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Fast&Up-parent Fullife Healthcare controls losses by 39% in FY24

EntrackrEntrackr · 4m ago
Fast&Up-parent Fullife Healthcare controls losses by 39% in FY24
Medial

Fullife Healthcare, the parent company of sports nutrition brands Fast&Up and Chicnutrix, recorded a modest 10% year-on-year revenue growth for the fiscal year ending in March 2024. However, the company’s core focus appeared to be on improving profitability, as it reduced its losses by 38.8% during the same period. Fullife Healthcare’s revenue from operations grew to Rs 188 crore during the last fiscal year from Rs 171 crore in FY23, its consolidated annual results sourced from the Registrar of Companies (RoC) show. Fullife’s Fast&Up offers active nutrition, including protein, workout supplements, and immunity boosters. Chicnutrix, another brand by Fullife launched in 2019, focuses on women’s wellness with products for skincare, haircare, PCOS, UTI care, and more. Sales from these products were the company’s sole revenue source in the last fiscal year. The company also earned an additional Rs 3.8 crore from non-operating sources, bringing its total revenue to Rs 191 crore in FY24. Procurement costs for the sports nutrition brand made up 39% of total expenses, which increased by 3.6% to Rs 87 crore in FY24. Meanwhile, Fullife managed to reduce its advertising spend by 22% to Rs 46 crore. The employee cost for the firm grew by 15.6% to Rs 37 crore in FY24. Its freight, online selling cost, legal, and other overheads brought the total expenditure to Rs 222 crore in FY24. Despite the modest growth, the controlled cost mechanism helped Fullife to reduce its losses by 38.8% to Rs 30 crore in FY24, compared to Rs 49 crore in FY23. On a unit level, it spent Rs 1.18 to earn a rupee in the last fiscal year. By the end of FY24, Fullife ROCE, and EBITDA margin improved to -30.7% and -13.09%, respectively. The Mumbai-based company reported a total current asset of Rs 111 crore. Fullife Healthcare has raised over $40 million to date including its $22 million from Morgan Stanley in 2021. According to the startup data intelligence platform TheKredible, Morgan Stanley was the largest external stakeholder with 27.35% followed by Rakesh Jhunjhunwala.

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WheelsEye narrows losses by 71% to Rs 39 Cr in FY24

EntrackrEntrackr · 5m ago
WheelsEye narrows losses by 71% to Rs 39 Cr in FY24
Medial

WheelsEye narrows losses by 71% to Rs 39 Cr in FY24 Logistics SaaS firm WheelsEye experienced slower growth since FY22, with revenue growth flattening in FY24. The company reported a marginal 7% increase in revenue for the fiscal year ending March 2024 but successfully reduced its losses by 71% during the same period. WheelsEye’s revenue from operations grew to Rs 218.4 crore in the last fiscal year, from Rs 203.8 crore in FY23, according to its standalone financial statement sourced from the Registrar of Companies (RoC). WheelsEye provides trucking solutions for businesses and software, GPS tracking, and FASTag solutions for truck fleet operators. Revenue from the sale of services (trucking service) increased by 18.9% to Rs 129.6 crore, while revenue from the sale of products (software) grew by 7.85% to Rs 57.7 crore. Income from other sources added another Rs 31 crore. The company made an additional Rs 35 crore from interest income which pushed its total Income to Rs 253 crore in FY24. WheelsEye's largest cost component, employee benefit expenses, dropped by 28.72% to Rs 135 crore. The cost of materials increased slightly by 3.43% to Rs 93.6 crore, while commissions paid decreased by 9.64%, standing at Rs 7.5 crore. Miscellaneous expenses for the last fiscal year amounted to Rs 56.9 crore. In the end, WheelsEye managed to reduce its overall expenses by 17.23%, bringing them down to Rs 293 crore in FY24. This cost optimization contributed to a 71% reduction in net loss, with losses narrowing to Rs 39 crore in FY24. The company also reported improved financial ratios, with its ROCE improving to -44.85% and EBITDA margin rising to -13.76%. Cost efficiency improved as well, with the company spending Rs 1.34 to earn a rupee in FY24. On the asset side, WheelsEye recorded Rs 186 crore in current assets for FY24, which included Rs 142 crore in cash and bank balances. According to the startup data intelligence platform, TheKredible, Wheelseye's parent entity is situated in the USA holding 99.9% of the Indian entity with the name Wheelseye Technology INC. The reduction in losses would be a welcome development at WheelsEye, probably something that has caused the slowdown in growth as well. The effort indicates a push to seek public market access perhaps, even as the firm remains well placed to seek growth again soon. In the past year, seemingly improving efficiency in logistics has led to a slowdown in growth within many firms in the category, something that should correct soon for WheelsEye as well.

FarEye narrows losses by 63% amidst modest growth in FY24

EntrackrEntrackr · 3m 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.

Qure.ai revenue soars 83% to Rs 141 Cr in FY24, slashes losses

EntrackrEntrackr · 9m ago
Qure.ai revenue soars 83% to Rs 141 Cr in FY24, slashes losses
Medial

Healthcare firm Qure.ai recently raised $65 million in a funding round led by Lightspeed Ventures and 360 One Asset Management. This investment follows an impressive 83% growth in Qure.ai’s revenue, which surpassed Rs 140 crore in FY24. The Lightspeed-backed firm also reduced its losses by 38.5% in this period. Qure.ai’s revenue from operations grew to Rs 141 crore in the fiscal year ending March 2024 from Rs 77 crore in FY23, its consolidated financial statements sourced from the Registrar of Companies show. Qure.ai offers AI-driven solutions designed to assist radiologists and physicians in diagnosing critical conditions such as tuberculosis, lung cancer, and stroke. In the last fiscal year, sales of these tools and software contributed 87.23% of the company’s operating revenue, doubling to Rs 123 crore. The remaining revenue was generated from the sale of healthcare products. In line with many tech and AI-driven companies, employee benefits made up more than half of Qure.ai’s total expenses. These costs surged by 66.2%, rising to Rs 108 crore in FY24 from Rs 65 crore in FY23, with Rs 12 crore allocated to ESOP expenses, a non-cash component. Additional expenses, including costs for materials, communication, travel, advertising, legal, and other overheads, contributed to an 18.2% overall increase in expenses, pushing total costs to Rs 201 crore in FY24 from Rs 170 crore in FY23. See TheKredible for the detailed expense breakup. An over 80% surge in scale, combined with effective cost controls, enabled Qure.ai to cut losses by 38.5%, reducing them to Rs 48 crore in FY24 from Rs 78 crore in FY23. While its EBITDA margin improved, it remained negative at -22.73% in FY24. On a unit basis, the company spent Rs 1.43 to earn a rupee in FY24. FY23-FY24 FY23 FY24 EBITDA Margin -78.02% -22.73% Expense/₹ of Op Revenue ₹2.21 ₹1.43 ROCE NA NA The Mumbai-based firm has raised over $120 million to date, including a recent $65 million round. According to startup data platform TheKredible, notable investors in Qure.ai include Peak XV, Lightspeed, Fractal, and Novo Holdings. Large funding rounds of the type Qure.ai has attracted are increasingly available only for firms that have traveled some distance in demonstrating market acceptance. For Qure.ai, that is evident in the topline as well as the spread of more sophisticated diagnostic tools that are available more widely in India today, promising a heady period of strong growth for the foreseeable future.

Toothsi parent MakeO reports flat revenue in FY24; losses trim 32%

EntrackrEntrackr · 6m ago
Toothsi parent MakeO reports flat revenue in FY24; losses trim 32%
Medial

Toothsi parent MakeO reports flat revenue in FY24; losses trim 32% Following over twofold growth in FY23, MakeO, the parent company of Toothsi and skincare brand Skinnsi, reported stable revenue for the fiscal year ending March 2024, but succeeded in reducing its losses by 32%. MakeO’s revenue from operations saw a modest increase of 6.5% to Rs 179 crore in FY24 from Rs 168 crore in FY23, according to its consolidated financial statements filed with the Registrar of Companies. Founded in 2018 by Arpi Mehta Shah, Pravin Shetty, Manjul Jain, and Anirudh Kal, MakeO began as the aligner brand Toothsi and later consolidated its flagship brands, including Skinnsi, to offer dental, skin, and hair treatment solutions. The sale of tooth aligners accounted for 69.2% of the operating revenue, increasing by 7% to Rs 124 crore in FY24. The rest of the revenue came from Skinnsi services, including laser hair reduction, facials, anti-aging treatments, and skincare products. Employee benefits remained the largest cost center at 36% of overall expenditure, amounting to Rs 119 crore in FY24. Consultant fees and marketing costs were reduced by 57% and 24%, respectively, to Rs 26 crore and Rs 69 crore in FY24. Other expenses totaled Rs 332 crore in FY24, down from Rs 395 crore in FY23. The cutback in costs helped MakeO reduce its losses by 31.8% to Rs 150 crore in FY24 from Rs 220 crore in FY23. Its ROCE and EBITDA margin stood at -77.3% and -66.12% with an expense-to-earnings ratio of Rs 1.85. At the end of FY24, MakeO’s current assets were Rs 153 crore with cash and bank balances of Rs 93 crore. MakeO has raised over $90 million to date, including $16 million led by 360 One Asset and the investment office of Ashish Kacholia. Eight Roads Ventures is the largest external stakeholder, followed by Think Investment.

Accel-backed BlackBuck's parent reins in losses by 33% in FY24

YourStoryYourStory · 9m ago
Accel-backed BlackBuck's parent reins in losses by 33% in FY24
Medial

- Zinka Logistics, the parent company of BlackBuck, reduced its losses by 33% to Rs 193.9 crore in FY24 compared to the previous year. - Operating revenue for Zinka Logistics increased by 69% to Rs 296.9 crore in FY24 from Rs 175.6 crore in 2023. - The reduced losses were overshadowed by an 11% rise in total expenses to Rs 483.4 crore, mainly due to employee benefit expenses. - BlackBuck received final observation from SEBI for its IPO, with plans to raise Rs 550 crore through a fresh issue of shares and an offer for sale of 21.6 million shares by existing shareholders. - Accel India IV (Mauritius) fund and Accel Growth Fund V LP fund are among the existing shareholders planning to sell their shares through the IPO.

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

EntrackrEntrackr · 6m 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.

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