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Hangyo nears Rs 300 Cr revenue in FY24; profit spikes 2X

EntrackrEntrackr · 4m ago
Hangyo nears Rs 300 Cr revenue in FY24; profit spikes 2X
Medial

Hangyo Ice Cream secured India's largest venture funding for an ice cream brand, raising $25 million from Faering Capital in August last year. The investment was driven by the company’s expanding scale, as it surpassed Rs 300 crore in revenue in FY24 while maintaining profitability. Hangyo’s revenue from operations grew 23.5% year-on-year to Rs 294 crore in FY24 from Rs 238 crore in FY23, its consolidated financial statements sourced from the Registrar of Companies show. Founded in 2003 by Pradeep Pai and Dinesh Pai, Hangyo sells cups, cones, sorbets, stick ice creams, tubs, and kulfis across general trade, modern trade, and online channels including quick commerce apps. Income from the sale of ice creams is the sole source of revenue for Hangyo in FY24. For the ice cream seller, the cost of procurement was the largest cost center forming 57% of its overall expenditure. This cost grew by 9.1% to Rs 168 crore in FY24. The employee benefits also saw a surge of 38.9% to Rs 25 crore in the previous fiscal (FY24). Its power, fuel, advertising, transportation/distribution, traveling, and other overheads drove the total expenditure up by 23.5% to Rs 294 crore in FY24 from Rs 238 crore in FY23. The decent scale and controlled costs helped Hangyo to register a 2.1X surge in its profits to Rs 11.8 crore in FY24, compared to Rs 5.6 crore in FY23. At a unit level, it spent Rs 0.95 to earn a rupee. Its ROCE and EBITDA margins improved to 28.77% and 11.86% respectively. By the end of FY24, its total current assets stood at 59 crore. Hangyo has raised a total of $30 million to date including $5 million from Capvent Partners in 2013. Over the past two years, several new-age and established ice cream brands, including Hocco, Go Zero, and NIC, have secured significant funding. Hocco raised $12 million from the Chona family and others, while NIC secured $31 million across two rounds. Mumbai-based Go Zero also raised $2.5 million through two funding rounds.

Bloom Hotels posts Rs 250 Cr revenue in FY24; profit spikes 2.3X

EntrackrEntrackr · 7m ago
Bloom Hotels posts Rs 250 Cr revenue in FY24; profit spikes 2.3X
Medial

Hospitality chain Bloom Hotels has showcased impressive over fivefold growth in the past two fiscal years, surging its scale from Rs 49 crore in FY22 to Rs 250 crore in FY24. On a year-on-year basis, its operating revenue grew 73.6% in the fiscal year ending March 2024, while the firm’s profit spiked 2.3X. Bloom’s revenue from operations grew by 73.6% to Rs 250 crore in FY24 from Rs 144 crore in FY23, according to its annual consolidated financial statements sourced from the Registrar of Companies. The company operates hotel brands such as Bloom Hotel, Bloom Hub, BloomSuites, and Bloomrooms. Income from the room rental accounted for 85.2% of the operating revenue which surged 79% to Rs 213 crore in the last fiscal year from Rs 119 crore in FY23. The rest of the revenue came from food/beverages and other allied services which stood at Rs 33 crore and Rs 4 crore, respectively. Bloom also added Rs 8 crore primarily from the interest on deposits which pushed its overall revenue to Rs 258 crore in FY24. Currently, it has over 50 hotels located across Mumbai Pune, Udaipur, Jaipur, NCR et al. For the hospitality chain business, the cost of lease rent was the latest cost center, forming 31.5% of the overall cost. In the line of expansion, the cost grew 79% to Rs 77 crore in FY24. Notably, Bloom has entered into multiple operating lease agreements, with lease durations ranging from 5 to 44 years. These agreements encompass a mix of company-owned leased hotels and revenue-linked lease arrangements based on earnings from the leased premises. Its employee benefits and commissions to agents grew by 58% and 78% to Rs 60 crore and Rs 16 crore, respectively. Advertising, legal, and cost of food & beverages were other overheads, taking the total cost to Rs 244 crore in FY24 from Rs 144 crore in FY23. Check TheKredible for more details. The impressive scale and controlled cost boosted Bloom’s profits over two-fold to Rs 14 crore in FY24. Its ROCE and EBITDA margin improved to 6.25% and 10.08% respectively in the last fiscal year. Bloom has improved its expense-to-revenue ratio, reducing it to Rs 0.98 from Rs 1.00 in the previous fiscal year. Its total current assets stood at Rs 118 crore, including Rs 97 crore in cash and bank balances. Bloom Hotels has secured approximately Rs 362 crore (around $45 million) in funding from Samena Capital, which now holds a majority stake in the company. Its competitors Treebo Hotels and FabHotels reported operating revenue of Rs 88.6 crore and Rs 224 crore, respectively, in FY23. Both companies are yet to submit their annual reports for the last fiscal year (FY24).

Bambrew’s revenue spikes 4.7X to Rs 44 Cr in FY23

EntrackrEntrackr · 1y ago
Bambrew’s revenue spikes 4.7X to Rs 44 Cr in FY23
Medial

Sustainable packaging startup Bambrew’s multi-fold growth in the last two fiscal years appears to have drawn investors’ attention as it closed a $7 million round of funding last week. To put things in perspective, the company’s operating scale rose 58X to Rs 43.52 crore in FY23 from Rs 75 lakh in FY21. As far as year-on-year growth is concerned, Bambrew’s revenue from operations spiked 4.66X to Rs 43.52 crore in FY23 from Rs 9.34 crore in FY22, its financial statements sourced from the Registrar of Companies (RoC) shows. Founded in 2018 by Vaibhav Anant and Saikat De, Bambrew is a green packaging startup which offers eco-friendly and purely handmade sustainable products made from bamboo, sugarcane and seaweed. Revenue from sales of goods was the only source of the company’s income while it also earned Rs 70 lakh as other income from non operating activities (interest on fixed deposit, sale of scrap and others). Cost of goods sold was the major expense for Bambrew which accounted for 68.30% of the total expenditure followed by employee benefit and freight charges of Rs 7.32 crore and Rs 3.36 crore respectively. Bambrew’s legal professional charges, warehouse renting and other overheads brought its total expenditure to Rs 62.23 crore in FY23. Head to Thekredible for a detailed expenses breakup. As the firm prioritized growth, its losses blew 5.33X to Rs 18.03 crore in the fiscal year ending March 2023 as compared to Rs 3.38 crore in FY22. Its ROCE and EBITDA margin stood at -782% and -34.5%, respectively. On a unit level, Bambrew spent Rs 1.43 to earn a rupee in FY23. FY22-FY23 FY22 FY23 EBITDA Margin -34% -34.5% Expense/₹ of Op Revenue ₹1.36 ₹1.43 ROCE -27% -782% According to the startup data intelligence platform TheKredible, Anant was the largest stakeholder in the company with 43.20% followed by Bambrew’s early backer Blue Ashva and others before its Series A round. Bambrew’s losses might have outrun its revenue growth, but the firm has a massive opportunity waiting ahead for it, as the idea of sustainable packaging catches on. Worries around its cost versus traditional plastic packaging are also receding as more and more product categories see it as one key aspect to have to premiumize their offerings. For Bambrew, it all means working to ensure it can meet market demand, and the more and better it controls its costs, the firm will discover that there is pretty much unlimited demand in the near future for it .

Juspay’s revenue spikes 88% to Rs 213 Cr in FY23; losses stand still

EntrackrEntrackr · 1y ago
Juspay’s revenue spikes 88% to Rs 213 Cr in FY23; losses stand still
Medial

Payments technology firm Juspay has been consistent in its scale with 85% YoY growth in the last two fiscal (FY23 and FY22). At the same time, the SoftBank-backed company kept a tight rein on its losses which remained almost unchanged in the fiscal year ending March 2023. Juspay’s revenue from operations grew 88.5% to Rs 213 crore in FY23 from Rs 113 crore in FY22, its annual financial statements filed with the Registrar of Companies show. Juspay offers payment processing technology to merchants and is working behind offline payment solutions. Its flagship products include Juspay Safe, HyperSDK, Express Checkout, and UPI in a Box. It claims to process over 100 million transactions with an annualized TPV (total payment value) of more than $500Bn. Payment platform integration and related services were the primary source of revenue for Juspay. The company also earned Rs 24 crore from interest on non-current and current investments which tallied Juspay’s total income to Rs 213 crore during the previous fiscal year (FY23). Similar to other payments companies, its employee benefits emerged as the largest cost center forming 62% of the overall expenditure. This cost surged 70% to Rs 214 crore in FY23 from Rs 126 crore in FY22. This includes 54 crore as ESOP cost which is non-cash in nature. Juspay’s expenses on rent, information technology, legal professional, advertising, and overheads took its overall cost up by 53.8% to Rs 343 crore in FY23 from Rs 223 crore in FY22. Check TheKredible for a detailed expense breakdown. The impressive scale with a tight control on expenses helped Juspay control its losses which increased only by 5% to Rs 106 crore in FY23 as compared to Rs 101 crore in FY22. Its ROCE and EBITDA margin improved -21% and -40.9% respectively. On a unit level, the Accel Partners-backed firm spent Rs 1.61 to earn a rupee in FY23. FY22-FY23 FY22 FY23 EBITDA Margin -80% -40.9% Expense/₹ of Op Revenue ₹1.97 ₹1.61 ROCE -24% -21% The Bengaluru-based company secured over $85 million across rounds including a $60 million round led by SoftBank in 2021. According to the startup data intelligence platform TheKredible, Accel is the largest external stakeholder with 12.39% followed by VEF VC and SoftBank.

Table Space revenue spikes 2X to Rs 780 Cr in FY23; stays profitable

EntrackrEntrackr · 1y ago
Table Space revenue spikes 2X to Rs 780 Cr in FY23; stays profitable
Medial

Co-working space solutions provider Table Space has demonstrated solid financial performance in the last fiscal year as the company’s operating scale grew over 97% and neared the Rs 680 crore revenue mark. At the same time, the Bengaluru-based firm remained profitable during FY23. Table Space’s revenue from operations jumped to Rs 678.5 crore in the fiscal year ending March 2023 from Rs 344 crore in FY22, its consolidated financial statements filed with the RoC show. Founded by Amit Banerji in 2017, Table Space provides customized coworking spaces and claims to have a capacity of more than 10 million square feet with 75 plus centers in over 7 cities including Bengaluru. Rental and lease income formed 75% of the total operating revenue which saw a growth of 69% to Rs 512 crore in FY23 from Rs 303 crore in FY22. Facility management, common area maintenance, and sale of food and beverages were some other revenue drivers for the company. Table Space also earned Rs 90 crore from non-operating activities which tallied its total income to Rs 768.5 crore during the last fiscal year (FY23). See TheKredible for the detailed revenue breakup. Its finance and depreciation costs, concerning the lease accounted for 59% of the overall expenditure which surged 2X to Rs 414 crore in FY23. Table Space’s employee benefits, repair cum maintenance, advertising, legal professional, rent and other overheads catalyzed its overall expense up by 118% to Rs 703.8 crore in FY23 from Rs 321.6 crore in FY22. Head to TheKredible for the complete expense breakdown. The decent scale and two-fold growth in other income helped Table Space to increase its profits marginally to Rs 45.9 crore in FY23 from Rs 44.5 crore in FY22. Its ROCE and EBITDA margin stood at 9% and 62.3%. The company spent Rs 1.04 to earn a rupee in FY23. Table Space has raised around $330 million across several rounds including a $300 million round from Hillhouse. According to the startup data intelligence platform TheKredible, Hillhouse is the largest stakeholder with 31.49%. Its core team including Amit Banerji, Karan Chopra, Srinivas Prasad, and Narendra Kumar Kamaraju commands 56.48% of the company. The company competes with the likes of Smartworks, Awfis, IndiQube, WeWork and others. Table Space continues the trend of co-working platforms delivering strong growth, even as it has seen margins shrink at the same time. But being profitable matters, and the firm is poised to benefit all the more from the growth momentum thanks to that. However, the high income from non operating activities might also not be sustainable, which will put further pressure on the bottomline. All out growth versus well considered growth is still a much better problem to have than growth versus survival, however.

Clear’s revenue spikes 93% to Rs 210 Cr in FY24, cuts losses

EntrackrEntrackr · 7m ago
Clear’s revenue spikes 93% to Rs 210 Cr in FY24, cuts losses
Medial

Clear aka Cleartax, a taxation and financial solutions provider for businesses and consumers, reported notable financial performance during the last fiscal year. The company’s operating scale grew by 93% year-on-year in FY24, while it reduced its losses by 59%, bringing them below Rs 100 crore for the said period. Clear’s revenue from operations soared to Rs 209.84 crore in the last fiscal year (FY24) from Rs 108.77 crore in FY23, according to its consolidated financial report sourced from the Registrar of Companies (RoC). Clear (formerly Cleartax) provides taxation and financial solutions for both businesses and consumers. Its business offerings include accounts payable, e-invoicing, and invoice discounting, organized under three main categories: Finance Cloud, Compliance Cloud, and Supply Chain Cloud. For individuals, the platform simplifies tax filing and related services. Clear earns via taxation-related and corporate secretarial services. It derived 91.5% of its revenue from software subscription and support services which surged 84.1% during FY24 to Rs 191.9 crore. Unlike FY23, the company sold software worth Rs 14.63 crore during the year, while the remaining collection was collected from platform, technical services, and commission for acting as a distributor for the purchase and sale of mutual funds. The Archit Gupta-led company obtained a mutual fund distributor license from the Association of Mutual Funds in India (AMFI) and launched its mutual fund distribution app, Black, in January 2021. The firm also cornered Rs 4.92 crore via non-operating activities, including interest income, pushing its total revenue to Rs 214.76 crore in FY24. Employee benefits were the largest expense category but declined by 19.4% to Rs 202.57 crore in FY24, including non-cash ESOP costs of Rs 11.78 crore. Expenses on web hosting and software support increased by 17.7% to Rs 39.61 crore, while spending on business promotion amounted to Rs 18.83 crore for the fiscal year ending March 2024. Clear also spent Rs 6.43 crore on system integration charges and Rs 3.58 crore on the sales commission during FY24. Despite almost 2X growth in operating scale, the company cut down its total expenses by 9.8% to Rs 310 crore in FY24. Clear reduced its losses by 58.8% to Rs 96.24 crore, due to tight control on spending and solid growth. Operating cash outflows also improved, decreasing by nearly 60% to Rs 73.61 crore in the last fiscal. Its EBITDA margin improved significantly but remained negative at -40.26% due to high operational costs, outlining the need for continued focus on expense management. On a unit level, Clear spent Rs 1.48 to earn a rupee of operating revenue in FY24. As of March 31, 2024, Clear has cash and bank balances of Rs 53.39 crore, while its current assets stood at Rs 112.59 crore. The company’s outstanding losses climbed to Rs 865.63 crore during the period. According to TheKredible, Clear has raised $140 million to date, with Kora and Composite Capital Management as its lead investors. In a business that thrives on the fear of heavy-handed repercussions of a mistake in paperwork, it is interesting that none of the online offerings promise freedom from the dreaded ‘query’. Or a promise to resolve issues should they turn up, as long as they are not due to customer end omissions of course. By focusing instead on financial distribution to shore up bottom lines is a clear sign of investor pressure rather than long-term vision.

Toothsi-parent MakeO’s revenue spikes 2X in FY23, posts Rs 220 Cr loss

EntrackrEntrackr · 1y ago
Toothsi-parent MakeO’s revenue spikes 2X in FY23, posts Rs 220 Cr loss
Medial

Toothsi and skincare brand Skinnsi-parent MakeO has managed over two-fold growth in its operating scale in FY23. Significantly, the company also controlled its losses which grew around 20% in the last fiscal. Though the operating income is yet to come close to its losses. MakeO’s revenue from operations surged 2.15X to Rs 168 crore in the fiscal year ending March 2023 from Rs 78 crore in FY22, its consolidated financial statements filed with the Registrar of Companies show. Toothsi Founded in 2018 by Arpi Mehta Shah, Pravin Shetty, Manjul Jain and Anirudh Kal, MakeO started as an aligner brand Toothsi. Later, it merged its flagship brands, including Skinnsi. Under the two brands, the firm provides dental, skin, and hair treatment solutions. The sale of tooth aligners formed 69% of the total operating revenue which spiked 75.8% to Rs 116 crore in FY23. The rest of the revenue came from the sale of Skinsi services which include facial, anti-aging, acne reduction, and other skin treatments. See TheKredible for the detailed revenue breakup. Employee benefits emerged as the largest cost center for MakeO, accounting for 32.1% of the overall expenditure. This cost grew 76.4% to Rs 127 crore in FY23. This includes Rs 21 crore as ESOP costs. MakeO’s consultant fees which include scanning and therapist charges grew 15.4% to Rs 60 crore in FY23. The firm’s procurement, payment gateway, marketing, rent, legal /professional, and other overheads took its overall expenditure up by 50.2% to Rs 395 crore in FY23. Head to TheKredible for the complete expense breakup. Expense Breakdown Total ₹ 263 Cr https://thekredible.com/company/toothsi/financials View Full Data To access complete data, visithttps://thekredible.com/company/toothsi/financials Total ₹ 395 Cr https://thekredible.com/company/toothsi/financials View Full Data To access complete data, visithttps://thekredible.com/company/toothsi/financials Cost of procurement Cost of procurement Employee benefit Employee benefit Consultant Fees Consultant Fees Rent Rent Subvention and Payment Gateway Charges Subvention and Payment Gateway Charges Marketing Marketing Legal and Professional Legal and Professional Others To check complete Expense Breakdown visit thekredible.com View full data Makeo’s two-fold surge in scale and controlled expenditure kept its losses under control which increased 19.6% to Rs 220 crore in FY23. Its ROCE and EBITDA margin stood at -135% and -115.4%, respectively. On a unit level, it spent Rs 2.35 to earn a rupee in FY23. FY22-FY23 FY22 FY23 EBITDA Margin -218% -115.4% Expense/₹ of Op Revenue ₹3.37 ₹2.35 ROCE -276% -135% MakeO has raised over $90 million across rounds including its latest fundraising of $16 million led by 360 One Asset. According to the data intelligence platform TheKredible, Eight Road Ventures is the largest stakeholder in the company followed by Think Investments. While controlling its losses might seem like a positive here, in its business , it might also point to the high fixed costs that are truly sticky. That would imply a need for a massive improvement in topline for MakeO, something that doesn’t look easy by any stretch in a fiercely competitive market. Especially for Skinnsi. We believe this is a firm that is definitely not out of the woods yet despite improving financials.

ApnaKlub’s gross revenue spikes 6X to Rs 278 Cr in FY23

EntrackrEntrackr · 1y ago
ApnaKlub’s gross revenue spikes 6X to Rs 278 Cr in FY23
Medial

B2B consumer goods startup ApnaKlub raised $16 million led by TrueScale Capital and ICMG partners in January this year. And, it looks like the company’s growth numbers attracted the two backers: Its gross scale spiked nearly six-fold in the fiscal year ending March 2023. ApnaKlub’s gross revenue grew to Rs 278 crore in FY23 from Rs 47 crore in FY22, its financial statements sourced from RoC show. Founded in 2020, Apnaklub connects retailers, kirana stores, and fast-moving consumer goods (FMCG) brands via its wholesale partners. The sale of products was the primary source of revenue for ApnaKlub. Its personal care products top the collection charts followed by beverages, home care, processed foods, and others. The company also has an income of Rs 3 crore from the interest on long-term investments (non-operating) in FY23. See TheKredible for the detailed revenue breakup. In line with fellow B2B wholesale startups, the cost of procurement of goods turned out to be the largest cost center forming 82% of the overall expenditure. In sync with scale, this cost surged 5.8X to Rs 275 crore in FY23 from Rs 47 crore in FY22. ApnaKlub’s employee benefits, rent, advertising cum promotional, freight, contract, legal, and other overheads pushed its total expenditure to Rs 332 crore in FY23 from Rs 63 crore in FY22. Head to TheKredible for the detailed expense breakup. ApnaKlub bled heavily in pursuit of growth, leading to a 4.6X increase in losses to Rs 56 crore in FY23 as compared to Rs 12 crore in FY22. Its ROCE and EBITDA margins were recorded at -50% and -17.4% respectively. On a unit level, it spent Rs 1.19 to earn a rupee in FY23. FY22-FY23 FY22 FY23 EBITDA Margin -32% -17.4% Expense/₹ of Op Revenue ₹1.34 ₹1.19 ROCE -52% -50% While ApnaKlub might be on a path to breakeven only at a Rs 1000 crore plus turnover, the higher share of personal care products might allow a faster path to profitability, considering the better margins in that segment. Having said that, it is no secret that the actual marketplace for this segment is a battlefield that has left most players bloodied, if not fatally wounded. ApnaKlub must be doing something different to convince investors to bet on it in the current funding environment, and just for that, the firm needs to be tracked carefully for the next steps on its journey.

Infibeam profit spikes 50% to Rs 64 Cr in Q3 FY25

EntrackrEntrackr · 5m ago
Infibeam profit spikes 50% to Rs 64 Cr in Q3 FY25
Medial

Digital payments firm Infibeam continued its strong financial momentum, with profits surging 50% in the quarter ending December 2024. The Ahmedabad-based company's operating revenue also grew 18% year on year in the quarter ending December 2024. Infibeam Avenues’ revenue from operations spiked to Rs 1,070 crore in Q3 FY25 from Rs 907 crore in Q3 FY24, as per its unaudited consolidated financial statements sourced from the National Stock Exchange (NSE). Payment business accounted for 94% of its total collection which increased by 17% to Rs 1,010 crore in Q3 FY25. Meanwhile, there was a 23.2% increase in the e-commerce platform business, which rose to Rs 60.3 crore. The company recorded a total revenue of 1,093.5 crore in Q3 FY25. Infibeam operates a diversified digital platform, with a primary focus on digital payments and e-commerce solutions. The company’s total expenses rose by 18% to Rs 1,013 crore in Q3 FY25. For the digital payment firm, its payment processing was the largest cost center, rising by 16.6% to Rs 930.4 crore. Employee benefits Increased by 30% to Rs 40 crore, while depreciation cost grew 11.8% to Rs 19 crore. The company also incurred Rs 23.6 crore on other undisclosed expenses in the said quarter. Infibeam’s profit after tax rose 50% to Rs 64.4 crore in Q3 FY25 from Rs 43 crore in the same period last year. On a unit basis, the company spent Re 0.95 to earn a rupee of operating revenue in the last quarter. Infibeam competes with major players like Paytm, Razorpay, and PhonePe in the digital payments sector. At 14:22 PM today, its market cap stood at Rs 6,504 crore while the firm stock was trading at Rs 23.32.

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