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Ergos gross revenue crosses Rs 200 Cr in FY23; losses stagnant

EntrackrEntrackr · 1y ago
Ergos gross revenue crosses Rs 200 Cr in FY23; losses stagnant
Medial

Agritech platform Ergos has managed to grow its scale by two-thirds in the fiscal year ending March 2023 with sound economics as the Bengaluru-based company kept losses in check during the period. Ergos’ gross revenue grew 66% to Rs 224 crore in FY23 from Rs 135 crore in FY22, its annual financial statements (FY23) filed with the Registrar of Companies show. Ergos enables farmers to convert their grains into tradable assets, access credit against stored produce, and make better yields. It also provides harvest supply chain solutions by leveraging technology. The sale of commodities to the customer was the primary source of revenue for Ergos contributing to 96% of overall operating income. Wheat turned out to be the largest revenue driver followed by maize, paddy, and others. Rest of the revenue came from warehousing management fees. Visit TheKredible for a detailed revenue breakup. On the expenses side, procurement costs formed 64.8% of the overall expenditure which spiked 65% to Rs 211 crore in FY23. Other costs such as employee benefits, rent, professional, vehicle and traveling costs took its overall expenditure to Rs 249 crore in FY23 from Rs 160 crore in FY22. Head to TheKredible for a complete expense breakup. The decent growth in scale and effective cost mechanism helped Ergos to control its losses which stood at Rs 24 crore in FY23 as compared to Rs 23 crore in FY22. Its ROCE and EBITDA margin stood at -69% and -8.9% respectively. On a unit level, Ergos spent Rs 1.11 to earn a rupee in FY23. FY22-FY23 FY22 FY23 EBITDA Margin -16% -8.9% Expense/₹ of Op Revenue ₹1.19 ₹1.11 ROCE -44% -69% As of now, Ergos has raised around $32 million across several rounds and was last valued at around $55 million. According to the startup data intelligence platform TheKredible, Aavishkaar Capital is the largest stakeholder with 48% followed by Chiratae Ventures and CDC Group. Currently, its founder and chief executive officer Kishor Kumar Jha commands 11.84% of the company. Operating to provide farmers avenues beyond MSP procurement one assumes, Ergos ses to be on a good pitch to leverage inefficiencies in the supply chain. However, one has to wonder just how far and high the model can take the firm. Perhaps a move into other crops will follow once enough of a network and learnings have been built in.

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FabHotels gross revenue crosses Rs 550 Cr in FY24, losses widen 23%

EntrackrEntrackr · 5m ago
FabHotels gross revenue crosses Rs 550 Cr in FY24, losses widen 23%
Medial

FabHotels gross revenue crosses Rs 550 Cr in FY24, losses widen 23% Casa2 Stays, the parent firm of FabHotels, reported a 34% increase in gross revenue for the fiscal year ending March 2024. However, its loss rose by 23%, driven by a twofold increase in employee benefit expenses. FabHotels’ gross revenue increased to Rs 552 crore in FY24 from Rs 412 crore in the previous fiscal year (FY23), according to its financial statement sourced from the Registrar of Companies (RoC). The revenue for FY23 appears different this year as it marks FabHotels’ first set of financial statements prepared in compliance with Indian Accounting Standards (Ind AS). FabHotels, a budget hotel chain with over 600 properties across more than 50 cities in India, generated 99.4% of its gross revenue from accommodation bookings. Gross revenue increased by 33.35% to Rs 549 crore in FY24. Meanwhile, other revenue sources contributed Rs 3.3 crore. The company also recorded an additional income of Rs 11 crore from interest on deposits and liabilities written off, which pushed its overall revenue to Rs 563.6 crore in the last fiscal year. Accommodation expenses remained the largest cost component forming 74% of the overall cost, which grew by 32% to Rs 435 crore. FabHotels’ employee costs shot up 2X to Rs 92 crore in FY24. This includes Rs 15 crore as ESOP cost. Its commission expenses rose by 8% to Rs 27 crore, while other costs added Rs 34 crore. Overall, total expenses grew by 38.5% to Rs 588 crore in FY24 from Rs 424.7 crore in FY23. The two-fold jump in employee benefits led FabHotel to increase its losses by 23% to Rs 114 crore in FY24, compared to Rs 93 crore in FY23. Its ROCE and EBITDA Margin were recorded at -84.09% and -19.52%, respectively. On a unit basis, the company spent Rs 1.06 to earn a rupee of revenue. At the end of FY24, FabHotel’s current assets stood at Rs 172 crore, including cash and bank balances worth Rs 94 crore. FabHotel has raised around $70 million to date. Accel is the largest external stakeholder with 21.39% followed by Goldman Sachs. FabHotels competes directly with Treebo and Bloom Hotels. In FY24, Treebo surpassed Rs 100 crore in revenue, while Bloom Hotels achieved a 73.6% increase in operational revenue to Rs 250 crore and recorded a profit of Rs 14 crore. FabHotels, with its budget offerings and reach, faces a moment of truth to deliver sustainable profitability that can power future growth. The hospitality sector leaves very little margin for major misses now. FabHotels has placed its bets, with little leeway to change much now. Judgement awaits in the next few months and year, perhaps.

Power2SME gross revenue crosses 1,000 Cr in FY23; cuts losses

EntrackrEntrackr · 1y ago
Power2SME gross revenue crosses 1,000 Cr in FY23; cuts losses
Medial

B2B e-commerce platform Power2SME has demonstrated decent growth with better unit economics as reflected in its top and bottom lines in the fiscal year ending March 2023. While it managed a 50% growth in gross margin in FY23, the company also reduced losses by 9% as it slashed employee benefits among other costs. Power2SME’s gross revenue spiked to Rs 1,056 crore in FY23 from Rs 703 crore in FY22, its consolidated financial statements filed with the Registrar of Companies (RoC) show. Power2SME provides raw materials such as steel, chemicals, inks, paints, metals, polymers along with financial services to SMEs to fulfill their capital needs through its subsidiary entities. Income from the sale of goods contributed 99% of the total gross revenue whereas the rest of the collections came from interest and finance (operating). The company also made Rs 6 crore from interest on current and non-current investments (non-operating) which took its total revenue to Rs 1,063 crore in FY23. For the e-commerce platform, the cost of procurement comprised 93.4% of the total expenditure. Tracking the growth in scale, this cost grew by 49.6% to Rs 1,019 crore in FY23 from Rs 681 crore in FY22. Its employee benefits, insurance, legal/professional, advertising, finance, and other overheads took the overall expenditure to Rs 1,091 crore in FY23 from Rs 740 crore in FY22. View TheKredible for the complete expense breakdown. The decent acceleration and cost control enabled Power2SME to reduce its losses by 9% to Rs 28.5 crore in FY23. Its ROCE and EBITDA margin improved to -10% and -0.6% respectively. On a unit level, it spent Rs 1.03 to earn a rupee in FY23. FY22-FY23 FY22 FY23 EBITDA Margin -3% -0.6% Expense/₹ of Op Revenue ₹1.05 ₹1.03 ROCE -24% -10% Power2SME last raised its equity round of $36 million in January 2018 and has raised around $80 million to date. According to startup data intelligence platform TheKredible, Accel is the largest stakeholder with 26.1% followed by Kalaari Capital and Inventus Capital. Its co-founder and CEO Narayan Ramaswamy commands 12.17% of the company at the moment. With its last funding round in 2018, Power2Sme is certainly straining to deliver on its promise, and the current growth momentum should necessitate a round of funding soon. That it hasn’t yet gone for the most obvious growth hack, i.e., lending to its users is interesting, and might just be the next focus area yet. But the significant scale and operating breakeven suggests big things soon at the firm. We are betting you will find yourself back here soon enough to read an important update on the firm.

Glance crosses Rs 600 Cr revenue in FY24 with improved economics

EntrackrEntrackr · 7m ago
Glance crosses Rs 600 Cr revenue in FY24 with improved economics
Medial

Consumer technology company Glance has demonstrated impressive financial performance over the past two fiscal years (FY23 and FY24) registering a 3.4X growth from Rs 178 crore or $22 million in FY22 to Rs 614 crore or $73.1 million during the fiscal year ending March 2024. Glance’s revenue from operations grew 89% year-on-year to Rs 614 crore in FY24 from Rs 325 crore in FY23, according to its consolidated financial statements filed by the group’s holding entity in Singapore. Launched in 2019, Glance which is part of InMobi's ecosystem, is known for its AI-powered smart lock screen platform that transforms the way users engage with their smartphones. It has a user base of over 300 million. It brings together other consumer platforms like Roposo (shoppertainment) and Nostra (gaming) Advertising services contributed 54.7% of total revenue, growing by 35.7% to Rs 336 crore in FY24 from Rs 248 crore in FY23. Revenue from the commerce (shoppertainment) segment stood at Rs 254 crore. Glance also earned Rs 15.9 crore from financial income (interest) which tallied the overall revenue to Rs 640 crore in FY24. Like many technology startups, employee benefits were the largest cost driver for Glance, accounting for 28.28% of its total expenses. This cost saw a marginal increase, rising to Rs 444 crore in FY24 from Rs 424 crore in FY23. It includes Rs 71.4 crore as ESOP cost. Glance’s shipping, marketing/selling, and infrastructure costs stood at Rs 200 crore, Rs 436 crore and Rs 201 crore, respectively. Software, publisher, legal, and travel are some other overheads that took the overall burn to Rs 1,569 crore in FY24 from Rs 1,448 crore in FY23. The decent scale and controlled expenditure helped Glance to reduce its losses by 15% to Rs 929 crore in FY24 from Rs 1,094 crore in FY23. Notably, this marks the first fiscal year in which the company narrowed losses. Its ROCE and EBITDA margin stood at -1191% and 134.9% respectively. On a unit level, it spent Rs 2.55 to earn a rupee in FY24. Glace has raised around $390 million and was valued at $1.6 billion in its last round of $200 million led by the Jio Platform in 2022. According to the startup data intelligence platform TheKredible, Jio Platform is the largest external stakeholder with 20.27% followed by Google which owns 10.13%. Its parent company InMobi commands 50.45% of the company. Glance’s current assets stood at Rs 428 crore. As per the Fintrackr estimates, its enterprise value to revenue multiple was 21.8X.

Treebo crosses Rs 100 Cr revenue in FY24, outstanding losses climb to Rs 488 Cr

EntrackrEntrackr · 6m ago
Treebo crosses Rs 100 Cr revenue in FY24, outstanding losses climb to Rs 488 Cr
Medial

Treebo crosses Rs 100 Cr revenue in FY24, outstanding losses climb to Rs 488 Cr Treebo Hotels, a premium-budget hotel chain, crossed the Rs 100 crore revenue milestone in the fiscal year ending March 2024. Despite this growth, the Bengaluru-based company saw its losses rise by 17%, bringing total outstanding losses to Rs 488 crore. Treebo Hotels’s revenue from operations grew 22.5% to Rs 109 crore in FY24 from Rs 89 crore in FY23, its consolidated financial statements filed with the Registrar of Companies show. Income from accommodation services (taken on lease and managed properties) formed 95% of the total operating revenue which increased by 22.3% to Rs 104 crore in FY24 from Rs 85 crore in FY23. The rest of the income comes from the sale of products, and subscription services. The company also added Rs 7.22 crore as other income (non-operating) which tallied its overall revenue to Rs 116 crore in FY24 from Rs 94 crore in FY23. Treebo spent 41% of its overall expenditure on employee benefits which increased marginally by 7% to Rs 59 crore in FY24. Its cost and commission surged 70% and 48% to Rs 17 crore and Rs 43 crore in the previous fiscal year. Its cost of materials, legal, technology, traveling, and other overheads took the overall cost up by 22% to Rs 144 crore in FY24 from Rs 118 crore in FY23. The increased advertising and commission costs led Treebo to raise its losses by 16.7% to Rs 28 crore in FY24, compared to Rs 24 crore in FY23. Its ROCE and EBITDA margin stood at -540% and -18.1% respectively. On a unit level, it spent Rs 1.32 to earn a rupee in FY24. The company’s total current assets stood at Rs 34 crore with cash and bank balances of Rs 7 crore in the previous fiscal. According to startup data intelligence platform TheKredible, decade-old Treebo has secured Rs 566 crore (approximately $70 million) in funding from investors including Accor, Elevation Capital, Matrix Partners, and Bertelsmann. The company’s most recent major funding, amounting to $16 million, was raised in June 2021. Treebo competes directly with Bloom Hotels and FabHotels. In FY24, Bloom Hotels saw its operational revenue rise by 73.6% to Rs 250 crore, with a profit of Rs 14 crore. FabHotels recorded Rs 224 crore in operating revenue for FY23 but has not yet filed its FY24 annual report.

Info Edge-backed Truemeds' gross revenue crosses Rs 300 Cr in FY24

EntrackrEntrackr · 5m ago
Info Edge-backed Truemeds' gross revenue crosses Rs 300 Cr in FY24
Medial

Telehealth platform Truemeds saw rapid growth, surpassing Rs 300 crore in gross revenue for the fiscal year ending March 2024. The Mumbai-based company also reduced its losses by 9% during the same period. Truemeds’ gross revenue surged 2X to Rs 315 crore in FY24 from Rs 154 crore in FY23, according to its annual financial statements filed with the Registrar of Companies (RoC). Founded by Akshat Nayyar and Kunal Wani, the startup enables consumers to discover alternative brand medicines by uploading their prescriptions. Revenue from medicine and medical device sales accounted for 98.4% of the total operating income, which surged 102% to Rs 310 crore in FY24. Income from shipping and packaging stood at Rs 1.7 crore and Rs 2.8 crore respectively. The company also added Rs 10 crore from interest on deposits which tallied its overall income to Rs 325 crore in FY24 from Rs 161 crore in FY23. As a telehealth platform, the cost of procuring medicines and devices accounted for 67.8% of the total expenditure. With increasing scale, this cost rose by 96% to Rs 262 crore in FY24. Employee benefits also grew by 75% to Rs 42 crore in FY24. Its advertising, rent, information technology, legal, and other overheads took the overall cost up by 74.7% to Rs 386 crore in FY24 from Rs 221 crore in FY23. The two-fold growth and controlled expenditure helped Truemeds to reduce its losses by 9% to Rs 61 crore in FY24, compared to Rs 67 crore in FY23. On a unit level, it spent Rs 1.23 to earn a rupee in FY24. Truemeds’ ROCE and EBITDA margin improved to -27.6% and -18.15% respectively. At the end of FY24, its total current assets stood at Rs 253 crore with cash and bank balances of Rs 155 crore. Truemeds has secured over $27 million in funding to date, including a $22 million Series B round led by WestBridge Capital in 2022. As per startup data intelligence platform TheKredible, Info Edge is the largest external stakeholder, holding a 25.25% stake in the company. PharmEasy, Tata 1mg, Netmeds, and Apollo 247 are among Truemeds' direct competitors. An easy to use interface, and a real demand for reducing medical costs has provided a strong opening for many firms in the space.

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