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Extramarks losses drop by 85% to Rs 48 Cr in FY24, revenue slips 37%

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Extramarks losses drop by 85% to Rs 48 Cr in FY24, revenue slips 37%
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Edtech platform Extramarks has made a significant turnaround in its bottom line, reducing losses by over 85%โ€”from Rs 330 crore in FY23 to Rs 48 crore in FY24. The firm's scale shrank by 37% during the fiscal year ending March 2024. Extramarksโ€™ revenue from operations declined by 36.86% to Rs 233 crore in FY24 from Rs 369 crore in FY23, according to its consolidated financial statements sourced from the Registrar of Companies (RoC). Founded by Atul Kulshrestha, Extramarks provides learning solutions for schools, students, and teachers. It offers Smart Class Plus, a tool designed to modernize traditional teaching methods in schools. The company earns revenue from subscription-based services like live classes, test series, school partnerships, and corporate training, which grew 18.54% to Rs 179 crore in FY24. However, its one-time product sales, including learning tablets, test preparation kits, and study materials, declined 75.23% to Rs 54 crore. The largest cost component, employee benefit expenses, declined 39.75% to Rs 144 crore in FY24. This sharp reduction was driven by a downsized workforce, as the company laid off over 500 employees and reportedly shut down its consumer-facing vertical in September 2023. The cost of materials saw an even sharper decline of 78.57%, settling at Rs 34.5 crore. However, finance costs rose 71.43% to Rs 36 crore. Overall, total expenses decreased 46.4%, falling to Rs 372 crore in the last fiscal year from Rs 694 crore in FY23. Effective expense management helped Extramarks significantly cut its losses, with a net loss of Rs 48 crore in FY24, an 85.45% reduction from Rs 330 crore in FY23. The company also improved its ROCE to -24.19% and EBITDA margin to -11.63% in the last fiscal year. On a unit basis, Extramarks spent Rs 1.60 to earn a rupee of revenue in FY24. The Noida-based company reported current assets worth Rs 190 crore in FY24 including Rs 49 crore of cash and bank balance. According to startup data intelligence platform TheKredible, Extramarks has raised a total of $44 million in funding from Reliance Industriesโ€™ Infotel Group. While Infotelโ€™s current stake in the firm could not be ascertained, it reportedly acquired a 38.5% stake in Extramarks in 2023.

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Treebo crosses Rs 100 Cr revenue in FY24, outstanding losses climb to Rs 488 Cr

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Treebo crosses Rs 100 Cr revenue in FY24, outstanding losses climb to Rs 488 Cr
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Treebo crosses Rs 100 Cr revenue in FY24, outstanding losses climb to Rs 488 Cr Treebo Hotels, a premium-budget hotel chain, crossed the Rs 100 crore revenue milestone in the fiscal year ending March 2024. Despite this growth, the Bengaluru-based company saw its losses rise by 17%, bringing total outstanding losses to Rs 488 crore. Treebo Hotelsโ€™s revenue from operations grew 22.5% to Rs 109 crore in FY24 from Rs 89 crore in FY23, its consolidated financial statements filed with the Registrar of Companies show. Income from accommodation services (taken on lease and managed properties) formed 95% of the total operating revenue which increased by 22.3% to Rs 104 crore in FY24 from Rs 85 crore in FY23. The rest of the income comes from the sale of products, and subscription services. The company also added Rs 7.22 crore as other income (non-operating) which tallied its overall revenue to Rs 116 crore in FY24 from Rs 94 crore in FY23. Treebo spent 41% of its overall expenditure on employee benefits which increased marginally by 7% to Rs 59 crore in FY24. Its cost and commission surged 70% and 48% to Rs 17 crore and Rs 43 crore in the previous fiscal year. Its cost of materials, legal, technology, traveling, and other overheads took the overall cost up by 22% to Rs 144 crore in FY24 from Rs 118 crore in FY23. The increased advertising and commission costs led Treebo to raise its losses by 16.7% to Rs 28 crore in FY24, compared to Rs 24 crore in FY23. Its ROCE and EBITDA margin stood at -540% and -18.1% respectively. On a unit level, it spent Rs 1.32 to earn a rupee in FY24. The companyโ€™s total current assets stood at Rs 34 crore with cash and bank balances of Rs 7 crore in the previous fiscal. According to startup data intelligence platform TheKredible, decade-old Treebo has secured Rs 566 crore (approximately $70 million) in funding from investors including Accor, Elevation Capital, Matrix Partners, and Bertelsmann. The companyโ€™s most recent major funding, amounting to $16 million, was raised in June 2021. Treebo competes directly with Bloom Hotels and FabHotels. In FY24, Bloom Hotels saw its operational revenue rise by 73.6% to Rs 250 crore, with a profit of Rs 14 crore. FabHotels recorded Rs 224 crore in operating revenue for FY23 but has not yet filed its FY24 annual report.

Lendingkart posts Rs 1,090 Cr revenue in FY24, profit slips

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Lendingkart posts Rs 1,090 Cr revenue in FY24, profit slips
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Temasekโ€™s Fullerton recently acquired the troubled fintech firm Lendingkart in a distress sale. The companyโ€™s valuation plummeted to around $100 million in the deal, down from its peak of $690 million. While the reasons behind this downfall may become clearer when the firm discloses its FY25 numbers, the companyโ€™s profit after tax (PAT) slipped 6% during the fiscal year ending March 2024. We will analyze the companyโ€™s expenses in detail in the second half of the story. For now, letโ€™s focus on its revenue streams and their growth. Lendingkartโ€™s revenue from operations increased by 36% to Rs 1,090 crore in FY24 from Rs 798 crore in FY23, its consolidated financial statement sourced from the Registrar of Companies (RoC) shows. Lendingkart is a non-banking finance company (NBFC) that provides working capital and business loans to SMEs across India. It offers loans with an average ticket size of Rs 5 lakh to Rs 6 lakh to MSMEs and has disbursed over Rs 18,700 crore to more than 300,000 businesses. Revenue from co-lending was the primary contributor, accounting for 54% of the operating revenue, which surged by 88% to Rs 591 crore in FY24. Revenue from interest on term loans shrank by 2.86% to Rs 407.81 crore FY24, while commission income spiked 34X to Rs 22.58 crore in FY24. It also made Rs 69.15 crore from other operating activities. The company generated another Rs 127 crore in FY24 from non operating activities which took its total revenue to Rs 1,217 crore in FY24. On the expense side, finance cost was the major factor, which increased by 16.82% to Rs 293.53 crore in FY24. Employee benefit expenses grew by 75.70% to Rs 199 crore while legal charges increased 58.25% to Rs 125.62 crore FY24. Overall, the firmโ€™s total expenses spiked 49.4% to Rs 1,022.7 crore in FY24 from Rs 684.4 crore in FY23. Note: The company recorded Rs 171.67 crore in FY24 and Rs 67.12 crore in FY23 under impairment losses, these amounts have been excluded from the expense or profit calculations. The rising expenses on employee benefits took a toll on Lendingkart's profit which slipped by 6% to Rs 174.92 crore in FY24 from Rs 185.93 crore in FY23. Its ROCE and EBITDA margin stood at 23.33% and 44.39%, respectively. On a unit basis, the company spent Re 0.94 to earn a rupee in FY24. The Ahmedabad-based company reported Rs 768.5 crore in cash and bank balances and had a current asset of Rs 2,110 crore as of FY24. According to TheKredible, Lendingkart has raised a total of Rs 3,217 crore (approximately $452 million) in funding to date. Its leading investors include Temasek, Bertelsmann, Mayfield, and Saama Capital.

CarDekho Groupโ€™s revenue slips due to closure of used car biz; InsuranceDekho shines

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CarDekho Groupโ€™s revenue slips due to closure of used car biz; InsuranceDekho shines
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CarDekho Group, which operates platforms like CarDekho, InsuranceDekho, BikeDekho, PriceDekho, Rupyy.com, has posted a modest 3.5% drop in its revenue FY24. However, the Jaipur-based firm managed to cut down losses by 40% in the same period. CarDekho revenue from operations fell to Rs 2,250 crore in the fiscal year ending March 2024, from Rs 2,332 crore in FY23, its consolidated financial statements sourced from the Registrar of Companies show. The dip in revenue was due to the closure of the used car business, as explained by founder and CEO Amit Jain in a conversation with Entrackr. Meanwhile, the groupโ€™s insurance segment achieved remarkable growth, surging approximately 8X during the past fiscal year. The transaction business is CarDekho's largest revenue contributor, accounting for 41% of its total operating revenue. This includes performance-based advertisements for automakers, dealer-customer connections, and financial services for buyers. The segment grew by 16.5% in FY24, reaching Rs 930 crore. Income from insurance broking (InsuranceDekho - ID) emerged as the second largest revenue grocer for CarDekho which formed 33% of the groupโ€™s revenue. Income from ID surged 7.8X to Rs 743 crore in FY24. Advertising, digital marketing, the sale of used cars, and other allied services contributed Rs 384 crore, Rs 176 crore, and Rs 17 crore, respectively. The company also added Rs 143 crore of other income (non-operating), making a total revenue of Rs 2,393 crore in FY24. The PeakXV-backed-company allocated 26% of its total expenses to advertising and promotions, which fell 13.6% to Rs 700 crore in FY24. Employee benefits were another significant expense, holding steady at Rs 642 crore, including Rs 74 crore in ESOP costs (non cash in nature). With the hyper-growth in the insurance segment, the related expenditure spiked 37X to Rs 301 crore in FY24. CarDekho spent Rs 547 crore and Rs 177 crore on outsourcing manpower and purchase of old cars in FY24. Its legal, technology, travel, and other overheads took the overall to Rs 2,669 crore in FY24 from Rs 2,921 crore in FY23. Despite closing its used car retail business, the group's other segments performed well and managed to cut losses by 40% to Rs 340 crore in FY24, down from Rs 566 crore in FY23. Its ROCE and EBITDA margins improved to -9.2% and -9.1% respectively. Cardekho expense expense-to-earning ratio stood at Rs 1.19 in the previous fiscal. The IPO bound firm has total current assets of Rs 3,084 crore including the cash and bank balances of Rs 688 crore in FY24.

Droom's revenue plummets 66% to Rs 85 Cr in FY24

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Droom's revenue plummets 66% to Rs 85 Cr in FY24
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Droom is set to raise Rs 1,000 crore through an initial public offering (IPO) at a valuation of $1.2 to $1.5 billion. However, the companyโ€™s financial health has declined, with its revenue from operations nosediving by two-thirds in the last fiscal year. According to its consolidated financial statements filed with the Registrar of Companies (RoC), Droom Technologies reported a 66% decline in revenue from operations, dropping to Rs 85.3 crore in FY24. Droom's primary revenue sources were selling service fees, which included commissions on vehicle sales and related services on its marketplace platform, as well as fees from pro-seller subscriptions. The company has not disclosed a detailed revenue breakup. However, it generated Rs 4.6 crore from non-operating sources, including interest on investments and excess provisions for write-offs. This brought its total income to Rs 90 crore in FY24, down from Rs 262 crore in FY23. On the cost front, the Sandeep Aggarwal-founded company allocated 65.3% of its total expenses to promotions and incentives. With the decline in scale, this expenditure fell by 67.3% to Rs 85 crore in FY24. Employee benefit expenses also saw a reduction of 39.5% during the year. Overall, the companyโ€™s total expenditure dropped by 60%, declining to Rs 130 crore in FY24 from Rs 325 crore in FY23. Despite a 66% drop in revenue, Droom managed to reduce its overall burn, lowering losses by 34.8% to Rs 40.4 crore in FY24. The Gurugram-based company spent 1.52 to earn every rupee in FY24. Droomโ€™s financial metrics worsened, with its ROCE (Return on Capital Employed) declining to -304% and EBITDA margins to -41.56%. By the end of FY24, the companyโ€™s total current assets stood at Rs 30 crore, including cash and bank balances of Rs 3.5 crore.

Tracxn slips into losses in Q4 FY25 amid flat revenue

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Tracxn slips into losses in Q4 FY25 amid flat revenue
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Data and research platform Tracxn announced its financial results for the fourth quarter of the last fiscal year (Q4 FY25) on Monday. The firm slipped into losses during the quarter, while its revenue grew by a mere 5% over the same period. Tracxn's revenue from operations stayed flat at Rs 21 crore in Q4 FY25, compared to Rs 20 crore in Q4 FY24, its financial statements sourced from the National Stock Exchange (NSE) show. For the full fiscal year (FY25), Tracxnโ€™s operating revenue increased 2% to Rs 84.5 crore in FY25 from Rs 83 crore in FY24. Tracxn generated its entire operating revenue from subscription sales, offering access to its data and software. However, the Bengaluru-based firm did not provide a detailed revenue breakdown for the quarter. The company also made Rs 1.5 crore from non-operating sources which took Tracxnโ€™s total revenue to Rs 22.7 crore in the fourth quarter. Meanwhile, for the full fiscal year (FY25), total income stood at Rs 90.36 crore. Employee benefits remained the largest cost center for Tracxn, accounting for 86% of its total expenditure. These expenses increased by 5.6% year-on-year, rising to Rs 19.36 crore in Q4 FY25 from Rs 17.77 crore in Q4 FY24. Overall, Tracxn's total costs grew by approximately 10%, reaching Rs 22 crore in Q4 FY25. For the fiscal year ending March 2025, total expenses increased to Rs 84 crore. The stagnant revenue and a nearly 10% increase in overall costs caused Tracxn to slip into losses. The companyโ€™s loss after tax stood at Rs 8 crore in Q4 FY25 from a profit of Rs 1.42 crore in Q4 FY24. However, the company reported a profit before tax of Rs 73 lakhs. Meanwhile, for the full fiscal year (FY25), its losses stood at Rs 9.5 crore. The company recently approved an ESOP grant of over 2 lakh shares, valued at Rs 41.6 lakh. As of the last trading session, Tracxnโ€™s share price was Rs 63, giving the company a market cap of Rs 674 crore ($79 million).

FirstCry parentโ€™s revenue crosses Rs 1,900 Cr in Q4 FY25; losses surge 74%

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FirstCry parentโ€™s revenue crosses Rs 1,900 Cr in Q4 FY25; losses surge 74%
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The parent company of FirstCry has released its quarterly report for the last financial year ending March 2025. The report highlights moderate growth, with a 16% year-on-year growth in scale while losses surged 74%. FirstCry's revenue from operations grew to Rs 1,930 crore in Q4 FY25 from Rs 1,667 crore in Q4 FY24, its financial statements sourced from the National Stock Exchange show. For the full fiscal year (FY25), BrainBeesโ€™s operating revenue increased 18% to Rs 7,660 crore in FY25 from Rs 6,481 crore in FY24. The sale of its products through offline stores and websites in India and the international market was the primary source of revenue, accounting for 69% of total operating revenue, while its subsidiary, GlobalBees, contributed Rs 398 crore income for Q4 FY25. The company also made Rs 48 crore from interest income which took its overall revenue to Rs 1,979 crore in Q4 FY25, compared to Rs 1,685 crore in Q4 FY24. For the omnichannel retailer, the cost of procurement of materials accounted for 58% of the overall expenditure which increased 14% quarter-on-quarter to Rs 1,206 crore in Q4 FY25 from Rs 1055 crore in Q4 FY24. FirstCry employee benefits stood at Rs 229 crore in Q4 FY25 which includes Rs 82 crore as ESOP cost. Marketing, legal, rent, and technology expenses were key overheads that drove total expenditure up to Rs 2,060 crore in Q4 FY25, compared to Rs 1,737 crore in the same quarter last year. For the fiscal year ending March 2025, the companyโ€™s total expenses rose to Rs 7,992 crore. BrainBeesโ€™ loss surged by 74% to Rs 75 crore in Q4 FY25. For FY25, the firm losses stood at 215 crore in FY25, down from Rs 321 crore in FY24. (We have excluded exceptional items amounting to Rs 37 crore from the loss calculation.) BrainBees debuted on the stock exchange at Rs 446 and is now trading at 376.5 on May 26, bringing its total market capitalization to Rs 19,631 crore.

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

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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 Wellnessโ€™ 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 HULโ€™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.

HR tech platform Keka posts Rs 78 Cr revenue in FY24; losses spike 2.8X

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HR tech platform Keka posts Rs 78 Cr revenue in FY24; losses spike 2.8X
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HR tech platform Keka continued its growth journey with a 62% year-on-year increase during the fiscal year ending March 2024. However, this growth came at a steep cost, as the Hyderabad-headquartered firm's losses surged 2.8X in the last fiscal. Ten-years-old Keka's revenue from operations grew to Rs 78 crore in FY24 from Rs 48 crore in FY23, its annual financial statements sourced from the Registrar of Companies (RoC) show. Founded in 2015 by Vijay Yalamanchili, Keka provides HR-related solutions that aim to streamline and automate payroll, recruiting, leave and attendance, performance management, and more. According to the company, its HR application is embraced by 2.5 million employees. For the SaaS startup, the subscription income from the sale of its closed-based HR and payroll management software (Keka HR) accounted for 97.4% of its overall operating revenue which grew 60% to Rs 76 crore in FY24. The remaining revenue came from one-time implementation fees for the WestBridge Capital-backed firm. The company also added Rs 9 crore from interest on deposits and current investments, which led its total revenue to Rs 87 crore in FY24, as compared to Rs 54 crore in FY23. Similar to other SaaS companies, employee benefits accounted for 64.5% of the overall expenditure. This cost spiked 94% to Rs 107 crore in FY24. It includes Rs 6 crore ESOP cost which is non-cash in nature. Keka's advertising spend surged 3.6X to Rs 22 crore in FY24. Its informational technology, rent, traveling, legal, and other overheads took the total expenditure up by 100% to Rs 166 crore in FY24 from Rs 83 crore in FY23. See TheKredible for the detailed cost breakup. With around 2X growth in advertising and employee benefits, Keka's losses spiked 2.8X to Rs 80 crore in FY24, compared to Rs 28 crore in FY23. Its ROCE and EBIDTA ratios were recorded at -85% and -89%, respectively. Keka's expense-to-earning ratio stood at Rs 2.13. During the end of FY24, its total current assets registered at 97 crore including the cash and bank balance of Rs 88 crore. Keka has raised around $59 million to date including a $57 million Series A led by WestBridge Capital in November 2022. According to the startup data intelligence platform TheKredible, WestBridge Capital is the largest external stakeholder with 20% while its founder and chief executive officer command 66% of the company.

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