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Exotel posts flat scale in FY24; losses shrink 61%

EntrackrEntrackr · 6m ago
Exotel posts flat scale in FY24; losses shrink 61%
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Fintrackr All Stories Exotel posts flat scale in FY24; losses shrink 61% Exotel’s revenue from operations increased 5.7% to Rs 444 crore in FY24 from Rs 420 crore in FY23, its consolidated annual financial statements sourced from the Registrar of Companies show. Kunal Manchanada 26 Dec 2024 11:55 IST Follow Us New Update Bengaluru-based cloud telephony platform Exotel reported flat growth for the fiscal year ending March 2024. Despite stagnant revenue, the company significantly improved its financial health, narrowing losses by more than 60%. This improvement was driven by strategic cost-cutting measures, particularly in employee benefits and advertising expenses. Exotel’s revenue from operations increased 5.7% to Rs 444 crore in FY24 from Rs 420 crore in FY23, its consolidated annual financial statements sourced from the Registrar of Companies show. Exotel provides cloud-based voice and SMS contact center solutions, enabling businesses to manage customer engagement efficiently. Its primary revenue stream comes from offering internet-enabled cloud communication services. Exotel also makes money through software licensing, chatbot services, and sales of its products, including APIs, browser extensions, software development kits, and mobile applications. Exotel has not provided the income bifurcation of above mentioned- services. However, 14% of its business came from Southeast Asia, the Middle East, and Africa in FY24. The company also added Rs 16 crore mainly from interest on deposits and investments, tallying the overall revenue to Rs 460 crore in FY24, compared to Rs 447 crore in FY23. For the cloud-based voice and SMS contact center firm, the cost of telephone and postage formed 39% of its overall cost which increased 10.2% to Rs 195 crore in FY23. Exotel managed to keep its employee benefits in check, which saw a reduction of 24% in FY24 to Rs 186 crore, as compared to Rs 245 crore in FY23. It’s worth noting that Exotel went through layoff during FY24, reducing its workforce by 15%. Its decreased advertising, legal, payment gateway, traveling, information technology, and other overheads took the total expenditure to Rs 499 crore in FY24 from Rs 555 crore in FY23. See TheKredible for the detailed expense breakup. Despite the modest growth in scale, the company managed to control its expenditures, resulting in its losses shrinking by 60.6% to Rs 43 crore in FY24 from Rs 109 crore in FY23. According to Fintrackr, Exotel’s EBITDA losses stood at Rs 16 crore in FY24. Exotel’s expense-to-revenue ratio was recorded at Rs 1.12, with ROCE and EBITDA margins of -8.9% and -3.48%, respectively. According to the annual statements, its total current assets were registered at 379 crore, with cash and bank balances of Rs 206 crore as of March 2024. The company has raised over $100 million so far including a $40 million Series D round led by Steadview Capital in 2022. According to the startup data intelligence platform TheKredible, A91 Partners is the largest external stakeholder with a 25.7% stake followed by Blume Ventures. Exotel directly competes with Gupshup-owned Knowlarity, MyOperator, Ozonotel, and Tata Communications, and a few others. exotel Advertisment Disclaimer: Bareback Media has recently raised funding from a group of investors. Some of the investors may directly or indirectly be involved in a competing business or might be associated with other companies we might write about. This shall, however, not influence our reporting or coverage in any manner whatsoever. You may find a list of our investors here. Subscribe to our Newsletter! Be the first to get exclusive offers and the latest news Subscribe Now Related Articles LIVE ShopKirana struggles to scale in FY24, narrows losses by 30% LIVE LEAD hits Rs 350 Cr revenue milestone in FY24; cuts losses by 56% LIVE Simplilearn cuts losses by 56% in FY24, revenue growth stagnates LIVE Curefoods reports Rs 635 Cr income in FY24, halves losses LIVE Mintifi reports Rs 92 Cr PAT on Rs 384 Cr revenue in FY24 Read the Next Article

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Fittr posts flat scale in FY24; losses trims 73%

EntrackrEntrackr · 6m ago
Fittr posts flat scale in FY24; losses trims 73%
Medial

Fintrackr Fittr posts flat scale in FY24; losses trims 73% Fitness tech startup Fittr has encountered growth challenges, with its revenue remaining flat over the past three years. However, the losses for the Rainmatter Capital-backed company decreased substantially in the last fiscal year. Fittr’s revenue from operations saw a modest 3% decrease to Rs 85 crore in FY24, from Rs 87.5 crore in FY23, as per its consolidated financial statement sourced from the Registrar of Companies (RoC). Founded by Jitendra Chouksey, Sonal Singh, Jyoti Dabas, Rohit Chattopadhyay, and Bala Krishna Reddy, Fittr is a community-based health and online fitness marketplace. It creates customized workout plans based on fitness goals, equipment available, time available, and exercise style preferences. Revenue from fitness and wellness online services contributed the majority at Rs 80 crore, despite a 4.42% decline compared to 83.7 crore in FY23. New revenue streams like smart ring sales added Rs 80 lakh, while academic fees and other income sources contributed Rs 2.8 crore and Rs 1.4 crore, respectively. The company earned an additional Rs 1.3 crore from non-operating revenue which pushed its total revenue to Rs 86.3 crore in FY24. Fittr’s total expenses declined significantly by 26% to Rs 97 crore in FY24 from Rs 131 crore in FY23. The reduction was driven by a 36.2% cut in employee benefits (Rs 20.8 crore), a 65.8% reduction in advertising costs (Rs 8.4 crore), and a 30% decrease in other overheads (Rs 13.5 crore). Expenditure on consultants and study material, the largest cost component, remained stable at Rs 54.3 crore. With the controlled expenses across verticals, Fittr’s losses shrank by 73.5% to Rs 11 crore in FY24 from Rs 41.5 crore in FY23. Its ROCE and EBITDA margin stood at -38.89% and -10.66% respectively. Fittr’s expense-to-earning ratio stood at Rs 1.14. As of March 2024, the firm reported Rs 46.5 crore of current assets including Rs 27.8 crore of cash and bank balance. According to TheKredible, Fittr has secured a total funding of $17 million to date including a $3.5 million round led by Zerodha-backed venture fund Rainmatter. Surge, Dream Capital (now shut down), and Elysian Park are other notable investors of Fittr.

Oziva records flat growth under Hindustan Unilever in FY24

EntrackrEntrackr · 1y ago
Oziva records flat growth under Hindustan Unilever in FY24
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D2C nutrition brand Oziva, which was acquired by FMCG giant Hindustan Unilever (HUL) in 2022, posted a flat scale during the fiscal year ending March 2024. Following a 20% decline in sales during FY23, the D2C nutrition brand posted a flat scale with a modest 4% increase to Rs 104 crore in FY24, the annual report of its parent company HUL shows. HUL said that Oziva recorded Rs 44 crore loss in the last fiscal year. In FY23, the firm registered a net profit of Rs 58.8 crore due to one-time gain of Rs 95.5 crore. However, if we exclude that other income, its losses stood at Rs 45.8 crore in FY23. This implies, Oziva’s scale and loss remained flat in the last financial year (FY24). It’s worth noting that it is the first full fiscal year for Oziva under Hindustan Unilever. The six-year-old D2C firm sells plant-based nutrition products for health, skin, hair, and general wellness. The sale of health and nutrition products was the sole revenue driver for the company. The company has raised around $17 million to date with the backing of Matrix Partners, Eight Road Ventures, and Stride Ventures. In December 2022, HUL acquired 51% stake in Oziva with the first tranche at a cash consideration of Rs 264.28 crore ($32 million). As per the annual report, Oziva was valued at Rs 361 crore ($43.5 million) using the multi-period excess earnings method. At the same time, HUL also acquired 19.8% of the stake in Wellbeing Nutrition for a cash consideration of Rs 70 crore. Founded by Avnish Chhabria, Wellbeing Nutrition is a whole-food nutrition company that uses plant-based ingredients to deliver wellness to individuals. The company is yet to disclose its FY24 results.

A91-backed Exotel's growth skids sharply; hits EBITDA breakeven

VCCircleVCCircle · 6m ago
A91-backed Exotel's growth skids sharply; hits EBITDA breakeven
Medial

A91-backed Exotel's growth skids sharply; hits EBITDA breakeven Credit: 123RF.com Customer engagement platform Exotel, which counts A91 Partners and Blume Ventures among its investors, saw its consolidated operating revenue rise by just 6% to Rs 444.49 crore in the financial year ended March 2024, compared with a growth of 32% in FY23 and 167% in FY22. The Bengaluru-based company, however, narrowed its losses by 65% in the fiscal year 2024 and turned earnings before interest, taxes, depreciation, and amortization (EBITDA) positive in the second and third quarter of FY24. “FY24 has been transformative for Exotel as we advanced our product strategy to empower enterprises with cutting-edge AI-driven solutions,” said Adarsh Dikshith, CFO at Exotel. Advertisement It also expanded its international presence by making inroads into markets like Saudi Arabia, the UAE, and the US. It aims to maintain the growth path by continuing to invest in its AI-based voice bots and conversational quality analysis (CQA) and expand presence beyond India. For the current fiscal year it expects to double earnings before interest, taxes, depreciation, and amortization (EBITDA). Exotel, founded in 2011 by Shivakumar Ganesan, Ishwar Sridharan, Vijay Sharma, and Siddharth Ramesh, helps businesses organise and streamline client interaction with its cloud-based AI-powered customer engagement tool. Advertisement In early 2022, the A91 Partners-sponsored company raised $40 million in a Series D round of investment led by Steadview Capital as it eyed expansion into the Middle East and Southeast Asian countries. A year later, the company let go of some employees citing poor performance and business restructuring which affected 80 employees. So far, the company has raised over $100 million in equity and debt and counts Blume Ventures, Sistema, and 360 One (formerly IIFL Asset Management) as its investors. Advertisement Share article on Leave Your Comments

Man Matters-parent Mosaic Wellness clocks Rs 333 Cr revenue in FY24

EntrackrEntrackr · 5m ago
Man Matters-parent Mosaic Wellness clocks Rs 333 Cr revenue in FY24
Medial

Mosaic Wellness, the parent firm of Man Matters, Boywise, and Little Joys, recorded over 61% year-on-year growth in its operating scale and crossed the Rs 300 crore revenue threshold in the last fiscal year. The firm also narrowed losses by 37% in FY24. Mosaic Wellness’ revenue from operations surged to Rs 333 crore in FY24 from Rs 206 crore in FY23, according to its consolidated annual financial statements sourced from the Registrar of Companies. Founded in 2020 by Revant Bhate and Dhyanesh Shah, Mosaic Wellness is a digital-first consumer health platform that runs three separate brands for men, women, and kids. Its flagship brand ManMatters offers solutions across derma, sexual health, hygiene, and nutrition. The sale of health and wellness products was the only source of income for Mosaic Wellness in FY24. It also added Rs 8 crore from the interest on deposits and gain on sale on investments, bringing its total revenue to Rs 342 crore in FY24. Mosaic Wellness's advertising cost increased to Rs 138 crore in FY24, marking a 38% year-on-year increase. Its procurement costs grew 52% to Rs 93 crore, while employee benefits rose by 33% to Rs 52 crore. Other expenses, including commissions, packaging, legal, and overheads, increased, bringing total expenses to Rs 380 crore in FY24. Despite expenses, Mosaic Wellness managed to reduce its losses by 37% to Rs 39 crore in FY24, compared to Rs 62 crore in FY23. Its ROCE and EBITDA margin improved to -24.2% and -10.8%, respectively. The company reported total current assets of Rs 188 crore, including Rs 61 crore in cash and bank balances by the end of FY24. Mosaic Wellness has raised over $35 million to date, including $24 million in a Series A round led by Peak XV, along with existing investors Elevation Capital and Matrix Partners India. The company is reportedly in talks to raise a new round. In a market revitalized by HUL’s acquisition of Minimalist, attention has turned to firms like Mosaic Wellness that have scaled past Rs 300 crore in revenue. The company should feel confident having crossed this threshold and having the runway to explore further funding or other strategic avenues.

FirstCry-parent posts Rs 2,172 Cr revenue in Q3 FY25, cuts losses by 70%

EntrackrEntrackr · 5m ago
FirstCry-parent posts Rs 2,172 Cr revenue in Q3 FY25, cuts losses by 70%
Medial

FirstCry-parent posts Rs 2,172 Cr revenue in Q3 FY25, cuts losses by 70% Brainbees Solutions, the parent company of kids-focused omnichannel retailer FirstCry, has released its Q3 FY25 today. The report highlights sound financial growth, with a 14.3% year-on-year growth in scale and controlled losses by 70%. FirstCry's revenue from operations grew to Rs 2,172 crore in Q3 FY25 from Rs 1,900 crore in Q3 FY24, its unaudited financial statements sourced from the National Stock Exchange (NSE) show. The sale of its products through offline stores and websites in India and the international market was the primary source of revenue, accounting for nearly 82% of total operating revenue, while its subsidiary, GlobalBees, contributed Rs 422 crore. The company also made Rs 44 crore from interest income which took its overall revenue to Rs 2,217 crore in Q3 FY25, compared to Rs 1,936 crore in Q3 FY24. For the omnichannel retailer, the cost of procurement of materials accounted for 66% of the overall expenditure which increased 17% year-on-year to Rs 1,451 crore in Q3 FY25 from Rs 1,239 crore in Q3 FY24. FirstCry’s employee benefits stood at Rs 177 crore in Q3 FY25 which includes Rs 28 crore as ESOP cost. The marketing, legal, rent, and technology were other overheads that pushed the overall expenditure to Rs 2,210 crore in Q3 FY25 from Rs 1,978 crore in Q3 FY24. The decent scale and controlled expenditure helped FirstCry to reduce its losses by 70% to Rs 15 crore in the last quarter. Notably, the company reported a positive EBITDA of Rs 152 crore. As of the last trading session, FirstCry’s share price stood at Rs 419 per share, with a total market capitalization of Rs 21,753.8 crore (approximately $2.5 billion).

Exclusive: Cloud telephony platform Exotel suffers data breach

EntrackrEntrackr · 10m ago
Exclusive: Cloud telephony platform Exotel suffers data breach
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Cloud telephony platform Exotel has suffered a data breach that may have compromised details of its clients, sources familiar with the matter told Entrackr. “A massive data breach was reported on Friday which happened last week. Exotel works with many large companies, including financial institutions and their data have been breached,” said one of the sources requesting anonymity. The company’s chief executive Shivakumar Ganesan also did a town hall or emergency meeting on Friday, the person said. Confirming the data breach, an Exotel spokesperson said, “We recently identified unauthorized access to one of our cloud Infrastructure stamps in Singapore and acted swiftly to contain the issue. Importantly, no sensitive personal or financial information was compromised.” “The breach was limited and majority customers were not affected. We have already notified those impacted, providing them with detailed information and recommended steps to mitigate any potential risks,” the spokesperson added. The 13-year-old firm offers voice and SMS contact center capabilities for businesses to manage their customer engagement over the cloud. Besides India, it operates in the UAE, Indonesia, Africa, and the US. Another source said that Exotel stores call recordings and SMS of its clients on the cloud. “AWS private keys got breached from some developer. The hackers got access to the database and source code. Zomato, Khatabook and others became victims of the breach,” added the source. In a response to this, Exotel’s spokesperson clarified, “While we store call recordings and SMS of clients on the cloud none of these have been accessed or impacted in this incident.” Confirming the data breach to Entrackr, a Zomato spokesperson said, “We have been made aware of the data breach at Exotel. So far, from what we know, our merchant and customer data is fully secure and no payment related sensitive information has been compromised. Our teams are actively working with Exotel to ascertain more details on the ongoing investigation.” Entrackr has reached out to Khatabook to verify this. The Steadview Capital and A91 Partners-backed company reported a 32.1% spike in its collection to Rs 420 crore whereas its losses jumped 2.5 fold to Rs 109 crore. It is yet to file its annual report for FY24 but the firm projected a 50% revenue growth for the last fiscal year (FY25). Exotel directly competes with Knowlarity, MyOperator, Ozonotel, and Tata Communications, and a few others. Peak XV-backed Knowlarity was acquired by conversational messaging unicorn Gupshup in a $100 million deal in February 2022.

Chaayos scale remains flat in FY24; turns EBITDA positive

EntrackrEntrackr · 6m ago
Chaayos scale remains flat in FY24; turns EBITDA positive
Medial

Fintrackr: Chaayos Scale Remains Flat in FY24; Turns EBITDA Positive Over the past 18-20 months, growth and late-stage Indian startups have shifted their focus toward profitability. While many managed to significantly reduce their losses in FY24, their growth was constrained by a sharp reduction in cash burn. Chaayos followed this trend, reporting a more than 50% drop in losses, though its operational scale remained flat for the fiscal year ending March 2024. Chaayos’ revenue from operations grew by 4.85% to Rs 248.5 crore in FY24 from Rs 237 crore in FY23, according to its consolidated financial statement filed on the Registrar of Companies (RoC). The company sells a variety of teas and other snacks and beverages with dine-in, takeaways, and online ordering facilities. It has over 200 outlets across Delhi-NCR, Mumbai, and Bengaluru. Chaayos’ core revenue streams include sales of manufactured goods such as tea, which accounted for 95.32% of the revenue. This revenue increased 3.1% to Rs 236.87 crore in FY24. Revenue from traded goods (snacks, tea leaf) almost doubled, rising by 98.52% to Rs 10.74 crore, while income from services fell by 51.89% to Rs 0.89 crore. The company made an additional Rs 22.7 crore from non-operating sources which pushed its total income to Rs 271.2 crore in the last fiscal year. On the expense front, Chaayos' largest expense category, employee benefit expenses rose by 4.45% to Rs 81.15 crore in FY24. Cost of materials decreased by 11% to Rs 76.54 crore. Other significant costs included depreciation, which remained stable at Rs 51.83 crore, and commissions, which declined by 4.62% to Rs 26 crore. Miscellaneous expenses added Rs 89.69 crore to the company’s overall spending. In the end, the company managed to reduce its total expenses by 11.07% to Rs 325.21 crore in FY24, down from Rs 365.68 crore in FY23. Due to controlled expenses across verticals, Chaayos’ losses shrank 50.6% to Rs 54 crore in FY24. It is worth noting that the company achieved positive EBITDA of Rs 28.35 crore in FY24. Its ROCE and EBITDA Margin stood at -6.02% and 10.45% respectively. On a unit basis, the company spent Rs 1.31 to earn a rupee of operating revenue in FY24. As of March 2024, the firm reported Rs 181.42 crore of current assets including Rs 89.16 crore of cash and bank balance. Like almost every marketer out there, Chaayos has also been betting big on premiumisation, even as the break up between online and offline sales remains broadly equal. Those are both tough choices to make from a margin perspective, as premiumisation pits it against stronger competition, and online is still all about putting margins on the line. The firm is truly at an inflection point, twelve years after it first started. It is a well-regarded brand, can boast of some innovations and experiences unique to it, and has some level of scale. The problem now is to repeat all of the above at half the cost and time, to put it simply. Does Chaayos have a plan?

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.

Pine Labs India posts Rs 1,384 Cr revenue in FY24; losses jump 3X

EntrackrEntrackr · 9m ago
Pine Labs India posts Rs 1,384 Cr revenue in FY24; losses jump 3X
Medial

The Indian unit of merchant commerce and payments platform Pine Labs has reported flat revenue in the fiscal year ending March 2024. However, the Delhi-based firm’s losses swelled 3X in this period. Pine Labs’s operating revenue increased modestly by 2.8% to Rs 1,317 crore in FY24 from Rs 1,281 crore in FY23, its annual financial statements sourced from the Registrar of Companies show. Caveat: Pine Labs is registered in Singapore and has not yet submitted its FY24 results there. Based on the previous fiscal year’s report, the parent entity is expected to post approximately Rs 400 crore more or over Rs 1,700 crore in operating revenue in the last fiscal year. As for the revenue channels of Pine Labs’ Indian entity, income from transaction processing and settlement was the main contributor, accounting for 61% of total operating revenue, which rose a modest 1.5% to Rs 805 crore in FY24. Income from digitization and services provided at petroleum outlets amounted to Rs 67 crore during the same period. Pine Labs also offers gifting solutions through Qwikcilver, Pine Perks, and Google Wallet. Income from this segment declined by 44.5% to Rs 111 crore in FY24. Revenue from device sales, plastic cards, and other miscellaneous sources brought the total revenue to Rs 1,384 crore during the last fiscal year, compared to Rs 1,328 crore in FY23. In terms of cost breakdown, Pine Labs allocated 38.5% of its total expenditure to employee benefits, which grew by 3% to Rs 625 crore in FY24, including Rs 58 crore in non-cash ESOP expenses. Legal and professional fees were the next largest expense category. Other significant costs included materials, travel, advertising, e-commerce site listings, database communication, and repairs, bringing total expenditures up by 15.8% to Rs 1,624 crore in FY24. FY23-FY24 FY23 FY24 EBITDA Margin 14.91% 10.55% Expense/₹ of Op Revenue ₹1.09 ₹1.23 ROCE -1.65% -7.87% The modest growth in scale, combined with a nearly 16% rise in expenditure, led Pine Labs to report a more than threefold increase in losses, reaching Rs 187 crore in FY24 compared to Rs 56 crore in FY23. Its ROCE and EBITDA margin stood at -7.87% and 10.55%, respectively. On a per-unit basis, Pine Labs spent Rs 1.23 to earn a rupee in FY24. Pine Labs recently received approval from a Singapore court to relocate its domicile to India. It also obtained initial approval from the National Company Law Tribunal to merge its entities in India and Singapore. Pine Labs has been pursuing an initial public offering (IPO) for several years. Last year, the company appointed bankers for a U.S. IPO, but the attempt did not materialize. While the firm has not yet confirmed a listing timeline, it is likely to debut on one of the Indian stock exchanges sometime in the next fiscal year (FY26).

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