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Four-year-old Wiz Freight posts Rs 1,243 Cr revenue in FY23

EntrackrEntrackr ยท 1y ago
Four-year-old Wiz Freight posts Rs 1,243 Cr revenue in FY23
Medial

Digital supply chain startup Wiz Freightโ€™s growth has been explosive in the last two reported fiscal years as its scale skyrocketed to Rs 1,243 crore in FY23 from Rs 18 crore in FY21. However, the Tiger Global-backed company needed to power it with higher expenses to chase scale and posted a loss of Rs 90 crore in FY23 against Rs 8 crore profits in FY22. On a year-on-year basis, Wiz Freightโ€™s revenue from operations surged 3.8X to Rs 1,243 crore in FY23 from Rs 327 crore in FY22, its consolidated financial statements filed with the Registrar of Companies show. Founded in 2020, Wiz Freight provides a platform for exporters and importers to book and manage their cross-border shipments. Income from freight forwarding and warehousing was the sole source of revenue for the company. The firm also made Rs 18 crore from interest income tallying its total income to Rs 1,261 crore in FY23. Wiz Freightโ€™s direct cost which includes freight and warehousing charges formed 82% of the overall expenditure. To the tune of scale, this cost surged 3.8X to Rs 1,103 crore in FY23 from Rs 288 crore in FY22. Its employee benefits, legal/professional, traveling, finance, advertising, and other overheads took the overall expenditure up by 321% to Rs 1,347 crore in FY23 from Rs 320 crore in FY22. Check TheKredible for the complete expense breakdown. Expense Breakdown Total โ‚น 320 Cr https://thekredible.com/company/wiz-freight/financials View Full Data To access complete data, visithttps://thekredible.com/company/wiz-freight/financials Total โ‚น 1347 Cr https://thekredible.com/company/wiz-freight/financials View Full Data To access complete data, visithttps://thekredible.com/company/wiz-freight/financials Cost of material consumed Cost of material consumed Employee benefit Employee benefit Legal professional Legal professional Travelling conveyance Travelling conveyance Finance cost Finance cost Advertising Advertising Others To check complete Expense Breakdown visit thekredible.com View full data In pursuit of expansion, the Chennai-based company incurred a loss of Rs 90 crore in FY23, contrasting with profits of Rs 8 crore in FY22. Its ROCE and EBITDA margin stood at -21% and -2.3% respectively. On a unit level, it spent Rs 1.08 to earn a rupee in FY23. FY22-FY23 FY22 FY23 EBITDA Margin 3% -2.3% Expense/โ‚น of Op Revenue โ‚น0.98 โ‚น1.08 ROCE 5% -21% WizFreight has raised around $55 million to date including its $34 million round led by Tiger Global in March 2022. According to the startup data intelligence platform TheKredible, Tiger Global is the largest external stakeholder with 14.15% followed by Axilor and Foundamental. In January, Nippon Express Holding also acquired a minority stake in the firm, indicating the strong interest it has been able to generate and the possibility of ready access to future funding. As we mentioned after their FY22 results, Wix Freight has a lot going for it in terms of experience of the team, their specific niche and potential market. The high growth has probably made losses acceptable for investors, even as the firm is probably not done with the fund raising yet. With a clear focus on using acquisitions to support growth where possible, it will want the dry powder to move where such an opportunity presents itself.

Infra.Market raises $125 Mn led by Tiger Global

EntrackrEntrackr ยท 5m ago
Infra.Market raises $125 Mn led by Tiger Global
Medial

Infra.Market raises $125 Mn led by Tiger Global Building materials platform Infra.Market is raising Rs 1,049 crore (around $125 million) in its Series F funding round. This follows the completion of the final tranche of its Series E round in September 2024. The board at Infra.Market has passed a special resolution to issue 49,149 compulsory convertible preference shares at an issue price of Rs 2,13,439 each to raise Rs 1,049 crore or $125 million, its regulatory filing sourced from the Registrar of Companies shows. The Rs 1,049 crore Series F funding round appears to be a pre-IPO initiative, structured in two tranches: Rs 498 crore (Series F) and Rs 551 crore (Series F1), respectively. According to the filings, the first tranche of Rs 498 crore ($60 million) is led by Tiger Global, contributing Rs 211 crore, with additional participation from Evolvence Group and Fundamental Fund, which invested Rs 168 crore and Rs 119 crore, respectively. This marks a significant investment from existing investor Tiger Global, especially given its relatively low activity in recent times. For context, Tiger Global made only two investments in 2024โ€”Wiz Freight and Jupiterโ€™s NBFC armโ€”both as an existing investor. The second tranche of Rs 551 crore is yet to be completed. Capri Global, Eudora Ventures, Kangaro Industries, SVV Limited, Premratan Exports, and Verity Knowledge, along with individual investors Ashish Kacholia, Nikhil Kamath, Abhijit Pai, Sumeet Kanwar, Nuvama, Dimpy Kanwar, and Sapna Vig, are expected to participate. Tiger Global, Evolvence, and Fundamental Fund may also contribute to this tranche. According to Entrackrโ€™s estimates, the company has been valued at around Rs 24,000 crore or $2.8 billion post-allotment. Infra.Market, through its platform, offers a range of building material products, including Structural Products (Concrete, Steel, Construction Chemicals), Finishing Products (AAC blocks, MDF, Plywood, Pipes and Fittings), and Lifestyle Products (Tiles, Sanitaryware, Laminates, Paints, Fans, Lights, Appliances, Modular Kitchens, Consumer Durables). Infra.Market generates revenue from the sale of the aforementioned products. Its consolidated gross revenue rose to Rs 14,530 crore in FY24 from Rs 11,847 crore in FY23. The firm also reported a 2.4X jump in its profit to Rs 378 crore in the last fiscal year.

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