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LiquiLoans revenue surges 3.4X to Rs 696 Cr in FY24, remains profitable

EntrackrEntrackr · 5m ago
LiquiLoans revenue surges 3.4X to Rs 696 Cr in FY24, remains profitable
Medial

LiquiLoans revenue surges 3.4X to Rs 696 Cr in FY24, remains profitable While the Reserve Bank of India (RBI) tightens regulations around the peer-to-peer (P2P) lending space, with the impact expected to be seen in FY25 and FY26, the sector’s poster child, LiquiLoans, has experienced 3.4x growth in the fiscal year ending March 2024. LiquiLoans’ revenue from operations jumped to Rs 695.63 crore in the last fiscal year (FY24) from Rs 203.43 crore in FY23, its financial statements sourced from the Registrar of Companies (RoC) show. LiquiLoans operates as a peer-to-peer lending platform, providing personal loans, consumer loans, and deposit financing. The platform emphasizes high diversification, capping portfolio exposure per borrower at 0.5%. During the last fiscal year, the sale of these services was the company’s sole source of revenue. LiquiLoans made additional Rs 10 crore from interest income which pushed its total income to Rs 706 crore in FY24. On the expense front, service fee expenses accounted for the largest share, surging 4X to Rs 578.57 crore in FY24, compared to Rs 140 crore in FY23. Commission payouts increased by 88% to Rs 64.72 crore, while employee benefit expenses rose 2.5X to Rs 40.80 crore. Overall, LiquiLoans' total expenses jumped 3.3X, reaching Rs 704.59 crore in FY24, up from Rs 212.94 crore in FY23. The steep rise in expenses led to an 88% drop in profits for LiquiLoans, declining to Rs 71 lakh in FY24 from Rs 5.70 crore in FY23. The company's ROCE and EBITDA margin stood at 1.11% and 0.35%, respectively. On a unit basis, LiquiLoans spent Rs 1.01 to generate every rupee of operating revenue in the last fiscal year. The Mumbai-based company reported cash and bank balances of Rs 33 lakh and current assets worth Rs 283 crore in FY24. According to TheKredible, Liquiloans has raised $15 million to date, with Matrix Partners and CRED serving as its lead investors. LiquiLoans has built a strong reputation in the business, and market feedback indicates some of the lowest non-performing loans in its portfolio as well. As the backend for some leading players in the business, the firm has also focused on the higher credit score side of the market, further reducing risk. What that has also meant is that margins can be narrower if returns are safer. Thus, margin expansion will need to look at the cost side harder. With the regulator keen to weed out short-term players, LiquiLoans seems well placed for a strong run in the vanilla personal loans business, besides future opportunities with other products as it builds its own database of high-quality borrowers.

Rare Rabbit nears Rs 650 Cr revenue in FY24, profit surges 2.3X

EntrackrEntrackr · 4m ago
Rare Rabbit nears Rs 650 Cr revenue in FY24, profit surges 2.3X
Medial

Rare Rabbit nears Rs 650 Cr revenue in FY24, profit surges 2.3X Premium fashion brand Rare Rabbit has been growing rapidly in recent years, with its revenue increasing by over 69% during the fiscal year ending March 2024. At the same time, the firm’s profit surged 2.3 times, touching Rs 70 crore during the same period (FY24). Rare Rabbit’s revenue from operations increased to Rs 637 crore in FY24 from Rs 376 crore in FY23, according to its financial statement sourced from the Registrar of Companies (RoC). Rare Rabbit is a men's fashion brand operated by The House of Rare. Founded in 2015, the brand offers a range of clothing including shirts, polos, T-shirts, trousers, and jackets. Product sales were the company’s primary source of revenue. The company earned Rs 5 crore from interest income, bringing its total income to Rs 642 crore in FY24. On the expense front, the major cost, material expenses increased by 53% to Rs 208.4 crore. Employee benefit expenses surged by 95% to Rs 78 crore while expense increased by 45% to Rs 93 crore. Rent and commission expenses also increased by 62% and 58%, respectively. Overall, Rare Rabbit’s total expenses grew by 59.9% to Rs 542 crore in FY24, up from Rs 339 crore in FY23. Since Rare Rabbit’s revenue growth outpaced its expenses, the company’s profit surged 2.3 times to Rs 75 crore in FY24 from Rs 32 crore in FY23. The EBITDA margin improved to 19% from 14.7%, while the return on capital employed (ROCE) increased to 52.15% in FY24 from 42.02% in the previous fiscal year. On a unit level, Rare Rabbit spent Rs 0.85 to earn a rupee in the last fiscal year. As of March 2024, the company held Rs 2 crore in cash and bank balances, with current assets totaling Rs 349.5 crore. According to TheKredible, Rare Rabbit has raised a total of approx $24 million of funding to date, which includes the recent Rs 50 crore funding round from its existing lead investor A91 Partners. Rare Rabbit’s success and presence have practically crept up if you have been an ordinary industry watcher. The men's focused brand (their women's offering is called Rare is, and a children's planned offering will be Rare Ones) has gone about its work slowly but surely, not offering the permanent discounts that have been a feature of many others. The premium positioning seems to have worked eventually, placing the brand in a very strong position a decade after it launched. So will the House of Rare stay independent? We are betting it will, at least until after FY25 numbers, which could take the brand beyond the 1000 crore milestone. At that level, assuming it remains profitable, a unicorn valuation will be just one of the perks of staying rare.

Miko reports Rs 358 Cr revenue in FY24, income from subscription biz surges 29X

EntrackrEntrackr · 1m ago
Miko reports Rs 358 Cr revenue in FY24, income from subscription biz surges 29X
Medial

Miko, a Mumbai-based robotics and AI startup known for its interactive robots for children, continued its growth trajectory in the fiscal year ending March 2024, recording a 58% year-on-year increase in revenue. Miko's revenue from operations increased to Rs 358 crore in FY24, from Rs 226 crore in FY23, according to its consolidated financial statement sourced from the Registrar of Companies (RoC). Miko creates personal companion robots focusing on educating and entertaining children from the age group of 5 years to 11 years. The company also allows child-focused content partners and developers to port their content on Miko and monetise via subscription. The company's revenue from product sales (robots) grew 46% to Rs 329 crore in FY24, while income from subscription services of content applications saw an exponential rise — growing 29 times from Rs 1 crore to Rs 29 crore during the same period (FY24). On the expense front, the largest cost center was material cost, which surged 50% to Rs 182 crore. Advertising expenses, which typically reflect brand-building efforts, jumped 79% to Rs 113 crore. Depreciation expenses surged 206% year-on-year to Rs 95 crore in FY24. Employee benefit expenses, however, declined by 23% to Rs 30 crore in the said fiscal year. Overall, the firm’s total expense grew 55% YoY to Rs 505 crore in FY24 from Rs 325 crore in FY23. The company reported a net loss of Rs 120 crore in FY24, up from Rs 108 crore in FY23. Its ROCE and EBITDA margin stood at -85.71% and -8.45%, respectively. On a unit economics basis, Miko spent Rs 1.41 to earn a rupee in FY24. The Mumbai-based firm reported current assets worth Rs 297 crore in FY24 which includes Rs 89 crore in cash and bank balance. According to startup data intelligence platform TheKredible, Miko has raised a total of $76 million till date, having Chiratae Ventures and Yournest as its lead investors. The company's co-founders Sneh Vaswani, Prashant Iyengar and Chintan Raikar together own 19% of the company.

BharatPe revenue climbs to Rs 1,426 Cr in FY24, losses shrink 50%

EntrackrEntrackr · 9m ago
BharatPe revenue climbs to Rs 1,426 Cr in FY24, losses shrink 50%
Medial

Fintech firm BharatPe has demonstrated remarkable growth over the past three fiscal years, with revenue increasing from Rs 119 crore in FY21 to Rs 1,426 crore in the fiscal year ending March 2024. In its consolidated annual report for FY24, BharatPe claimed a 39% year-on-year revenue increase, rising from Rs 1,029 crore in FY23 to Rs 1,426 crore in FY24. Additionally, the company made significant progress in reducing losses, with consolidated losses dropping by 50% to Rs 474 crore in FY24, down from Rs 941 crore in FY23. According to the press release, BharatPe’s average merchant lending portfolio, generated from loans facilitated through its platform, grew by 40% year-on-year in the last fiscal year. The company also achieved positive EBITDA in October of this year. “We considerably slashed our cash burn in FY24 and are on track to build a sustainable and profitable business. Over the last year, we have been able to partner with renowned financial institutions to extend credit access to merchants, which is a great validation for our business. Going forward, we will focus on growing our lending vertical, launching new offerings across POS, soundbox, and scaling our consumer vertical,” said Nalin Negi, CEO of BharatPe. In addition to reducing losses, BharatPe has diversified into new categories to drive business growth. Recently, the company rebranded its PostPe app to BharatPe, marking its entry into the consumer payments space. This strategic move places BharatPe in direct competition with industry giants like PhonePe, Google Pay, and Paytm in the peer-to-peer (P2P) payments ecosystem. The fintech unicorn has also ventured into secured lending for its merchant partners. Through partnerships with OTO Capital and Vol Money, BharatPe now facilitates two-wheeler loans and loans against mutual funds, respectively. Additionally, BharatPe has resolved its longstanding dispute with former co-founder and managing director Ashneer Grover.

Arya.ag reports Rs 340 Cr revenue in FY24, profit surges 2.5X

EntrackrEntrackr · 6m ago
Arya.ag reports Rs 340 Cr revenue in FY24, profit surges 2.5X
Medial

Arya.ag became the first agritech startup to secure two funding rounds in 2024. This milestone was driven by a significant increase in scale while maintaining profitability, a rarity in the sector in recent years. Arya.ag’s operating revenue climbed 18% to Rs 340 crore in FY24 from Rs 288 crore in FY23, as per its consolidated financial statement sourced from the Registrar of Companies (RoC). Noida-based Arya.ag is a grain commerce platform, connecting agriproduce sellers and buyers. It enables farmgate storage, finance, and year-round supply, serving farmers, FPOs, financial institutions, SME processors, traders, and corporate agribusinesses. Its subsidiary, Aryadhan, offers warehouse receipt financing. Storage and warehousing income was the largest contributor and generated Rs 212.8 crore or 62.64% of total operating revenue, with a 7.5% rise. Interest income on loans rose significantly by 27.2% to Rs 55.4 crore, while other income contributed another Rs 71.5 crore. The company earned additional Rs 13 crore from non-operating revenue which pushed its total income to Rs 352 crore in FY24. On the expense front, the cost of services, its largest expense, grew marginally by 3.1% to Rs 183.9 crore, representing 55.66% of total expenses, employee benefit costs rose by 17.1% to Rs 50 crore, while finance expenses surged by 56.3% to Rs 60 crore. Other expenses added another Rs 36.5 crore. Overall, Arya.ag’s total expenses increased by 16% to Rs 330.4 crore in FY24 from Rs 284.6 crore in FY23. Arya.ag’s profit spiked 2.5X to Rs 19 crore in FY24 from Rs 7.6 crore in FY23. Its ROCE and EBITDA margin stood at 14.87% and 25.3% respectively. Arya.ag’s expense-to-earning ratio stood at Rs 0.97. As of March 2024, the firm reported Rs 1114 crore of current assets including Rs 103 crore of cash and bank balance. According to TheKredible, Arya.ag has raised a total of $144 million in funding till date having Lightrock Venture and Aspada Investment Company as its lead investors. Recently, the firm secured a $19.8 million commitment from the United States International Development Finance Corporation (DFC) to guarantee a debt facility for its agri-commerce subsidiary, Aryatech.

Exclusive: Oxyzo clocks Rs 330 Cr PAT on Rs 1,207 Cr revenue in FY25

EntrackrEntrackr · 1m ago
Exclusive: Oxyzo clocks Rs 330 Cr PAT on Rs 1,207 Cr revenue in FY25
Medial

According to consolidated financial statements reviewed by Entrackr, Oxyzo’s operating revenue rose to Rs 1,207 crore in FY25, up from Rs 903 crore in FY24. Following a 58% year-on-year growth in FY24, B2B fintech unicorn Oxyzo Financial Services continued its strong momentum in FY25, recording a 33.7% YoY increase in revenue for the fiscal year ended March 2025. The company also reported a 16.5% rise in profit during the same period. Oxyzo, the lending arm of the industrial goods and services procurement platform OfBusiness, offers credit solutions and loans to small and medium enterprises (SMEs) and startups. Interest income from loan disbursements contributed 95% of its total operating revenue, which rose to Rs 1,141 crore in FY25. The remaining revenue came from fees and commissions. As a lending-focused company, finance costs emerged as the largest expense for Oxyzo, accounting for 58% of its total spending. These costs climbed to Rs 439 crore in FY25, in line with the company's expanding scale. Oxyzo spent Rs 143 crore on employee benefits. Its legal, impairment, administrative, and other operational expenses contributed to a total expenditure of Rs 755 crore in FY25, up from Rs 514 crore in FY24. The combination of topline growth and controlled cost mechanism helped the company post a 16.5% growth in profits, which rose to Rs 339 crore in FY25, compared to Rs 291 crore in the previous fiscal year. Oxyzo raised approximately $200 million in 2022, achieving unicorn status following its Series A round led by Alpha Wave and Tiger Global. The company also plans to raise a fresh round of equity in the second half of FY26 in the range of $100-150 million. According to startup data intelligence platform TheKredible, the OFB group, including its promoters, holds a 74.5% stake, while Alpha Wave is the largest external investor with a 7.4% share, followed by Tiger Global. Its parent OfBusiness is also gearing up for a $1 billion IPO, expected to include a combination of a fresh issue and an offer for sale.

CityMall hits Rs 450 Cr GMV in FY24 with steady losses

EntrackrEntrackr · 5m ago
CityMall hits Rs 450 Cr GMV in FY24 with steady losses
Medial

CityMall, a social e-commerce platform serving smaller cities and towns, recorded over 23% year-on-year growth for the fiscal year ending March 2024, with its gross revenue exceeding Rs 420 crore. CityMall’s gross revenue (GMV) increased to Rs 427 crore in FY24 from Rs 346.4 crore in FY23, according to its standalone financial statement sourced from the Registrar of Companies (RoC). CityMall sells lifestyle, grocery, and other essentials through a network of community resellers in tier II and III cities. Revenue from product sales accounted for 91.62% of the total operating revenue, which increased by 17.1% to Rs 391.5 crore in FY24. The remaining GMV came from logistics and marketing services, which stood at Rs 35.8 crore. CityMall also made an additional income of Rs 32 crore from interest on deposits and investments that brought its total income to Rs 459 crore in the last fiscal year, compared to Rs 378 crore in FY23. On the expense front, the cost of procurement of products was the largest cost center which rose 20.4% to Rs 390 crore in FY24. CityMall’s employee benefit expenses grew by 7.7% to Rs 91 crore, while transportation costs jumped 45.5% to Rs 56 crore. Overall, the Gurugram-based company’s total expenses increased by 17.7% to Rs 615.2 crore in FY24, compared to Rs 522.7 crore in FY23. In the end, losses for the Accel-backed firm increased by 10% to Rs 159 crore in FY24 from Rs 145 core in FY23. Its ROCE and EBITDA Margins stood at -36.18% and -30.34%, respectively. On a unit basis, the company spent Rs 1.44 to earn a rupee of operating revenue in FY24. The Gurugram-based company reported total current assets of Rs 427 crore at the end of FY24, including Rs 187 crore in cash and bank balance. CityMall has raised over $110 million in funding to date including its $75 million Series C led by Norwest in March 2022. According to the startup data intelligence platform TheKredible Elevation Capital is the largest external stakeholder followed by Accel and Jungle Ventures. DealShare, one of CityMall's closest competitors, saw a 75% decline in gross scale in FY24, while its losses decreased by 66% in the last fiscal.

Mosambee touches Rs 240 Cr revenue in FY24; profit surges 87%

EntrackrEntrackr · 7m ago
Mosambee touches Rs 240 Cr revenue in FY24; profit surges 87%
Medial

Pine Labs-backed mobile point-of-sale (mPOS) provider Mosambee has continued to demonstrate year-on-year profitable growth. The firm increased its operating scale by over 28% in the fiscal year ending March 2024, while its profit rose by 87% during the same period. Mosambee’s revenue from operations grew to Rs 240 crore during the last fiscal year, from Rs 187 crore in FY23, its annual financial statements sourced from the Registrar of Companies (RoC) show. Mosambee is an EMV-enabled mPOS system that provides payment solutions for debit credit card transactions along with mobile-based payment options. Income derived from service rental, transaction processing, and settlement formed 68% of the total revenue which increased 52.3% to Rs 163 crore in FY24. The rest of the operating revenue generated from the sale of PoS (point of sale) devices which saw a modest 3.4% decline to Rs 77 crore in the last fiscal year, compared to Rs 80 crore in FY23. On the cost side, the cost of procurement of devices became the largest cost center forming 40% of the overall cost. This cost grew 15.3% to Rs 83 crore in FY24 from Rs 72 crore in FY23. Its employee benefit increased by 5.2% to Rs 61 crore in FY24 which includes Rs 8.7 crore as ESOP cost (non-cash). The firm’s burn on legal, technology, communication, transaction services, and other overheads pushed the total expenditure up by 19.4% to Rs 203 crore in FY24. The decent growth and controlled expenditure helped Mosambee to grow its profits by 86.7% to Rs 28 crore in FY24. Its ROCE and EBITDA margins improved to 31.25% and 23.33%, respectively. Mosambee’s expense-to-earning ratio stood at Rs 0.85 in the last fiscal year. The company has a total current assets of Rs 296 crore with cash and bank balances of Rs 13 crore during the said fiscal year. In April 2022, Pine Labs acquired a majority stake in Mosambee, boosting its valuation to over $100 million. Prior to this, in February 2022, Mosambee announced its acquisition of Benow, a digital payments and EMI technology platform. However, in March of this year, Mosambee secured a Series B funding round from Rajasthan Venture Capital Fund (RVCF) and SIDBI Venture Capital Ltd.

Oxyzo posts Rs 903 Cr revenue and Rs 291 Cr PAT in FY24

EntrackrEntrackr · 1y ago
Oxyzo posts Rs 903 Cr revenue and Rs 291 Cr PAT in FY24
Medial

B2B fintech unicorn Oxyzo Financial Services recorded 58.4% year-on-year growth during the fiscal year ended March 2024. At the same time, the profits of the Tiger Global-backed company spiked 47% and neared the Rs 300 crore threshold. Oxyzo’s revenue from operations increased to Rs 903 crore in FY24 from Rs 570 crore in FY23, according to the company’s consolidated financial statement reviewed by Entrackr. Oxyzo is the lending arm of industrial goods and services procurement platform OfBusiness which provides credit solutions and loans to small and medium enterprises (SMEs) and startups. Interest received from the disbursement of loans formed 96% of the total operating revenue which increased 61.3% to Rs 866 crore in FY24. The rest of the income came from fees and commissions which grew 50% to Rs 36 crore in FY24. Finance cost became the largest cost center for Oxyzo, forming 61.67% of its overall expenditure. These expenses surged 73.2% to Rs 317 crore in FY24. Oxyzo’s employee benefits also saw a growth of 48.7% during FY24. The firm’s burn on legal cum professional, advertising, technology, and other overheads pushed its total expenditure up by 66.3% to Rs 514 crore in FY24 from Rs 309 crore in FY23. The notable scale and controlled cost helped Oxyzo post a 47% increase in its PAT (profits after tax) to Rs 291 crore in FY24 from Rs 198 crore in FY23. On a unit level, it spent Rs 0.57 to earn a rupee in FY24. Oxyzo claims that it ended FY24 with an approximately Rs 2,600 crore of net worth with post tax return of assets (RoA) of 4.5% and a gross non-performing assets (NPA) of 1.02%. In addition to scaling its balance sheet, the company will continue to invest and grow its debt capital markets platforms for its enterprise clients. FY23-FY24 FY23 FY24 EBITDA Margin 46% 43.4% Expense/₹ of Op Revenue ₹0.54 ₹0.57 ROCE 11% 15% Oxyzo has raised around $200 million in 2022 and entered the unicorn club after its Series A round led by Alpha Wave and Tiger Global. As per the startup data intelligence platform TheKredible, OFB group including promoters holds 74.5% while Alpha Wave is the largest external stakeholder with 7.4% followed by Tiger Global. Like its parent firm, Oxyzo has been quick to latch on to a relevant and profitable service in the B2B market it serves. The rising profitability places it very well to meet its ambitious goal for the debt capital markets platform. It’s the kind of virtuous cycle that investors love, and it should be no surprise to see a spike in valuations here soon.

A23 reports Rs 841 Cr revenue and Rs 72 Cr profit in FY24

EntrackrEntrackr · 5m ago
A23 reports Rs 841 Cr revenue and Rs 72 Cr profit in FY24
Medial

Online rummy platform A23 reported flat revenue growth for the fiscal year ending March 2024. However, the company achieved a 24% increase in profits, driven by controlled expenses and an increase in non-operating income during the same period. A23’s net revenue was recorded at Rs 841 crore in FY24 from Rs 839 crore in FY23, its consolidated annual financial statements sourced from the Registrar of Companies (RoC) show. Notably, the firm's gross revenue grew by 31% to Rs 1,378 crore in FY24, up from Rs 1,051 crore in FY23. Of this, Rs 537 crore was paid out to players, resulting in a net revenue of Rs 841 crore for FY24. The platform fee, or commission, charged as a percentage of the buy-in fees from users, remained the sole revenue source for A23 during FY24. Additionally, the platform earned Rs 37 crore, primarily from interest on deposits and current investments, bringing its total revenue to Rs 878 crore in FY24. The company claims to have over 5 crore players on its platform and operates five games - rummy, fantasy, poker, carrom, and pool. A23 has not disclosed its overheads much and booked Rs 515 crore, which is 68% of the overall cost under the miscellaneous head. This might include all the major costs including advertising, servers, and hosting. A23’s employee benefits grew 41% to Rs 138 crore in FY24 from Rs 98 crore in FY23. Its legal, safety and security, printing, traveling, and other overheads pushed the total expenditure to Rs 761 crore in FY24. Despite the flat scale, the controlled expenditure and increase in other income helped A23 to post a 24% increase in its net profits to Rs 72 crore in FY24, compared to Rs 58 crore in FY23. Its ROCE and EBITDA margin improved to 11.5% and 15.26%, respectively while the expense-per-revenue ratio stood at Rs 0.90. At the end of FY24, A23’s total current assets were recorded at Rs 613 crore with cash and bank balances of Rs 534 crore.

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