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FIITJEE-backed PlanetSpark trims losses by 70% in FY24

EntrackrEntrackr · 6m ago
FIITJEE-backed PlanetSpark trims losses by 70% in FY24
Medial

FIITJEE-backed PlanetSpark trims losses by 70% in FY24 PlanetSpark’s revenue from operations grew 60% to Rs 67 crore in FY24 from Rs 42 crore in FY23, its annual financial statements sourced from the Registrar of Companies show. Edtech platform PlanetSpark secured $17 million in funding, led by Prime Venture Partners by the close of FY24. This major investment follows the company's steady growth and reduced losses in the fiscal year ending March 2024. PlanetSpark offers live 1:1 classes in public speaking, creative writing, storytelling, debate, podcasting, stand-up comedy, and poetry for the K8 generation. Income from rendering education services formed 96% of the total operating income which increased 54% to Rs 64.5 crore in FY24. The rest of the income comes from the platform and cancellation fees. It also added Rs 1.13 crore from interest and liability written back which tallied its overall revenue to Rs 68.4 crore in FY24, compared to Rs 43.5 crore in FY23. Similar to other edtech companies, its employee benefits accounted for 50% of the overall expenditure. The company managed to curb these costs by 25% to Rs 47 crore in FY24 from Rs 63 crore in FY23. This includes Rs 3.5 crore as ESOP cost (non-cash). The teacher's salary and marketing cum branding costs were controlled by 59% and 38% to Rs 11 crore and Rs 18 crore respectively in FY24 from Rs 27 crore and Rs 29 crore in FY23. Its legal, traveling, communication, and server pushed the total expenditure to Rs 95 crore in FY24 from Rs 133 crore in FY23. The reduction in employee benefits, teacher's salary, and marketing along with the 60% growth in scale helped PlanetSpark to reduce its losses by 70% to Rs 26.6 crore in FY24, compared to Rs 89.5 crore in FY23. Its EBITDA margin improved to -35% while its expense-to-revenue ratio refined to Rs 1.42. At the end of FY24, the company has current assets of Rs 13.5 crore including cash and bank balances of Rs 7 crore. PlanetSpark has raised over Rs 260 crore including debt-equity rounds and is currently valued at Rs 620 crore. According to the startup data intelligence platform TheKredible, Prime Venture Partners (Seabright) is the largest external stakeholder followed by FIITJEE.

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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.

Zolostays hits Rs 200 Cr revenue in FY24, trims losses

EntrackrEntrackr · 5m ago
Zolostays hits Rs 200 Cr revenue in FY24, trims losses
Medial

Zolostays hits Rs 200 Cr revenue in FY24, trims losses Co-living company Zolostays has achieved a fivefold increase in growth over the last two fiscal years, expanding its revenue from Rs 43 crore in FY22 to more than Rs 200 crore in FY24. Despite this growth, the Nexus Ventures-backed firm maintained control over its losses during this period. Zolostays’ revenue from operations doubled to Rs 204.4 crore in FY24 from Rs 95.5 crore in FY23, as per its consolidated financial statement sourced from the Registrar of Companies (RoC). Zolostays provides co-living spaces to students, professionals, and organizations. Income from residential accommodations and facilities, including service fees and accommodation charges, accounted for 93% of the total operating revenue. This income grew 3.4x to Rs 191 crore in FY24 from Rs 55 crore in FY23. Zolostays also offers services to colleges and universities for managing residential facilities, along with food subscriptions and other amenities. Revenue from this segment dropped 72% to Rs 10.4 crore in FY24. The firm earned Rs 4.6 crore in interest income, bringing its total income to Rs 209 crore in FY24. On the cost front, property management and operational expenses were the largest component, accounting for 52% of total costs. These expenses, which include food, rent, electricity, housekeeping, and consumables, increased 2.3X to Rs 139 crore in FY24 from Rs 60.5 crore in FY23. Its employee benefit expenses increased by 16% to Rs 83 crore in FY24. Legal, advertising, communication, commission, and other overheads took the total cost up by 58% to Rs 266 crore in FY24 from Rs 168 crore in FY23. Zolostays' two-fold growth and controlled expenses led to a 17.4% reduction in losses, down to Rs 57 crore in FY24 from Rs 69 crore in FY23. Its ROCE and EBITDA margin stood at -89.96% and -16.75%, respectively, with an expense-to-revenue ratio of Rs 1.30. In FY24, the Bengaluru-based firm reported current assets of Rs 76 crore, including Rs 34 crore in cash and bank balances. Zolo has raised a total of $118 million of funding to date. According to the startup data intelligence platform TheKredible, Nexus Ventures is the largest external stakeholder with 34% followed by Investcrop and Mirae Asset.

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%.

Purplle hits Rs 700 Cr revenue in FY24, trims losses by 46%

EntrackrEntrackr · 10m ago
Purplle hits Rs 700 Cr revenue in FY24, trims losses by 46%
Medial

The online beauty and grooming platform Purplle secured $120 million in funding, led by the Abu Dhabi Investment Authority (ADIA), in July this year. This significant investment came on the back of a 43% year-on-year spike in its revenue in the fiscal year ending March 2024. Besides sizable growth, the Mumbai-based firm also reduced its losses by 46% during the same period. While we will explore Purplle’s expense patterns later in the story, let’s first focus on its revenue channels and their growth in the last fiscal year (FY24). Purplle’s revenue from operations increased to Rs 680 crore in FY24 from Rs 475 crore in FY23, its consolidated financial statements sourced from the Registrar of Companies (RoC) show. The Manish Taneja-led company operates with two models: a marketplace and its own line of brands, such as Faces Canada and Good Vibes. Revenue from advertisement and visibility services was the primary source of income for Purplle, followed by sales of its own labels, royalties (from sellers), subscriptions, and support services. The Goldman Sachs-backed firm also earned Rs 45 crore from interest on investments, bringing its total income to Rs 725 crore in the last fiscal year (FY24), up from Rs 509 crore in FY23. For a detailed revenue breakdown, visit TheKredible. On the cost front, advertising and business promotion accounted for 25% of total expenses. This expense, however, decreased to Rs 209 crore in FY24 from Rs 266 crore in FY23. The company also grew its workforce during FY24, resulting in a 12% increase in employee benefit expenses. Purplle’s spending on materials, rent, information technology, legal services, secondary packaging, transportation, and other miscellaneous overheads pushed its total expenditure to Rs 850 crore in FY24, rising from Rs 738 crore in FY23. See TheKredible for the complete expense breakup. The 43% surge in scale and controlled expenditure, particularly in advertising, helped Purplle to cut its losses by 46% to Rs 124 crore in FY24 as compared to Rs 230 crore in FY23. Its ROCE and EBITDA margin also improved to -9.8% and -12%, respectively. On a unit level, the firm spent Rs 1.25 to earn a rupee in FY24. FY23-FY24 FY23 FY24 EBITDA Margin -39% -12% Expense/₹ of Op Revenue ₹1.55 ₹1.25 ROCE -18% -9.8% As of March 2024, Purplle had cash and bank balances of Rs 109 crore. According to Entrackr’s back-of-the-envelope estimates, its enterprise value to revenue multiple stood at 15.8 times. A large recent funding round, strong growth momentum, and improving margins. Purplle would seem to have everything going for it. However, it has to contend with similar firms that have actually gone public as well, like Nykaa and Mamaearth, ensuring that competitive intensity remain strong in the sector. It is also increasingly clear that owning strong, profitable brands is the key to success, and on this front, Purplle seems to have got it right with its own brands performing well. That would indicate every chance of growth sustaining, and margins improving further in Fy25. Who knows, perhaps even an IPO in FY26?

FIITJEE-backed PlanetSpark raises fresh funds in ongoing round

EntrackrEntrackr · 1y ago
FIITJEE-backed PlanetSpark raises fresh funds in ongoing round
Medial

Edtech platform PlanetSpark has raised Rs 141.8 crore or $17 million in an extended Series B round led by Prime Venture Partners via Seabright. The round also saw the participation of InnoVen Capital, Alteria Capital, myPat, GGT3 Ventures, Ashish Gupta, and IAN Investors. Its co-founders Maneesh Dhooper and Kunal Malik also invested in the firm. The fresh funding for the Gurugram-based edtech company has come after a gap of 26 months. The funding also includes Rs 30 crore debt while the rest is in the form of equity. The board at PlanetSpark has passed a special resolution to issue 887 compulsory convertible preference shares (CCPS) at an issue price of Rs 3,10,000 per share and 2,271 CCPS & 1,974 equity shares at an issue price of Rs 1,51,462.32 a piece for a consideration of Rs 91.8 crore or $11 million. The company also issued 5,000 non-convertible debentures (NCDs) to raise Rs 50 crore or $6 million in debt from InnoVen Capital and Alteria Capital, per the company’s regulatory filings with the Registrar of Companies. Note: The information is based on the four separate regulatory filings filed in October and November of 2022 and May and November of 2023. Prime Venture Partners led the equity round with Rs 49.7 crore followed by InnoVen Capital and Alteria Capital which invested Rs 43.6 crore and Rs 10.9 crore, respectively. Co-founders Maneesh Dhooper and Kunal Malik also joined with Rs 14.95 crore each. FIITJEE powered myPAT (Edfora Infotech), GGT3 Ventures, Ashish Gupta, and IAN Investors poured in the remaining sum. As per the startup intelligence platform TheKredible. the company has mopped up over $34 million to date in debt and equity capital across several rounds. Previously, it raised $13.5 million in the Series B round in December 2021. While the company’s financial picture in the ongoing fiscal year would be known when it discloses FY24 results, PlanetSpark’s revenue from operations grew 41.3% to Rs 42.4 crore during FY23 as compared to Rs 30 crore in FY22. As per TheKredible, the firm managed to control its losses by 18% to Rs 89.5 crore in FY23 against Rs 109.4 crore in FY22. PlanetSpark offers live 1:1 classes in public speaking, creative writing, storytelling, debate, podcasting, stand-up comedy, and poetry for the K8 generation.

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