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Exotel posts flat scale in FY24; losses shrink 61%

EntrackrEntrackr · 8m 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 · 8m 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.

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

EntrackrEntrackr · 12m ago
Livspace revenue crosses Rs 1,200 Cr in FY24; losses shrink by 48%
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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.

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

EntrackrEntrackr · 11m 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).

Quikr posts Rs 51 Cr revenue in FY23, losses shrink 62%

EntrackrEntrackr · 1y ago
Quikr posts Rs 51 Cr revenue in FY23, losses shrink 62%
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Quikr, the online marketplace and classified platform, experienced a drop in scale from Rs 191 crore in FY19 to Rs 110 crore in FY20. This declining trend continued until FY22. The Bengaluru-based firm, however, has recently shown signs of stability and resilience with its revenue growing for the first time in the last three years in FY23. Additionally, the former unicorn also managed to bring down its losses by a significant margin during the period. Quikr’s revenue from operations marginally grew 4.7% to Rs 51.36 crore during the fiscal year ending March 2023 as compared to Rs 49.07 crore recorded in FY22, as per the company’s consolidated financial statements with the Registrar of Companies. Quikr made the majority of its revenue from lead referral fees followed by advertising, both verticals collectively contributed to around 90% of revenue in FY23. The remaining sum was collected via commissions, management consultancy services, business support, and other operating activities. The company also earned Rs 2 crore from interest and gains on other financial assets (non-operating income). Considering this, the total income of the company stood at Rs 53.38 crore in FY23. On the cost side, employee benefit was the largest cost expense for the company. Which however shrank 17% to Rs 41.5 crore in FY23 from Rs 50 crore in FY22. IT costs including web hosting and payment gateway also dwindled 43% to Rs 3.5 crore during the year from Rs 6.13 crore in FY22. The company also cut down its legal, promotional, and other expenses, akin to which, the overall expenditure dwarfed 27% to Rs 61.36 crore in FY23. The total expenditure was Rs 84 crore during the previous fiscal year. For a complete expense breakdown and year-on-year financial performance and more information about the company, visit TheKredible. The cost-cutting measures taken by the company during the year can also be seen in its bottom line which improved significantly. Quikr’s losses declined 62% to Rs 7.98 crore during FY23 in comparison to Rs 20.98 crore in FY22. Additionally, the company’s outstanding losses stand at Rs 3,077 crore at the end of FY23. Operating cashflows also turned green (positive) to Rs 2.57 crore in FY23 against Rs 29.23 crore (negative) in the previous year. The EBITDA margin and ROCE of the company strengthened to -3.52% and -3.87%, respectively during the period. On a unit level, Quikr spent Rs 1.19 to earn a rupee of operating revenue in FY23.

Traya posts 236 Cr revenue in FY24; turns profitable

EntrackrEntrackr · 8m ago
Traya posts 236 Cr revenue in FY24; turns profitable
Medial

Traya recorded over threefold year-on-year growth, with its revenue crossing Rs 230 crore during the previous fiscal year ending March 2024. Moreover, with this pace, the Mumbai-based company became profitable in the same period. Traya’s revenue from operations surged 3.8X to Rs 236 crore in FY24 from Rs 61 crore in FY23, its annual financial statements sourced from the Registrar of Companies show. Established in 2019, Traya focuses on addressing hair loss at its core by identifying the underlying causes. It provides personalized hair solutions and guidance from a team of experienced hair coaches and physicians. Income from product sales accounted for 99.36% of Traya's total operating revenue, which rose to Rs 234.5 crore in FY24, up from Rs 61 crore in FY23. The rest income came from courier services and doctor consultation fees. Moving on to the expense part, marketing and sales accounted for 43% of the overall expenditure. This cost grew twofold to Rs 98 crore in FY24 from Rs 51 crore in FY23. To the tune of scale, the cost of procurement of materials surged 3.6X to Rs 54 crore in FY24. Traya’s employee benefits also saw a 4X surge to Rs 36 crore in FY23. Other overheads including freight, legal, and travelling increased the overall cost by 154% to Rs 229 crore in FY23 from Rs 90 crore in FY23. The 3.8X growth in scale enabled Traya to achieve a notable profit of Rs 9 crore in FY24, a stark contrast to the Rs 28 crore loss in FY23. Its ROCE and EBITDA margin improved to 8.7% and 5.04%, respectively. On a unit basis, the company spent Rs 0.97 to earn a rupee in FY24. Traya's total current assets recorded at Rs 159 crore, with a cash balance of Rs 85 crore at the end of the previous fiscal year. According to startup-data intelligence platform TheKredible, Traya has raised approximately Rs 96 crore to date, including Rs 75 crore in funding from Xponentia Capital in April this year. The company counts notable investors such as Fireside Ventures, Kae Capital, Xponentia Capital, and Whiteboard Capital.

Starbucks India posts Rs 1,218 Cr revenue in FY24; losses surge 3.2X

EntrackrEntrackr · 1y ago
Starbucks India posts Rs 1,218 Cr revenue in FY24; losses surge 3.2X
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Starbucks India has emerged as the largest coffee chain in the country as the company left Coffee Cafe Day behind in terms of revenue during the fiscal year ending March 2024. However, the firm barely managed double digit growth in the said fiscal year and at the same time, its losses widened over three-fold. Tata Starbucks’ revenue from operations increased 12.05% to Rs 1,218 crore in FY24 from Rs 1,087 crore in FY23, its standalone annual financial statements filed with the Registrar of Companies (RoC) show. Starbucks For background, Starbucks India is a joint venture between Starbucks Coffee Company and Tata Consumer Products Limited. Launched in 2012, Tata Starbucks now operates in over 390 stores across 54 Indian cities, with approximately 4,300 partners. Its nearest competitor Coffee Cafe Day’s revenue stood at Rs 1,013 crore in FY24. As of March 2024, it had 450 stores. Starbucks also competes with several new-age coffee startups including Blue Tokai, Rage Coffee, Third Wave Coffee Roasters, Slay Coffee, Sleepy Owl, and Seven Beans Co among several others. Coming to Tata Starbucks revenue, the sale of coffee and related products formed most of its revenue. The rest of the income came from the loyalty program called My Starbucks Rewards where the customers earn loyalty points (Stars). For a coffee-selling company, the procurement of coffee beans, and other related products accounted for 26% of the total expenditure. To the tune of scale, this cost increased 8.5% to Rs 343 crore in FY23. Its employee benefits, rent, electricity, advertisement cum promotion, royalty, transportation, and other overheads took the firm’s overall expenditure to Rs 1,320 crore in FY24 from Rs 1,140 crore in FY23. See TheKredible for the complete expense breakup. Along with flat scale, Starbucks India’s losses surged 3.2x to Rs 80 crore in FY24 from Rs 25 crore in FY23. Its ROCE and EBITDA margin stood at 0.4% and 18%, respectively. On a unit level, the firm spent Rs 1.08 to earn a rupee in FY24. FY23-FY24 FY23 FY24 EBITDA Margin 19% 18% Expense/₹ of Op Revenue ₹1.05 ₹1.08 ROCE 3% 0.4% Coffee chains, by their very nature seek upscale locations, which means rental costs can be very high. Starbucks India, which is still in expansion mode with a possible target of 1000 stores by 2028, faces that challenge, besides the more obvious one of finding customers for its pricey offerings. Multiple startups encroaching in the same segment has not helped, as unlike the humble tea, coffee snobs are a very real thing, and many of the new upstarts have built a following accordingly. More than losses, Starbucks India will possibly be more focused on metrics like same store sales growth and footfalls for now, as its menu offerings have enough margins to deliver handsomely if footfalls increase significantly. The question is, will premium coffee find a deep enough market, or will it run up against the by now famously shallow middle class market?

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