [overseas education loans].

Livspace revenue crosses Rs 1,200 Cr in FY24; losses shrink by 48%

EntrackrEntrackr · 10m ago
Livspace revenue crosses Rs 1,200 Cr in FY24; losses shrink by 48%
Medial

After an 85% year-on-year growth in FY23, omnichannel home interior and renovation platform Livspace saw a modest 14.78% growth in scale during the fiscal year ending March 2024. The Singapore-headquartered firm, however, kept its losses in check during the same period. Livspace’s revenue from operations increased to Rs 1,185.7 crore (SGD 192.48 million) in FY24 from Rs 1,033 (SGD 167.7 million) crore in FY23, according to its group company’s consolidated annual financial statements in Singapore. Livspace allows homeowners to discover pre-designed rooms, kitchens, and storage areas on its platform. Revenue from its interior projects biz formed 94% of the overall revenue which increased 16.5% to Rs 1,110.65 crore in FY24 from Rs 953.32 crore in FY23. The Bengaluru-based company generated additional revenue of Rs 69 crore from the sale of products and allied contractual services in FY24. It also added Rs 48.4 crore in income, mainly from interest on fixed deposits, bringing the total income to Rs 1,234 crore in FY24, up from Rs 1,058 crore in FY23. For the home interior brand, the cost of sales, including project materials, inventories, and materials consumed, accounted for 35.6% of the overall expenditure. Despite a 14% surge, this cost remained steady at Rs 586.8 crore in FY24. Its employee benefits decreased by 16.1% to Rs 579 crore in FY24, which includes Rs 124 crore in ESOP expenses. Marketing, rent, brokerage, and technology expenses contributed to an overall expenditure of Rs 1,647.8 crore (SGD 267.5 million) in FY24, down from Rs 1,861.6 crore (SGD 302.2 million) in FY23. FY23-FY24 FY23 FY24 EBITDA Margin -69% -27% Expense/₹ of Op Revenue ₹1.80 ₹1.39 ROCE -98% -79.5% Modest growth in scale, along with controlled spending on employee benefits and marketing, helped Livspace reduce its losses by 48.48% to Rs 413.8 crore (SGD 67.1 million) in FY24, down from Rs 803.3 crore (SGD 130.4 million) in FY23. Its ROCE and EBITDA margins improved to -79.5% and -27%, respectively. On a unit level, Livspace spent Rs 1.39 to earn a rupee in FY24. Livspace is all set to shift its domicile to India from Singapore and the firm has also received approval from its board, according to the company’s founder Ramakant Sharma. It has plans to go public in the next 18-24 months. The company, for all its all out efforts to reduce losses without giving up on growth faces a tough challenge to sustain these efforts. More often than not, there is a point where cost cuts become counter productive, or worse make you wonder what you were doing with them in the first place. Livspace is on course to discover either of those two realities soon. *Currency converted from Indian rupees to Singapore dollars: SGD 1 = 61.6 rupees.

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