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Exclusive: Ratan Tata-Backed CashKaro’s Revenue Crosses INR 300 Cr Mark In FY24

Inc42 · 11m ago

Exclusive: Ratan Tata-Backed CashKaro’s Revenue Crosses INR 300 Cr Mark In FY24

Cashback and coupon platform, CashKaro, saw a 20% increase in operating revenue, reaching INR 302 Cr in FY24. A significant portion of its revenue, approximately 20%, now comes from the financial vertical. CashKaro aims to expand this vertical by introducing new offerings such as loans and mutual funds. With a current user base of 25 million, CashKaro is targeting an addition of 3-4 million new users and aims to achieve INR 400 Cr in revenue in FY25.

Related News

Upstox Claims Profitability In FY23, Broking Revenue Crosses INR 1,000 Cr Mark

Inc42 · 1y ago

Upstox Claims Profitability In FY23, Broking Revenue Crosses INR 1,000 Cr Mark

Upstox, an online discount broking platform, has claimed profitability in the financial year 2022-23, with a consolidated profit of over INR 25 crore. The company also reported a 44% increase in broking revenue, crossing the INR 1,000 crore mark. Upstox, backed by investors like Ratan Tata and Tiger Global, has positioned itself as a trusted finance app by launching several new features and tools. Its rivals, Zerodha and Groww, also posted impressive profits and revenues during the same period.

Ratan-Tata backed CashKaro crosses Rs 250 Cr revenue in FY23

Entrackr

Entrackr · 1y ago

Ratan-Tata backed CashKaro crosses Rs 250 Cr revenue in FY23

Cashback and coupons app CashKaro, backed by Ratan Tata, saw a 15.28% growth in revenue in the fiscal year ending March 2023, reaching Rs 249 crore. The company also reported a 26% decline in losses. CashKaro offers coupons and cashback to consumers and has partnerships with over 1,500 e-commerce brands. The cost of cashback accounted for 52% of total expenditure, and advertising and promotion expenditures increased by 20.8%. CashKaro aims to achieve a 30-40% revenue increase to Rs 350-375 crore in FY24.

Exclusive: Kuku FM Fires 100 Employees To Cut Costs

Inc42 · 8m ago

Exclusive: Kuku FM Fires 100 Employees To Cut Costs

Indian audio platform Kuku FM, backed by Vertex Ventures, recently underwent a restructuring exercise affecting approximately 300 employees. The content team, consisting of writers and producers, was the most affected by the changes. Despite this, Kuku FM reported significant growth with revenue increasing to INR 88 crore in FY24 and losses narrowing by 18% to INR 96 crore.

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

Entrackr

Entrackr · 1y ago

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

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).

Unicommerce FY24: Net Profit Doubles To INR 13.1 Cr, Revenue Crosses INR 100 Cr Mark

Inc42 · 1y ago

Unicommerce FY24: Net Profit Doubles To INR 13.1 Cr, Revenue Crosses INR 100 Cr Mark

Unicommerce, a leading e-commerce technology company, reported a 15% increase in operating revenue, reaching INR 103.58 Cr in FY24 compared to INR 90.06 Cr in FY23. Total expenses also rose by over 9% to INR 91.9 Cr in FY24. Unicommerce's IPO, consisting of an offer-for-sale component of 2.56 Cr equity shares, is set to open on August 6th.

Swiggy DRHP: Revenue Crosses INR 10,000 Cr Mark In FY24, Loss Almost Halves

Inc42 · 10m ago

Swiggy DRHP: Revenue Crosses INR 10,000 Cr Mark In FY24, Loss Almost Halves

Swiggy's net loss for FY24 was INR 2,350 Cr, a decrease from the previous year's loss of INR 4,179.3 Cr. However, its operating revenue saw a 36% increase, reaching INR 11,247.3 Cr compared to INR 8,264.5 Cr in FY23. The company also improved its EBITDA margin from -46.4% in FY23 to -16.2% in FY24.

WayCool Foods FY23: Loss Up 89% To INR 685 Cr, Revenue Crosses INR 1K Cr Mark

Inc42 · 12m ago

WayCool Foods FY23: Loss Up 89% To INR 685 Cr, Revenue Crosses INR 1K Cr Mark

Chennai-based agritech startup WayCool Foods reported a 62% increase in operating revenue, crossing the INR 1,000 Cr mark in the financial year ended March 31, 2023. The company, founded in 2015, sells food products under multiple labels and provides supply chain solutions. Its revenue from operations reached INR 1,251.4 Cr in FY23, compared to INR 772.3 Cr in the previous year. WayCool's total expenses also rose, reaching almost three times its revenue.

Capillary Technologies Secures Board Approval for INR 2250 Cr IPO Launch

StartupTalky

StartupTalky · 2m ago

Capillary Technologies Secures Board Approval for INR 2250 Cr IPO Launch

Capillary Technologies has obtained board approval to launch a INR 2250 crore IPO, raising INR 500 crore through new shares and INR 1750 crore via an offer for sale. This move follows an earlier attempt to list in 2021, which was abandoned. Founded in 2008, Capillary offers client engagement software with clients like Domino's and Tata Group. The company saw an 80% revenue growth in FY24 and is backed by investors like Qualcom Ventures and Peak XV Partners.

Ratan Tata-Backed TORK Motors Raises $6 Mn From Maxis Capital

Inc42 · 1y ago

Ratan Tata-Backed TORK Motors Raises $6 Mn From Maxis Capital

Indian electric motorcycle manufacturer TORK Motors has raised $6 million in funding from Maxis Capital. The Pune-based startup, backed by the Bharat Forge group and Ratan Tata, issued 6,912 Compulsorily Convertible Preference Shares at a price of INR 72,425 each to raise INR 50 crore. TORK Motors aims to expand its market reach and target 70-100 cities by the end of FY24. With 1,589 vehicle registrations in 2023, the company has seen significant growth in the EV market.

Smartworks DRHP: FY24 Loss Declines 51% To INR 50 Cr, Revenue Crosses INR 1,000 Cr Mark

Inc42 · 11m ago

Smartworks DRHP: FY24 Loss Declines 51% To INR 50 Cr, Revenue Crosses INR 1,000 Cr Mark

Smartworks, a shared workspace provider, reported a significant increase in operating revenue for FY24, rising to INR 1,039.4 Cr from INR 711.4 Cr in the previous fiscal year. Lease rentals accounted for the majority of the revenue, with INR 997.1 Cr contributing to approximately 96% of the total. In preparation for an IPO, Smartworks filed its DRHP with SEBI, planning to issue INR 550 Cr worth of fresh shares along with an offer for sale (OFS) component of 67.49 lakh equity shares.

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