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M League earns Rs 560 Cr from overseas in FY25, turns profitable

EntrackrEntrackr · 1m ago
M League earns Rs 560 Cr from overseas in FY25, turns profitable
Medial

M League earns Rs 560 Cr from overseas in FY25, turns profitable According to its consolidated financial statements filed with Singapore’s ACRA, M League’s revenue from operations surged to Rs 1,423 crore ($166.7 million) in FY25 from Rs 1,092 crore ($127.9 million) in FY24. M League, the parent company of Mobile Premier League (MPL), has recorded one of its strongest financial performances in FY25, clocking over 30% year-on-year growth and turning profitable at the group level. The turnaround, however, comes at a time when the company has had to shut down its real-money gaming (RMG) operations in India. Gaming remained the primary revenue driver, contributing $165.8 million, while the rest came from advertising and other operating activities. India was the largest market, accounting for around 60% of total revenue, followed by Europe and the US. Its German subsidiary, GameDuell Studios, a wholly owned unit, contributed nearly $60 million revenue in FY25. Advertising formed the largest expense, making up 42% of the total and rising 32.8% to $70 million. The company managed to trim employee benefit expenses by 20.5% to Rs 364 crore, while other operating costs, including payment gateway, server hosting, and professional fees, pushed total expenditure to $166.2 million (Rs 1,419 crore) in FY25. M League reported a net profit of $4.2 million (Rs 36.5 crore) in FY25, a sharp turnaround from a loss of $44.8 million (Rs 383 crore) in FY24. Its EBITDA margin turned positive at 2.45% during the last fiscal year. While FY25 marked a milestone year, the company’s outlook in India remains uncertain after the government’s move to outlaw real-money gaming. A company spokesperson told Entrackr that the latest results highlight the benefits of M League’s diversified strategy. “We didn’t put all our eggs into the India RMG basket. We have bought ourselves time and can act from a place of near-EBITDA breakeven at a group level while continuing to invest in growth areas such as GameDuell, Xsquads, and other ventures,” the spokesperson added. GameDuell grew 64% during FY25, while M League had already made early inroads into the US and Brazil by March 2025. International expansion is part of the company’s long-term vision to host a digital Olympics with players from across nations. M League maintained that its global portfolio gives it the flexibility to balance investment and returns. GameDuell has been profitable for years despite its rapid growth, and at the group level, M League has the ability to generate EBITDA whenever it chooses. M League refrained from sharing near-term projections, stating that it is too early to forecast annualized revenue after shutting down its India operations.

VAHDAM India turns profitable in FY25; clocks 95% revenue from global markets

EntrackrEntrackr · 11d ago
VAHDAM India turns profitable in FY25; clocks 95% revenue from global markets
Medial

Direct-to-consumer (D2C) tea brand VAHDAM India turned profitable in FY25 and posted nearly 20% year-on-year revenue growth as it expanded its global reach and product offerings. Direct-to-consumer (D2C) tea brand VAHDAM India turned profitable in the fiscal year ended March 2025. The company also reported top-line growth of nearly 20% year-on-year during the period as it expanded its global distribution and added new products across international markets. VAHDAM India's revenue from operations grew by 19% to Rs 267.5 crore in FY25 from Rs 225.2 crore in FY24, as per its consolidated financial statement filed with the Registrar of Companies (RoC). VAHDAM, an e-commerce brand offering teas, spices, and superfoods, sources ingredients directly from farms across India and sells its products in India and key global markets, including the US, Canada, and Europe. Sales of these products formed the company’s main revenue stream. Notably, exports to the US, Europe, and other global markets contributed over 95% of total revenue at Rs 254.5 crore, up 21% from Rs 210 crore in FY24, while revenue from India stood at just Rs 12 crore. The company also earned Rs 5.9 crore in non-operating income, taking its total revenue to Rs 273.4 crore in FY25. For the D2C firm, transportation was the largest cost center, accounting for 27% of total costs due to the company’s heavy reliance on overseas sales. This expense rose 6% in FY25 to Rs 71.5 crore. Advertising was another significant expense, increasing 16% year-on-year to Rs 58 crore. Cost of materials remained steady at Rs 48 crore in the last fiscal, while employee expenses fell 6% to Rs 27 crore. Commission paid to selling agents stood at Rs 21.4 crore. Other overheads, including rent, legal and professional fees, and miscellaneous expenses, added another Rs 42 crore, taking total costs to Rs 268.2 crore in FY25. Overall, the company's expenses rose marginally by 6% compared to FY24. In the end, the firm’s revenue growth helped it turn profitable in the previous fiscal with a net profit of Rs 5.2 crore, compared to a loss of Rs 17.7 crore in FY24. Its ROCE and EBITDA margin also moved into positive territory at 4% and 2.55%, respectively. As of March 2025, the firm reported Rs 144.5 crore of current assets including Rs 64.4 crore of cash and bank balance. According to startup data intelligence platform TheKredible, VAHDAM India has raised over $40 million in funding to date, including its most recent $3 million round led by SIDBI Venture. Its lead investors include Fireside Ventures, Sixth Sense Ventures, and IIFL Asset Management.

Leegality turns profitable with 87% revenue growth in FY24

EntrackrEntrackr · 1y ago
Leegality turns profitable with 87% revenue growth in FY24
Medial

Document infrastructure platform Leegality maintained its growth trajectory in the fiscal year ending March 2024. After achieving 100% revenue growth in FY23, the IIFL Fintech Fund-backed company reported an 87% spike in scale in the latest fiscal year. Leegality’s revenue from operations jumped to Rs 62 crore in FY24, as per its financial statement filed with the Registrar of Companies. Leegality enables businesses to digitally transform document logistics, eliminating physical paperwork in the lending ecosystem by providing digital infrastructure, including eSign and eStamping solutions. The sale of these services was the only source of collection for the firm in FY24. Leegality additionally earned Rs 4.2 crore from interest on bank deposits, bringing its total income to Rs 66.41 crore in FY24, a substantial increase from Rs 35.51 crore in FY23. Looking at expenses, employee benefit was the major contributor, accounting for 56% of total costs, increasing by 62.5% to Rs 36.4 crore in FY24 from Rs 22.4 crore in FY23. E-Sign Charges made up 15% of total expenses, rising 2.3 times to Rs 9.5 crore.Tech infrastructure formed 10% of expenses, growing by 55% to Rs 6.6 crore. Other costs, including stamp processing, advertising, and legal fees, brought total expenses to Rs 65 crore during the last fiscal year, reflecting a 66% increase from Rs 39 crore in FY23. With significant revenue growth, Leegality turned profitable in FY24, reporting a profit of Rs 1.11 crore, compared to a loss of Rs 3.5 crore in FY23. Its ROCE and EBITDA margin stood at -2.75% and 3.33%, respectively. On a unit-basis level, the company spent Rs 1.04 to earn each rupee of operating revenue in FY24. FY23-FY24 FY23 FY24 EBITDA Margin -8.53% 3.33% Expense/₹ of Op Revenue ₹1.18 ₹1.04 ROCE -7.49% 2.75% Even though it operates in a fairly competitive space, Leegality’s turn to profitability indicates the ‘sensible’ economics within the segment. Even as more and more transactions and the documentation required are being digitised, the scope of work for Leegality and its peers will only increase, providing a clear pathway to growth. The only risk we can see is any government backed alternative like say, Digilocker which expands services to overlap with what these offer.

Sterling Accuris’ revenue surpasses Rs 200 Cr in FY25, turns EBITDA positive

EntrackrEntrackr · 1m ago
Sterling Accuris’ revenue surpasses Rs 200 Cr in FY25, turns EBITDA positive
Medial

Sterling Accuris’ revenue surpasses Rs 200 Cr in FY25, turns EBITDA positive Sterling Accuris Diagnostics managed 22% YoY growth in its operating scale during the fiscal year ending March 2025. Significantly, the Ahmedabad-based firm also narrowed its losses and turned EBITDA positive during the last fiscal year. The company’s revenue from operations grew to Rs 198 crore in FY25 from Rs 162 crore in FY24, its consolidated financial statements sourced from the Registrar of Companies (RoC) show. Founded in 2014, Sterling Accuris Diagnostics offers over 2,000 tests through around 150 labs and collection centers across four states, with testing services as its sole source of revenue. The firm made additional Rs 4 crore from non-operating sources which drove its total income to Rs 202 crore in FY25 from Rs 169 crore in FY24. When it comes to spending, employee benefits were the largest expense at Rs 52 crore, increasing 18% from Rs 44 crore in FY24, followed by material costs at Rs 45 crore and doctor and pathologist fees at Rs 40 crore. Depreciation charges stood at Rs 19 crore, while finance cost was Rs 6 crore in the last fiscal year. Overall, Sterling Accuris Diagnostics’ total expense increased by 14% to Rs 221 crore in FY25 from Rs 194 crore in FY24. With revenue outpacing expense growth, the firm controlled its loss by 15% to Rs 23 crore in FY25 from Rs 27 crore in FY24. Importantly, it posted a positive EBITDA of Rs 5.5 crore in FY25 with EBITDA margin improving to 2.72% from -0.59%. Sterling Accuris Diagnostics’ ROCE stood at -7.07%. On a unit basis, Sterling Accuris spent Rs 1.12 to earn a rupee in FY25, an improvement from Rs 1.20 in FY24. As of March 2025, the company recorded current assets worth Rs 52 crore in FY25 including Rs 22 crore in cash and bank balances. According to TheKredible, Sterling Accuris has raised a total of $33 million of funding till date. Its lead investors are Morgan Stanley, holding a 35.64% stake, and Udhay Vi Realty, with a 17%.

Exclusive: BigHaat crosses Rs 1,100 Cr revenue in FY25; turns EBITDA profitable

EntrackrEntrackr · 3m ago
Exclusive: BigHaat crosses Rs 1,100 Cr revenue in FY25; turns EBITDA profitable
Medial

Exclusive All Stories Exclusive: BigHaat crosses Rs 1,100 Cr revenue in FY25; turns EBITDA profitable Full-stack agritech platform BigHaat Agro posted a flat scale with single-digit year-on-year growth in the fiscal year ending March 2025. However, the Bengaluru-based company managed to narrow its losses by over 25% during the last fiscal year. According to its co-founder Sateesh Nukala, BigHaat has crossed the Rs 1,100 crore revenue threshold in FY25 from Rs 1,050 crore in FY24. BigHaat’s revenue split consists of 85% of revenue coming from farm produce sales, with agri-inputs, which is direct to farmers, and digital only contributing 15%. The platform now counts 3 million monthly active farmers and reported 15% gross margins in FY25, said Nukala in an interaction with Entrackr. Nukala highlighted that exports and advanced processing, a high-margin vertical launched in FY25, now contribute 20% to its monthly revenue. “We have reduced our net loss to Rs 25 crore in FY25 from Rs 35 crore in FY24 and turned EBITDA positive for the last three quarters,” said Nukala. He also added that BigHaat is among the few agritech startups to achieve profitability at scale with 6x revenue-to-capital efficiency. As per Nukala, the company is targeting Rs 1,400 crore in FY26, with spices emerging as a key growth driver. “We are also open to acquisitions of new brands to strengthen our portfolio,” he emphasized. BigHaat has raised around $25 million to date. In January 2022, it raised Rs 100 crore led by JM Financial. Beyond Next Ventures, Ashish Kacholia, Ankur Capital, and others are some notable investors for the firm. This contrasts with larger peers. DeHaat, India’s most valued agritech startup, clocked Rs 2,675 crore revenue in FY24 but with losses of over Rs 240 crore. Ninjacart, backed by Walmart and Flipkart, crossed Rs 2,000 crore revenue in the same fiscal but recorded a Rs 259.6 crore loss. By combining steady topline growth, improving margins, and sustained EBITDA profitability, BigHaat is positioning itself as one of the few agritech ventures balancing scale with financial discipline, while many peers continue to burn capital at larger scales.

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