🚀 Medial Secures Investment on Shark Tank India - Fueling the Future of Professional Social Networking. 🔥
✕
Login
Home
News
Messages
Startup Showcase
Trackers
Premium
Premium Content
Jobs
Notifications
Settings
Try our Valuation Calculator →
Log In
News on Medial
Fintech unicorn Incred posts Rs 109 Cr profit in FY23
Entrackr
·
1y ago
Medial
Indian fintech firm Incred, backed by KKR, has joined the unicorn club after raising $60 million in its Series D round in December 2023. The company saw significant growth in revenue, with a 77.46% increase to INR 866 crore ($116.7 million) in FY23 from INR 488 crore ($65.8 million) in FY22. Incred offers various types of loans, including home, education, personal, and two-wheeler loans. The company is also planning to expand into the insurance business.
View Source
Related News
Fintech unicorn InCred’s profit quadruples to INR 121 Cr in FY23
Inc42
·
1y ago
Medial
Fintech unicorn InCred Financial Services saw its net profit quadruple to INR 120.9 crore in the financial year 2022-23 (FY23) from INR 30.8 crore in FY22. The company reported a 77% increase in operating revenue to INR 864.6 crore in FY23. InCred operates in the BFSI sector with three entities: InCred Finance, InCred Capital, and InCred Money. The company recently acquired wealthtech startup Orowealth and raised $60 million in its Series D funding round. Expenses also increased by 32.5% to INR 633.5 crore in FY23.
View Source
InCred turns unicorn after raising $60 Mn
Entrackr
·
1y ago
Medial
Fintech firm InCred has become a unicorn after raising $60 million in a Series D round of funding. The Mumbai-based non-banking finance company (NBFC) did not disclose the exact valuation or the names of the investors participating in the round. InCred's operating scale has grown by 77.4% to Rs 865.6 crore during the last fiscal year, and its profits have jumped 3.5 times to Rs 109 crore. This makes InCred the second company to achieve unicorn status in 2023, following Zepto.
View Source
Ferns N Petals posts Rs 607 Cr revenue in FY23; loses Rs. 110 Cr
Entrackr
·
1y ago
Medial
Ferns N Petals, a gifting platform, experienced a growth plateau in FY23 with only a 4.8% increase in income and heavy losses of nearly Rs 110 crore. Their revenue from operations reached Rs 607 crore in FY23, primarily from selling cakes, flowers, and customized gifting solutions. The company also operates in the hospitality and wedding businesses. The cost of procurement of materials accounted for the largest expenditure, while advertising and marketing, legal professional, freight, and IT expenses pushed the total expenditure up by 25%. As a result, Ferns N Petals posted a loss of Rs 109 crore in FY23, compared to a profit of Rs 10 crore in FY22.
View Source
InCred to enter insurance business
Entrackr
·
1y ago
Medial
Fintech platform InCred is set to enter the insurance business by applying for a Corporate Insurance Agency License from the Insurance Regulatory and Development Authority of India (IRDA). The Mumbai-based NBFC is raising Rs 500 crore in a Series D round and aims to improve its lending products. This funding round will make InCred a unicorn, becoming the second Indian unicorn of 2023 after Zepto. InCred has disbursed loans worth Rs 18,000 crore and reported a profit before tax of Rs 170 crore in H1 FY24.
View Source
Infibeam posts Rs 742 Cr gross revenue, Rs 27.7 Cr profit in Q1 FY24
Entrackr
·
1y ago
Medial
During Q1 FY24, Infibeam Avenues reported a gross revenue of Rs 742 crore and a profit of Rs 27.7 crore. The company's robust performance was attributed to its digital payment solutions, e-commerce platforms, and technology services. Infibeam's revenue growth reflects its successful efforts in capitalizing on the increasing digital adoption and e-commerce trends in India. However, the net profit of fintech company Infibeam declined by 31.4%to Rs 35 crore in Q1 FY24 from Rs 51 crore in Q4 FY23.
View Source
Spinny’s gross revenue balloons to Rs 3,260 Cr in FY23
Entrackr
·
1y ago
Medial
Spinny, a used car retailer, saw its gross revenue (GMV) soar to Rs 3,262 crore in FY23 from Rs 109 crore in FY22, thanks to its full-stack platform and cash-and-carry model. Car sales represented 95% of total gross operating revenue in FY23, while services, commissions, and financial services contributed to the remaining income. However, Spinny's losses increased by 67.3% to Rs 820 crore in FY23, despite its rapid revenue growth and expansion. The company became a unicorn in December 2021 and has been strategically positioned in the market through strong communication and the right timing of fund raises.
View Source
InCred set to buy Stocko for Rs 300 Cr
Entrackr
·
1m ago
Medial
InCred set to buy Stocko for Rs 300 Cr Lending and wealth service provider InCred Money is set to acquire trading platform Stocko for Rs 300 crore ($35 million). As per the ET report, Stocko will be renamed InCred Stocko after the process is completed. However, the deal is not yet approved by regulators. Stocko offers trading in stocks, options, commodities, and currencies, with a daily turnover of Rs 1 lakh crore. The company’s team, led by Shrey Jain, will continue after the merger. InCred plans to integrate Stocko with its current services. The deal marks InCred’s entry into the retail brokerage space. InCred Money is part of InCred Group, which also runs lending and wealth services. The Bhupinder Singh-led Incred achieved unicorn status after raising $60 million in a Series D round from new and existing investors in December 2023. A Mint report suggested that InCred aims to raise Rs 4,000-5,000 crore ($471-588 million) through its IPO, at a valuation ranging between Rs 15,000 crore and Rs 22,500 crore, a price of Rs 225 to 325 a share. The company is reportedly targeting a listing in the last quarter of 2025. The InCred Group operates three entities: InCred Finance, InCred Capital, and InCred Money. In FY24, the group’s revenue from operations grew by 48% to Rs 1,267 crore. It also reported a profit after tax (PAT) of Rs 316 crore in the last fiscal year.
View Source
M2P Fintech posts Rs 440 Cr revenue in FY23, losses mount 3.35X
Entrackr
·
1y ago
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.
View Source
BookMyShow posts Rs 1,026 Cr income and Rs 85 Cr profit in FY23
Entrackr
·
1y ago
Medial
BookMyShow, India's leading online ticket booking platform, has made a remarkable comeback after the pandemic, with a 13X growth in revenue and a hefty profit in the fiscal year ending March 2023. Its revenue from operations surged to Rs 976 crore in FY23, driven by a significant increase in income from ticket bookings and partnerships with live events and concerts. The company's effective cost management measures and three-fold scale contributed to its first-ever profit of Rs 85 crore in FY23, signaling its adaptability and success in the live events ecosystem.
View Source
Oxyzo posts Rs 903 Cr revenue and Rs 291 Cr PAT in FY24
Entrackr
·
1y ago
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.
View Source
Trackers
Active Indian VC’s
OG Capital
Email
With a hands-on approach, OG Capital aims to invest in over 20 promising...
Accel Partners
Email
Early and growth-stage investments in disruptive technology companies with...
Blume
Email
Early-stage venture capital firm investing in technology startups in India. Focus on...
Access All Trackers
Startup Showcase Winners
June 2025
Buddy
Helping your parents when you are miles away
BiteStop
The Pit Stop Your Cravings Deserve
Bloomer
The next generation E-commerce platform
Enter Ongoing Startup Showcase
Top Users
Trending News on Medial
Download the medial app to read full posts, comements and news.
Go to Medial App
Not Now
Know everything that’s happening in the startup ecosystem, first.
Enable Notifications?
No, thanks
Count me in