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M2P Fintech posts Rs 440 Cr revenue in FY23, losses mount 3.35X

EntrackrEntrackr · 1y ago
M2P Fintech posts Rs 440 Cr revenue in FY23, losses mount 3.35X
Medial

Application programming interface (API) infrastructure platform M2P Fintech (formerly Yap), registered a remarkable 10.5X increase in its operating scale in the last two reported fiscal years, zooming to Rs 440.7 crore in FY23 from Rs 41.89 crore in FY21. On a year-on-year basis, M2P’s revenue from operations surged 2.26X to Rs 440.7 crore in FY23 from Rs 194.74 crore in FY22, its consolidated financial statements filed with the Registrar of Companies show. M2P Fintech provides core banking cum loan management system stack and payment tools among others. While payment solutions form 60% of its revenues, the rest of income generated from core banking biz and value added services (VAS). It claims that its solutions are being used by 1,200 firms including banks and fintechs During FY23, the company made money by providing API services, handling payment infrastructure contracts, and processing card transactions. Collection from these services spiked 2.26X to Rs 440.7 crore in FY23 from Rs 194.74 in FY22. M2P also booked an income of Rs 47.17 crore from long-term investments and net change in FVTPL (non-operating income) which pushed its total revenue of Rs 487.87 in FY23. Moving to its cost breakup, technology, card processing and co-branding expenses accounted for 58.92% of the total expenditure. This cost shot up almost 2.2X to Rs 367.23 crore in FY23. The company also burnt Rs 188.28 crore on employee benefits whereas legal-professional fees and traveling conveyance collectively cost Rs 29.28 crore in the fiscal year ending March 2023. Other notable expenses including advertising took M2P’s total expenditure to Rs 623.3 crore in FY23. As the firm prioritized growth, its losses also mounted 3.35X to Rs 134.26 crore in FY23 from Rs 40.08 crore in FY22. When it comes to ratios, its EBITDA margin and ROCE worsened to -26% and -22.5%, respectively. On a unit level, M2P Fintech spent Rs 1.41 to earn a rupee in FY23. FY22-FY23 FY22 FY23 EBITDA Margin -17% -22.5% Expense/₹ of Op Revenue ₹1.26 ₹1.41 ROCE -7% -26% As per startup data intelligence platform Thekredible, M2P Fintech has raised debt funding of Rs 35 crore from Anicut capital. Beenext is the largest stakeholder with 13.24% while Tiger Global and Insight partners hold 8.91% and 6.48%, respectively. In January 2022, the Bengaluru-based company raised $56 million in an equity round led by Insight Partners at a valuation of $600 million.

BillDesk records Rs 2,678 Cr revenue in FY23; profits fall 5%

EntrackrEntrackr · 1y ago
BillDesk records Rs 2,678 Cr revenue in FY23; profits fall 5%
Medial

B2B fintech company BillDesk seems to have lost its momentum in the past couple of years as it fell short of securing a double-digit growth in FY23. Moreover, profits also reduced 5.1% in the fiscal year ending March 2023. BillDesk’s revenue from operations grew 9.6% to Rs 2,678 crore during FY23, as per the company’s consolidated financial statements with the Registrar of Companies. BillDesk charges fees for the processing and settlement services of electronic transactions — and collections from these services accounted for more than 70% of the total operating revenue in FY23. It also generated a significant part ~10% of its revenue from loyalty programs for its clients while the remaining part came from the sale of products (PINS and e-top-up subscriptions) and other operating activities during the last fiscal year. Furthermore, it also earned Rs 87.15 crore via interest and gain on financial assets (non-operating income), taking the overall revenue to Rs 2,765 crore in FY23. As per the startup intelligence platform TheKredible, BillDesk spent the most on technical services (bank fees and service charges) which formed 83.8% of the total expenditure. This cost went up 9.3% to Rs 2,146 crore during FY23 from Rs 1,963.6 crore in FY22. Employee benefits expenses increased 35.4% to Rs 245 crore during the last fiscal year from Rs 181 crore in FY22. The company’s burn on data, communication, legal, and information technology catalyzed its total expenses by 11.6% to Rs 2,561 crore in FY23. Head to TheKredible for the complete expense breakdown. Coming to the bottom line of the company, its profits shrank marginally (5.1%) to Rs 141.91 crore in FY23 against Rs 149.6 crore in FY22. Followed by the rising expenses and reconciliation in profits, BillDesk’s operating cash flows turned negative to Rs -121.63 crore in FY23. In FY22, it recorded a positive cash flow of Rs 39.83 crore. On a unit level, BillDesk spent Re 0.96 to earn a rupee of operating revenue during FY23. The company’s EBITDA margin and ROCE also worsened to 9.23% and 7.75% during the same period. FY22-FY23 FY22 FY23 EBITDA Margin 10.21% 9.23% Expense/₹ of Op Revenue ₹0.94 ₹0.96 ROCE 8.81% 7.75% BillDesk competes with Razorpay, Infibeam Avenues, and PayU among other payment gateways. Razorpay saw a 54% growth in scale to Rs 2,279 crore in FY23 along with Rs 7.2 crore profit whereas Infibeam Avenues posted Rs 1,962 crore revenue and Rs 136 crore profit during FY23. In October 2022, PayU called off BillDesk’s acquisition after 14 months of signing the agreement due to the non-fulfillment of certain conditions. It would have been one of the biggest deals in India’s fintech space.

BillDesk records Rs 2,678 Cr revenue in FY23; profits fall 5%

EntrackrEntrackr · 1y ago
BillDesk records Rs 2,678 Cr revenue in FY23; profits fall 5%
Medial

B2B fintech company BillDesk seems to have lost its momentum in the past couple of years as it fell short of securing a double-digit growth in FY23. Moreover, profits also reduced 5.1% in the fiscal year ending March 2023. BillDesk’s revenue from operations grew 9.6% to Rs 2,678 crore during FY23, as per the company’s consolidated financial statements with the Registrar of Companies. BillDesk charges fees for the processing and settlement services of electronic transactions — and collections from these services accounted for more than 70% of the total operating revenue in FY23. It also generated a significant part ~10% of its revenue from loyalty programs for its clients while the remaining part came from the sale of products (PINS and e-top-up subscriptions) and other operating activities during the last fiscal year. Furthermore, it also earned Rs 87.15 crore via interest and gain on financial assets (non-operating income), taking the overall revenue to Rs 2,765 crore in FY23. As per the startup intelligence platform TheKredible, BillDesk spent the most on technical services (bank fees and service charges) which formed 83.8% of the total expenditure. This cost went up 9.3% to Rs 2,146 crore during FY23 from Rs 1,963.6 crore in FY22. Employee benefits expenses increased 35.4% to Rs 245 crore during the last fiscal year from Rs 181 crore in FY22. The company’s burn on data, communication, legal, and information technology catalyzed its total expenses by 11.6% to Rs 2,561 crore in FY23. Head to TheKredible for the complete expense breakdown. Coming to the bottom line of the company, its profits shrank marginally (5.1%) to Rs 141.91 crore in FY23 against Rs 149.6 crore in FY22. Followed by the rising expenses and reconciliation in profits, BillDesk’s operating cash flows turned negative to Rs -121.63 crore in FY23. In FY22, it recorded a positive cash flow of Rs 39.83 crore. On a unit level, BillDesk spent Re 0.96 to earn a rupee of operating revenue during FY23. The company’s EBITDA margin and ROCE also worsened to 9.23% and 7.75% during the same period. FY22-FY23 FY22 FY23 EBITDA Margin 10.21% 9.23% Expense/₹ of Op Revenue ₹0.94 ₹0.96 ROCE 8.81% 7.75% BillDesk competes with Razorpay, Infibeam Avenues, and PayU among other payment gateways. Razorpay saw a 54% growth in scale to Rs 2,279 crore in FY23 along with Rs 7.2 crore profit whereas Infibeam Avenues posted Rs 1,962 crore revenue and Rs 136 crore profit during FY23. In October 2022, PayU called off BillDesk’s acquisition after 14 months of signing the agreement due to the non-fulfillment of certain conditions. It would have been one of the biggest deals in India’s fintech space.

ShareChat adds fresh ESOPs worth $123 Mn

EntrackrEntrackr · 1y ago
ShareChat adds fresh ESOPs worth $123 Mn
Medial

Mohalla Tech, the parent entity of the vernacular social media platform ShareChat and short video entertainment app Moj, has added fresh employee stock option (ESOP) options for its employees under its existing ESOP plans. The development occurred shortly after the announcement of raising $49 million in debt from existing investors. The board at ShareChat has approved a special resolution to add 260,000 employee stock options to its existing plan, bringing the total ESOP pool to 846,300 options, its regulatory filing accessed through the Registrar of Companies (RoC) shows. Importantly, every 100 stock options will be converted into one (1) equity share at a later date decided in the agreement. The objective of expanding the ESOP pool is to promote employee ownership as well as to attract, retain, and motivate talents. As per Fintrackr’s estimates, the newly added ESOPs are worth Rs 1,017 crore or $123 million while the value of the total ESOP pool stood at Rs 3,310 crore or $400 million. According to startup data intelligence platform TheKredible, ShareChat has raised around $1.8 billion from investors including Twitter (now X), Alkeon Capital, Moore Strategic Ventures, and Tencent, among others. Despite mopping up close to $2 billion, the company wasn’t able to show substantial revenue as of FY23. Struggle in monetization led to a steep fall in valuation which stood at less than $2 billion in the recent bridge round. The firm was valued at $5 billion during its last fundraise in June 2022. During the last fundraise, it also announced to double the ESOP ownership for all of its current employees. During FY23, ShareChat had to spend nearly Rs 4,000 crore to earn Rs 533 crore in revenue. On a unit level, the firm spent Rs 7.16 to earn a rupee of operating revenue in the last reported fiscal. This was one of the highest expense-to-revenue ratios for a unicorn in FY23.

AlgoBulls posts 4.4X revenue jump in FY24, swings to positive EBITDA

EntrackrEntrackr · 3m ago
AlgoBulls posts 4.4X revenue jump in FY24, swings to positive EBITDA
Medial

AlgoBulls posts 4.4X revenue jump in FY24, swings to positive EBITDA Algorithmic trading-focused fintech startup AlgoBulls demonstrated hyper-growth during the fiscal year ending March 2024, while keeping tight control on expenses—with losses rising by only 50%. AlgoBulls’ revenue from operations surged to Rs 238 crore in FY24 from Rs 54.5 crore in FY23, according to its consolidated financial statement sourced from the Registrar of Companies (RoC). AlgoBulls is an AI-backed algorithmic trading platform that offers tools enabling traders to automate their strategies. It allows users to either build custom strategies or choose from a range of pre-built options—revenue from these services accounted for 99% of its total revenue. On the expense side, the company’s cost of materials—its largest expenditure—surged 4.5X to Rs 236 crore in FY24, accounting for nearly 98% of total expenses. Employee benefit expenses doubled to Rs 3 crore, while other overheads, including operational and administrative costs, amounted to Rs 2 crore for the year. Overall, the firm’s total expenses jumped 4.3X to Rs 241 crore in FY24 from Rs 56 crore in FY23. AlgoBulls’ net loss increased by 50% to Rs 3 crore in the last fiscal year. However, it reported a positive EBITDA of Rs 1 crore, with an improved EBITDA margin of 0.42%, while its return on capital employed (ROCE) stood at -35%. At a unit level, AlgoBulls spent Rs 1.01 to earn a rupee. As of March 2024, the company reported Rs 9 crore of current assets which includes Rs 2 crore of cash and bank balance. According to TheKredible, AlgoBulls has raised a total of $2.5 million in funding to date, including a $2 million round from lead investor Venture Catalysts, which holds a 2% stake in the company. Meanwhile, the company’s founders—Pushpak Dagade, Jimmit Patel, and Suraj Bathija—collectively own 66.66% of the company.

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