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Exclusive: BigHaat crosses Rs 1,100 Cr revenue in FY25; turns EBITDA profitable

EntrackrEntrackr · 4m ago
Exclusive: BigHaat crosses Rs 1,100 Cr revenue in FY25; turns EBITDA profitable
Medial

Exclusive All Stories Exclusive: BigHaat crosses Rs 1,100 Cr revenue in FY25; turns EBITDA profitable Full-stack agritech platform BigHaat Agro posted a flat scale with single-digit year-on-year growth in the fiscal year ending March 2025. However, the Bengaluru-based company managed to narrow its losses by over 25% during the last fiscal year. According to its co-founder Sateesh Nukala, BigHaat has crossed the Rs 1,100 crore revenue threshold in FY25 from Rs 1,050 crore in FY24. BigHaat’s revenue split consists of 85% of revenue coming from farm produce sales, with agri-inputs, which is direct to farmers, and digital only contributing 15%. The platform now counts 3 million monthly active farmers and reported 15% gross margins in FY25, said Nukala in an interaction with Entrackr. Nukala highlighted that exports and advanced processing, a high-margin vertical launched in FY25, now contribute 20% to its monthly revenue. “We have reduced our net loss to Rs 25 crore in FY25 from Rs 35 crore in FY24 and turned EBITDA positive for the last three quarters,” said Nukala. He also added that BigHaat is among the few agritech startups to achieve profitability at scale with 6x revenue-to-capital efficiency. As per Nukala, the company is targeting Rs 1,400 crore in FY26, with spices emerging as a key growth driver. “We are also open to acquisitions of new brands to strengthen our portfolio,” he emphasized. BigHaat has raised around $25 million to date. In January 2022, it raised Rs 100 crore led by JM Financial. Beyond Next Ventures, Ashish Kacholia, Ankur Capital, and others are some notable investors for the firm. This contrasts with larger peers. DeHaat, India’s most valued agritech startup, clocked Rs 2,675 crore revenue in FY24 but with losses of over Rs 240 crore. Ninjacart, backed by Walmart and Flipkart, crossed Rs 2,000 crore revenue in the same fiscal but recorded a Rs 259.6 crore loss. By combining steady topline growth, improving margins, and sustained EBITDA profitability, BigHaat is positioning itself as one of the few agritech ventures balancing scale with financial discipline, while many peers continue to burn capital at larger scales.

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Exclusive: Snapmint crosses Rs 150 Cr revenue threshold in FY25, turns profitable

EntrackrEntrackr · 6m ago
Exclusive: Snapmint crosses Rs 150 Cr revenue threshold in FY25, turns profitable
Medial

Exclusive: Snapmint crosses Rs 150 Cr revenue threshold in FY25, turns profitable Buy now, pay later (BNPL) startup Snapmint has made a strong comeback in FY25, recording nearly 80% year-on-year revenue growth after a flat performance in FY24. The company also turned profitable during the year, according to two sources and documents reviewed by Entrackr. Snapmint’s revenue from operations soared to Rs 158.5 crore in FY25 from Rs 88.5 crore in FY24, as per the documents. Founded in 2017 by Nalin Agrawal, Anil Gelra, and Abhineet Sawa, Snapmint offers credit solutions for purchases in categories like electronics, health, and home essentials. Its digital platform, Nimbus, helps merchants boost sales and reach with customized credit options. Interest income received from granting on services was the primary source of revenue, while commissions, subvention, discount from partners, and processing fees were other allied services for Snapmint. According to the sources, Snapmint also turned black with a profit after tax of Rs 15 crore, a reversal from a loss of Rs 33.6 crore in FY24. Queries sent to Snapmint did not elicit a response. Their comments will be added if and when they respond. The company has also been in talks to raise fresh funding to the tune of $40 million, with General Atlantic likely to lead the round at a valuation of around $150-160 million. Entrackr exclusively reported this development last month. According to the startup data intelligence platform TheKredible, the company has raised around $60 million to date, including its $18 million in a mix of debt and equity led by Prashasta Seth (Prudent Investment Manager), Perpetuity Ventures, and Pegasus Fininvest. With offerings that go beyond credit cards, using credit scores instead to perform a credit check and provide limits, Snapmint certainly fills a use case that has become more relevant after the advent of UPI for many users. However, Snapmint faces competition from several BNPL players, including Axio, which was recently acquired by Amazon, Fibe (formerly EarlySalary), which raised $90 million from TR Capital, and Amara Capital. Other competitors include Simpl, Layup, DMI Group-owned ZestMoney, and a few others. With investors no longer as willing to burn money to acquire customers or invest in community building, all the firms, especially those not affiliated to a large ecom platform, face the difficult challenge of access and recognition. With Fibe having raised significant capital, the journey ahead for Snapmint is tougher, but certainly not impossible. The best interest of these apps will be served by a tougher crackdown on unauthorized and illegal lending apps that will clear out the market and bring in a fresh, if smaller segment of new customers. A case for cooperation if there ever was one.

Bare Anatomy parent Innovist crosses Rs 300 Cr revenue in FY25, turns profitable

EntrackrEntrackr · 29d ago
Bare Anatomy parent Innovist crosses Rs 300 Cr revenue in FY25, turns profitable
Medial

Innovist, the parent company of Bare Anatomy, Chemist at Play, Sunscoop, and Vinci, reported strong financial performance in the fiscal year ended March 2025, with total revenue surpassing Rs 300 crore while turning profitable during the year. Innovist has posted over 2.8X year-on-year growth in its operating revenue to Rs 299 crore in FY25 from Rs 105.8 crore in FY24, according to its consolidated financial statements filed with the Registrar of Companies (RoC). Founded in 2018 by Rohit Chawla, Sifat Khurana, and Vimal Bhola, Innovist, formerly known as Onesto Labs, offers hair and skin products and currently operates four brands: Bare Anatomy, Chemist at Play, Sunscoop, and Vinci Botanicals. The sale of these products was the primary source of revenue for the company, accounting for 97.5% of total revenue or Rs 291.5 crore, while the remaining Rs 7.6 crore came from the shipping receipts. Innovist also earned Rs 2.34 crore from interest on current investments and other non-operating sources, taking its total income to Rs 301.4 crore. On the expense side, advertising remained the company’s largest cost head, rising 2.5X year-on-year to Rs 136.5 crore and accounting for over 45% of the total expenditure. The cost of materials, another key expense component, also surged 2.6X to Rs 78.5 crore during the year. Warehousing-related expenses nearly tripled during the fiscal year to Rs 24 crore, while employee benefit expenses stood at Rs 15 crore, accounting for just 5% of the total cost. Meanwhile, commission paid to sole buying agents for procuring raw materials surged over 19X to Rs 15.5 crore. Other overheads, including transportation, rent, IT expenses, and legal and professional fees, took total expenses to Rs 301 crore in FY25. The D2C house of brands recorded nearly threefold revenue growth in the previous fiscal. It also booked Rs 11.8 crore in deferred tax income. Together, these helped the company turn profitable, posting a Rs 12 crore profit compared to a Rs 12.5 crore loss in FY24. Its ROCE improved to -1.46%, while the EBITDA margin turned positive at 0.42% in FY25 with an EBITDA of Rs 1 crore. On a unit level, Innovist improved its expense-to-earning ratio to Rs 1.01 during the period. The Gurugram-based company reported current assets of Rs 116 crore, including cash and bank balances of Rs 46 crore, as of March 2025. According to startup data intelligence platform TheKredible, the Gurugram-based company has raised $30 million in funding to date, including a $16 million round in April this year through a mix of primary and secondary transactions led by ICICI Venture, which also provided an exit to its existing backer Accel. After a difficult 2024 for the D2C category, some of which is still unfolding for some, many others who survived seem to have learned some important lessons. While the high advertising expenses don’t indicate a drop in competitive intensity yet, the topline growth does point to a business with a more than foothold in the market now. A funding revival of sorts is also underway with some recent news in the category, but for Innovist, bigger prizes await if it can sustain the growth and keep improving margins steadily.

Exclusive: Smallcase crosses Rs 100 Cr revenue mark in FY25

EntrackrEntrackr · 6m ago
Exclusive: Smallcase crosses Rs 100 Cr revenue mark in FY25
Medial

Smallcase runs a platform that helps brokers execute transactions in exchange-traded products. Its main source of revenue is the transaction fees charged to these brokers. Wealthtech platform Smallcase recorded over 50% year-on-year growth in the fiscal year ended March 2025, with improved unit economics, according to the data shared by the sources. Smallcase’s revenue from operations grew to Rs 106 crore in FY25 from Rs 67.4 crore in FY24, as per the documents. The platform has facilitated transactions worth Rs 1.2 lakh crore and serves a user base of over 10 million investors. Despite over 50% growth in FY25, Smallcase managed to keep a good check on its overall cost, which resulted in a reduction of its EBITDA losses to Rs 9 crore in FY25. However, the Bengaluru-based company posted a net loss of Rs 34 crore in the last fiscal year (FY25). Smallcase has secured around $120 million to date, including its $50 million Series D in March this year, which was led by Elev8 Ventures, with participation from State Street Global Advisors, Niveshaay AIF, Faering Capital, and others. Prior to this, it closed a $40 million round in 2022. According to the startup data intelligence platform TheKredible, Smallcase is currently valued at $285-290 million. Peak XV holds the largest external stake at 16.2%, followed by Fearing Capital and Blume Ventures with 9.67% and 7.67%, respectively. Smallcase faces competition from platforms like INDmoney, which reported Rs 70 crore in revenue for FY24, and Wint Wealth, which posted Rs 21 crore during the same period. Other rivals include Scripbox, Dezerv, and several emerging wealthtech players.

Exclusive: Porter turns profitable with over Rs 4,000 Cr revenue in FY25

EntrackrEntrackr · 6m ago
Exclusive: Porter turns profitable with over Rs 4,000 Cr revenue in FY25
Medial

Exclusive: Porter turns profitable with over Rs 4,000 Cr revenue in FY25 After recording a 56% year-on-year growth in FY24, on-demand intra-city logistics platform Porter has delivered another strong performance in FY25, posting nearly 50% growth and turning profitable, according to three sources and some documents reviewed by Entrackr. Porter revenue from operations grew to 4,300 crore in the fiscal year ending March 2025 from Rs 2,734 crore in FY24, as per the documents. Porter provides a full-stack logistics platform to help businesses optimize their last-mile delivery operations. It generated 99% of its total operating revenue via the goods transportation services while the remaining came from platform fees and other operating activities. It primarily serves micro, small, and medium enterprises (MSMEs) and has expanded its presence to over 20 cities in India. According to the sources, the company managed to cut costs and reported a profit after tax (PAT) of Rs 54 crore in FY25. During FY24, the Bengaluru-based firm cut down its losses by 45% to Rs 95.7 crore. Queries sent to Porter on Monday did not elicit a response until publication of the story. We will update the story in case it responds. Porter has raised over $332 million to date, including its $200 million Series F round in May this year, with Kedaara Capital and Wellington Management leading the investment. Prior to this, the company secured $100 million led by Tiger Global in 2021. Soon after the unicorn round, Porter also provided an exit to its early backer Peak XV, which generated returns of over Rs 1,200 crore on an investment of Rs 116 crore. Porter earlier operated with minimal competition from VC-funded players, but the landscape has shifted with Uber, Delhivery, and Rapido (in the two-wheeler category) entering the space.

M League earns Rs 560 Cr from overseas in FY25, turns profitable

EntrackrEntrackr · 3m ago
M League earns Rs 560 Cr from overseas in FY25, turns profitable
Medial

M League earns Rs 560 Cr from overseas in FY25, turns profitable According to its consolidated financial statements filed with Singapore’s ACRA, M League’s revenue from operations surged to Rs 1,423 crore ($166.7 million) in FY25 from Rs 1,092 crore ($127.9 million) in FY24. M League, the parent company of Mobile Premier League (MPL), has recorded one of its strongest financial performances in FY25, clocking over 30% year-on-year growth and turning profitable at the group level. The turnaround, however, comes at a time when the company has had to shut down its real-money gaming (RMG) operations in India. Gaming remained the primary revenue driver, contributing $165.8 million, while the rest came from advertising and other operating activities. India was the largest market, accounting for around 60% of total revenue, followed by Europe and the US. Its German subsidiary, GameDuell Studios, a wholly owned unit, contributed nearly $60 million revenue in FY25. Advertising formed the largest expense, making up 42% of the total and rising 32.8% to $70 million. The company managed to trim employee benefit expenses by 20.5% to Rs 364 crore, while other operating costs, including payment gateway, server hosting, and professional fees, pushed total expenditure to $166.2 million (Rs 1,419 crore) in FY25. M League reported a net profit of $4.2 million (Rs 36.5 crore) in FY25, a sharp turnaround from a loss of $44.8 million (Rs 383 crore) in FY24. Its EBITDA margin turned positive at 2.45% during the last fiscal year. While FY25 marked a milestone year, the company’s outlook in India remains uncertain after the government’s move to outlaw real-money gaming. A company spokesperson told Entrackr that the latest results highlight the benefits of M League’s diversified strategy. “We didn’t put all our eggs into the India RMG basket. We have bought ourselves time and can act from a place of near-EBITDA breakeven at a group level while continuing to invest in growth areas such as GameDuell, Xsquads, and other ventures,” the spokesperson added. GameDuell grew 64% during FY25, while M League had already made early inroads into the US and Brazil by March 2025. International expansion is part of the company’s long-term vision to host a digital Olympics with players from across nations. M League maintained that its global portfolio gives it the flexibility to balance investment and returns. GameDuell has been profitable for years despite its rapid growth, and at the group level, M League has the ability to generate EBITDA whenever it chooses. M League refrained from sharing near-term projections, stating that it is too early to forecast annualized revenue after shutting down its India operations.

BharatPe turns EBITDA profitable in FY25, revenue touches Rs 1,667 Cr

EntrackrEntrackr · 3m ago
BharatPe turns EBITDA profitable in FY25, revenue touches Rs 1,667 Cr
Medial

BharatPe’s revenue from operations grew by 16.9% to Rs 1,667 crore in FY25 from Rs 1,426 crore in FY24, its consolidated annual financials accessed by Entrackr show. Fintech unicorn BharatPe witnessed a turnaround in the previous fiscal year as it recorded steady growth in scale while achieving EBITDA profitability. The company also managed to significantly cut down its losses, which shrank by over 80% during FY25. BharatPe’s revenue from operations grew by 16.9% to Rs 1,667 crore in FY25 from Rs 1,426 crore in FY24, its consolidated annual financials accessed by Entrackr show. Service fee income, which includes processing charges, commission on loan transactions, and rental income from the sale of machines and loudspeakers, remained the largest revenue driver for BharatPe, contributing 77.6% of operating revenue. This stream grew 15.8% year-on-year to Rs 1,456 crore in FY25. Revenue from the NBFC business rose to Rs 211 crore in FY25 from Rs 165 crore in FY24. Moreover, the company booked Rs 67 crore in non-operating income, pushing its total revenue to Rs 1,734 crore during the year. For BharatPe, transaction processing expenses accounted for 20.8% of the overall cost base at Rs 391 crore in FY25. Employee benefits remained steady at Rs 360 crore, which includes Rs 148.5 crore as ESOP (share-based payments). Its advertising spend saw a sharp 84% reduction to Rs 26 crore during the year. Other overheads, including outsourced services, merchant onboarding, and IT expenses, pushed the company’s total expenditure to Rs 1,876 crore in the fiscal year ending March 2025. The decent growth in scale, coupled with an effective cost mechanism, helped BharatPe to reduce its losses by 82.1% to Rs 88 crore in FY25 from Rs 492 crore in FY24. Notably, BharatPe reported a positive EBITDA of Rs 47 crore in FY25. Stripping out ESOP-related expenses, the company’s adjusted EBITDA would stand at Rs 195.5 crore for the year. BharatPe’s ROCE and EBITDA margins also improved to -3.8% and 2.82% respectively, in FY25. On a unit level, it spent Rs 1.13 to earn a rupee in FY25. At the end of the previous fiscal year, the company had total current assets of Rs 2,685 crore with cash and bank balances of Rs 872 crore. Earlier this month, BharatPe facilitated its first secondary transaction since 2021 at a valuation of $2.85 billion. To date, the fintech unicorn has raised over $650 million in equity and debt from investors such as Tiger Global, Dragoneer Investment Group, Steadfast Capital, Coatue, and others.

Amagi posts Rs 705 Cr revenue in H1 FY26; turns profitable

EntrackrEntrackr · 6d ago
Amagi posts Rs 705 Cr revenue in H1 FY26; turns profitable
Medial

Fintrackr All Stories Amagi posts Rs 705 Cr revenue in H1 FY26; turns profitable Bengaluru-based SaaS firm Amagi's financials show that the company turned profitable in the first half of FY26, aided by strong revenue growth and improving cost efficiency. Amagi’s operating revenue grew 34.5% to Rs 705 crore in H1 FY26 from Rs 524 crore in H1 FY25, according to its financial statements included in the Red herring prospectus (RHP). The company derives the bulk of its revenue from distribution and payout services, which contributed nearly 98% of operating revenue. Income from this segment rose 36% to Rs 690 crore during the period. Revenue from AdPlus remained largely flat at Rs 15 crore. Including other income of Rs 29 crore, Amagi’s total income increased to Rs 734 crore in H1 FY26 from Rs 551 crore in H1 FY25. Employee benefit expenses, the largest cost component, rose 12.5% to Rs 386 crore and accounted for over 53% of total expenditure. Communication costs increased 32.5% to Rs 216 crore, forming nearly 30% of overall expenses. Other overheads such as legal and professional charges declined to Rs 27 crore, while travel and other expenses together added Rs 71 crore during the period. Overall, total expenses increased at a slower pace of 18.2% to Rs 722 crore in H1 FY26 from Rs 611 crore in H1 FY25. With Amagi’s revenue outpacing the expense growth, it turned profitable in the first half of FY26 and posted a profit of Rs 6.5 crore in H1 FY26, as compared to a loss of Rs 66 crore in H1 FY25. As of September 2025, the Bengaluru-based firm reported cash and bank balances of Rs 397 crore, while its current assets stood at Rs 1,177 crore.

Info Edge-backed Zingbus crosses Rs 150 Cr revenue in FY25

EntrackrEntrackr · 10d ago
Info Edge-backed Zingbus crosses Rs 150 Cr revenue in FY25
Medial

Intercity mobility platform Zingbus nearly doubled its scale in the fiscal year ending March 2025. However, the Gurugram-based company continued to remain in losses. Zingbus’ revenue from operations surged 85% to Rs 161 crore in FY25 from Rs 87 crore in FY24, according to its financial statements filed with the Registrar of Companies (RoC). Zingbus primarily generates revenue from intercity bus ticketing services. Revenue from these services was the sole source of revenue for the company. On the spending side, bus hire charges formed the largest expense element contributing over 63% of the total expenditure. This cost jumped 147% to Rs 121 crore in FY25 from Rs 49 crore in FY24. Guarantee commission paid to fleet partners also rose sharply by 78% to Rs 16 crore, whereas employee benefit expenses grew moderately by 7% to Rs 15 crore. Advertising expenses increased 9% to Rs 6 crore in the same period. Overall, Zingbus’ total expenditure grew 65% to Rs 191 crore in FY25 from Rs 116 crore in FY24. Despite the sharp scale up, the company managed to significantly improve its operating efficiency. EBITDA loss reduced to Rs 30.4 crore in FY25 from Rs 38.7 crore, translating into an EBITDA margin improvement from -44.5% in FY24 to -18.9% in FY25. Zingbus posted a net loss of Rs 25 crore in FY25, almost flat compared to Rs 24 crore loss in FY24. Its ROCE and EBITDA margin stood at -40.39% and -18.88% respectively. On a unit level, the company spent Rs 1.19 to earn a rupee of operating revenue during FY25 as compared to Rs 1.33 per rupee in the previous fiscal year. Zingbus held cash and bank balances of Rs 3 crore, with current assets standing at Rs 9 crore at the end of FY25. According to TheKredible, Zingbus has raised a total of $25 million of funding till date, having AdvantEdge Technologies, Info Edge and BP Ventures as its lead investors. Zingbus is focusing on an EV fleet and carbon neutral rides, aiming to build a valuable brand and recognition in a cluttered market. It faces challenges such as high dependence on imported buses and inadequate charging infrastructure, as well as potential impacts from fluctuating LNG prices.

Sterling Accuris’ revenue surpasses Rs 200 Cr in FY25, turns EBITDA positive

EntrackrEntrackr · 2m ago
Sterling Accuris’ revenue surpasses Rs 200 Cr in FY25, turns EBITDA positive
Medial

Sterling Accuris’ revenue surpasses Rs 200 Cr in FY25, turns EBITDA positive Sterling Accuris Diagnostics managed 22% YoY growth in its operating scale during the fiscal year ending March 2025. Significantly, the Ahmedabad-based firm also narrowed its losses and turned EBITDA positive during the last fiscal year. The company’s revenue from operations grew to Rs 198 crore in FY25 from Rs 162 crore in FY24, its consolidated financial statements sourced from the Registrar of Companies (RoC) show. Founded in 2014, Sterling Accuris Diagnostics offers over 2,000 tests through around 150 labs and collection centers across four states, with testing services as its sole source of revenue. The firm made additional Rs 4 crore from non-operating sources which drove its total income to Rs 202 crore in FY25 from Rs 169 crore in FY24. When it comes to spending, employee benefits were the largest expense at Rs 52 crore, increasing 18% from Rs 44 crore in FY24, followed by material costs at Rs 45 crore and doctor and pathologist fees at Rs 40 crore. Depreciation charges stood at Rs 19 crore, while finance cost was Rs 6 crore in the last fiscal year. Overall, Sterling Accuris Diagnostics’ total expense increased by 14% to Rs 221 crore in FY25 from Rs 194 crore in FY24. With revenue outpacing expense growth, the firm controlled its loss by 15% to Rs 23 crore in FY25 from Rs 27 crore in FY24. Importantly, it posted a positive EBITDA of Rs 5.5 crore in FY25 with EBITDA margin improving to 2.72% from -0.59%. Sterling Accuris Diagnostics’ ROCE stood at -7.07%. On a unit basis, Sterling Accuris spent Rs 1.12 to earn a rupee in FY25, an improvement from Rs 1.20 in FY24. As of March 2025, the company recorded current assets worth Rs 52 crore in FY25 including Rs 22 crore in cash and bank balances. According to TheKredible, Sterling Accuris has raised a total of $33 million of funding till date. Its lead investors are Morgan Stanley, holding a 35.64% stake, and Udhay Vi Realty, with a 17%.

Proost Beer crosses Rs 100 Cr revenue in FY25, achieves EBITDA breakeven

EntrackrEntrackr · 9d ago
Proost Beer crosses Rs 100 Cr revenue in FY25, achieves EBITDA breakeven
Medial

Proost Beer crosses Rs 100 Cr revenue in FY25, achieves EBITDA breakeven Proost, a homegrown beer startup, has recorded strong growth in FY25 with its revenue surging by 2.7X. Alongside the rapid revenue expansion, the company also claimed to have achieved EBITDA breakeven during the fiscal year, according to the company’s press release. The company’s revenue from operations increased by 174% to Rs 115 crore in FY25 from Rs 42 crore in FY24. According to the company, the growth was led by a steep rise in sales volume, which increased from 2.5 lakh cases in FY24 to 8 lakh cases in FY25. “Growing from around Rs 42 crore in FY24 to Rs 115 crore in FY25 and turning EBITDA breakeven is a validating moment for the team… it proves a beer brand in India can be built sustainably and capital efficiently,” said Tarun Bhargava, CEO and co-founder of Proost. The company has achieved EBITDA breakeven, which was largely driven by sharper cost discipline. A major lever was keeping marketing and brand spends under 2% of revenue, while maintaining a lean organisational structure to control people costs. According to TheKredible, Proost has raised $8 million of funding till date, having Dauble Pte, UMJD Family, Dev Punj, and Manshi Parashar as its lead investors. Proost’s capital-efficient growth comes as some early players in the craft beer segment reassess their strategies. Bira 91, once a leading homegrown beer brand, has scaled back its operations over the past year following regulatory disruptions that impacted sales across multiple states. The company also deferred its IPO plans amid pressure on financials. Along with this, it competes with Maka Di, Arbor Brewing Company, Kati Patang, Witlinger, Simba, et al.

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