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Ripplr posts Rs 740 Cr gross revenue in FY23; controls losses

EntrackrEntrackr · 1y ago
Ripplr posts Rs 740 Cr gross revenue in FY23; controls losses
Medial

Ripplr, a tech distribution and logistics platform secured $40 million in May 2023. The substantial funding was driven by its impressive 2.7X growth during the fiscal year ended March 2023. Moreover, the Bengaluru-based company also managed to reduce its losses by 32% in the same period. Ripplr’s gross revenue increased 2.7X to Rs 740 crore in FY23 from Rs 275 crore in FY22, its annual financial statements filed with the Registrar of Companies show. The four-year-old Ripplr offers a plug-and-play distribution network as a service (DaaS) to digitize and manage brand operations. It services over 80,000 tier 2-based retailers having partnerships with FMCG brands like HUL, Britannia, ITC, Nestle, Mondelez, Colgate Reckitt Benckiser, Godrej, Dabur, and Nivea, among others. Goods sales accounted for 89% of Ripplr’s total gross revenue, which surged threefold to Rs 656 crore in FY23. Income from logistics and warehousing were other revenue drivers for Ripplr. See TheKredible for the complete revenue breakdown. Coming over to the cost sheet, the cost of material consumed comprised 77.5% of the overall expenditure. This cost surged 3X to Rs 624 crore in FY23 from Rs 203 crore in FY22. Its employee benefits, rent, transportation, legal, subcontractors, and other overheads took the overall expenditure to Rs 805 crore in FY23 from Rs 285 crore in FY22. View TheKredible for the complete expense breakup. The 2.7X growth and controlled expenditure helped the Fireside Ventures-backed company to reduce its losses by 32% to Rs 62 crore in FY23 from Rs 91 crore in FY22. It’s ROCE and EBITDA margin stood at -29% and -7.4% respectively. On a unit level, it spent Rs 1.09 to earn a rupee in FY23. FY22-FY23 FY22 FY23 EBITDA Margin -32% -7.4% Expense/₹ of Op Revenue ₹1.04 ₹1.09 ROCE -101% -29% Ripplr has raised over $50 million across rounds including its $40 million in a Series B round led by Fireside Ventures in May last year. According to the data intelligence platform TheKredible, 3One4 Capital is the largest external stakeholder with 17.87% followed byZephyr Peacock India and Sojitz Corporation. Focused on a critical if unloved area of the business, Ripplr’s offerings ensure that clients once onboarded stay for a long time. Considering the level of integration it offers with their distribution for instance with its DMS. That might mean longer sales cycles, but once in, a very sustainable model, intrinsically tied to the growth and well being of its clients. The current scale indicates the quality of headway it has made, which has clearly enthused its investors as well.

Bakingo crosses Rs 200 Cr revenue in FY24 with marginal losses

EntrackrEntrackr · 9m ago
Bakingo crosses Rs 200 Cr revenue in FY24 with marginal losses
Medial

Fintrackr All Stories Bakingo crosses Rs 200 Cr revenue in FY24 with marginal losses Online bakery brand Bakingo recorded a 43% year-on-year growth during the last fiscal year ending March 2024. However, in pursuit of expansion, the losses for the Gurugram-based company increased marginally in the same period. Bakingo’s revenue from operations grew by 43% to Rs 208.7 crore in FY24, compared to Rs 145.7 crore in FY23, its consolidated financial statements sourced from the Registrar of Companies (RoC) show. Founded by Himanshu Chawla, Shrey Sehgal, and Suman Patra, Bakingo offers a variety of cakes and desserts, including its signature Cheesecake, Gourmet Cakes, Jar Cakes, and over 100 SKUs. The sale of these products was the only source of revenue for Bakingo. For the bakery firm, the cost of product procurement accounted for 42.2% of its overall expenditure. To the tune of scale, this cost increased 43% to Rs 90 crore in FY24. Its employee benefit grew by 40% to Rs 31.6 crore, while advertising expenses rose by 38% to Rs 27.7 crore. Platform commission fees also saw a jump of 65% to Rs 26.2 crore. Overall, Bakingo’s total expenses rose by 46% to Rs 213.8 crore in FY24 from Rs 146.3 crore in FY23. The surge in employee benefits, advertising, and procurement costs outpaced the revenue growth, resulting in its losses to increase to Rs 5.3 crore in FY24. Its ROCE and EBITDA margin stood at -6.05% and -0.98% respectively. Bakingo’s expense-to-revenue ratio was recorded at Rs 1.02 with total current assets of Rs 96.5 crore during FY24. Bakingo has raised $16 million (Rs 130 crore) to date, which was its maiden round led by Faering Capital last year at a valuation of Rs 571 crore. According to Fintrackr’s estimates, its enterprise value to revenue multiple stood at 2.7X. The growth in the last year seems to be an outcome of being able to optimise operations to a higher level. In a discretionary category with very high competition, we believe Bakingo still has work to do on the brand, quality perception and distribution to keep growing. For now, it seems to be simply a branded offering for those looking to buy from one, rather than the neighborhood shop or bakery. Signature offerings, better word of mouth, and perhaps even packaging are all gaps that need work.

Fintech firm CASHe’s revenue crosses Rs 560 Cr in FY23; remains profitable

EntrackrEntrackr · 1y ago
Fintech firm CASHe’s revenue crosses Rs 560 Cr in FY23; remains profitable
Medial

CASHe — a personal loan and credit line platform — has grown at a rapid clip in the post-pandemic period which is evident from its scale that crossed Rs 550 crore during the last fiscal year. However, in the process of scaling up, the Mumbai-based company’s profits saw a marginal dip during the period. CASHe’s revenue from operations surged 2.2X to Rs 560.6 crore during the fiscal year ending March 2023 in contrast to Rs 257.5 crore in FY22, according to its consolidated financial statements with the Registrar of Companies. V Raman Kumar-led CASHe is in the business of providing mobile application based loans (financial services segment) and other services like IT enabled services, marketing services, developing & managing outsourced service resolution. CASHe is a personal loan and digital lending platform targeting millennials and Gen Z in India. Besides personal loans, it provides “buy now, pay later” products to salaried individuals through an app and a proprietary underwriting algorithm based on alternate data. It also forayed into the wealth management space with the acquisition of wealthtech platform Sqrrl in May 2022. Revenue from financial services (interest on loans) is the primary source of income which accounted for 93% of its total collections while the remaining came from IT services. The company also earned Rs 17.16 crore via interest and gains on financial assets (non-operating income) in FY23. Including this, the company’s total income rose to Rs 577.75 crore during the year. On the other hand, interest paid on borrowings (finance cost) accounted for 22% of the total expenditure. This cost jumped 2.7X to Rs 122 crore in FY23 from Rs 45.2 crore in FY22. Advertising & promotional cost also grew 2.6X to Rs 42.6 crore during the year while employee benefit expense went up only 11.7% in FY23. The seven-year-old company also booked impairment loss on financial assets worth Rs 202.4 crore during the financial year. Overall, CASHe’s total expenditure spiked 2.4X to Rs 544 crore in FY23 from Rs 222.4 crore in FY22. Head to startup intelligence platform TheKredible for a complete expense breakdown and year-on-year financial performance of the company. The rising expenses of the company impacted its bottom line during the fiscal year. Despite over two-fold growth in scale, CASHe’s profits declined nearly 7% to Rs 26.3 crore in FY23 as compared to Rs 28.3 crore recorded in FY22. The cash burn also impacted its cash outflows from operations which increased 47.4% to Rs 454 crore during FY23. EBITDA margin of the company worsened by 517 BPS to 27.65% during the last fiscal year. On a unit level, CASHe spent Re 0.97 to earn a rupee of operating revenue in FY23. FY22-FY23 FY22 FY23 EBITDA Margin 32.82% 27.65% Expense/₹ of Op Revenue ₹0.86 ₹0.97 ROCE 21.54% 32.20% As per TheKredible, CASHe has raised around $38 million funding to date. This includes Rs 140 crore worth equity funding raised from its Singapore-based holding company TSLC Pte Ltd in January 2022.

Mylab’s op revenue nosedives to under Rs 100 Cr in FY23, slips into losses

EntrackrEntrackr · 1y ago
Mylab’s op revenue nosedives to under Rs 100 Cr in FY23, slips into losses
Medial

Adar Poonawalla-backed Mylab thrived during the pandemic (FY21 and FY22) when the demand for covid related testing and other services skyrocketed. In the subsequent fiscal year ending March 2023, however, MyLab’s scale nosedived around 64% as the world returned to normalcy. Furthermore, a steep fall in demand also led the Pune-based firm to book sizable losses in FY23 against profits in FY21 and FY22. While the company achieved a 100X growth to Rs 825 crore in FY21, its scale dwindled to Rs 95 crore in FY23, Mylab’s consolidated financial statements filed earlier this week with the Registrar of Companies show. Mylab Even as the company remained profitable in FY22, Mylab’s scale has been on a downward trajectory since then. In FY22, the operating revenue was already down 68.4% to Rs 260.71 crore. Founded in 2016, Mylab develops and sells diagnostic kits for clinical diagnostics. Similar to FY21 and FY22, the sale of such kits continued to be the sole source of operating revenue for Mylab in FY23 The company also added Rs 29 crore from interest and miscellaneous sources tallying the total income to Rs 124 crore in FY23. On the cost side, the manufacturing of kits formed 27% of the total expenditure. In the line of decreasing scale, this cost was reduced by 60% to Rs 50 crore in FY23. The firm’s burn on employee benefits, legal fees, advertising, royalty, conveyance, and other overheads took its total expenditure to Rs 185 crore in FY23 from Rs 250 crore in FY22. See TheKredible for the detailed expense breakup. The decline in scale and fixed overheads led Mylab into losses for the first time in the last three reported fiscals. The company recorded a loss of Rs 47 crore in FY23, compared to a Rs 16 crore profit in FY22. Its ROCE and EBITDA margin worsened to -18% and -24.19%, respectively. On a unit level, it spent Rs 1.95 to earn a rupee in FY23. FY22-FY23 FY22 FY23 EBITDA Margin 14.81% -24.19% Expense/₹ of Op Revenue ₹0.96 ₹1.95 ROCE 11.42% -18.01% Much like online edtechs, online healthcare also seems to have vastly underestimated the fight in offline firms that missed out during the pandemic. Be it schools and other institutions in the case of edtech, in healthcare too we have seen offline diagnostic labs and institutions fight hard to claw back share and revenues from the diagnostics market that online firms had grabbed during the pandemic. It’s a battle they understand well with first access to patients in many cases, and we are already hearing of cases where many clinics and hospitals insist on their test lab result. Doubts have also been raised on the credibility of test lab results that are picked up at home and analysed subsequently. Mylabs test kits and ancillary services model has faced these problems, and come up severely short, going by the look of things. The firm needs a better diagnosis for its own survival, and growth plans.

Mintifi reports Rs 92 Cr PAT on Rs 384 Cr revenue in FY24

EntrackrEntrackr · 9m ago
Mintifi reports Rs 92 Cr PAT on Rs 384 Cr revenue in FY24
Medial

Supply-chain financing startup Mintifi has secured $180 million in a Series E funding round co-led by GTV and Prosus this month. The funding comes after Mintifi recorded a 4X growth in profit after tax (PAT) and a 72% year-on-year increase in operating scale in FY24. While we will delve into its expense pattern later in the story, let’s first explore Mintifi's revenue streams and their growth in the last fiscal year. Mintifi’s revenue from operations rose to Rs 384 crore in FY24 from Rs 223 crore in FY23, according to its consolidated annual financial statements filed with the Registrar of Companies (RoC). Founded in 2017 by Anup Agarwal, Ankit Mehta, and Sanjoy Shome, Mintifi caters to the last-mile distribution network and offers payment, invoicing, and financing solutions to small and medium enterprises (SMEs) across industries. Interest income from the disbursement of loans accounted for 80% of the revenue which increased 2X to Rs 308 crore in the last fiscal year. The rest of the income came from the sale of goods (textiles) recorded as inventory which was procured by distributors/retailers on a deferred payment basis. Mintifi also earned Rs 17 crore from interest on current investments, bringing its overall revenue to Rs 401 crore, a 76.6% year-on-year increase from Rs 227 crore in FY23. The Mumbai-based firm's employee benefits cost grew 65% to Rs 66 crore in FY24, while the inventory procurement cost stood at Rs 70 crore in the same period. To the tune of scale, its finance cost increased by 54% to Rs 54 crore during the last fiscal year. Its legal, training, recruitment, impairment losses, and other overheads drove the Premji Invest-backed firm’s overall expenditure up by 44.3% to Rs 277 crore in FY24, compared to Rs 192 crore in FY23. The significant surge in scale and controlled expenditure helped Mintifi post a 3.7X spike in its profits to Rs 92.5 crore in FY24 from Rs 24.8 crore in FY23. Its ROCE and EBITDA margins improved to 12.2% and 46.7%, respectively. Mintifi’s expense-to-earning ratio stood at Rs 0.72. According to the annual report, its current assets were recorded at 2,343 crore with Rs 200 crore of cash and bank balances as of March 2024. Mintifi has raised approximately $340 million to date, including its recent $180 million round, a mix of primary and secondary funding, which valued the company at $850 million. Notable investors in the seven-year-old firm include Prosus, Elevation Capital, Premji Invest, and Lok Capital, among others. A bunch of startups in supply chain financing have raised funding in the past couple of years. Vayana Network, 3SC, Wiz Freight, Cashinvoice, M1xchange, Progcap, FinAGG Technologies, CredAble, and Veefin. Check TheKredible for their funding and latest financials. While Mintifi has built a business around financing thanks to the inefficiencies in public sector bank lending and the banking sector more broadly, it faces an increasing challenge from other startups. The other startups started off offering a broader set of solutions before realising that financing was the one need that could be filled profitably and at some scale. Minitifi has clearly demonstrated enough savvy to earn the confidence of investors to scale up massively, and at this rate, could be in line for yet another IPO in 2025 perhaps at unicorn plus valuations.

Scaler’s revenue climbs 5X to over Rs 300 Cr in FY23, losses up by 90%

EntrackrEntrackr · 1y ago
Scaler’s revenue climbs 5X to over Rs 300 Cr in FY23, losses up by 90%
Medial

Tech upskilling platform Scaler Academy secured $55 million led by Lightrock India just before the commencement of FY23. The capital helped the Bangalore-based startup leap 4.9X during the previous fiscal year ending March 2023. Despite the growth though, the losses of the firm saw a surge of 90% during the same period. Scaler’s revenue from operations increased 388% to Rs 317 crore in FY23 from Rs 65 crore in FY22, its consolidated financial statements filed with the Registrar of Companies show. Launched in 2019, Scaler focuses on upskilling college students and tech professionals. The company offers an intensive six-month computer science course through live classes delivered by tech leaders and subject matter experts. The sale of educational services is the sole source of revenue for Scaler. The company also has a non-operating income of Rs 7.6 crore which took its total revenue to Rs 324 crore in FY23. In line with fellow ed-tech startups, employee benefits emerged as the largest cost center, accounting for 49% of the overall expenditure. This cost rose 2.7X to Rs 322 crore in FY23 from Rs 119 crore in FY22. Its rent, advertising cum promotional, information technology, legal and other overheads took the overall expenditure up by 2.7X to Rs 655 crore in FY23 from Rs 240 crore in FY22. See TheKredible for the detailed expense breakup. An increase of 2.7X in employee benefits and 2.2X in advertising costs led Scaler to record a loss of 330 crore in FY23, a 90% surge from Rs 174 crore in FY22. Its EBITDA margin stood at -96.9%. On a unit level, it spent Rs 2.07 to earn a rupee in FY23. Scaler has raised over $75 million across rounds and was valued at $710 million during its last round. According to the startup data intelligence platform TheKredible, Peak XV (formerly Sequoia Capital) is the largest external stakeholder with 22.52% followed by Lightrock India and Tiger Global. Its co-founders Abhimanyu Singh and Anshuman Singh cumulatively command 58.1% of the company. FY22-FY23 FY22 FY23 EBITDA Margin -256% -96.9% Expense/₹ of Op Revenue ₹3.69 ₹2.07 ROCE -791% N/A The high promoter holding augurs well for the medium and long term ambition of the firm, as it continues to tap into the huge upskilling opportunity in tech for engineers. With a thrust on individuals rather than corporate selling, the firm has also taken a different approach from some others, and will hope that marketing costs temper gradually as the brand builds a stronger case with strong word of mouth. FY24 numbers will be the real pathway to profitability for the firm, as they define its growth momentum and costs that are relatively more sticky.

Bizongo’s scale doubles to Rs 167 Cr in FY23; loss nears Rs 300 Cr

EntrackrEntrackr · 1y ago
Bizongo’s scale doubles to Rs 167 Cr in FY23; loss nears Rs 300 Cr
Medial

Ecommerce-focused packaging company Bizongo has managed to double its revenue during FY23. The growth, however, came at a cost which is evident from its losses which jumped 2.7X during the said period. Bizongo’s revenue from operations grew 98.6% to Rs 166.86 crore during the fiscal year ending March 2023 as compared with Rs 84 crore in FY22, as per the company’s consolidated financial statements with the Registrar of Companies. Founded in 2015, Bizongo offers digital vendor management, supply chain automation & supply chain financing as key services to its enterprise customers. The platform serves 450-500 enterprise customers in fashion & lifestyle, pharmaceuticals, consumer discretionary, consumer staples et al. Bizongo also provides unsecured financing to vendors and according to the company it has tied up with more than 40 banks and non-bank financial companies for loan disbursement. Co-founded by Sachin Agarwal, Ankit Deb, and Ankit Tomar, the company made 96% of its revenue via service fees whereas the remaining part came from design income and platform fees. It also made around Rs 18.15 crore via interest and gains on financial assets during the year which took its topline to Rs 185 crore at the end of FY23. Bizongo spent 32% of its expenses on finance costs which largely include interest on bill discounting, interest on working capital demand loans, and interest on debentures. This cost ballooned 3.9X to Rs 151.95 crore during FY23 from Rs 38.8 crore in FY22. Employee benefit costs went up 79.4% to Rs 113.23 crore in FY23. This cost also includes ESOP expenses worth Rs 27.12 crore. The company also booked allowance for expected credit loss worth Rs 124 crore during the year. The company’s overall expenditure surged 97.1% to Rs 476.6 crore in FY23 from Rs 241.8 crore in FY22. Head to TheKredible for a complete expense breakdown and year-on-year financial performance of the company. Amid cash burn, the company’s losses spiked 173.1% to Rs 291.57 crore during FY23 as compared to Rs 106.76 crore in FY22. Its operating cash outflows, however, improved by 29.6% to Rs 646.3 crore during the last fiscal year. The EBITDA margin and ROCE of the company stood at -73.06% and -27.60%, respectively, during the year. On a unit level, Bizongo spent Rs 2.86 to earn a rupee of operating revenue in FY23. FY22-FY23 FY22 FY23 EBITDA Margin -46.45% -73.06% Expense/Rupee of ops revenue ₹2.88 ₹2.86 ROCE -9.52% -27.60% As per the startup intelligence platform TheKredible, Bizongo has raised over $260 million to date. In October last year, it raised $50 million in a Series E funding round led by existing investor Schroder Adveq. The Tiger Global-backed company was also in the news for its acquisition of Titan Capital-backed FactoryPlus, a factory digitization app for micro, small, and medium enterprises (MSMEs), in November last year. Bizongo’s high provisions for credit loss indicate a cash-burning strategy to sort out the good, credit-worthy vendors from the bad, or worse, operational deficiencies that the firm must get a grip on to ensure its long-term survival. It remains in a promising segment to build a business at scale, but throwing money at the challenge to build a business is certainly not the answer. That investors have backed it as recently as last year indicates the possibilities they see for the firm to make a salutary impact on its segment, but we believe the time to show growth with improving margins is here.

Teachmint revenue grows 2X in FY24, losses down to Rs 82 Cr

EntrackrEntrackr · 10m ago
Teachmint revenue grows 2X in FY24, losses down to Rs 82 Cr
Medial

SaaS-based edtech firm Teachmint improved its financial performance in the last fiscal year, doubling its operating scale while reducing year-on-year losses by more than 39%. However, the Lightspeed-backed company has yet to achieve significant scale. Teachmint’s revenue from operations spiked to Rs 17.1 crore in the fiscal year ending March 2024 from Rs 8.15 crore in FY23, its consolidated financial statements sourced from the Registrar of Companies show. Teachmint sells education software solutions through subscriptions to schools and teachers. The sale of software solutions accounted for 73% of the operating revenue which increased by 56% to Rs 12.5 crore in FY24. The rest of the income is derived from the sale of devices like biometrics, interactive flat panels, GPS devices, among others. The Bengaluru-based company firm managed to control its overall cost, reduced by 26.6% to Rs 160 crore in FY24 from Rs 218 crore in FY23. Key areas of cost reduction include employee benefits, marketing, and IT which dwindled by 21.2%, 63.6%, and 9.1% respectively. The 2X surge and controlled expenditure helped Teachmint reduce its losses by 39.2% to Rs 110 crore during the last fiscal year from Rs 181 crore in FY23. Excluding non-cash ESOP costs, the company’s losses stood at Rs 82 crore for the fiscal year ending March 2024. Its ROCE and EBIDTA margins stood at -24.7% and -198%, respectively. On a unit level, the company spent Rs 9.36 to earn a rupee in FY24. Importantly, the firm has a total current assets of Rs 440 crore including Rs 34 crore of cash and bank balances in the last fiscal year. The company’s transformation from pre-revenue to a significant revenue jump is largely driven by shifting its focus to digitize schools. Entrackr reported about the strategic move in April last year. Teachmint faced significant challenges in FY24, including laying off over 70 employees. It has raised over $100 million in funding, with a $78 million Series B round in October 2021 at a valuation of $500 million. However, it has not raised any additional funding in the last three years. Its competitor Classplus achieved a two-fold revenue increase to Rs 213 crore in FY24, while its newer rival, Lead School, recorded 25% growth to Rs 370 crore in revenue in the same period.

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