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

News on Medial

Related News

HR tech platform Keka posts Rs 78 Cr revenue in FY24; losses spike 2.8X

EntrackrEntrackr · 7m ago
HR tech platform Keka posts Rs 78 Cr revenue in FY24; losses spike 2.8X
Medial

HR tech platform Keka continued its growth journey with a 62% year-on-year increase during the fiscal year ending March 2024. However, this growth came at a steep cost, as the Hyderabad-headquartered firm's losses surged 2.8X in the last fiscal. Ten-years-old Keka's revenue from operations grew to Rs 78 crore in FY24 from Rs 48 crore in FY23, its annual financial statements sourced from the Registrar of Companies (RoC) show. Founded in 2015 by Vijay Yalamanchili, Keka provides HR-related solutions that aim to streamline and automate payroll, recruiting, leave and attendance, performance management, and more. According to the company, its HR application is embraced by 2.5 million employees. For the SaaS startup, the subscription income from the sale of its closed-based HR and payroll management software (Keka HR) accounted for 97.4% of its overall operating revenue which grew 60% to Rs 76 crore in FY24. The remaining revenue came from one-time implementation fees for the WestBridge Capital-backed firm. The company also added Rs 9 crore from interest on deposits and current investments, which led its total revenue to Rs 87 crore in FY24, as compared to Rs 54 crore in FY23. Similar to other SaaS companies, employee benefits accounted for 64.5% of the overall expenditure. This cost spiked 94% to Rs 107 crore in FY24. It includes Rs 6 crore ESOP cost which is non-cash in nature. Keka's advertising spend surged 3.6X to Rs 22 crore in FY24. Its informational technology, rent, traveling, legal, and other overheads took the total expenditure up by 100% to Rs 166 crore in FY24 from Rs 83 crore in FY23. See TheKredible for the detailed cost breakup. With around 2X growth in advertising and employee benefits, Keka's losses spiked 2.8X to Rs 80 crore in FY24, compared to Rs 28 crore in FY23. Its ROCE and EBIDTA ratios were recorded at -85% and -89%, respectively. Keka's expense-to-earning ratio stood at Rs 2.13. During the end of FY24, its total current assets registered at 97 crore including the cash and bank balance of Rs 88 crore. Keka has raised around $59 million to date including a $57 million Series A led by WestBridge Capital in November 2022. According to the startup data intelligence platform TheKredible, WestBridge Capital is the largest external stakeholder with 20% while its founder and chief executive officer command 66% of the company.

Beacon.li raises $7 Mn in Series A round

EntrackrEntrackr · 5m ago
Beacon.li raises $7 Mn in Series A round
Medial

Enterprise tech startup Beacon.li has raised $7 million in its Series A round led by Sorin Investments, with participation from Athera Venture Partners, JAFCO Asia, Unicorn India Ventures, and angel investors including Capillary Technologies founder Aneesh Reddy, Rapido co-founder Aravind Sanka, and Kapil Bharti. The proceeds will be used to expand AI capabilities, increase global presence, and boost enterprise automation. Founded in 2023 by Silus Reddy and Rakesh Vaddadi, Beacon.li offers AI-driven product assistants for enterprise software support, integrating with systems to automate processes and answer queries. Customers include Darwinbox, Zluri, Keka HR, and Planful. Co-founded by former KKR India head Sanjay Nayar, Sorin Investments closed its maiden fund at Rs 1,350 crore in May last year.

Unicorn India Ventures backs B2B Visa platform StampMyVisa

EntrackrEntrackr · 8m ago
Unicorn India Ventures backs B2B Visa platform StampMyVisa
Medial

Business-to-business (B2B) visa platform, StampMyVisa, has secured Rs 6.6 crore in a pre-Series A funding round led by Unicorn India Ventures. The fresh funds will be used to support rapid expansion, enhance AI capabilities, and enable the company to introduce innovative services that redefine how businesses manage international travel and visa processes for Indians traveling abroad, according to a press release from StampMyVisa. Launched by Rahul Borude and Pravin Wadekar, StampMyVisa is an AI-powered platform that simplifies the complex visa application process for businesses. Specializing in B2B travel, the platform assists corporates, travel agents, MICE companies, and OTAs in streamlining and automating visa processing, ensuring faster approvals, reduced errors, and enhanced global compliance. With its scalable and user-friendly technology, StampMyVisa aims to transform how businesses manage international travel documentation, empowering them to scale globally with ease. According to market research, the global e-Visa market is projected to grow at a CAGR of 11.1%, from $1,030.5 million in 2024 to $2,395.2 million by 2032. StampMyVisa claims to have grown more than sevenfold, handling hundreds of visas daily while ensuring complete compliance with global regulations over the last 12 months. The company also plans to introduce new offerings that will enhance the customer experience, positioning it as a one-stop solution for all international travel needs, from visa processing to travel insurance and eSIMs. StampMyVisa aims to reach one million visas processed annually within the next 12–18 months. Unicorn India Ventures has previously backed companies such as SmartCoin, Open Bank, Sequretek, and Pharmarack. Its current Rs 1,000 crore Fund III aims to support the next generation of innovative digital platforms.

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