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FIITJEE-backed PlanetSpark trims losses by 70% in FY24

EntrackrEntrackr · 10m 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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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%.

Fittr posts flat scale in FY24; losses trims 73%

EntrackrEntrackr · 11m 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 · 10m 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.

LeadSquared trims losses by 45% in FY25; growth remains modest

EntrackrEntrackr · 1m ago
LeadSquared trims losses by 45% in FY25; growth remains modest
Medial

LeadSquared trims losses by 45% in FY25; growth remains modest LeadSquared reported a significant reduction in losses for the fiscal year ending March 2025. However, the company’s growth remained modest, with a 17% year-on-year increase. LeadSquared, a customer relationship management (CRM) software provider for sales automation and marketing, reported a significant reduction in losses for the fiscal year ending March 2025. However, the company’s growth remained modest, with a 17% year-on-year increase. The company’s revenue from operations rose to Rs 326 crore in FY25 from Rs 279 crore in FY24, according to its financial statements sourced from the Registrar of Companies (RoC). For context, the Bengaluru-based firm had reported 9% year-on-year growth in revenue during FY24. LeadSquared operates as a software as a Service (SaaS) platform, delivering comprehensive solutions for sales, marketing, and onboarding automation. The company also recorded Rs 40 crore as other income, taking its total income to Rs 366 crore in FY25 from Rs 325 crore in FY24. Employee benefit expenses, which form 61.5% of its total expenditure, fell 8.5% to Rs 280 crore in FY25 from Rs 306 crore in FY24. Data centre costs rose slightly by 6.5% to Rs 82 crore, while advertising and promotional expenses increased 38.5% to Rs 18 crore during the year. Overall, the company managed to reduce its total expenses by 6.4% to Rs 455 crore in FY25 from Rs 486 crore in FY24. With increased scale and cut in expenses, the company reduced its losses by 45% to Rs 89 crore in FY25 from Rs 162 crore in FY24. Its ROCE and EBITDA margin stood at -24.18% and -34.05%, respectively. On a unit level, LeadSquared spent Rs 1.40 to earn a rupee of operating revenue during FY25, compared to Rs 1.74 in FY24. LeadSquared’s cash and bank balances stood at Rs 362 crore in FY25, down from Rs 423 crore a year earlier, while its current assets stood at Rs 565 crore. According to TheKredible, LeadSquared has raised a total of $205 million of funding till date, having WestBridge Capital and Gaja Capital as its lead investors.

Acko posts Rs 2,837 Cr revenue in FY25, trims losses by 37%

EntrackrEntrackr · 14d ago
Acko posts Rs 2,837 Cr revenue in FY25, trims losses by 37%
Medial

Acko posts Rs 2,837 Cr revenue in FY25, trims losses by 37% Following a 20% year-on-year rise in FY24, insurtech platform Acko sustained its momentum with 35% revenue growth in FY25. At the same time, the company also cut its losses by 37% during the same period. Acko’s revenue from operations surged to Rs 2,837 crore in FY25, compared to Rs 2,106 crore in FY24, according to its consolidated annual figures accessed from the Registrar of Companies (RoC). For the digital insurance provider, income from gross premium earned made up 73.5% of its total income, rising 31% to Rs 2,085 crore during the last fiscal year. Service contracts, recoveries from reinsurers, commissions, interest income from investments, and other miscellaneous income pushed total revenue to Rs 2,887 crore in FY25, up from Rs 2,160 crore in FY24. In terms of cost breakdown, employee benefit expenses declined slightly by 6% to Rs 334 crore in FY25 from Rs 355 crore in FY24, accounting for 10% of the company’s total costs. The firm also cut its advertising spend by 12% to Rs 497 crore, while commissions paid to sole selling agents rose 35% to Rs 283 crore during the previous fiscal. A large portion of the company’s expenses was grouped under miscellaneous costs, primarily comprising claims paid, premium on reinsurance ceded, and other office and administrative expenses. This category amounted to Rs 2,006 crore in FY25. Overall, the total expenses for the Accel-backed company rose 17% to Rs 3,312 crore in FY25, compared to Rs 2,830 crore in FY24. Stronger top-line and tighter cost control helped Acko to reduce its losses by 37% to Rs 424 crore in FY25. Its ROCE and EBITDA margin improved to -30.5% and -16%, respectively. On a unit basis, Acko spent Rs 1.17 to earn a rupee in FY25. The company’s current assets stood at Rs 1,798 crore, including Rs 28 crore in cash and bank balance at the end of FY25. According to TheKredible, Acko has raised over $458 million to date. General Atlantic is the largest external shareholder with a 10.7% stake, followed by Accel Partners and Elevation Capital. Acko’s competitor Digit Insurance reported Rs 2,088 crore operating revenue in Q2 FY26, while its profit after tax increased by 30% to Rs 116.5 crore during the same period.

Tata 1mg revenue nears Rs 2,400 Cr in FY25, trims losses

EntrackrEntrackr · 4m ago
Tata 1mg revenue nears Rs 2,400 Cr in FY25, trims losses
Medial

Tata 1mg, the digital healthcare platform backed by Tata Digital, continued its growth trajectory in the fiscal year ending March 2025 while straining its losses. Tata 1mg’s consolidated revenue rose 22% to Rs 2,392 crore in FY25 from Rs 1,968 crore in FY24, according to Tata Sons’ Annual Report for the fiscal year. Tata 1mg is a health tech startup for online orders of allopathic, ayurvedic, homeopathic medicines, vitamins, nutrition supplements, and other health products, delivered to the home. 1mg’s revenue was split across two entities: Tata 1mg Technologies, which clocked Rs 2,016.5 crore, and Tata 1mg Healthcare Solutions, which contributed Rs 375.5 crore in FY25. The company's total cost rose by 17% to Rs 2682 crore in FY25, up from Rs 2303 crore in FY24. The Gurugram-based company posted a consolidated loss of Rs 276 crore in FY25, 12% lower than the Rs 313 crore loss reported in FY24. On a unit basis, the company spent Rs 1.12 to earn a rupee of operating revenue in FY25. On the asset side, Tata 1mg reported total assets of Rs 2,025 crore at the end of FY25 while its total liabilities reached Rs 1,190 crore. In the e-health space, Tata 1mg competes with Reliance-backed Netmeds, PharmEasy, and Apollo 24/7. Tata Digital acquired a 55% stake in 1mg in June 2021 but has since gained around 8.5% additional stake in the e-medicine platform. According to TheKredible, Tata Digital currently holds a 63.5% stake in 1mg, which was last valued at 1.25 billion. Tata Digital reported a standalone revenue of Rs 546.9 crore and a loss of Rs 827.5 crore in FY25, indicating continued investment in its digital commerce bets including 1mg and other verticals such as BigBasket, Cult.fit, and the recently launched Tata Neu.

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