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Tractor Junction grows 3X in FY23, posts Rs 7.5 Cr losses

EntrackrEntrackr · 1y ago
Tractor Junction grows 3X in FY23, posts Rs 7.5 Cr losses
Medial

Rural vehicle marketplace Tractor Junction has managed to grow its scale by nearly three-fold during the last fiscal year (FY23). The byproduct of the fast-paced growth, however, is the five-year-old company slipping into red during the said period. Tractor Junction’s revenue from operations grew 196.2% to Rs 26.84 crore during the fiscal year ending March 2023 as compared to Rs 9.06 crore in FY22, as per the company’s consolidated annual financial statement with the Registrar of Companies. Launched by Shivani Gupta and Rajat Kumar, Tractor Junction is a rural vehicle marketplace that helps buy, sell, finance, and insure new and used tractors, farm equipment, and rural commercial vehicles. It also provides necessary information and vetted reviews on farm machinery, enabling users to compare shortlisted options, and bringing transparency in pricing. The company made 55% of its revenue from sale of tractors while the remaining came from the sale of services. The sales of services segment mainly deals in the business of providing advertising services to Original Equipment Manufacturers (OEMs) through generation of leads from their website and selling those leads to OEM’s. Tractor Junction also cornered Rs 1.75 crore via interest and gains on financial assets (non-operating revenue). Including this, the company’s total income stood at Rs 28.6 crore in FY23. Further, the Alwar-based company spent most on the cost of materials accounting for 42% of the total expenditure. This cost shot up over 20X to Rs 14.54 crore in FY23 from Rs 71 lakh in FY22. Employee benefit cost for the company jumped over 2X to Rs 9.35 crore during the last fiscal year. Moreover, advertising & publicity expenses also increased 56.1% to Rs 3.81 crore during FY23 from Rs 2.44 crore in FY22. Overall, the company’s total expenditure ballooned more than four-fold to Rs 34.67 crore in FY23 from Rs 8.28 crore in FY22. Head to startup intelligence platform TheKredible for complete expense breakdown and year-on-year financial performance of the company. On the back of rising expenses, the company slipped into red. Tractor Junction recorded Rs 7.46 crore losses in FY23 against Rs 67 lakh profit in FY22. The impact of cash burn can also be seen in operating cash outflows which climbed to around Rs 17 crore during the last fiscal year. FY22-FY23 FY22 FY23 EBITDA Margin 11.15% -19.41% Expense/Rupee of ops revenue ₹1.29 ₹0.91 ROCE 33.95% -15.36% The EBITDA margin and ROCE of the firm stood at -19.41% and -15.36%, respectively in FY23. On a unit level, Tractor Junction spent Rs 1.29 to earn a rupee of operating revenue during the fiscal year. As per TheKredible, Tractor Junction has raised nearly $6 million to date from investors including Info Edge, Omnivore, Rockstart and Indigram Labs et al.

Quikr posts Rs 51 Cr revenue in FY23, losses shrink 62%

EntrackrEntrackr · 1y ago
Quikr posts Rs 51 Cr revenue in FY23, losses shrink 62%
Medial

Quikr, the online marketplace and classified platform, experienced a drop in scale from Rs 191 crore in FY19 to Rs 110 crore in FY20. This declining trend continued until FY22. The Bengaluru-based firm, however, has recently shown signs of stability and resilience with its revenue growing for the first time in the last three years in FY23. Additionally, the former unicorn also managed to bring down its losses by a significant margin during the period. Quikr’s revenue from operations marginally grew 4.7% to Rs 51.36 crore during the fiscal year ending March 2023 as compared to Rs 49.07 crore recorded in FY22, as per the company’s consolidated financial statements with the Registrar of Companies. Quikr made the majority of its revenue from lead referral fees followed by advertising, both verticals collectively contributed to around 90% of revenue in FY23. The remaining sum was collected via commissions, management consultancy services, business support, and other operating activities. The company also earned Rs 2 crore from interest and gains on other financial assets (non-operating income). Considering this, the total income of the company stood at Rs 53.38 crore in FY23. On the cost side, employee benefit was the largest cost expense for the company. Which however shrank 17% to Rs 41.5 crore in FY23 from Rs 50 crore in FY22. IT costs including web hosting and payment gateway also dwindled 43% to Rs 3.5 crore during the year from Rs 6.13 crore in FY22. The company also cut down its legal, promotional, and other expenses, akin to which, the overall expenditure dwarfed 27% to Rs 61.36 crore in FY23. The total expenditure was Rs 84 crore during the previous fiscal year. For a complete expense breakdown and year-on-year financial performance and more information about the company, visit TheKredible. The cost-cutting measures taken by the company during the year can also be seen in its bottom line which improved significantly. Quikr’s losses declined 62% to Rs 7.98 crore during FY23 in comparison to Rs 20.98 crore in FY22. Additionally, the company’s outstanding losses stand at Rs 3,077 crore at the end of FY23. Operating cashflows also turned green (positive) to Rs 2.57 crore in FY23 against Rs 29.23 crore (negative) in the previous year. The EBITDA margin and ROCE of the company strengthened to -3.52% and -3.87%, respectively during the period. On a unit level, Quikr spent Rs 1.19 to earn a rupee of operating revenue in FY23.

PlanetSpark posts Rs 41 Cr revenue and Rs 90 Cr loss in FY23

EntrackrEntrackr · 1y ago
PlanetSpark posts Rs 41 Cr revenue and Rs 90 Cr loss in FY23
Medial

Edtech business is hard to crack and this is evident from the balance sheets of most of the companies in the space which have shown astounding losses. Seven-year-old PlanetSpark is no exception as the firm’s losses were more than twice its revenue in the fiscal year ending March 2023. FITT-JEE-backed PlanetSpark’s revenue from operations increased 41%to Rs 42 crore in the last fiscal year (FY23) from Rs 30 crore in FY22, as per its filings with the Registrar of Companies (RoC). Founded in 2017 by Kunal Malik and Manish Dhooper, PlanetSpark offers live 1:1 classes in public speaking, creative writing, storytelling, debate, podcasting et al for the K8 generation. The sale of educational services was the only source of revenue for the company while it also made Rs 1.1 crore from interest on deposits. In the end, tPlanetSpark’s total income stood at 43.5 crore during the last fiscal year. PlanetSpark spent Rs 63.17 crore towards employee benefits which includes Rs 5.5 crore as ESOP cost (non-cash component). Similar to other ed-tech startups, it spent a significant 90 crore on marketing and teachers’ salaries. Its legal/professional, rent, information technology, and other overheads led its total cost to Rs 133 crore in FY23 from Rs 139.5 crore in FY22. Head to TheKredible for a complete expense breakdown and its YoY financial health. Expense Breakdown Total ₹ 139.53 Cr https://thekredible.com/company/planetspark/financials View Full Data To access complete data, visithttps://thekredible.com/company/planetspark/financials Total ₹ 133.02 Cr https://thekredible.com/company/planetspark/financials View Full Data To access complete data, visithttps://thekredible.com/company/planetspark/financials Employee Benefit Employee Benefit Teachers Pay Teachers Pay Marketing and Branding expense Marketing and Branding expense Software and Server Charges Software and Server Charges Payment Gateway charges Payment Gateway charges Other Expenses To check complete Expense Breakdown visit thekredible.com View full data With over 40% scale and controlled expenses, PlanetSpark managed to trim its losses by 18% to Rs 90 crore in FY23. Its ROCE and EBITDA margin also improved to -197.1% and 226% respectively. On a unit level, PlanetSpark spent Rs 3.14 to earn a rupee of operating revenue in FY23. FY22-FY23 FY22 FY23 EBITDA Margin -362% -197.1% Expense/₹ of Op Revenue ₹4.65 ₹3.14 ROCE -1065% 226% According to the startup data intelligence platform TheKredible, PlanetSpark has mopped up over $34 million to date including a $17 million round this year. Prime Venture Partners is the largest stakeholder with 32.6% followed by FIIT- JEE. Its co-founder Kunal Malik and Maneesh Dhopper cumulatively command 29.6%.

Yubi posts Rs 328 Cr revenue and Rs 482 Cr loss in FY23

EntrackrEntrackr · 1y ago
Yubi posts Rs 328 Cr revenue and Rs 482 Cr loss in FY23
Medial

Yubi (formerly CredAvenue) grabbed wide attention when Vivriti Capital sold a part of its stake in the digital lending company at a valuation of $1.5 billion. Even as Vivitri made a fortune after the secondary transaction, the firm’s bottom line worsened, by 8X in the fiscal year ending March 2023. We will dive deeper into the company’s expenses pattern, which is responsible for its steep losses later in our analysis. For now, let’s review its collection streams. Yubi’s revenue from operations surged 98% to Rs 328 crore in FY23 from Rs 166 crore in FY22, its consolidated financial statements filed with the Registrar of Companies show. Yubi is a debt platform that connects businesses with banks and NBFCs. The company offers six distinct products including a lending marketplace, a supply chain financing marketplace, and dedicated real estate and infrastructure financing solutions. With 6,200 investors and over 17,000 active enterprises on board, Yubi claims to have facilitated credit worth Rs 1.4 lakh crore. Income from merchant banking and other allied services provided to corporate borrowers and debt investors formed 54% of the total revenue. Commissions on debt facilitation, collection solutions and data collection were other revenue drivers for Yubi. Check TheKredible for the detailed revenue breakup. Similar to the other technology startups, Yubi’s employee benefits accounted for 48% of the overall expenses. This cost surged 4.7X to Rs 432 crore in FY23 from Rs 92 crore in FY22. This expense also included Rs 109 crore as ESOPs cost (non-cash in nature). Yubi’s business supports services, information technology, traveling, legal/professional, and marketing costs took its overall expenditure up by 314% to Rs 895 crore in FY23 from Rs 216 crore in FY22. Expenses Breakdown Total ₹ 216 Cr https://thekredible.com/company/yubi-credavenue-/financials View Full Data To access complete data, visithttps://thekredible.com/company/yubi-credavenue-/financials Total ₹ 895 Cr https://thekredible.com/company/yubi-credavenue-/financials View Full Data To access complete data, visithttps://thekredible.com/company/yubi-credavenue-/financials Employee benefit Employee benefit Business support service Business support service Information technology Information technology Travelling conveyance Travelling conveyance Legal professional Legal professional Advertising promotional Advertising promotional Others To check complete Expense Breakdown visit thekredible.com View full data Head to TheKredible for a complete expense breakdown. At the end, Yubi’s losses increased by 745% to Rs 482 crore in FY23 from Rs 57 crore in FY22. Its ROCE and EBITDA margin worsened -30% and -105%, respectively. On a unit level, the Chennai-based company spent Rs 2.73 to earn a rupee of operating revenue during FY23. FY22-FY23 FY22 FY23 EBITDA Margin -8% -105.1% Expense/₹ of Op Revenue ₹1.30 ₹2.73 ROCE -2% -30% Rs 328 crore is probably a very small, if not fraction of where Yubi wants to be, operating in a market as vast as the debt syndication market in India. While it is too early to judge it for its operating metrics, the assumption is that having arranged credit of almost $18 billion, the firm will have picking up learnings and data along the way that continue to make it better at its job. It’s a market where seasoning, or time spent in the market matters, and 3 years or more is the minimum one would give before deciding if a firm has it to last. Of course, competition is intense, as is the risk of disintermediation that always hangs in this business, even as the proliferation of platforms like Yubi, Lendingkart etc has probably proven that it is one risk that is overhyped.

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