🚀 Medial Secures Investment on Shark Tank India - Fueling the Future of Professional Social Networking. 🔥
Login

News on Medial

FarEye spent Rs 361 Cr to earn Rs 139 Cr in FY23

EntrackrEntrackr · 1y ago
FarEye spent Rs 361 Cr to earn Rs 139 Cr in FY23
Medial

SaaS-based logistics management platform FarEye showcased a modest 42% year-on-year growth during the fiscal year ended March 2023 but the firm’s losses worth Rs 243 crore flattened from the previous fiscal year but remained high. FarEye’s revenue from operations grew 41.8% to Rs 139 crore in FY23 from RS 98 crore in FY22, its consolidated financial statements filed with the Registrar of Companies (RoC) show. FarEye provides software solutions to manage large logistics platforms’ supply chain and delivery across manufacturing, e-commerce et al. The sale of logistics services was the sole source of revenue for the company. Besides operating activities, the $150 million round helped FarEye to make Rs 27 crore from interest on investments (non-operating) which took its total collection to Rs 166 crore in FY23. Like other technology startups, its employee benefits accounted for 61.2% of the overall expenditure. This cost grew only 8% to Rs 251 crore in FY23 from Rs 232 crore in FY22. Its information technology, traveling, legal-professional, advertising, repair, rent, and other overheads catalyzed the FarEye’s overall expenditure to Rs 410 crore in FY23 from Rs 361 crore in FY22. FarEye’s prudent expense management helped the Microsoft-backed firm to register a mere 4.7% increase in its losses to Rs 243 crore in FY23. Its ROCE and EBITDA margin stood at -60% and -142.2%, respectively. On a unit level, FarEye spent Rs 2.95 to earn a rupee in FY23. FY22-FY23 FY22 FY23 EBITDA Margin -176% -142.2% Expense/₹ of Op Revenue ₹3.68 ₹2.95 ROCE -36% -60% FarEye’s total current assets stood at Rs 438 crore including current investments and cash/bank balance during FY23. FarEye has raised over $150 million across rounds and was valued at $400 million in its last fundraiser. According to the startup data intelligence platform TheKredible, TCV is the largest stakeholder with 13.74% followed by Elevation Capital. As per Fintrackr estimates, its enterprise value to revenue multiple was 21X at the end of FY23. While there are firm indications that the firm has turned, or is close to turning the corner as far as margin improvement goes, Fareye’s backers would know that much could go wrong from here as well. With FY24 over, the firm would have done well to not only maintain the growth rate from FY23, but also keep expenses in control as it did previously. Any major slip up here will lead to serious questions about it’s long term viability, leading to an adverse impact on the existing business sooner than later.

2

Related News

FarEye narrows losses by 63% amidst modest growth in FY24

EntrackrEntrackr · 2m ago
FarEye narrows losses by 63% amidst modest growth in FY24
Medial

FarEye narrows losses by 63% amidst modest growth in FY24 FarEye recorded only modest double-digit year-on-year growth in operating revenues for the fiscal year ending March 2024. However, it significantly reduced its losses, cutting them by nearly two-thirds during the same period. FarEye’s revenue from operations rose by 13% to Rs 157 crore in FY24 from Rs 139 crore in FY23, according to its consolidated financial statements recently filed with the Registrar of Companies (RoC). This marks a sharp slowdown from the 40% year-on-year growth the Tiger Global-backed company reported in FY23. FarEye provides software solutions to manage large logistics platforms’ supply chain and delivery across manufacturing, e-commerce et al. The sale of logistics services was the sole source of revenue for the company. The cost structure saw a dramatic reset as employee benefit expenses fell 39% to Rs 153 crore in FY24. Information technology expenses decreased by 6% to Rs 46 crore, while legal charges and advertising expenses shrank by 43% and 60% to Rs 23 crore and Rs 8 crore, respectively. Other overheads also contracted by 22% to Rs 39 crore in FY24. Overall, FarEye’s total expenses dropped by 34% to Rs 269 crore in FY24, from Rs 410 crore in the previous fiscal year. The stringent cost controls helped the company to bring down its losses by 63% to Rs 89 crore in FY24, a sharp improvement from Rs 243 crore loss in FY23. Its ROCE and EBITDA margin improved to -26.82% and -45.83% respectively. On a unit basis, FarEye spent Rs 1.71 to earn a rupee of revenue in FY24, a huge improvement from Rs 2.95 in FY23. The Noida-based firm’s current assets stood at Rs 372 crore, out of which Rs 305 crore are in cash and bank balance. According to TheKredible, FarEye has raised a total of approx $152 million of funding till date, having TCV, Fundamentum, Eight Roads Ventures and Elevation Capital as its lead investors. The company’s co-founders Kushal Nahata and Gautam Kumar together own 13% of the company. An underperformer by any stretch, FarEye’s struggles will worry investors who invested on the promise of opportunities in the booming logistics sector. With its focus on last mile solutions, FarEye has picked a particularly promising niche to target, with over 30% of costs linked to the last mile delivery. However, costs have been consistently high due to a global footprint, and sales have simply not grown as fast as it would have wished. How FY25 goes, considering global disruptions in markets and consequently, with FarEye’s clients both present and potential, is anyone’s guess. We wouldn’t be expecting a sharp change in trajectory anytime soon therefore. With adequate cash balances, the firm certainly has no reason to stress, but another ordinary year will mean it has not really made a worthwhile impact even after a dozen years in the market. That will affect the possibility of further backing as well as valuations in no small way. FarEye needs to see the risks getting closer.

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.

Foxtale's revenue soars to Rs 83 Cr in FY24, losses widen

EntrackrEntrackr · 6m ago
Foxtale's revenue soars to Rs 83 Cr in FY24, losses widen
Medial

Foxtale, a direct-to-consumer (D2C) skincare brand, reported Rs 83 crore of revenue in its third full fiscal year, which ended in March 2024. However, in pursuit of scale, the losses for the Mumbai-based company crossed Rs 50 crore in the same period. Foxtale’s revenue from operations surged around 6X to Rs 83 crore in FY24 from Rs 14 crore in FY23, its annual financial statements sourced from the Registrar of Companies show. Founded in 2021 by Romita Mazumdar, Foxtale is an affordable skincare brand focused on products designed for Indian skin. Its products target issues such as acne, aging, and hyperpigmentation. The brand's products are available on its website and various marketplaces, including Nykaa, Amazon, Blinkit, Flipkart, and Myntra. The sale of skin and beauty products was Foxtale's sole source of revenue in the previous fiscal year. Similar to other D2C skincare brands, Foxtale spent Rs 50 crore on advertising and promotion, which is 36% of its overall cost. This cost saw an increase of 3.8X during FY24. To the tune of scale, its cost of procurement grew 5.8X to Rs 35 crore in the previous fiscal. Foxtale's employee benefit expenses, including salaries, provident fund (PF), gratuity, and ESOPs, surged 2.8x to Rs 20 crore in FY24. Its delivery, legal, outsourcing manpower, and other overheads pushed the overall expenditure to Rs 139 crore in FY24 from Rs 33 crore in FY23. Despite registering 6x fold in scale, higher advertising expenses and employee benefit costs drove Foxtale's losses up by 189% to Rs 55 crore in FY24, compared to Rs 19 crore in FY23. On a unit level, it spent Rs 1.67 to earn a rupee of operating revenue. At the end of FY24, its current assets were recorded at Rs 69 crore, including cash and bank balances of Rs 44 crore. Foxtale has emerged as one of the few D2C startups to secure $48 million across two funding rounds in just seven months. Its latest $30 million round was spearheaded by Japanese beauty products giant, Kose Corporation. Its major competitors include Sugar Cosmetics, WOW Skin Science, Plum, MamaEarth, Minimalist, and several others.

Celebal Tech nears Rs 300 Cr revenue in FY24, but bleeds heavily

EntrackrEntrackr · 3m ago
Celebal Tech nears Rs 300 Cr revenue in FY24, but bleeds heavily
Medial

Celebal Technologies, an IT services provider, crossed the Rs 270 crore revenue mark with a 43% year-on-year growth in the fiscal year ending March 2024. However, losses for the Norwest Ventures-backed firm surged to Rs 60 crore during the same period. Celebal Technologies’s revenue from operations increased to Rs 275 crore in FY24 from Rs 192 crore in FY23, its consolidated financial statements sourced from the Registrar of Companies (RoC) show. Co-founded in 2016 by Anupam Gupta and Anirudh Kala, Celebal Technologies specializes in data science, AI, and enterprise cloud solutions. Technology consulting remains the sole revenue driver for the Jaipur-headquartered firm. It also earned Rs 6 crore from interest and the sale of current investments, bringing its total revenue to Rs 281 crore in FY24. With a presence in the USA, APAC, UAE, Europe, and Canada, the company generated Rs 122 crore from international markets. Like other SaaS firms, employee benefits were the largest cost center for the company, accounting for 71% of total expenses. This expense surged 87% to Rs 245 crore in FY24 from Rs 131 crore in FY23. Notably, the firm has a dedicated workforce of over 2,000 professionals. Technical services, rent, travel, advertising, and legal expenses were among the key overheads that pushed Celebal Technologies’ total expenditure up by 73%—from Rs 199 crore in FY23 to Rs 344 crore in FY24. An 87% rise in employee benefits—primarily salaries and wages—outpaced revenue growth, pushing Celebal Technologies’ losses to Rs 60 crore in FY24 from Rs 1 crore in FY23. At a unit level, the company spent Rs 1.25 to earn a rupee, while its ROCE and EBITDA margins declined to -39.1% and -19.2%, respectively. By the end of FY24, its total current assets stood at Rs 139 crore, with cash and bank balances of Rs 18 crore. Celebal Technologies secured its first institutional funding of $32 million in 2022, led by Norwest Venture Partners. The company later raised debt from BlackSoil. According to startup data intelligence platform TheKredible, Norwest holds the largest external stake at 19.58%, while the two co-founders collectively own over 70% of the company’s capital.

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

EntrackrEntrackr · 6m ago
Treebo crosses Rs 100 Cr revenue in FY24, outstanding losses climb to Rs 488 Cr
Medial

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 Hotels’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 company’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 company’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.

Decathlon India posts Rs 4,008 Cr revenue and Rs 197 Cr PAT in FY24

EntrackrEntrackr · 3m ago
Decathlon India posts Rs 4,008 Cr revenue and Rs 197 Cr PAT in FY24
Medial

Decathlon India posts Rs 4,008 Cr revenue and Rs 197 Cr PAT in FY24 Decathlon has made a turnaround in FY24, reporting a profit of Rs 197 crore, a sharp recovery from a Rs 18 crore loss in FY23. However, its revenue growth remained flat, registering a 2.2% year-on-year increase for the fiscal year ending March 2024. Decathlon India’s revenue from operations grew to Rs 4,008 crore in FY24 from Rs 3,920 crore in FY23, its annual standalone financial statements sourced from the Registrar of Companies (RoC) show. Decathlon India operates on a direct-to-consumer model, managing the design, manufacturing, and sale of its sports gear through large retail stores and an e-commerce platform. The company currently operates 90 stores across India. The sale of sports products was the sole source of revenue for Decathlon India. It also added Rs 58 crore from interest on investments and other non-operating income which tallied its overall to Rs 4,066 crore in FY24. The cost of procurement was the latest cost center forming 64.4% of the overall expenditure. This cost was reduced by 4.3% to Rs 2,448 crore in FY24, compared to Rs 2,559 crore in FY23. Decathlon India spent Rs 327 crore on employee benefits. Its controlled spending on power, rent, repairs, fuel, advertising, information technology, freight, franchisee fees, and legal/professional expenses led to an overall cost reduction of 4.5% to Rs 3,797 crore in FY24 from Rs 3,975 crore in FY23. Despite modest revenue growth, Decathlon India’s cost-control measures enabled it to post a net profit of Rs 197 crore in FY24, a sharp recovery from a Rs 18.6 crore loss in FY23. On a unit level, the company spent Re 0.95 to earn a rupee, with improved ROCE at 17.79% and EBITDA at 14.49%. By the end of the last fiscal year (FY24), its total current assets stood at Rs 1,247 crore, including Rs 325 crore in cash and bank balances. Last year, Decathlon India CEO Sankar Chatterjee mentioned that the company plans to double its revenue to Rs 8,000 crore within the next 3 to 5 years.

PlanetSpark posts Rs 41 Cr revenue and Rs 90 Cr loss in FY23

EntrackrEntrackr · 1y ago
PlanetSpark posts Rs 41 Cr revenue and Rs 90 Cr loss in FY23
Medial

Edtech business is hard to crack and this is evident from the balance sheets of most of the companies in the space which have shown astounding losses. Seven-year-old PlanetSpark is no exception as the firm’s losses were more than twice its revenue in the fiscal year ending March 2023. FITT-JEE-backed PlanetSpark’s revenue from operations increased 41%to Rs 42 crore in the last fiscal year (FY23) from Rs 30 crore in FY22, as per its filings with the Registrar of Companies (RoC). Founded in 2017 by Kunal Malik and Manish Dhooper, PlanetSpark offers live 1:1 classes in public speaking, creative writing, storytelling, debate, podcasting et al for the K8 generation. The sale of educational services was the only source of revenue for the company while it also made Rs 1.1 crore from interest on deposits. In the end, tPlanetSpark’s total income stood at 43.5 crore during the last fiscal year. PlanetSpark spent Rs 63.17 crore towards employee benefits which includes Rs 5.5 crore as ESOP cost (non-cash component). Similar to other ed-tech startups, it spent a significant 90 crore on marketing and teachers’ salaries. Its legal/professional, rent, information technology, and other overheads led its total cost to Rs 133 crore in FY23 from Rs 139.5 crore in FY22. Head to TheKredible for a complete expense breakdown and its YoY financial health. Expense Breakdown Total ₹ 139.53 Cr https://thekredible.com/company/planetspark/financials View Full Data To access complete data, visithttps://thekredible.com/company/planetspark/financials Total ₹ 133.02 Cr https://thekredible.com/company/planetspark/financials View Full Data To access complete data, visithttps://thekredible.com/company/planetspark/financials Employee Benefit Employee Benefit Teachers Pay Teachers Pay Marketing and Branding expense Marketing and Branding expense Software and Server Charges Software and Server Charges Payment Gateway charges Payment Gateway charges Other Expenses To check complete Expense Breakdown visit thekredible.com View full data With over 40% scale and controlled expenses, PlanetSpark managed to trim its losses by 18% to Rs 90 crore in FY23. Its ROCE and EBITDA margin also improved to -197.1% and 226% respectively. On a unit level, PlanetSpark spent Rs 3.14 to earn a rupee of operating revenue in FY23. FY22-FY23 FY22 FY23 EBITDA Margin -362% -197.1% Expense/₹ of Op Revenue ₹4.65 ₹3.14 ROCE -1065% 226% According to the startup data intelligence platform TheKredible, PlanetSpark has mopped up over $34 million to date including a $17 million round this year. Prime Venture Partners is the largest stakeholder with 32.6% followed by FIIT- JEE. Its co-founder Kunal Malik and Maneesh Dhopper cumulatively command 29.6%.

Vedantu posts Rs 153 Cr revenue in FY23; cuts losses by 46%

EntrackrEntrackr · 1y ago
Vedantu posts Rs 153 Cr revenue in FY23; cuts losses by 46%
Medial

Edtech company Vedantu has released its financial results for the fiscal year ending March 2023. The Bengaluru-based firm faced challenges in scaling, with its revenue dropping by 7.8% in FY23. However, the company managed to control its losses by 46% during the same period. Vedantu’s revenue from operations decreased by 7.8% to Rs 153 crore in FY23 from Rs 166 crore in FY22, its consolidated financial statements accessed from the Registrar of Companies (RoC)show. Income from online tutoring of various courses accounted for 94% of its total operating revenue which declined 13.3% to Rs 144 crore in FY23. The rest of the collections comes from the sale of books, hostel fees, and e-learning project income in FY23. The company also made Rs 22 crore from interest and gain on financial assets tallying its total income to Rs 175 crore in FY23. Similar to other large edtech startups, its employee benefits emerged as the largest cost center forming 56.7% of the total expenditure which declined by 35.8% to Rs 314 crore in FY23. The firm’s spending on legal, advertising cum promotional, training, information technology, and overheads pushed its overall expenditure to Rs 553 crore in FY23 from Rs 888 crore in FY22. See TheKredible for the detailed expense breakup. Despite the decline in scale, the Tiger Global-backed company managed to control its advertising and employee benefits which led Vedantu’s losses to decrease by 46.4% to Rs 373 crore in FY23 from Rs 696 crore in FY22. Its ROCE and EBITDA margins stood at -68% and -198.9% respectively. On a unit level, it spent Rs 3.61 to earn a rupee in FY23. FY23-FY24 FY22 FY23 EBITDA Margin -356.97% -199.30% Expense/₹ of Op Revenue ₹5.35 ₹3.62 ROCE -118.31% -68.44% Vedantu has not been able to raise a new round since its last equity funding in September 2021. The company also turned unicorn in the $100 million Series E round. In 2022, the company faced back to back firings and laid off more than 1,000 employees across three-four phases. The company also took over Deeksha, Pedagogy and Instasolv in the 2021-22 period. For Deeksha’s acquisition, it spent around $40 million. In December, Vedantu announced its expansion plan to open more than 30 offline centers for JEE, and NEET in multiple cities across the country.

Baazi Games’ revenue crossed Rs 200 Cr in FY23; profit grew nearly 4X

EntrackrEntrackr · 1y ago
Baazi Games’ revenue crossed Rs 200 Cr in FY23; profit grew nearly 4X
Medial

Baazi Games—which runs skill-based real money gaming platforms PokerBaazi, SportsBaazi, and CardBaazi—saw its scale jump nearly five-fold between FY21 and FY23. With this, the company joins the list of leading players in the space that have earned over Rs 200 crore in topline and are also profitable. Some of the top profitable companies in the real-money gaming space are Dream11, Gameskraft, A23, and Gameberry Labs. Baazi Games’ revenue from operations grew 2.8X to Rs 232 crore during the fiscal year ending March 2023 in sharp contrast with Rs 83 crore in FY22, as per the company’s consolidated financial statements with the Registrar of Companies. Established in 2014, Baazi Games operates skill gaming platforms including PokerBaazi, SportsBaazi, and CardBaazi. PokerBaazi is an online poker platform, while CardBaazi offers a variety of card games. SportsBaazi, formerly BalleBaazi, allows users to play live games while watching sports. The company also has other ventures like CasinoKart, PB School, Baazi Poker, and Tour. It made 99% of its revenue through gaming while the remaining part came from the sale of traded goods and services. To get some visibility in the market, Baazi Games also spent most of its expenses on advertising, similar to the other players in the space. This cost jumped 3.4X to Rs 118 crore during FY23 from Rs 34.41 crore in FY22. Outsourcing and subcontracting costs for the company also ballooned multi-fold to Rs 46.68 crore in FY23. Spending on employee benefits spiked 2X to Rs 20.88 crore during the year from Rs 10.16 crore in FY22. The company also spent a significant amount on the payment gateway, website, server charges, and more. Overall, the total expenditure of the company surged 2.7X to Rs 210 crore in FY23 from Rs 78 crore in FY22. Head to TheKredible for a complete expense breakdown and year-on-year financial performance about the company. Despite rising expenses, the company managed to grow its bottom line by a significant margin. Its profits grew 3.8X to Rs 17.46 crore during FY23 as compared to Rs 4.53 crore in FY22. However, the operating cash flows of the company declined 68% to Rs 15.28 crore during the last fiscal year. The EBITDA margin and ROCE of the company also improved to 10.36% and 67.45%, respectively, during the year which can be ascribed to the up trend in scale. FY22-FY23 FY22 FY23 EBITDA Margin 7.63% 10.36% Expense/₹ of Op Revenue ₹0.94 ₹0.91 ROCE 36.91% 67.45% On a unit level, the Baazi Games spent Re 0.91 to earn a rupee of operating revenue in FY23.

Download the medial app to read full posts, comements and news.