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Exclusive: boAt cuts losses by 47% in FY24, revenue holds steady at Rs 3,122 Cr

EntrackrEntrackr · 11m ago
Exclusive: boAt cuts losses by 47% in FY24, revenue holds steady at Rs 3,122 Cr
Medial

The consumer electronics company boAt is set to report flat growth in the fiscal year ending March 2024. However, the Gurugram-based firm has managed to narrow its losses by 47% in the same period. According to an internal document accessed by Entrackr from the Registrar of Companies (RoC), boAt’s audited revenue decreased by 5% to Rs 3,122 crore in FY24 from Rs 3,285 crore in FY23. boAt derives most of its revenue from the sale of audio devices, including wired and wireless earphones, headphones, speakers, wired headphones, and soundbars. Sales of wearables and other accessories also contribute to the firm’s overall revenue. Despite a modest decline in revenue, the Warburg Pincus-backed firm managed to control its costs, resulting in a 47% reduction in losses, which dropped to Rs 53.5 crore in FY24 from Rs 101 crore in FY23. The performance of boAt’s audio business remained flat in H2 FY24, as per the document. In the wearables segment, a steep decline in average selling price, coupled with fierce competition, led to margin pressure. “The revenue of the audio business continues to do well and has increased by 5% in FY24. The EBITDA of the audio business increased to 9% in FY24.” the document further added. boAt also expects to increase its EBITDA margins during the ongoing fiscal year with multiple initiatives such as warranty cost optimization, reduction in advertisement and promotion cost, among others. Founded by Aman Gupta and Sameer Mehta in 2015, boAt has raised a total funding of $177 million to date from investors including Qualcomm Ventures, Warburg Pincus, InnoVen Capital, Navi Technologies, and Fireside Ventures. According to IDC research, the Indian wearables market experienced its first-ever decline, dropping 10% in the June 2024 quarter to 29.5 million units. This decline is attributed to a surplus of unsold older models and a lack of innovation within the segment. The report highlighted that Oppo and OnePlus experienced the most significant year-on-year shipment decline, falling by 35.8%. Following them, Fire-Boltt saw a 24.3% decrease in wearable shipments, Noise reported a drop of 13.9%, and boAt experienced a 9.8% YoY decline.

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Paper Boat posts Rs 585 Cr revenue in FY24; cuts losses by 48%

EntrackrEntrackr · 9m ago
Paper Boat posts Rs 585 Cr revenue in FY24; cuts losses by 48%
Medial

Hector Beverages owned Paper Boat, which manufactures soft drinks and beverages, saw its operating scale grow by a modest 16% year-on-year growth in the fiscal year ending March 2024. However, the A91 Partners-backed firm improved its bottom line by cutting its losses by 48% in the same period. Paper Boat’s revenue from operations increased to Rs 585 crore in FY24 from Rs 504 crore in FY23, its financial statement sourced from the Registrar of Companies (RoC) shows. In the previous fiscal year, it recorded more than 50% jump in its scale. Launched by former Coca-Cola executives Neeraj Kakkar and Niraj Biyani, Paper Boat sells packaged juices, coconut water, traditional Indian snacks, and dry fruits. Trade (manufactured by third-parties) of these products formed 52% of the operating revenue which increased by 16% to Rs 304.3 crore in FY24 from Rs 261.8 crore in FY23. Its own manufactured products accounted for the remaining 48% of operating revenue. This income also grew 15.7% to Rs 278 crore in FY24. The 11-year-old company earned additional Rs 10 crore from interest income which took its total revenue to Rs 595 crore in FY24. On the expense side, cost of materials dominated by accounting for 63% of the expense. This cost increased by 6.4% to Rs 404 crore in the last fiscal year from Rs 380 crore in FY23. Employee benefit expenses grew by 22% to Rs 66.70 crore in FY24. Advertising, finance and other expenses added another Rs 171 crore. Overall, Paper Boat’s total expense increased 7.2% to Rs 642 crore in the last fiscal year. In the end, Paper Boat managed to decrease its losses by 48% to Rs 47 crore in FY24 from Rs 90.5 crore in FY23. Its ROCE and EBITDA margin stood at -15.45% and -5.63%, respectively. On a unit basis, it spent Rs 1.1 to earn a rupee of operating revenue in FY24. The Bengaluru-based company reported cash and bank balances of Rs 168 crore along with current assets of Rs 305 crore in FY24. According to TheKredible, Paper Boat has raised Rs 1,030 crore ($143 million) in funding so far, with key investors including GIC (Lathe), Peak XV, Sofina Ventures, and A91 Partners. GIC holds over 25% of the company’s stake, while Sofina and Peak XV each control more than 18%. Paper Boat, which entered the market with a fresh approach and offerings, has struggled to convert that initial promise into results. Even as it has continued to innovate and adapt, the search for profitability even 11 years after it started operations is a reason to worry, even as it has come close now. The other worrying aspect of the business is the complete change in market dynamics in the form of quick commerce, modern trade, e-commerce and more, which should affect margins at Paper Boat much more. The firm has done well to survive even as many other startups in the space struggled and folded up or were acquired. Could Paper Boat surprise skeptics once again? One has to wonder, consider the unbelievably high clutter in the market today, and the much more demanding valuations from the category per se.

boAt makes turnaround in FY25 with Rs 60 Cr profit

EntrackrEntrackr · 8d ago
boAt makes turnaround in FY25 with Rs 60 Cr profit
Medial

boAt makes turnaround in FY25 with Rs 60 Cr profit Consumer electronics firm boAt reported a net profit of Rs 60 crore in FY25, a significant turnaround for the Gurugram-based company as it curtailed losses across its business segments. The company’s austerity measures slightly impacted its top line, which stood at Rs 3,073 crore in FY25 from Rs 3,118 crore in FY24, according to company documents reviewed by Entrackr. Sales of products such as earbuds, speakers, airdopes, and wireless speakers contributed Rs 3,070.4 crore to the company’s revenue, while other operating income added Rs 2.9 crore. Including non-operating income, boAt’s total revenue stood at Rs 3,098 crore in FY25. India remained its core market, accounting for Rs 3,050.5 crore in sales, while international revenue grew 44% year-on-year to Rs 20 crore in FY25. Audio continued to power growth with Rs 2,586 crore in revenue (up 5%), whereas the wearables segment shrank sharply by 40% to Rs 330.4 crore. boAt cut overall expenses by 6% to Rs 3,040 crore. Purchases of stock-in-trade were the largest cost expenditure for boAt, which dropped by 8.9% to Rs 2,070 crore in FY25 from Rs 2271 crore in FY24. According to the documents, its ad spending rose around 7% to Rs 390 crore, while employee costs grew slightly by 3.1% to Rs 135 crore. boAt has raised over $170 million to date, including a $60 million round led by Warburg Pincus and Malabar Investments in 2023. Imagine Marketing, the parent of boAt, is set to become the first Indian D2C electronics brand to go public after receiving SEBI’s nod for its IPO. The markets regulator has cleared its confidential DRHP, and the company is eyeing a Rs 2,000 crore raise, including a Rs 900 crore fresh issue.

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

EntrackrEntrackr · 20d 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.

Exclusive: Eldercare platform Emoha reports Rs 74.35 Cr revenue in FY25, cuts losses by 32%

EntrackrEntrackr · 8d ago
Exclusive: Eldercare platform Emoha reports Rs 74.35 Cr revenue in FY25, cuts losses by 32%
Medial

Eldercare platform Emoha reported strong growth in the financial year ending March 2025, with the Gurugram-based company managing to control its losses while keeping expenses steady. On a year-on-year basis, the eldercare platform’s revenue from operations surged 40% to Rs 74.35 crore in FY25, up from Rs 53.21 crore in FY24. The FY25 numbers are based on provisional financial statements sourced from company filings. Emoha is an at-home senior care provider that offers a comprehensive range of support services for senior citizens. Its revenue comes from services such as 24/7 emergency support, health monitoring, medical equipment rentals, lab and diagnostic services, among others. The Gurugram-based company also earned Rs 37 lacs of non-operating income, which took the company's total revenue to Rs 74.72 crore. On the cost front, employee benefit expenses remained the largest cost centre, accounting for 42% of the firm’s overall expenses at Rs 46.8 crore in FY25, down 14% from Rs 54.2 crore in the previous fiscal. While a detailed expense breakdown was not provided, other operational costs stood at Rs 64 crore, likely comprising nursing services, medical consumables, equipment rentals, marketing and other expenses. Overall, total expenses remained flat at Rs 111.4 crore. The company’s control cost mechanism and improvement in revenue helped in reducing the losses by 32% to Rs 36.68 crore, compared to Rs 54.16 crore in FY24. Its ROCE and EBITDA margin stood at -33.49% and -48.86% respectively. On a unit level, Emoha spent Rs 1.5 to earn a rupee of revenue during the fiscal year. These figures are provisional, as the company has not yet officially filed its financial statements for FY25. According to startup data intelligence platform TheKredible, Emoha has raised about $16 million to date, including an $11 million round led by Nikhil Kamath-backed Gruhas and Rainmatter Capital.

Just Dogs nears Rs 100 Cr revenue in FY24, losses balloon

EntrackrEntrackr · 5m ago
Just Dogs nears Rs 100 Cr revenue in FY24, losses balloon
Medial

Just Dogs, a retail and services brand specializing in pet care, reported a 30% year-on-year increase in revenue for the fiscal year ending March 2024. However, the Ahmedabad-based company also saw a significant rise in losses during the same period as it pushed for growth. Just Dogs’ revenue from operations increased by 32% to Rs 94 crore in FY24 from Rs 71 crore in FY23, according to its financial statement sourced from the Registrar of Companies (RoC). Founded in 2011, Just Dogs offers dog food, supplements, accessories, and other pet products through its platform. The startup is developing a full-stack online experience for pet parents, along with expanding its network of offline stores. Just Dogs generates its revenue from a mix of product and service categories. Revenue from pet food remained its dominant stream, accounting for over 70% of the topline and rising 47% to Rs 66 crore in FY24. Income from pet treats and grooming products grew to Rs 10 crore and Rs 2 crore, respectively. However, revenue from services declined to Rs 16 crore from Rs 17.5 crore in FY23. On the cost front, the company’s largest expense — material costs — rose 37% to Rs 67 crore, making up nearly two-thirds of the total expenses. Employee benefit expenses surged by 62.5% to Rs 13 crore, while marketing and rent each doubled to Rs 6 crore and Rs 10 crore, respectively. Other operational overheads amounted to Rs 10 crore in FY24. Overall, the company’s expenses outpaced its revenue growth, rising 47% to Rs 106 crore in FY24 from Rs 72 crore in FY23. Despite the topline growth, the company slipped deeper into the red with losses ballooning to Rs 11 crore in FY24 — a sharp surge from a marginal loss of Rs 6 lakh in FY23. Its ROCE and EBITDA margin stood at -25.12% and -10.21% respectively. At the unit level, Just Dogs spent Rs 1.13 to earn a rupee of operating revenue in FY24, compared to Rs 1.01 in FY23. The Ahmedabad-based startup recorded current assets worth Rs 43 crore in FY24, which includes Rs 8 crore in cash and bank balances. Just Dogs has raised a total of $7 million in funding to date, having Sixth Sense Ventures as its lead investor, which holds a 23% stake in the company. Meanwhile, Co-founders Ashish Anthony and Poorvi Anthony jointly hold a 77% stake in the company, leaving ample room for future fundraising opportunities. It competes with Peak XV-backed Heads Up for Tails, Supertails, which raised $15 million in a round led by RPSG Capital — Wiggles, and several other players in the pet care space.

StayVista clocks Rs 140 Cr revenue in FY24, cuts losses by one-third

EntrackrEntrackr · 5m ago
StayVista clocks Rs 140 Cr revenue in FY24, cuts losses by one-third
Medial

StayVista clocks Rs 140 Cr revenue in FY24, cuts losses by one-third Luxury vacation home rental platform StayVista continued its steady growth in the last fiscal year, with revenue increasing by 23%. At the same time, the company managed to reduce its losses by over one-third in FY24. StayVista’s revenue from operations increased to Rs 140 crore in FY24 from Rs 114 crore in FY23, according to its financial statement sourced from the Registrar of Companies (RoC). StayVista connects property owners with travelers seeking vacation rental accommodations. The platform enables property owners to list their rentals, while facilitating bookings and online payments. Revenue from these services was the company’s sole source of income. With minor contribution from other income, the company posted total revenue of Rs 143.48 crore in the last fiscal year. On the expense side, the cost of materials—the company’s largest expense category—increased by 17.7% to Rs 109.5 crore in FY24. Employee benefit expenses also rose sharply, up 33% to Rs 28 crore, while legal and other operational expenses remained relatively stable at Rs 3.5 crore and Rs 11 crore, respectively. Overall, the company’s total expenses stood at Rs 152 crore for the year, marking an 18.8% increase from Rs 128 crore in FY23. StayVista reduced its losses by 33.3% to Rs 8 crore in FY24 from Rs 12 crore in the previous fiscal year. Its ROCE and EBITDA margin stood at -28.81% and -5.31%, respectively. On a unit level, StayVista spent Rs 1.09 to earn a rupee in FY24. As of March 2024, the Mumbai-based firm reported current assets worth Rs 50 crore which includes Rs 39 crore in cash and bank balances. According to startup data intelligence platform TheKredible, StayVista has raised a total of $7.5 million of funding till date, having DSG Consumer Partners as its lead investor who owns 17% of the company. Its co-founders Amit Damani, Ankita Sheth and Pranav Maheshwari together own 32.4% of the company. According to media reports, StayVista is planning to go public through an IPO by 2028, with a goal of raising Rs 600 crore (around $72 million) to further expand its network across India.

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

EntrackrEntrackr · 4m 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.

Exclusive: Smallcase crosses Rs 100 Cr revenue mark in FY25

EntrackrEntrackr · 2m 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.

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