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Exclusive: Biryani Blues losses down by over 30% in 11 months of FY25

EntrackrEntrackr · 1d ago
Exclusive: Biryani Blues losses down by over 30% in 11 months of FY25
Medial

Exclusive: Biryani Blues losses down by over 30% in 11 months of FY25 Quick service restaurant (QSR) chain Biryani Blues reported Rs 76.23 crore in revenue during the 11-month period (Apr–Feb FY25), while narrowing losses by over 30%. Quick service restaurant (QSR) chain Biryani Blues claimed to have hit the Rs 85 crore revenue threshold in the fiscal year ending March 2025. The company appears to be on track, as it reported Rs 76.23 crore in revenue during the 11-month period (Apr–Feb FY25). On a year-on-year basis, the company barely managed double-digit growth in FY25 (11 M FY25), having posted Rs 76.15 crore in revenue in FY24. The FY25 figures are provisional financial statements sourced from filings. Biryani Blues is a QSR chain specializing in biryani. It also offers starters, desserts, and beverages, served through online delivery, dine-in, and take-away outlets. While a detailed revenue breakup has not been disclosed, most of its earnings are likely driven by the sale of these items. The Gurugram-based company also earned Rs 60 lacs of non-operating income, which took the company's total revenue to Rs 76.83 crore. For the biryani brand, the cost of procurement of materials accounted for 27.35% of total expenses at Rs 22.47 crore, which remained flat compared to the previous fiscal. Employee benefit expenses also stayed nearly unchanged at Rs 14.91 crore during the last fiscal year (Apr–Feb FY25). Importantly, the firm’s finance cost surged over 60% to Rs 6 crore. While a detailed expense breakdown was not provided, total expenses declined marginally by 3% to Rs 82.17 crore. The QSR brand’s controlled cost mechanism helped it reduce the losses by over 30% to Rs 5.34 crore in 11M FY25, compared to Rs 8.14 crore in the previous fiscal year. The company’s EBITDA declined 25% but remained positive at Rs 7.25 crore during the 11 months period. These figures are provisional, as the March numbers are yet to be accounted for and may lead to a slight increase. The Rebel Foods-backed company spent Rs 1.08 to earn a rupee in the above-stated period. Its current assets were recorded at Rs 8.57 crore till Feb 25, including cash and bank balances of Rs 1.09 crore. The company has raised over Rs 100 crore ($13.5 million) till date including $5 million raised in May 2025 led by Yugadi Capital, as per TheKredible.

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QSR chain Biryani Blues raises $5 Mn led by Yugadi Capital

EntrackrEntrackr · 3m ago
QSR chain Biryani Blues raises $5 Mn led by Yugadi Capital
Medial

Quick Service Restaurant (QSR) chain Biryani Blues has raised $5 million (about Rs 42 crore) in a pre-Series C funding round led by Carpediem Capital’s new fund, Yugadi Capital. The round was closed at a Rs 250 crore (around $30 million) valuation, which is a 51% premium to Biryani Blues’ valuation after a funding round in 2021. Biryani Blues last had a funding round in 2021, when it received $5 million (around Rs 36 crore) from Rebel Foods, the parent company of Faasos and Behrouz Biryani. To date, it has raised $15 million. The fresh funds will be used to open 100 new outlets, hire talent, and improve operations and logistics, Biryani Blues said in a press release. Co-founded in 2013 by Raymond Andrews and Aparna Andrews, Biryani Blues operates in three formats: Express stores focused on delivery with minimal seating, cloud kitchens, and food courts in malls, airports, and railway stations. The brand claims that it currently operates 68 outlets across North India and Bengaluru. Biryani Blues states that it has achieved EBITDA profitability in FY25 after improving its gross margin, which has increased by nearly 5% over the past year. This was achieved through better procurement, streamlined store operations, and effective inventory management. The Hyderabad-based brand operates on an omni-channel model, catering to both dine-in and delivery customers, and processes over two lakh orders each month. Its current annual revenue run rate stands at around Rs 100 crore. Biryani Blues draws 70% of its revenue from aggregators such as Zomato, Swiggy, and Magicpin, while the remaining 30% is split between delivery, dining, and takeaway services. The company ended FY25 with revenue of Rs 85 crore against Rs 76 crore in FY24, and is targeting Rs 102 crore in FY26.

Exclusive: Decoding Ather’s unicorn round, Q1 FY25 numbers

EntrackrEntrackr · 11m ago
Exclusive: Decoding Ather’s unicorn round, Q1 FY25 numbers
Medial

Electric scooter manufacturer Ather Energy has entered into a coveted unicorn club with $71 million in funding from existing investor National Investment and Infrastructure Fund last month. Entrackr has gone through its regulatory filings to decode round break up, shareholding pattern, and current valuation. The board at Ather Energy has passed a special resolution to issue 1,65,28,925 Series G compulsory cumulative preference shares at an issue price of Rs 363 each to raise Rs 600 crore or $72 million, its regulatory filing accessed from RoC shows. According to the data intelligence platform TheKredible, Hero MotoCorp remains the largest external stakeholder with 38.11% after this round, followed by Caladium Investment which holds 16.3%. NIIF, Tiger Global, and Zerodha brothers are other notable investors in Ather Energy. See TheKredible for the complete shareholding. The electric two-wheeler manufacturer was valued at $1.25 billion post-allotment, as per Fintrackr’s estimates. Ather posted Rs 339 crore of revenue during the first quarter of the ongoing fiscal year with a net loss of Rs 183 crore in the same period, according to its internal document seen by Entrackr. In FY24, the firm reported a modest decline in its revenue which stood at Rs 1754 crore. Ather’s rival Ola Electric, which went public last month, posted Rs 1,644 crore in revenue during the first quarter of the ongoing fiscal year, marking its net loss down by 17% to Rs 347 crore. According to Ather, its market share in the electric two-wheeler segment was 9% in the first quarter of FY25, down from 11% in FY24. Meanwhile, Ola Electric’s market share increased to 42% in Q1 FY25, and TVS Electric secured the second position with a 19% share during the same period. Notably, Ola Electric’s market share declined in the first two months of Q2 FY25 (July and August).

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

EntrackrEntrackr · 1m 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.

Exclusive: Curefoods receives nearly $10 Mn from Binny and Jitender Kumar Bansal

EntrackrEntrackr · 10m ago
Exclusive: Curefoods receives nearly $10 Mn from Binny and Jitender Kumar Bansal
Medial

Cloud kitchen startup Curefoods has raised another Rs 80 crore or $9.6 million but this time in debt from Binny Bansal and Jitender Kumar Bansal. This is the second fundraise for the Bengaluru-based company in the past six months. As per the ROC filings company obtained a loan of Rs 80 crore from Binny Bansal and Jitender Kumar Bansal by way of advancing an unsecured member deposit as per the terms set out in the loan agreement between the company and the two investors. In March, Curefoods scooped up $25 million as a part of Series D funding from Three State Ventures, a fund launched by the Flipkart co-founder. As per startup intelligence platform TheKredible, it has raised more than $200 million to date. According to a Moneycontrol report, Curefoods is in talks to raise $40 million as part of its Series D round in a mix of primary and secondary transactions. The company’s valuation might reach the $500 million mark. Launched in 2020, Curefoods operates brands like EatFit, Yumlane, Aligarh House Biryani, Masalabox, and CakeZone. It has over 100 kitchens in over 200 locations across 15 cities serviced by a backend operation of over 7 food factories, and 150 multi-brand cloud kitchens. Besides back-to-back fundraising, the company also acquired two brands – YumLane Pizza and Millet Express in 2023. In December, it invested Rs 10 crore ($1.2 million) in Hogr, a social platform that enables restaurant and food discovery. Curefoods has emerged as the second largest player in the cloud kitchen after Reebel Foods. Curefoods reported Rs 384 crore in revenue in FY23 while its FY24 numbers are yet to come. Rebel Foods’s operating revenue reached Rs 1,420 crore in FY24. EatClub and Biryani By Kilo are the next notable companies in the space with revenue of more than Rs 300 crore in FY23.

Exclusive: Smallcase crosses Rs 100 Cr revenue mark in FY25

EntrackrEntrackr · 1m 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.

BharatPe achieves breakeven at EBITDA level in first 9 months of FY25

EntrackrEntrackr · 4m ago
BharatPe achieves breakeven at EBITDA level in first 9 months of FY25
Medial

Fintech unicorn BharatPe’s net losses declined to Rs 148.8 crore in the first nine months of FY25 from Rs 492 crore in FY24. The company achieved break-even at the EBITDA level (adjusting for employee stock options) in 9M FY25. BharatPe’s non-banking financial subsidiary, Trillion Loans Fintech, reported a net profit of Rs 29.6 crore in the first three quarters of the current fiscal year, compared to a net profit of Rs 36.5 crore in FY24. BharatPe acquired a 51% stake in TFPL, which increased to 62.26% by the end of 2025. BharatPe accounted for 76% of TFPL’s total AUM, which increased to Rs 1,154 crore in the first nine months of FY25. Ind-Ra has rated Trillion Loans' Rs 250 crore bank loans at ‘BBB+’ with a stable outlook. At the consolidated level, BharatPe has raised over $583 million in equity from investors like Peak XV Partners, Tiger Global, and others. The company is planning to launch an IPO within the next 18–24 months.

Ecom Express records Rs 1,912 Cr revenue in first 9 months of FY25

EntrackrEntrackr · 4m ago
Ecom Express records Rs 1,912 Cr revenue in first 9 months of FY25
Medial

Ecom Express reported revenue from operations of Rs 1,912 crore during the first three quarters of FY25, according to an internal document reviewed by Entrackr. Ecom Express saw a dip in revenue alongside growth in losses. The company recorded Rs 2,653 crore in revenue for the full fiscal year FY24. Based on the current trajectory, Ecom Express is likely to close FY25 with around Rs 2,500 crore in revenue or possibly less. Ecom Express generated Rs 2,349 crore from courier services and Rs 260 crore from warehousing operations in the first nine months of FY25. The decline in revenue led Ecom Express to register a net loss of Rs 398 crore in the 9M FY25, compared to Rs 249 crore during FY24. Its adjusted EBITDA loss stood at Rs 104 crore in the first nine months of FY25. Before the acquisition, Ecom Express raised over $290 million. The discount sale of Ecom Express underscores the challenge of large logistics businesses with significant man-management requirements. Ecom Express has made progress with a strong leadership team in place.

Exclusive: IDfy posts Rs 188 Cr revenue in FY25 while maintaining profitability

EntrackrEntrackr · 1m ago
Exclusive: IDfy posts Rs 188 Cr revenue in FY25 while maintaining profitability
Medial

Exclusive All Stories Exclusive: IDfy posts Rs 188 Cr revenue in FY25 while maintaining profitability According to the startup data intelligence platform TheKredibe, Blume Ventures is the largest external stakeholder with 20.53% followed by Trans Union International, which owns 7.1% of the company. Kunal Manchanada 19 Jul 2025 11:44 IST Identity verification startup IDfy has maintained its growth momentum, achieving 30% year-over-year growth during the previous fiscal year, which ended in March 2025. At the same time, the company is back to profitability, according to two sources and documents reviewed by Entrackr. IDfy’s revenue from operations increased to Rs 188.5 crore in FY25 from Rs 145 crore in FY24, as per the documents. Founded by Ashok Hariharan, Vineet Jawa, and Hatim Baheranwala, IDfy builds technology products that help businesses authenticate individuals and entities with minimal friction. The professional fees collected from the clients for providing services are the primary revenue stream for the company. The Mumbai-based company claims to serve over 1,500 clients across various sectors, including BFSI, FMCG, e-commerce, gaming, the sharing economy, and large conglomerates. According to IDfy, it has impacted more than 150 million lives and processes over 60 million verifications every month. IDfy’s decent revenue growth, coupled with controlled costs, helped the company post a notable profit of Rs 7.8 crore in FY25. In comparison, the company had reported a loss of Rs 8.8 crore in FY24. Responding to Entrackr's queries, an IDfy spokesperson said, "Since the numbers are unaudited we cannot comment on or respond to this." IDfy has raised over $50 million in total funding so far, including a $27 million round comprising both primary and secondary components from Elev8, KB Investment, and Tenacity Ventures in March last year. According to the startup data intelligence platform TheKredibe, Blume Ventures is the largest external stakeholder with 20.53% followed by Trans Union International, which owns 7.1% of the company. IDfy competes with several players in the identity verification and fraud prevention space, including Delhi-based AuthBridge, which raised $7 million from Phi Capital; Groww-backed Digio, Karza, owned by Perfios; SpringVerify, and a few others. With digital onboarding and compliance becoming essential across sectors, the identity verification and fraud prevention space is expanding rapidly. IDfy, with revenue nearing Rs 190 crore in FY25 and continued profitability, is emerging as a key player driving this momentum. Backed by strong growth and deep-tech capabilities, the company has marked a solid position for itself. Let’s see where it goes from here.

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