🚀 Medial Secures Investment on Shark Tank India - Fueling the Future of Professional Social Networking. 🔥
Login

News on Medial

Headsup B2B gross scales over 8X in FY24; profits spikes 88%

EntrackrEntrackr · 11m ago
Headsup B2B gross scales over 8X in FY24; profits spikes 88%
Medial

Construction goods and services platform Headsup B2B achieved over 8X year-on-year growth during the fiscal year ending March 2024. At the same time, the Delhi-based company’s profit increased by over 88% in the same period. Headsup B2B’s gross revenue spiked to Rs 43.4 crore in FY24, from Rs 5 crore in FY23, its annual financial statement filed with the Registrar of Companies (RoC) shows. Headsup B2B supplies construction materials, including cement, TMT steel, tiles, sanitary fittings, at wholesale prices across Delhi (NCR). The sale of goods is the sole source of revenue for the firm in FY24. According to the website of the company, it had delivered 1, 1400 MT of MMT, 500 tons of aggregates, and 150 MT of MS steel. For the construction goods platform, the cost of procurement of construction materials formed the largest cost component forming 96.8% of the overall expenditure. To the tune of scale, this cost spiked 12X to Rs 41.34 crore in the last fiscal year. Employee benefit expenses saw a modest increase of 3.3% to Rs 62 lakh, while finance costs rose to Rs 21 lakh. Overall, the company’s total expenses surged 9X to Rs 42.7 crore during the last fiscal year, from Rs 4.6 crore in FY23. Headsup B2B achieved a net profit of Rs 64 lakh in FY24, a notable 88.2% increase from Rs 34 lakh in FY23. Its ROCE and EBITDA margins improved to 65% and 2.52%, respectively. On a unit basis, the company spent Re 0.98 to earn a rupee of operating revenue in FY24. Headsup B2B's cash and bank balances grew significantly to Rs 11 lakh, while current assets increased to Rs 7.55 crore. Headsup B2B secured its first investment round of Rs 18.89 crore in September this year. The company, which has already surpassed Rs 100 crore in revenue since its inception, is targeting Rs 150 crore in revenue for the current fiscal year. Headsup B2B is an emerging player in the B2B construction goods marketplace, a segment which has been dominated by established players like OfBusiness, Moglix and Infra.Market. It also competes with new age companies like BRKZ, which is backed by BECO Capital and Aramco’s Wa’ed Ventures. Highlighting the scope of Headsup B2B, its founder, Sumit Kumar, said, "B2B space offers untapped potential into areas that are yet to be explored by well-funded companies and this gives us an interesting proposition to explore such segments.” According to Sumit Kumar, the company plans to initiate a fundraising campaign soon. "Our business model is more capital-efficient compared to our competitors. We aim to let our performance metrics speak for themselves, building the trust we need from potential investors," he said.

1

Related News

ProcMart GMV zooms 3X to Rs 621 Cr in FY24; profit slips 56%

EntrackrEntrackr · 1y ago
ProcMart GMV zooms 3X to Rs 621 Cr in FY24; profit slips 56%
Medial

B2B procurement marketplace ProcMart has been growing at a scorching pace over the past two fiscal years, with its gross merchandise value (GMV) spiking 5X in FY23 and FY24 compared to FY22. In FY24, the company achieved 3X GMV growth, but its profit nosedived by 56.5% ProcMart’s gross revenue shot up over 200% to Rs 621.5 crore during the fiscal year ending March 2024 in comparison to Rs 206.07 crore in FY23, the company’s consolidated financial statements sourced from the Registrar of Companies (RoC) show. ProcMart is engaged in the trading business of industrial automation, electrical, mechanical, electronics, IT items, abrasive, fasteners, safety & security items, various tools & consumables. The sale of these products accounted for 98% of the total gross revenue in the last fiscal year. The company also provides business procurement assistance services which formed the remaining part of the GMV during the last fiscal year. Overall, the company generated Rs 624.3 crore in gross revenue including Rs 2.79 crore from interest and gains on financial assets. Moving forward, the cost of materials was found to be the largest burn and formed 93.4% of the total expenses. This cost ballooned 216.3% to Rs 582 crore in FY24. The company spent 3% of its total expenses on employee benefits which stood at Rs 19 crore during the same period. Further, expenses such as transportation, legal & professional, rent et al took over the company’s total cost by 205.6% to Rs 623.4 crore during FY24 from Rs 204 crore in FY23 For the complete expense breakdown, head to TheKredible. Despite accelerating scale, ProcMart barely finished staying in the green. The company’s profits slipped 56.5% to Rs 73 lakh in FY24 against Rs 1.68 crore in FY23. Its operating cash flows however turned positive at Rs 15.81 crore crore during the last fiscal year. FY23-FY24 FY23 FY24 EBITDA Margin 2.28% 1.33% Expense/₹ of Op Revenue ₹0.99 ₹1.00 ROCE 7.33% 5.45% As per TheKredible, the firm’s EBITDA margin and ROCE registered at 1.33% and 5.45%, respectively. On a unit level, ProcMart spent Re 1 to earn a rupee of operating revenue during the previous fiscal year. ProcMar has raised over $40 million in funding to date across three rounds. Its last funding round came in April this year where it raised $30 million funding co-led by Fundamentum and Edelweiss Discovery Fund. As per TheKredible, the company was valued at around Rs 724 crore or $88 million (post-money). The B2B procurement space has been a surprise winner with the storied success of multiple firms. There is however little doubt that margins are thin, prompting changes in the model to contract manufacturing, financing and more by players. ProcMart for now seems to be sticking to the plain vanilla procurement based model. As it scales up, it will be interesting to see if it sticks to the model, or finds its own way into a higher margin revenue stream. Until then, it will know that maintaining a strong growth rate will be the least expected of it.

Snapdeal records Rs 384 Cr revenue in FY24, adjusted EBITDA loss drops by 88%

EntrackrEntrackr · 10m ago
Snapdeal records Rs 384 Cr revenue in FY24, adjusted EBITDA loss drops by 88%
Medial

Snapdeal records Rs 384 Cr revenue in FY24, adjusted EBITDA loss drops by 88% E-commerce marketplace Snapdeal delivered steady financial results in FY24 as its revenue from operations increased by 2.1%, rising to Rs 379.76 crore in FY24. The company’s cost-reduction measures led to its adjusted EBITDA loss dropping by 88% from Rs 144 crore in FY23 to Rs 16 crore in FY24. It also improved its operating cash flows during the last fiscal year. Snapdeal’s revenue from operations increased by 2.1%, rising to Rs 379.76 crore in FY24 from Rs 371.96 crore in FY23, according to its consolidated financial statements filed with the RoC. Snapdeal’s primary revenue streams include marketing services, e-commerce enablement, and other ancillary sources. Marketing services continued to be the largest contributor, generating Rs 252.55 crore, though it witnessed a dip of 9.6% compared to FY23. Its enablement revenue increased by 14.8% to Rs 103.36 crore, reflecting the platform’s growing traction among value-focused sellers. Additionally, revenue from other sources surged over 8X to Rs 23.85 crore in FY24. Snapdeal’s strategic focus on targeted cost-reduction initiatives led to significant expense savings across multiple categories. The company’s spending on employee benefits reduced by 48.5% to Rs 158.4 crore in FY24 from Rs 307.53 crore in FY23. Promotional costs were also reduced by 23.5% to Rs 70.37 crore during the same period. Overall, the Gurugram-based firm’s total expenditure dropped by 21.4% to Rs 540.76 crore in FY24 from Rs 687.93 crore in FY23. The company’s improved performance was visible in the 43.2% reduction of loss to Rs 160.38 crore in FY24. Further, most of this loss seems to be on account of non-cash heads, including the revaluation of a put option held by Unicommerce investors to the tune of Rs 110 crore, leading to an adjusted EBITDA loss of Rs 16 crore, which shows that the company is nearing its target of reaching profitability. As per the filings, Snapdeal reduced its stake in Unicommerce, generating Rs 33 crore from a secondary sale of 3.4% stakes in May/June 2024 prior to the IPO and an offer for sale of 9.2% stake for Rs 81 crore in the IPO completed in August 2024.

Upstox profit jumps 8X to Rs 190 Cr in FY24

EntrackrEntrackr · 9m ago
Upstox profit jumps 8X to Rs 190 Cr in FY24
Medial

Upstox profit jumps 8X to Rs 190 Cr in FY24 Following Rs 1,050 crore of revenue with profitability in FY23, Upstox delivered another notable year with 25% year-on-year growth during the fiscal year ended March 2024. Moreover, the profits jumped 8X to Rs 190 crore in the same period. Upstox’s revenue from operations grew to Rs 1,311 crore in FY24 from Rs 1,050 crore in FY23, according to the company’s press release. Upstox provides retail investors with investment options, including stocks, IPOs, futures & options (F&O), commodities, currencies, fixed deposits, peer-to-peer lending, government bonds, non-convertible debentures (NCDs), gold, and insurance. According to the company, it has a user base of 1.7 crore, with a significant 85% of its customers coming from tier II and III cities. “In FY24, we focused on innovation and high-impact growth, ensuring every investor and trader has the best tools at their fingertips. We are building a profitable, innovation-driven, and customer-first company that sets new benchmarks in security, speed, and simplicity” Ravi Kumar, CEO and Co-founder, Upstox said in the press release. In May 2024, the firm also entered the insurance distribution business. Upstox has raised over $200 million to date and was valued at $3.5 billion in its last fundraise. According to the startup data intelligence platform TheKredible, Tiger Global is the largest external stakeholder, holding 38.54%. The founding team including Ravi Kumar, Shrinivas Vishwanath, and Kavitha Subramanian own 36.12% of the company. Raghu Nathan Kumar, the company’s director, has 15% stake. In October 2024, the company delivered a 10X return to Ratan Tata in the partial buyback. Upstox's major competitors include Zerodha, Groww, Angel One, and PhonePe’s Share.Market. In FY24, Groww's revenue surged to Rs 3,145 crore, Zerodha reported Rs 8,370 crore in revenue and Rs 4,700 crore in profits. Angel One recorded Rs 4,280 crore in revenue in the previous fiscal year. According to the National Stock Exchange, Upstox ranks fifth in active users, with 2.89 million. Groww holds the top position, followed by Zerodha and Angel One.

Oxyzo posts Rs 903 Cr revenue and Rs 291 Cr PAT in FY24

EntrackrEntrackr · 1y ago
Oxyzo posts Rs 903 Cr revenue and Rs 291 Cr PAT in FY24
Medial

B2B fintech unicorn Oxyzo Financial Services recorded 58.4% year-on-year growth during the fiscal year ended March 2024. At the same time, the profits of the Tiger Global-backed company spiked 47% and neared the Rs 300 crore threshold. Oxyzo’s revenue from operations increased to Rs 903 crore in FY24 from Rs 570 crore in FY23, according to the company’s consolidated financial statement reviewed by Entrackr. Oxyzo is the lending arm of industrial goods and services procurement platform OfBusiness which provides credit solutions and loans to small and medium enterprises (SMEs) and startups. Interest received from the disbursement of loans formed 96% of the total operating revenue which increased 61.3% to Rs 866 crore in FY24. The rest of the income came from fees and commissions which grew 50% to Rs 36 crore in FY24. Finance cost became the largest cost center for Oxyzo, forming 61.67% of its overall expenditure. These expenses surged 73.2% to Rs 317 crore in FY24. Oxyzo’s employee benefits also saw a growth of 48.7% during FY24. The firm’s burn on legal cum professional, advertising, technology, and other overheads pushed its total expenditure up by 66.3% to Rs 514 crore in FY24 from Rs 309 crore in FY23. The notable scale and controlled cost helped Oxyzo post a 47% increase in its PAT (profits after tax) to Rs 291 crore in FY24 from Rs 198 crore in FY23. On a unit level, it spent Rs 0.57 to earn a rupee in FY24. Oxyzo claims that it ended FY24 with an approximately Rs 2,600 crore of net worth with post tax return of assets (RoA) of 4.5% and a gross non-performing assets (NPA) of 1.02%. In addition to scaling its balance sheet, the company will continue to invest and grow its debt capital markets platforms for its enterprise clients. FY23-FY24 FY23 FY24 EBITDA Margin 46% 43.4% Expense/₹ of Op Revenue ₹0.54 ₹0.57 ROCE 11% 15% Oxyzo has raised around $200 million in 2022 and entered the unicorn club after its Series A round led by Alpha Wave and Tiger Global. As per the startup data intelligence platform TheKredible, OFB group including promoters holds 74.5% while Alpha Wave is the largest external stakeholder with 7.4% followed by Tiger Global. Like its parent firm, Oxyzo has been quick to latch on to a relevant and profitable service in the B2B market it serves. The rising profitability places it very well to meet its ambitious goal for the debt capital markets platform. It’s the kind of virtuous cycle that investors love, and it should be no surprise to see a spike in valuations here soon.

Morgan Stanley-backed Recykal’s scale dips in FY24; losses spike 31%

EntrackrEntrackr · 8m ago
Morgan Stanley-backed Recykal’s scale dips in FY24; losses spike 31%
Medial

Morgan Stanley-backed Recykal’s scale dips in FY24; losses spike 31% While Recykal, a B2B waste management marketplace, achieved 4X year-on-year growth in FY23, the firm could not maintain the same momentum in FY24, with its gross revenue declining by nearly 5%. Moreover, the company’s losses spiked 31% in the same period. Recykal’s gross revenue declined by 4.4% to Rs 712 crore in FY24 from Rs 745 crore in FY23, its consolidated financial statements sourced from the Registrar of Companies show. Founded in 2016, Recykal offers digital solutions for waste management, assisting businesses in meeting EPR targets, sourcing recyclables, and tracking industrial waste. Its services include EPR certificates, plastic neutrality, ITAD, a digital marketplace, and circularity solutions. Gross collections from scrap and waste sales contributed 85% of the gross revenue, which declined 7.4% year-on-year to Rs 608 crore in FY24 from Rs 657 crore in FY23. The remaining revenue was generated from the sale of sustainability services, including EPR certificates. Recykal also added Rs 6 crore interest on deposits and gain on the sale of current investments which tallied the overall income to Rs 718 crore in the last fiscal year, from Rs 748 crore in FY23. For the waste management firm, scrap and waste procurement remained the largest cost center, making up 89.5% of total expenses. With a slight decline in scale, this cost decreased by 3.6% to Rs 673 crore in FY24. Employee benefits surged by 43.3% to Rs 43 crore in FY24, including Rs 3.2 crore in ESOP costs (non-cash). Provisions for doubtful debts, legal expenses, rent, communication, logistics, and other overheads drove total expenditure to Rs 752 crore in FY24. The decline in scale led Recykal to record a 30.8% increase in losses, standing at Rs 34 crore in FY24, up from Rs 26 crore in FY23. Its Return on Capital Employed (ROCE) stood at -15.66%, while its EBITDA margin was -4.04%, with an expense-to-revenue ratio of Rs 1.06. By the end of FY24, Recykal reported total current assets of Rs 317 crore, including Rs 70 crore in cash and bank balances. Recykal has raised over $38 million to date including its $13 million round led by 360 ONE Asset Management. According to the startup data intelligence platform TheKredible, Morgan Stanley is the largest external stakeholder followed by 360 One Asset Management.

Download the medial app to read full posts, comements and news.