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Exclusive: Perfios launches new ESOP plan worth $76 Mn

EntrackrEntrackr · 6m ago
Exclusive: Perfios launches new ESOP plan worth $76 Mn
Medial

Exclusive: Perfios launches new ESOP plan worth $76 Mn The board of Perfios has passed a resolution approving the Perfios ESOP Plan 2025, which will consist of 2,05,764 employee stock options, as per regulatory filings accessed from the Registrar of Companies. SaaS-based B2B fintech firm Perfios has introduced a new employee stock option plan named “Perfios Employee Stock Option Plan 2025-A.” The board of Perfios has passed a resolution approving the Perfios ESOP Plan 2025, which will consist of 2,05,764 employee stock options, as per regulatory filings accessed from the Registrar of Companies. Each ESOP option will be converted into equity shares and will have a total vesting period of four years. According to Fintrackr’s estimates, the newly added ESOP plan is valued at approximately Rs 645 crore (around $76 million). According to startup data intelligence platform TheKredible, Perfios has raised a total of Rs 3,644 crore across multiple funding rounds, including Rs 662 crore ($80 million) from Kedaara Capital in March 2024. This investment pushed Perfios’ valuation beyond $1 billion, making it India’s second unicorn of 2024. The company acquired fraud detection platform CustomerXPS this month in an undisclosed deal and had previously acquired fintech startup Karza Technologies for Rs 600 crore in March 2022. Perfios provides revenue analysis, fraud checks, verification, and automated customer onboarding services to financial institutions in various verticals, including consumer lending, SME lending, and wealth management. The company claims to have a presence in 18 countries and to have powered over 1,200 institutions with its offerings. Perfios has demonstrated strong financial growth, with revenue rising 37% year-on-year to Rs 558 crore in FY24 from Rs 407 crore in FY23. Additionally, the company’s profits surged 9.2X to Rs 72 crore in FY24.

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

EntrackrEntrackr · 9m 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.

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

EntrackrEntrackr · 7m 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.

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