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

EntrackrEntrackr · 9m 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 · 7m 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.

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

EntrackrEntrackr · 3m 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.

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

EntrackrEntrackr · 2m 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.

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

EntrackrEntrackr · 2m 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.

Vahdam Teas narrows losses by 68% to Rs 18 Cr in FY24

EntrackrEntrackr · 6m ago
Vahdam Teas narrows losses by 68% to Rs 18 Cr in FY24
Medial

Direct-to-consumer (D2C) tea brand Vahdam experienced modest double-digit growth during the last fiscal year. Despite this, the company significantly improved its unit economics by reducing losses by 68%, bringing them down to under Rs 20 crore. Vahdam Teas’ revenue from operations grew by 10.6% to Rs 225.2 crore in FY24 from Rs 203.6 crore in FY23, as per its consolidated financial statement filed with the Registrar of Companies (RoC). Vahdam Teas directly sources premium tea and spices from farms and estates across India. It sells these products to customers both locally and internationally, including in the US, Canada, and Europe, through its own website and online marketplaces. Product sales contributed 99% of Vahdam's operating revenue. Geographically, the USA remained the primary revenue driver, accounting for 68.5% of the total operating revenue, with a 12% growth to Rs 154.2 crore. Revenue from India grew by 18% to Rs 14.84 crore, while Europe and the rest of the world contributed Rs 37.4 crore and Rs 18.8 crore, respectively, showing steady growth of 5-6%. The company made an additional Rs 10 crore from non-operating revenue, which pushed its total revenue to Rs 235 crore in FY24. On the expense side, Vahdam curtailed major costs. Advertising expenses, one of its significant outlays, were reduced by 18.9% to Rs 50 crore in FY24. Freight and forwarding charges also declined by 7% to Rs 68 crore. Meanwhile, the cost of materials remained stable at Rs 47 crore, and employee benefit expenses rose by 18.4% to Rs 29 crore. Other overheads stood at Rs 58.9 crore. Overall, the company's total expenses fell by 4.7% to Rs 253 crore in FY24, from Rs 265.5 crore in FY23. The Delhi based firm’s losses declined by 68% to Rs 17.7 crore in FY24 from Rs 55 crore in FY23. Its ROCE and EBITDA margin stood at -13.2% and -4.26%, respectively. Its expense-to-earning ratio stood at Rs 1.12. As of March 2024, the firm reported Rs 142 crore of current assets including Rs 83 crore of cash and bank balance. According to TheKredible, Vahdam Teas has raised a total of $39 million in funding till date, having Fireside Ventures, Sixth Sense Ventures and IIFL Asset Management as its lead investors.

Livspace revenue crosses Rs 1,200 Cr in FY24; losses shrink by 48%

EntrackrEntrackr · 9m ago
Livspace revenue crosses Rs 1,200 Cr in FY24; losses shrink by 48%
Medial

After an 85% year-on-year growth in FY23, omnichannel home interior and renovation platform Livspace saw a modest 14.78% growth in scale during the fiscal year ending March 2024. The Singapore-headquartered firm, however, kept its losses in check during the same period. Livspace’s revenue from operations increased to Rs 1,185.7 crore (SGD 192.48 million) in FY24 from Rs 1,033 (SGD 167.7 million) crore in FY23, according to its group company’s consolidated annual financial statements in Singapore. Livspace allows homeowners to discover pre-designed rooms, kitchens, and storage areas on its platform. Revenue from its interior projects biz formed 94% of the overall revenue which increased 16.5% to Rs 1,110.65 crore in FY24 from Rs 953.32 crore in FY23. The Bengaluru-based company generated additional revenue of Rs 69 crore from the sale of products and allied contractual services in FY24. It also added Rs 48.4 crore in income, mainly from interest on fixed deposits, bringing the total income to Rs 1,234 crore in FY24, up from Rs 1,058 crore in FY23. For the home interior brand, the cost of sales, including project materials, inventories, and materials consumed, accounted for 35.6% of the overall expenditure. Despite a 14% surge, this cost remained steady at Rs 586.8 crore in FY24. Its employee benefits decreased by 16.1% to Rs 579 crore in FY24, which includes Rs 124 crore in ESOP expenses. Marketing, rent, brokerage, and technology expenses contributed to an overall expenditure of Rs 1,647.8 crore (SGD 267.5 million) in FY24, down from Rs 1,861.6 crore (SGD 302.2 million) in FY23. FY23-FY24 FY23 FY24 EBITDA Margin -69% -27% Expense/₹ of Op Revenue ₹1.80 ₹1.39 ROCE -98% -79.5% Modest growth in scale, along with controlled spending on employee benefits and marketing, helped Livspace reduce its losses by 48.48% to Rs 413.8 crore (SGD 67.1 million) in FY24, down from Rs 803.3 crore (SGD 130.4 million) in FY23. Its ROCE and EBITDA margins improved to -79.5% and -27%, respectively. On a unit level, Livspace spent Rs 1.39 to earn a rupee in FY24. Livspace is all set to shift its domicile to India from Singapore and the firm has also received approval from its board, according to the company’s founder Ramakant Sharma. It has plans to go public in the next 18-24 months. The company, for all its all out efforts to reduce losses without giving up on growth faces a tough challenge to sustain these efforts. More often than not, there is a point where cost cuts become counter productive, or worse make you wonder what you were doing with them in the first place. Livspace is on course to discover either of those two realities soon. *Currency converted from Indian rupees to Singapore dollars: SGD 1 = 61.6 rupees.

Progcap crosses Rs 150 Cr revenue in FY24, cuts losses

EntrackrEntrackr · 4m ago
Progcap crosses Rs 150 Cr revenue in FY24, cuts losses
Medial

Progcap crosses Rs 150 Cr revenue in FY24, cuts losses Peak XV and Tiger Global-backed fintech firm Progcap has scaled more than 5X in the last two fiscal years, from Rs 26 crore in FY22 to Rs 139 crore in FY24. The firm also managed to reduce its losses in the same period. Progcap’s revenue from operations nearly doubled to Rs 139 crore in FY24 from Rs 71 crore in FY23, its consolidated financial statement sourced from the Registrar of Companies (RoC) shows. Progcap facilitates debt capital for underserved micro and small businesses. The fintech platform digitizes supply chains and facilitates access to finance for last mile retailers. Revenue from these services was the sole source of income for the company. Progcap made an additional Rs 20 crore from interest on deposits and gains on current investments which pushed its total income to Rs 159 crore in FY24 from Rs 102 crore in FY23. On the expense side, employee benefit costs remained the largest expenditure, accounting for 61% of the total expense, to the tune of scale. This cost grew by 15% to Rs 124 crore in FY24. The firm’s finance costs surged sharply to Rs 22.5 crore from just Rs 1 crore in FY23. Other major expenses included collection deficiency charges (Rs 9.5 crore), travel expenses (Rs 6 crore), and miscellaneous costs. Overall, the company’s total expenses grew by 36% to Rs 203 crore in FY24 from Rs 149 crore in the preceding fiscal year. Progcap managed to cut its losses by 6% to Rs 46 crore in FY24 from Rs 49 crore in FY23. Its ROCE and EBITDA Margin improved to -2.96% and -11.32% respectively. On a unit basis, the company spent Rs 1.46 to earn a rupee of operating revenue in FY24. The Delhi-based firm reported current assets worth Rs 1,321 crore which include Rs 163 crore of cash and bank balance in FY24. According to TheKredible, Progcap has raised a total of approx $112 million in funding to date, having Tiger Global, Peak XV, Creation Investments, and GrowX Ventures as its lead investors. Progcap’s co-founders, Pallavi Shrivastava and Himanshu Chandra, collectively hold a 23.41% stake in the company.

Exclusive: OfBusiness revenue nears Rs 20,000 Cr in FY24; profits crosses Rs 600 Cr

EntrackrEntrackr · 1y ago
Exclusive: OfBusiness revenue nears Rs 20,000 Cr in FY24; profits crosses Rs 600 Cr
Medial

Following a 2X jump in scale during FY23, industrial goods and services procurement platform OfBusiness continued its growth run as its revenue grew by 25.8% in the fiscal year ending March 2024. At the same time, the firm’s profit spiked by 30% and crossed the Rs 600 crore mark. OfBusiness’ revenue grew to Rs 19,296 crore in FY24 from 15,343 crore in FY23, according to the company’s consolidated financial documents reviewed by Entrackr. The sale of industrial goods (raw materials) and revenue from financial services offered to the buyers on their platforms were the primary sources of operating revenue for OfBusiness in FY24. The company also made Rs 232 crore from interest and other financial activities, tallying the overall revenue to Rs 19,529 crore in FY24. Being a goods and service procurement platform, the purchase of industrial goods and raw materials including construction materials, chemicals, and produce emerged as the largest cost centers, forming 88.5% of OfBusiness’ total expenses during FY24. In the line of scale, this cost increased by 21% to Rs 16,543 crore in FY24. The firm’s burn on employee benefits, finance, legal, conveyance, advertising, and other overheads took its overall cost up by 24.3% to Rs 18,696 crore in FY24 from Rs 15,037 crore in FY23. Note: OfBusiness’ ESOP-related expenses for this year stood at Rs 32 Cr in FY24 which is similar to last year. The decent growth in scale and controlled expenditure helped OfBusiness to post a 30.2% increase in its profits to Rs 603 crore in FY24. Its ROCE and EBITDA margin improved to 12.33% and 7.44% respectively. On a unit level, OfBusiness spent Rs 0.97 to earn a rupee in FY24. FY23-FY24 FY23 FY24 EBITDA Margin 6.30% 7.44% Expense/₹ of Op Revenue ₹0.98 ₹0.97 ROCE 9.28 12.23 OfBusiness has raised around $800 million including its $325 million Series G round in December 2021 where it was valued at $5 billion. According to the startup data intelligence platform TheKredible, Alpha Wave is the largest external stakeholder with 19.16% followed by Creation Investment and Matrix Partners. OfBusiness competes with Zetwerk, Infra.market, and Moglix. Zetwerk recorded Rs 11,449 crore GMV in FY23 while Infra. Market and Moglix’s gross revenue stood at 11,846 crore and Rs 4,500 crore respectively in the same period (FY23).

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