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Foxtale's revenue soars to Rs 83 Cr in FY24, losses widen

EntrackrEntrackr · 6m ago
Foxtale's revenue soars to Rs 83 Cr in FY24, losses widen
Medial

Foxtale, a direct-to-consumer (D2C) skincare brand, reported Rs 83 crore of revenue in its third full fiscal year, which ended in March 2024. However, in pursuit of scale, the losses for the Mumbai-based company crossed Rs 50 crore in the same period. Foxtale’s revenue from operations surged around 6X to Rs 83 crore in FY24 from Rs 14 crore in FY23, its annual financial statements sourced from the Registrar of Companies show. Founded in 2021 by Romita Mazumdar, Foxtale is an affordable skincare brand focused on products designed for Indian skin. Its products target issues such as acne, aging, and hyperpigmentation. The brand's products are available on its website and various marketplaces, including Nykaa, Amazon, Blinkit, Flipkart, and Myntra. The sale of skin and beauty products was Foxtale's sole source of revenue in the previous fiscal year. Similar to other D2C skincare brands, Foxtale spent Rs 50 crore on advertising and promotion, which is 36% of its overall cost. This cost saw an increase of 3.8X during FY24. To the tune of scale, its cost of procurement grew 5.8X to Rs 35 crore in the previous fiscal. Foxtale's employee benefit expenses, including salaries, provident fund (PF), gratuity, and ESOPs, surged 2.8x to Rs 20 crore in FY24. Its delivery, legal, outsourcing manpower, and other overheads pushed the overall expenditure to Rs 139 crore in FY24 from Rs 33 crore in FY23. Despite registering 6x fold in scale, higher advertising expenses and employee benefit costs drove Foxtale's losses up by 189% to Rs 55 crore in FY24, compared to Rs 19 crore in FY23. On a unit level, it spent Rs 1.67 to earn a rupee of operating revenue. At the end of FY24, its current assets were recorded at Rs 69 crore, including cash and bank balances of Rs 44 crore. Foxtale has emerged as one of the few D2C startups to secure $48 million across two funding rounds in just seven months. Its latest $30 million round was spearheaded by Japanese beauty products giant, Kose Corporation. Its major competitors include Sugar Cosmetics, WOW Skin Science, Plum, MamaEarth, Minimalist, and several others.

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Qure.ai revenue soars 83% to Rs 141 Cr in FY24, slashes losses

EntrackrEntrackr · 9m ago
Qure.ai revenue soars 83% to Rs 141 Cr in FY24, slashes losses
Medial

Healthcare firm Qure.ai recently raised $65 million in a funding round led by Lightspeed Ventures and 360 One Asset Management. This investment follows an impressive 83% growth in Qure.ai’s revenue, which surpassed Rs 140 crore in FY24. The Lightspeed-backed firm also reduced its losses by 38.5% in this period. Qure.ai’s revenue from operations grew to Rs 141 crore in the fiscal year ending March 2024 from Rs 77 crore in FY23, its consolidated financial statements sourced from the Registrar of Companies show. Qure.ai offers AI-driven solutions designed to assist radiologists and physicians in diagnosing critical conditions such as tuberculosis, lung cancer, and stroke. In the last fiscal year, sales of these tools and software contributed 87.23% of the company’s operating revenue, doubling to Rs 123 crore. The remaining revenue was generated from the sale of healthcare products. In line with many tech and AI-driven companies, employee benefits made up more than half of Qure.ai’s total expenses. These costs surged by 66.2%, rising to Rs 108 crore in FY24 from Rs 65 crore in FY23, with Rs 12 crore allocated to ESOP expenses, a non-cash component. Additional expenses, including costs for materials, communication, travel, advertising, legal, and other overheads, contributed to an 18.2% overall increase in expenses, pushing total costs to Rs 201 crore in FY24 from Rs 170 crore in FY23. See TheKredible for the detailed expense breakup. An over 80% surge in scale, combined with effective cost controls, enabled Qure.ai to cut losses by 38.5%, reducing them to Rs 48 crore in FY24 from Rs 78 crore in FY23. While its EBITDA margin improved, it remained negative at -22.73% in FY24. On a unit basis, the company spent Rs 1.43 to earn a rupee in FY24. FY23-FY24 FY23 FY24 EBITDA Margin -78.02% -22.73% Expense/₹ of Op Revenue ₹2.21 ₹1.43 ROCE NA NA The Mumbai-based firm has raised over $120 million to date, including a recent $65 million round. According to startup data platform TheKredible, notable investors in Qure.ai include Peak XV, Lightspeed, Fractal, and Novo Holdings. Large funding rounds of the type Qure.ai has attracted are increasingly available only for firms that have traveled some distance in demonstrating market acceptance. For Qure.ai, that is evident in the topline as well as the spread of more sophisticated diagnostic tools that are available more widely in India today, promising a heady period of strong growth for the foreseeable future.

FabHotels gross revenue crosses Rs 550 Cr in FY24, losses widen 23%

EntrackrEntrackr · 6m ago
FabHotels gross revenue crosses Rs 550 Cr in FY24, losses widen 23%
Medial

FabHotels gross revenue crosses Rs 550 Cr in FY24, losses widen 23% Casa2 Stays, the parent firm of FabHotels, reported a 34% increase in gross revenue for the fiscal year ending March 2024. However, its loss rose by 23%, driven by a twofold increase in employee benefit expenses. FabHotels’ gross revenue increased to Rs 552 crore in FY24 from Rs 412 crore in the previous fiscal year (FY23), according to its financial statement sourced from the Registrar of Companies (RoC). The revenue for FY23 appears different this year as it marks FabHotels’ first set of financial statements prepared in compliance with Indian Accounting Standards (Ind AS). FabHotels, a budget hotel chain with over 600 properties across more than 50 cities in India, generated 99.4% of its gross revenue from accommodation bookings. Gross revenue increased by 33.35% to Rs 549 crore in FY24. Meanwhile, other revenue sources contributed Rs 3.3 crore. The company also recorded an additional income of Rs 11 crore from interest on deposits and liabilities written off, which pushed its overall revenue to Rs 563.6 crore in the last fiscal year. Accommodation expenses remained the largest cost component forming 74% of the overall cost, which grew by 32% to Rs 435 crore. FabHotels’ employee costs shot up 2X to Rs 92 crore in FY24. This includes Rs 15 crore as ESOP cost. Its commission expenses rose by 8% to Rs 27 crore, while other costs added Rs 34 crore. Overall, total expenses grew by 38.5% to Rs 588 crore in FY24 from Rs 424.7 crore in FY23. The two-fold jump in employee benefits led FabHotel to increase its losses by 23% to Rs 114 crore in FY24, compared to Rs 93 crore in FY23. Its ROCE and EBITDA Margin were recorded at -84.09% and -19.52%, respectively. On a unit basis, the company spent Rs 1.06 to earn a rupee of revenue. At the end of FY24, FabHotel’s current assets stood at Rs 172 crore, including cash and bank balances worth Rs 94 crore. FabHotel has raised around $70 million to date. Accel is the largest external stakeholder with 21.39% followed by Goldman Sachs. FabHotels competes directly with Treebo and Bloom Hotels. In FY24, Treebo surpassed Rs 100 crore in revenue, while Bloom Hotels achieved a 73.6% increase in operational revenue to Rs 250 crore and recorded a profit of Rs 14 crore. FabHotels, with its budget offerings and reach, faces a moment of truth to deliver sustainable profitability that can power future growth. The hospitality sector leaves very little margin for major misses now. FabHotels has placed its bets, with little leeway to change much now. Judgement awaits in the next few months and year, perhaps.

Unnati Agri crosses Rs 500 Cr revenue in FY24; losses widen marginally

EntrackrEntrackr · 2m ago
Unnati Agri crosses Rs 500 Cr revenue in FY24; losses widen marginally
Medial

Unnati Agri continued its growth momentum by crossing the Rs 500 crore revenue mark in the fiscal year ending March 2024. While its losses increased by 14% year-on-year, they remained under control during the same period. Unnati Agri’s revenue from operations increased by 30% to Rs 515 crore in FY24, from Rs 397 crore in FY23, according to its financial statements sourced from the Registrar of Companies (RoC). Unnati enables farmers to buy agri-inputs and sell produce directly to food processors and agribusinesses, generating 99% of its revenue from these transactions. It also offers pre- and post-harvest services along with working credit through a unified platform. On the expense side, material costs remained dominant at 88% of total expenses. These costs rose 27% to Rs 469 crore in FY24 from Rs 370 crore in FY23. Discount charges, tied to incentives and promotions, more than doubled to Rs 31 crore from Rs 15 crore. Employee benefits increased to Rs 15 crore, and other expenses rose to Rs 18 crore. Overall, the Orios Venture-backed firm’s total expense increased by 29% to Rs 533 crore in FY24 from Rs 412 crore in FY23. Despite the top-line growth, the company’s losses slightly widened to Rs 16 crore in FY24 from Rs 14 crore in FY23. Its ROCE and EBITDA stood at -17.19% and -2.03%, respectively. On a unit basis, the company spent Rs 1.03 to earn a rupee of operating revenue in FY24. Unnati’s total assets rose to Rs 144 crore in FY24, with current assets reaching Rs 141 crore. As of March 2024, the firm held Rs 34 crore in cash and bank balances, offering a liquidity buffer. According to startup data intelligence platform TheKredible, Unnati Agri has raised approximately $14 million in funding till date, having NABVENTURES and VSS Investco as its lead investors. Its co-founders, Amit Sinha and Ashok Prasad together own 44.6% of the company.

Eruditus clocks Rs 3,733 Cr revenue in FY24, narrows losses by 83%

EntrackrEntrackr · 3m ago
Eruditus clocks Rs 3,733 Cr revenue in FY24, narrows losses by 83%
Medial

Eruditus clocks Rs 3,733 Cr revenue in FY24, narrows losses by 83% Global edtech company Eruditus recorded modest year-on-year growth in its operating revenue, crossing the Rs 3,700 crore ($448 million) mark in the fiscal year ending June 2024. The Mumbai-based firm narrowed its losses by over 83% during the same period. Compared to FY23, the firm’s operating scale grew by 12% to Rs 3,733 crore, according to its annual financial statement sourced from Singapore. Eruditus follows a financial year that runs from July to June. The firm appears to be ahead of the leading edtechs, with revenue nearly 1.8 times that of PhysicsWallah and more than double that of upGrad. PhysicsWallah reported Rs 2,015 crore revenue in FY24 whereas upGrad registered Rs 1,487 crore revenue in the same period. Eruditus offers education across more than 80 countries to over a million learners. It partners with over 80 universities across the United States, Europe, Latin America, Southeast Asia, India, and China. The firm didn’t offer revenue break-up across geographies. The company deferred recognition of Rs 800 crore ($96 million) in collected revenue to the last fiscal year (FY25). Eruditus made progress in controlling its expenses as its marketing expenses dipped 18.85% year-on-year to Rs 1,007 crore in FY24 from Rs 1,241 crore in FY23. Other operating expenses were down by 32.16% year-on-year to Rs 1,045 crore in FY24 from Rs 1,541 crore in FY23. The cost optimizations led to a sharp improvement in the company’s bottom line. Eruditus narrowed its adjusted EBITDA losses by 83.45% to Rs 69 crore ($8.3 million) in FY24 from Rs 417 crore ($50 million) in FY23. With backing from investors such as TPG, the Chan Zuckerberg Initiative, SoftBank Vision Fund 2, Prosus Ventures, Accel, and Peak XV, Eruditus has the capital reserve to expand its presence and offerings across markets. In October 2024, it raised $150 million in the second-largest edtech deal of the year, after PhysicsWallah’s $210 million funding. With revenue approaching $500 million and an 83% reduction in losses, the company shows a path toward sustainable growth in the edtech industry. Heading into FY25 with deferred revenue, Eruditus is on track to achieve profitability while building on its revenue base.

Zolostays hits Rs 200 Cr revenue in FY24, trims losses

EntrackrEntrackr · 6m ago
Zolostays hits Rs 200 Cr revenue in FY24, trims losses
Medial

Zolostays hits Rs 200 Cr revenue in FY24, trims losses Co-living company Zolostays has achieved a fivefold increase in growth over the last two fiscal years, expanding its revenue from Rs 43 crore in FY22 to more than Rs 200 crore in FY24. Despite this growth, the Nexus Ventures-backed firm maintained control over its losses during this period. Zolostays’ revenue from operations doubled to Rs 204.4 crore in FY24 from Rs 95.5 crore in FY23, as per its consolidated financial statement sourced from the Registrar of Companies (RoC). Zolostays provides co-living spaces to students, professionals, and organizations. Income from residential accommodations and facilities, including service fees and accommodation charges, accounted for 93% of the total operating revenue. This income grew 3.4x to Rs 191 crore in FY24 from Rs 55 crore in FY23. Zolostays also offers services to colleges and universities for managing residential facilities, along with food subscriptions and other amenities. Revenue from this segment dropped 72% to Rs 10.4 crore in FY24. The firm earned Rs 4.6 crore in interest income, bringing its total income to Rs 209 crore in FY24. On the cost front, property management and operational expenses were the largest component, accounting for 52% of total costs. These expenses, which include food, rent, electricity, housekeeping, and consumables, increased 2.3X to Rs 139 crore in FY24 from Rs 60.5 crore in FY23. Its employee benefit expenses increased by 16% to Rs 83 crore in FY24. Legal, advertising, communication, commission, and other overheads took the total cost up by 58% to Rs 266 crore in FY24 from Rs 168 crore in FY23. Zolostays' two-fold growth and controlled expenses led to a 17.4% reduction in losses, down to Rs 57 crore in FY24 from Rs 69 crore in FY23. Its ROCE and EBITDA margin stood at -89.96% and -16.75%, respectively, with an expense-to-revenue ratio of Rs 1.30. In FY24, the Bengaluru-based firm reported current assets of Rs 76 crore, including Rs 34 crore in cash and bank balances. Zolo has raised a total of $118 million of funding to date. According to the startup data intelligence platform TheKredible, Nexus Ventures is the largest external stakeholder with 34% followed by Investcrop and Mirae Asset.

BigBasket’s B2C losses widen sharply in FY25; consolidated revenue declines

EntrackrEntrackr · 2d ago
BigBasket’s B2C losses widen sharply in FY25; consolidated revenue declines
Medial

BigBasket’s financial performance deteriorated in FY25, with its core B2C unit posting a steep rise in losses even as overall revenue declined. The platform, backed by Tata Digital, continues to face pressure on multiple fronts, from quick commerce rivals to evolving consumer expectations. According to Tata Sons’ FY25 annual report, Innovative Retail Concepts, which runs BigBasket’s consumer-facing business, saw its operating revenue shrink by 2.7% to Rs 7,673.4 crore from Rs 7,885 crore in FY24. At the same time, its loss widened sharply to Rs 1,850 crore, compared to Rs 1,267 crore in the previous fiscal year, marking a 46% year-on-year increase. The red ink highlights the cost burden BigBasket is incurring as it attempts to reposition itself from a scheduled grocery delivery service to a quick commerce platform. Increased spending on warehousing, logistics, discounting, and customer retention likely contributed to the widening losses. In contrast, Supermarket Grocery Supplies, the company’s B2B arm which handles procurement and backend operations, recorded a 6.9% drop in its revenue to Rs 2,227 crore in FY25, compared to Rs 2392 crore in FY24. However, its losses narrowed down to Rs 102 crore in FY25 from Rs 128 crore in FY24. The two entities cumulatively clocked Rs 9,900 crore in revenue in FY25 from over Rs 10,277 crore in the previous year ended March 2024. More importantly, losses across both businesses totaled Rs 1,952 crore, marking a significant deterioration from FY24’s performance. The performance slide comes despite years of strategic restructuring. BigBasket has merged BB Daily into its core app, launched its quick commerce vertical BB Now, and initiated backend tech and supply chain upgrades. However, execution delays, coupled with the rapid scale of Blinkit, Instamart, and Zepto, have left it lagging in the under-30-minute grocery race. Tata Digital, which acquired a majority stake in BigBasket in 2021, continues to support the business, holding an 84.23% stake. But with losses now deepening and growth stagnating, the platform’s transition into a sustainable quick commerce engine appears far from complete. As demand shifts towards instant delivery, BigBasket’s ability to stem its B2C bleed while maintaining backend stability will determine whether it can claw back relevance in one of India’s most competitive internet categories.

PayU-backed Mindgate profit soars 3.6X in FY24, posts Rs 257 Cr revenue

EntrackrEntrackr · 4m ago
PayU-backed Mindgate profit soars 3.6X in FY24, posts Rs 257 Cr revenue
Medial

Payments technology company Mindgate made headlines last week after Prosus’s PayU acquired a 43.5% stake in the firm. The strategic acquisition followed Mindgate’s impressive 34.6% year-on-year growth, with revenue surpassing Rs 250 crore in FY24 and net profits surging 3.6X. Mindgate’s revenue from operations grew to Rs 257 crore in FY24 from Rs 191 crore in FY23, its consolidated financial statements accessed from the Registrar of Companies (RoC) show. Mindgate is a digital payments company specializing in real-time payment processing and enterprise payment solutions for banks, financial institutions, and businesses. Income from subscription-based SaaS services accounted for 87.7% of the total operating revenue, which rose by 35% to Rs 201 crore in FY24. Revenue from transaction processing and annual maintenance services contributed Rs 40 crore and Rs 16 crore, respectively. The company also earned Rs 4 crore from interest on current investments, bringing its total revenue to Rs 261 crore in FY24 from Rs 195 crore in FY23. Similar to other SaaS tech firms, employee benefits made up 71% of Mindgate’s overall expenditure. This cost rose by 22.6% to Rs 163 crore in FY24. Additional expenses such as rent, subscription and membership fees, travel, advertising, and overheads pushed the total expenditure up by 24.5% to Rs 229 crore in FY24, compared to Rs 184 crore in FY23. Year-on-year growth, coupled with controlled costs, enabled Mindgate to post a 3.6X surge in profits to Rs 23.2 crore in FY24 from Rs 6.5 crore in FY23. At a unit level, the company spent Re 0.89 to earn a rupee in FY24, with improved ROCE and EBITDA margins of 17.03% and 13.6%, respectively. By the end of FY24, its total current assets stood at Rs 211 crore, including cash and bank balances of Rs 74 crore.

The Ayurveda Co posts Rs 60 Cr revenue in FY24, loss soars 3X

EntrackrEntrackr · 5m ago
The Ayurveda Co posts Rs 60 Cr revenue in FY24, loss soars 3X
Medial

The Ayurveda Co, a D2C consumer brand, recorded a 66% year-on-year growth in its scale during the last fiscal year ended in March 2024. However, the losses for the Sixth Sense Venture-backed firm surged over three-fold in the same period. The Ayurveda Co’s revenue from operations increased by 66% to Rs 59.6 crore in FY24 from Rs 36 crore in FY23, shows its financial statement sourced from the Registrar of Companies (RoC). The Ayurveda Co offers ayurvedic beauty and personal care products, including hair care, skincare, makeup, and wellness items. The firm's revenue is generated exclusively from the sale of these products. The Ayurveda Co earned an additional Rs 2.4 crore from interest income, which increased its total revenue to Rs 62 crore in FY24. On the expense side, the cost of materials was its largest cost center which jumped 2.4X to Rs 28.6 crore from Rs 12 crore in FY23. Its advertising and employee benefits grew by 73.3% and 80.2% to Rs 26 crore and Rs 15.5 crore, respectively, in the last fiscal year. Manpower and recruitment expenses surged to Rs 11.3 crore. In the end, the company’s total expenses increased 97% to Rs 109.5 crore in FY24 from Rs 55.6 crore in FY23. The sharp increase in expenditures resulted in a 3.2X spike in losses to Rs 68 crore in FY24, compared to a Rs 21 crore loss in FY23. Its ROCE and EBITDA margin stood at -700% and -100.65%, respectively. On a unit level, the company spent Rs 1.84 to earn a single rupee. At the end of FY24, the Gurugram-based company reported current assets worth Rs 45 crore, including cash and bank balances worth an alarming Rs 52 lakh. The Ayurveda Co has secured approximately $16 million in funding to date, including its Rs 100 crore Series A round led by Sixth Sense Ventures in 2023. The company competes with brands like Ayurveda Experience, which reported Rs 250 crore in revenue for FY23, along with Wow Skin, Sugar, and others. The sharp rise in costs is a little surprising, even in a year just after the firm raised significant funding, as we have seen earlier. One hopes FY25 will bring not just a moderation in costs but also a disproportionate rise in topline, considering the significant funding it seems to have raised. In a fiercely competitive market with valuations sagging for all but the most profitable firms, The Ayurveda Co’s numbers are more than a little underwhelming to be honest. The firm’s only argument from here on will have to be a strong performance in FY25.

The Sleep Company revenue soars 2.5X to Rs 312 Cr in FY24

EntrackrEntrackr · 8m ago
The Sleep Company revenue soars 2.5X to Rs 312 Cr in FY24
Medial

Direct to consumer (D2C) mattress and sleep solution companies have been growing at a rapid clip over the past five-six years and Premji Invest-backed The Sleep Company is no exception. Keeping the momentum from FY23, its operating scale spiked 2.5X in FY24. The Sleep Company’s revenue from operations jumped to Rs 312.33 crore in FY24 from Rs 127.14 crore in FY23, its consolidated financial statement filed with the Registrar of Companies (RoC) shows. The Sleep Company offers mattresses, pillows, cushions, bedding, and office chairs. Apart from its own website, the firm sells its products across e-commerce platforms including Amazon and Flipkart. The company’s growth was primarily driven by its flagship mattress segment which contributed 65% in the revenue and surged by 89% to Rs 203.69 crore in FY24. It is worth noting that mattresses are the only finished goods sold by the company. The rest are traded goods which includes chairs, pillows and beds soared 5.6X to Rs 108.6 crore in FY24. The five-year-old company made another Rs 7.7 crore from interest income which took its total revenue to Rs 320 crore in the last fiscal year. On the expense side, a key contributor was the cost of materials, which grew 2.4X to Rs 144.74 crore in the fiscal year ending March 2024. Advertising expenses surged by 89.7% to Rs 101.43 crore, while employee benefits increased 3X to Rs 35.94 crore during the fiscal year. Rent, finance, and other expenses further drove the total costs up 2.2X, reaching Rs 378.68 crore in FY24 compared to Rs 166.7 crore in FY23. Unlike its revenue, The Sleep Company’s losses increased by 58% to Rs 58.69 crore in FY24 from Rs 37.06 crore in FY23. Its ROCE and EBITDA margin stood at -26% and -15.92% respectively. On a unit basis, it spent Rs 1.21 to earn a rupee of operating revenue in FY24. The Mumbai based company reported cash and bank balances of Rs 4.15 crore and current assets of Rs 289 crore in FY24. After a period of disruption, when mattress and related firms enjoyed some serious love from investors, it’s attrition time for the segment. The legacy firms have pulled their socks, going for acquisitions, online plays, and interestingly for this writer, offline activations like never before to protect their turf. All this has meant that the consumer ‘education’ that was driving up prices for specific needs is set to moderate, as consumers graduate with the learning as well. Questions can be seen being raised on the justification of premiums for features, and expect that to translate to more margin pressure as well. For the Sleep Company and most of the others, if not sleepless nights, some long nights await as investors wait and watch now.

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