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Healthify slashes net loss by 38% as both revenue, employee costs drop

YourStory

YourStory · 9m ago

Healthify slashes net loss by 38% as both revenue, employee costs drop

Healthify, an AI-powered health and fitness app backed by Khosla Ventures, has reduced its losses by 38% to Rs 88 crore in FY24. The company's total expenses dropped by 20% to Rs 295 crore, mainly due to lower employee and advertisement costs. Healthify recently raised $45 million in a financing round led by Khosla Ventures and LeapFrog Investments. The funds will be used for expansion and the upcoming full launch of its platform in the US. The platform, which has over 40 million users in India, combines AI with human coaches to deliver measurable health outcomes.

Related News

Zoomcar Slashes Losses by 25% in FY25, Posts First Contribution Profit

OutlookIndia

OutlookIndia · 2m ago

Zoomcar Slashes Losses by 25% in FY25, Posts First Contribution Profit

Zoomcar reduced its net loss by 25% to $25.62 million in FY25 and reported its first contribution profit of $4.25 million, despite a 7.9% drop in revenue to $9.1 million. The company achieved this through operational efficiencies, dynamic pricing, and cost reductions, including a 49% decrease in cost of revenue. A partnership with CARS24 was announced to enhance vehicle safety and transparency on its platform.

Cashfree Payments’ net loss widens 46X to INR 133.1 Cr in FY23

Inc42 · 1y ago

Cashfree Payments’ net loss widens 46X to INR 133.1 Cr in FY23

Cashfree Payments, a fintech platform, reported a significant increase in net loss, widening it by 46X to INR 133.1 Cr in FY23 compared to INR 2.9 Cr in the previous year. Despite a YoY rise in operating revenue and commission income, the net loss surged due to a sharp jump in employee costs. Cashfree spent a substantial amount on payment gateway processing charges, employee benefits, advertising, and promotional expenses. The startup aims to expand its offerings and has received approvals from the Reserve Bank of India (RBI) for cross-border payments and to operate as a payment aggregator.

Healthify Fires 150 Employees In A Restructuring Exercise

Inc42 · 1y ago

Healthify Fires 150 Employees In A Restructuring Exercise

Indian healthtech startup Healthify (formerly healthifyme) has laid off around 150 employees, or 27% of its workforce, in a restructuring aimed at making its India business EBITDA profitable and expanding its offerings in the US market. The majority of the job losses affected sales and product teams. The impacted employees have been offered severance pay, extended insurance coverage, accelerated stock vesting periods, and leave cash encashment. The layoffs come after Healthify raised $30m in a pre-Series D funding round last year. The company's net loss declined in FY23, while revenue from operations increased by 23% from FY22.

Sachin Bansal's Navi Finserv quadruples standalone PAT in FY24 after subsidiary sale

YourStory

YourStory · 11m ago

Sachin Bansal's Navi Finserv quadruples standalone PAT in FY24 after subsidiary sale

- Navi Finserv Limited (NFL) reports strong standalone revenue growth of 48.57% in fiscal year 2024 (FY24), reaching Rs 1,906 crore. - On a consolidated basis, NFL's revenue declined by 6.5%, mainly due to divesting its stake in Chaitanya India Fin Credit (CIFCPL) in FY23. - NFL's standalone net profit nearly quadrupled to Rs 668.82 crore in FY24, while the consolidated net profit more than doubled to Rs 545.07 crore. - Total expenses increased by 48.4% on a standalone basis, driven by a significant rise in employee benefit costs. - NFL disbursed Rs 3,097.82 crore under co-lending agreements in FY24 and closed a $38 million personal loans securitisation deal with JP Morgan.

PhonePe FY24 operating revenue up 73% to Rs 5,064 crore, loss down 28%

Economic Times

Economic Times · 10m ago

PhonePe FY24 operating revenue up 73% to Rs 5,064 crore, loss down 28%

PhonePe, a leading digital payments company, reported a 73% increase in operating revenue to Rs 5,064 crore in FY24. The net loss for the year decreased by 28% to Rs 1,996 crore. The company's expenses rose by 31%, primarily driven by employee expenses and payment processing charges. PhonePe recorded a profit of Rs 197 crore, excluding employee stock ownership costs, indicating positive progress in its operational business. It has reduced cashback and incentive-based expenses significantly and diversified its revenue streams to stabilize growth. The company aims to achieve profitability through disciplined financial management.

INDmoney’s FY23 Revenue More Than Doubles

Inc42 · 1y ago

INDmoney’s FY23 Revenue More Than Doubles

Investech startup INDmoney reported a 7.7% increase in its net loss, reaching INR 73.9 Cr in FY23, despite doubling its operating revenue to INR 40.6 Cr. Total expenses grew 1.5X to INR 200 Cr, with employee costs accounting for 56% of it. INDmoney reduced marketing costs by over 25%, but ESOP expenses surged 11X YoY to INR 47.6 Cr. The startup offers a super finance app for saving and investing, earning revenue from various sources, including advisory services and broking activities.

Bizongo Spent INR 2.9 To Earn Every Rupee From Operations In FY23

Inc42 · 1y ago

Bizongo Spent INR 2.9 To Earn Every Rupee From Operations In FY23

B2B vendor management startup Bizongo reported a consolidated net loss of INR 291.6 Cr in FY23, more than double the loss from the previous fiscal year. Despite a 99% increase in operating revenue to INR 166.9 Cr, expenses soared over 97% to INR 476.6 Cr. Bizongo earned the majority of its revenue through service fees, which amounted to INR 161.2 Cr. Finance costs and employee benefits were the largest expense categories. The startup aims to achieve profit before tax by the end of FY24 and recently acquired FactoryPlus, a factory-digitisation application.

Delhivery plans to improve working capital intensity; realising synergies from Spoton integration

Economic Times

Economic Times · 1y ago

Delhivery plans to improve working capital intensity; realising synergies from Spoton integration

Delhivery, a logistics services provider, aims to enhance working capital efficiency across its business lines in FY 2024. The company highlighted the benefits from integrating Spoton's network with its operations, reducing the aggregate number of gateways and service centers. Delhivery also plans to develop real-time service level prediction systems and AI-based analytics to combat fraud. In FY23, it reported a net working capital of 38 days, a marginal drop in operating revenue, and a net loss. Delhivery delivered 66.3 crore shipments in FY23 and plans to expand its operations to new customers and enhance intracity and intercity delivery volumes.

IPO-Bound Smartworks’ FY25 Loss Widens 27% To INR 63.2 Cr

Inc42 · 2m ago

IPO-Bound Smartworks’ FY25 Loss Widens 27% To INR 63.2 Cr

In the fiscal year 2024-25, coworking startup Smartworks experienced a widened consolidated net loss of INR 63.2 Cr, up 26.5% from INR 49.9 Cr the previous year. Despite increasing its operating revenue by 32.3% to INR 1,374.1 Cr, total expenses rose to INR 1,489.1 Cr due to higher operational, employee, and finance costs. Smartworks plans to open its IPO on July 10, reducing the fresh issue size to INR 445 Cr as per its red herring prospectus.

BYJU’S Slashes Salaries For New Sales Hires By More Than 90%

Inc42 · 1y ago

BYJU’S Slashes Salaries For New Sales Hires By More Than 90%

BYJU'S has implemented a new compensation structure for hiring sales associates, with fixed pay as low as INR 10,000 per month, according to sources. The company has significantly reduced the remunerations for BDAs and Inside Sales Associates, both in terms of fixed and variable pay. This move aligns with Byju Raveendran's focus on a new sales-based model, which ties revenue generation to employee salaries.

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