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

EntrackrEntrackr · 2m 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 · 3m 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.

Exclusive: Smallcase crosses Rs 100 Cr revenue mark in FY25

EntrackrEntrackr · 3m 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 · 3m 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 · 20d 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 · 1m 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.

Infibeam crosses Rs 1,000 Cr revenue threshold in Q2 FY25

EntrackrEntrackr · 11m ago
Infibeam crosses Rs 1,000 Cr revenue threshold in Q2 FY25
Medial

Digital payments firm Infibeam's operating revenue grew by 29.19% during the quarter ending September 2024. Moreover, the Ahmedabad-based company’s profit also increased 16.45% in Q2 FY25. Infibeam Avenues’s revenue from operations spiked to Rs 1,016.65 crore in Q2 FY25 from Rs 786.97 crore in Q2 FY24, its unaudited consolidated financial statements from Bombay Stock Exchange (BSE) show. Payment business accounted for 95.7% of its total collection which increased by 31.82% to Rs 973.34 crore in Q2 FY25. Meanwhile, there was a 10.81% decline in e-commerce platform business, which fell to Rs 43.31 crore. The company recorded a total revenue of 1,020.19 crore in Q2 FY25. Infibeam operates a diversified digital platform, with a primary focus on digital payments and e-commerce solutions. The company’s total expenses for Q2 FY25 rose by 30.41% to Rs 957.1 crore in Q2 FY25. Operating expenses was the largest contributor, rising by 29.98% to Rs 882.3 crore. Employee benefits increased by 10.86% to Rs 34.5 crore, while depreciation cost grew 3.64% to Rs 17.1 crore. The company also incurred Rs 23.2 crore on other undisclosed expenses. Infibeam’s profit after tax rose 16.495 to Rs 47.4 crore in Q2 FY25 from Rs 40.69 crore in the same period last year. Its ROCE and EBITDA margin stood at 1.62% and 7.96%, respectively. On a unit basis, the company spent Re 0.94 to earn a rupee of operating revenue in Q2 FY25. Infibeam competes with major players like Paytm, Razorpay, and PhonePe in the digital payments sector. At the end of today, its market cap stood at Rs 7,600 crore while the firm stock was trading at Rs 27.30.

Gameskraft crosses Rs 4,000 Cr revenue in FY25; PAT nears Rs 1,000 Cr

EntrackrEntrackr · 1m ago
Gameskraft crosses Rs 4,000 Cr revenue in FY25; PAT nears Rs 1,000 Cr
Medial

Gameskraft crosses Rs 4,000 Cr revenue in FY25; PAT nears Rs 1,000 Cr Gameskraft’s FY25 numbers reflect strong performance before the RMG ban. The firm reported double-digit revenue growth and maintained profitability during the fiscal year. The Indian government’s recent ban on real-money gaming formats has disrupted the sector overnight, but Gameskraft’s FY25 numbers reflect strong performance before the clampdown. The firm reported double-digit revenue growth and maintained profitability during the fiscal year. Gameskraft’s revenue from operations grew 12% to Rs 3,896 crore in FY25 from Rs 3,475 crore in FY24, according to its consolidated financial statements sourced from the Registrar of Companies (RoC). Gameskraft operated popular gaming apps such as Rummy Culture, Playship, Pocket 52, RummyPrime, Ludo Culture, and Rummy Time. Its revenue (gross gaming revenue) came from platform fee or commission charged as a percentage of the buy-in fees users invest in games, which contributed Rs 3,882 crore (99.6% of operating revenue), registering a 12.2% growth. Its real estate business added Rs 11 crore, while other income sources contributed Rs 3 crore in FY25. The Bengaluru-based company made an additional Rs 113 crore from non-operating sources which pushed its total revenue to Rs 4,009 crore in FY25. On the cost side, promotional spending emerged as the single largest expense and accounted for 75% of total burn. To the tune of scale, this cost surged 58% to Rs 2,072 crore in FY25 from Rs 1,315 crore in FY24. Employee benefits, on the other hand, saw a decline of 11% to Rs 410 crore, while legal and professional fees fell 22.8% to Rs 112 crore in FY25. Overall, the company’s total expenses shot up 24% to Rs 2,766 crore in FY25 as against Rs 2,232 crore in FY24. See TheKredible for the detailed cost breakdown during the last fiscal year. Despite the jump in ad spend, Gameskraft managed to sustain profitability on the back of its strong topline and controlled costs in other areas. Its net profit stood at Rs 976 crore in FY25, slightly higher than the Rs 947 crore posted in FY24. It's worth noting that we have excluded exceptional items worth Rs 270.5 crore in the calculation of net profit of the company. Gameskraft's ROCE and EBITDA margin stood at 58.40% and 31.63%, respectively. On a unit basis, Gameskraft spent Rs 0.71 to earn a rupee of operating revenue in FY25. The company recorded current assets worth Rs 2,232 crore in FY25 which includes Rs 253 crore in cash and bank balances and Rs 1,319 crore invested in mutual funds. While Gameskraft’s FY25 numbers were unaffected, the Indian government’s new gaming law effective August 2025 has forced the company to halt its real-money operations, including shutting down “Add Cash” features and discontinuing its flagship rummy platform RummyCulture, alongside pausing its poker venture Pocket52 earlier in the year. The move, mandated by the Promotion and Regulation of Online Gaming Act, has also led Gameskraft to publicly state it will not pursue a legal challenge, instead opting for full compliance. Given that real-money gaming contributed nearly all of Gameskraft’s FY25 revenue, the ban is expected to significantly impact its business model, revenue streams, and growth trajectory going forward.

Burma Burma crosses Rs 100 Cr revenue in FY25; almost breaks even

EntrackrEntrackr · 19d ago
Burma Burma crosses Rs 100 Cr revenue in FY25; almost breaks even
Medial

Burma Burma crosses Rs 100 Cr revenue in FY25; almost breaks even Burma Burma, a vegetarian pan-Asian restaurant chain, narrowed its losses significantly by 78% in the fiscal year ending March 2025, on the back of strong revenue growth and improved operating margins. The company nearly achieved break-even as it recorded 47% year-on-year growth in operating revenue, crossing the Rs 100 crore mark during FY25. Burma Burma’s revenue from operations rose to Rs 106 crore in FY25 from Rs 72 crore in FY24, according to its financial statements filed with the Registrar of Companies (RoC). The company operates a restaurant chain serving Burmese cuisine influenced by Indian, Chinese, and Thai flavors across more than a dozen locations in Delhi NCR, Mumbai, Bengaluru, Hyderabad, Kolkata, and Ahmedabad. Its entire revenue in FY25 came from these restaurants. Employee benefits and cost of material formed 53% of the company’s total cost. Employee benefit expenses rose 29% to Rs 29 crore, while the cost of material increased by 33% to Rs 28 crore in FY25. Rent expenses for the restaurants' outlets jumped 64% to Rs 18 crore, while depreciation increased 43% to Rs 10 crore during the year. Other overheads, including utilities and miscellaneous costs, collectively stood at Rs 23 crore. Total expenses grew 37% to Rs 108 crore in FY25 compared to Rs 79 crore in FY24. The strong growth helped Burma Burma to cut its loss by 78% to Rs 1.3 crore in FY25 from Rs 6 crore in FY24. The company reported a positive EBITDA of Rs 6.6 crore in FY25 with an EBITDA margin of 6.23%. Its return on capital employed (ROCE) improved from -48.6% in FY24 to -6.9% in FY25. The restaurant chain closed the year with Rs 9 crore in cash and bank balances and current assets worth Rs 19 crore. Burma Burma has raised a total of $7 million of funding to date, with Negen Capital and Bbigplas Poly Pvt Ltd as its lead investors. The company’s co-founders Chirag Chhajer and Ankit Gupta together own 88% of the company. The high promoter holding is well reflected in careful spending, with no rush to expand rapidly while keeping losses under control. This cautious approach is linked to cash on hand, and the niche positioning may require more advertising or promotional efforts to support growth.

Tractor Junction revenue crosses Rs 100 Cr in FY25

EntrackrEntrackr · 18d ago
Tractor Junction revenue crosses Rs 100 Cr in FY25
Medial

Tractor-focused marketplace Tractor Junction maintained a strong momentum in FY25, with operating revenue jumping 1.7X to cross the Rs 100 crore milestone, following a 2.3X jump in the previous fiscal year. Tractor Junction’s operating revenue surged over 70% to Rs 106.43 crore in FY25 from Rs 62 crore in FY24, according to its consolidated financial statements filed with the Registrar of Companies (RoC). Tractor Junction is a rural vehicle marketplace that facilitates buying, selling, financing, and insuring new and used tractors, farm equipment, and rural commercial vehicles. It also offers verified reviews and price comparisons to ensure transparency for users. Sales of tractors and equipment contributed 80% of Tractor Junction’s total revenue and rose nearly 90% to Rs 85.14 crore in FY25. The remaining Rs 21.29 crore came from services, including financing and other related offerings. The company claims that its financial services grew 10 times in FY25, and its used vehicle business grew 1.8 times, supported by 65 COCO outlets in Rajasthan, Madhya Pradesh, and Maharashtra. Tractor Junction also earned Rs 12.44 crore in non-operating revenue, including commission income and interest on fixed deposits, taking its total income to Rs 118.8 crore in FY25. The cost of materials accounted for 63% of total expenses which rose 86% to Rs 80.26 crore in FY25. Employee benefit expenses grew 47% to Rs 22 crore, while advertising, contract wages, RTO, insurance, and other costs drove total expenses up 75% to Rs 127.53 crore from Rs 72.7 crore in FY24. Tractor Junction’s total expenses grew faster than its revenue, primarily due to higher material costs, leading the Alwar-based company to post a loss of Rs 9.08 crore in FY25, which increased 2.5X from Rs 3.67 crore in FY24. Its EBITDA margin and ROCE stood at -18.03% and -70.3%, respectively. On a unit basis, it spent Rs 1.2 to earn a rupee of operating revenue in FY25. As of March 2025, the company’s current assets stood at Rs 70.43 crore, including cash and bank balances of Rs 13.76 crore. The company aims for another double-digit revenue growth in FY26, expand its COCO outlet network to 100, and focus more on profitability. According to startup data intelligence platform TheKredible, Tractor Junction has raised around $6 million to date, including a $5.7 million seed round in April 2022 co-led by Info Edge Ventures and Omnivore.

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