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Wow Skin Science forays into cosmetic category with launch of ‘Color Cupid’

EntrackrEntrackr · 1y ago
Wow Skin Science forays into cosmetic category with launch of ‘Color Cupid’
Medial

Body Cupid, the parent company of the personal care brand Wow Skin Science, has ventured into the cosmetics category with the launch of a new brand, Color Cupid. Designed and curated for younger demographics, Color Cupid features nearly 40 stock keeping units (SKU’s) including kajal, eyeliners, lipsticks, foundation, BB cream, primer, makeup remover, and more. “We aim to revolutionize the beauty industry by bridging the gap between your inner world and outer expression, helping you find the look that reflects who you are, without seeking validation or judgment,” said Manish Chowdhary, co-founder of WOW Skin Science. The newly launched brand will be available both online and offline with over 300 beauty advisors and more than 1,000 makeup stores. Color Cupid will focus on regions such as Delhi-NCR, Punjab, Lucknow, Mumbai, Pune, and Vadodara, the company said in a press release. That said, the GIC-backed firm already has four brands namely Wow Skin Science, Wow Life Science, Body Cupid, and Nature Derma. In 2019 the company expanded its operations to the US, increasing its global presence to 22 countries. Wow Skin Science says it draws around 10-12% of its revenue from the international market. As per startup data intelligence platform TheKredible, Wow Skin’s parent company has raised over $95 million to date including a $48 million round led by Singapore GIC in November 2022.

Fashion brand Libas profit falls 64% in FY24, nears Rs 500 Cr revenue

EntrackrEntrackr · 2m ago
Fashion brand Libas profit falls 64% in FY24, nears Rs 500 Cr revenue
Medial

Fashion brand Libas profit falls 64% in FY24, nears Rs 500 Cr revenue Libas, a direct-to-consumer brand specializing in ethnic and fusion wear, approached Rs 500 crore in revenue during the fiscal year ending March 2024. However, increased spending on advertising and employee benefits resulted in a 64% fall in profits during the same period. Libas’ revenue from operations increased by 38% to Rs 487 crore in FY24, from Rs 352 crore in FY23, as per its financial statement sourced from the Registrar of Companies (RoC). Libas is a digital-first women’s ethnic wear brand offering kurtis, salwar suits, dresses, and bottoms in fabrics like cotton, silk, and georgette. The sale of these products was the sole source of income for the company in FY24. The growth in scale came with a sharp increase in expenses across the board. Total expenses rose 45% to Rs 483 crore in FY24 from Rs 334 crore in FY23. When it comes to expenses, Libas’s material costs remained its largest expense, making up over 61% of total costs, which rose 41% to Rs 296 crore. Advertising expenses surged 121% to Rs 42 crore, and employee benefits increased 56% to Rs 28 crore, while shipping costs totaled Rs 49 crore. The sharp spike in advertising and employee costs led to a 64% decline in profit, falling to Rs 5 crore in FY24 from Rs 14 crore in FY23. The company reported a Return on Capital Employed (ROCE) of 26.32% and an EBITDA margin of 3.06%. On a per-unit basis, Libas spent Re 0.99 to earn every rupee in revenue. As of March 2024, the Delhi-based company reported current assets of Rs 269 crore, with inventory alone accounting for Rs 154 crore. Significantly, its cash and bank balance stood at just Rs 30 lakh. According to startup data intelligence platform TheKredible, Libas has raised $18 million of funding from India Advantage Fund. The company’s co-founders, Sidhant Keshwani and Sunil Keshwan, own 84% of the company. Women’s ethnic wear is a crowded market at the best of times, and Libas has done well to get close to Rs 500 crores. But every milestone in the segment takes a lot of effort with ever changing trends for a fickly consumer. Libas has its work cut out if it wants to regain better margins, and quite simply, there is no easy way to get there. Be it exports, an offline play, or a cutback on advertising, the brand faces tough choices ahead to ensure it does not flare out like so many fashion brands. The good news is that contrary to opinion you might hear, ethnic wear is not going anywhere soon, as the strength in even saree sales indicates. If anything, the top brands have moved to a premiumisation model after building a strong reputation for quality. With its online focused approach, Libas will not find that easy to do, hence our belief that the brand is set to make some tough calls soon.

Winzo ends FY23 with Rs 674 Cr revenue and Rs 126 Cr PAT

EntrackrEntrackr · 1y ago
Winzo ends FY23 with Rs 674 Cr revenue and Rs 126 Cr PAT
Medial

Online gaming startup Winzo registered 2.8X growth in its scale during the fiscal year ending March 2023. Significantly, the Delhi-based company also posted a hefty profit of Rs 126 crore in the same period. Winzo’s revenue from operations surged to Rs 674 crore in FY23 from Rs 234 crore in FY22, its consolidated financial statements filed with the Registrar of Companies show. Established in 2018, Winzo offers over 100 games across categories such as strategy, sports, casual, card, arcade, racing, action, and board games. The service fees levied on the total funds involved in real money games, and the sale of digital or in-app vouchers were the only revenue drivers for Winzo. The company also made Rs 16.78 crore from interest (non-operating), taking its total revenue to Rs 691 core in FY23. Similar to every online gaming platform, Winzo spent a major chunk (46% of its total expenditure) on marketing (advertising cum promotions). This cost surged 29.6% to Rs 258 crore in FY23. The firm’s burn on employee benefits, legal-professional, commission paid to agents, direct gaming costs, and other overheads catalyzed its overall expenditure to Rs 564 crore in FY23 from Rs 375 crore in FY22. See TheKredible for the complete expense breakdown. Expense Breakdown Total ₹ 375 Cr https://thekredible.com/company/winzo-games/financials View Full Data To access complete data, visithttps://thekredible.com/company/winzo-games/financials Total ₹ 564 Cr https://thekredible.com/company/winzo-games/financials View Full Data To access complete data, visithttps://thekredible.com/company/winzo-games/financials Employee benefit Employee benefit Information technology Information technology Legal professional Legal professional Commission paid to other selling agents Commission paid to other selling agents Advertising promotional Advertising promotional Gaming related direct cost Gaming related direct cost Others To check complete Expense Breakdown visit thekredible.com View full data Caveat: We have excluded the cost of financial liabilities designated at fair value through profit and loss (CCPS) while calculating the total expenses for both years (FY23 and FY22). That said, a notable jump in scale helped Winzo report Rs 126 crore profit in FY23 as compared to a loss of Rs 130 crore in FY22. Its ROCE and EBITDA margin improved to 27% and 19% respectively. On a unit level, the company spent Rs 0.84 to earn a rupee in FY23. FY22-FY23 FY22 FY23 EBITDA Margin -53% 19% Expense/₹ of Op Revenue ₹1.60 ₹0.84 ROCE -39% 27% Winzo has raised around $100 million to date including a $65 million Series C round led by California-based Griffin Gaming Partners in July 2021. According to the startup data intelligence platform TheKredible, Makers Fund is the largest external stakeholder with 15.77% followed by Griffin Gaming Partners and Courtside Ventures. The significant jump in profits for Winzo underscores the best case scenario for most gaming platforms today. A high fixed cost business till it achieves critical mass in terms of users and fees, and post that, very low cost increases, as most of the incremental money goes to the bottomline. For Winzo, however, future investments will beckon soon, both in terms of new game development as well as the high marketing spends, which it will find tough to tamp down for now. But with a growing gamers user base across the country and with itself, next only to China, maintaining margins may not be as tough. You can be sure that if it does so in FY24, India will have its next high growth Unicorn from gaming to talk about.

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