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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.

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Amazon India logistics unit posts Rs 4,889 Cr income in FY24

EntrackrEntrackr · 8m ago
Amazon India logistics unit posts Rs 4,889 Cr income in FY24
Medial

Amazon Transportation Services reported a marginal growth in its revenue during the fiscal year ending March 2024. At the same time, the company reduced its losses by over 6% during the same period. AmazonTransport Services aka ATS’s revenue from operations grew 7.6% to Rs 4,888.9 crore in FY24 from Rs 4,543.3 crore in FY23, its standalone financial statement sourced from Tofler shows. Apart from operational income, ATS’s other income spiked 66% to Rs 57.3 crore in FY24 from Rs 34.5 crore in the previous fiscal year. This brought the total income for FY24 to Rs 4,946.2 crore. Amazon Transportation Services provides logistics and delivery solutions, supporting Amazon's e-commerce operations. Its services include order pickup, sorting, and last-mile delivery across India. It makes money via offering aforementioned services to Amazon India. The company’s total expenses excluding depreciation stood at Rs 4,690.8 crore in FY24 from Rs 4,310.2 crore in FY23, marking an 8.8% rise. Depreciation expenses, however, decreased by 10.2%, standing at Rs 313.7 crore for FY24, down from Rs 349.4 crore in FY23. Despite the growth in revenue, ATS managed to reduce its losses by 6.3% to Rs 80.3 crore in FY24 from Rs 85.7 crore in FY23. Its outstanding losses reached Rs 469.8 crore as of the end of FY24. Other equity components, including the share-based compensation reserve, increased 26% to Rs Rs 490.4 crore in the last fiscal year. While ATS’s parent company, Amazon Corporate Holdings continues to support its operations, the persistent losses indicate ongoing challenges in reaching profitability despite YoY revenue growth. In the past five years, Amazon India (through transport services) has expanded its partnership with Indian Railways, increasing from a single train in 2019 to over 120 trains by 2024, now covering 130 intercity routes across 91 cities.

Swiggy posts Rs 4,410 Cr revenue in Q4 FY25, Instamart grows 115%

EntrackrEntrackr · 2m ago
Swiggy posts Rs 4,410 Cr revenue in Q4 FY25, Instamart grows 115%
Medial

Swiggy posts Rs 4,410 Cr revenue in Q4 FY25, Instamart grows 115% Foodtech and quick commerce major Swiggy has managed a 45% year-on-year growth in its operating revenue which spiked to Rs 4,410 crore during Q4 FY25 as compared to Rs 3,045 crore in Q4 FY24. However, the Bengaluru-based company’s losses surged 95% in the same period. Swiggy’s food delivery business continues to be a major contributor, accounting for 37% of the total collection in Q4 FY25. Revenues from this vertical grew 18% to Rs 1,629 crore from Rs 1,375 crore in Q4 FY24. The company’s quick commerce segment also saw remarkable growth, with revenue surging by 115% to Rs 689 crore in Q4 FY25 from Rs 320 crore in Q4 FY24. The segment's gross order value (GOV) growth was driven by an increase in order frequency and the addition of new dark stores. Scootsy Logistics contributed a major 45% of Swiggy’s overall operating collection. Income from this entity increased by 58% YoY to Rs 2,004 crore in Q4 FY25 from Rs 1,265 crore in Q4 FY24. During the last quarter, Swiggy invested Rs 1,000 crore in Scootsy to support expansion and growth. Swiggy’s Dine Out, Genie, Swiggy Mini, and other non-operating income took its total revenue to Rs 4,531 crore in Q4 FY25. For the full fiscal year ending March 2025, Swiggy’s revenue rose 35% to Rs 15,227 crore in FY25 from Rs 11,247 crore in FY24. On the cost side, the procurement of FMCG products for supply chain distribution formed 33% of its overall cost which increased by 52% to Rs 1,854 crore in Q4 FY25. Meanwhile, the delivery charges saw 27% growth to Rs 1,161 crore in Q4 FY25. Swiggy spent Rs 695 crore and Rs 978 crore on employee benefits and advertising, respectively. Overall, Swiggy’s total expenses for the quarter increased 53% to Rs 5,609 crore from Rs 3,668 crore in Q4 FY24. On a fiscal-on-fiscal year basis, its total expenses increased to Rs 18,725 crore in the quarter ending March 2025 from Rs 13,947 crore in FY24. The 53% growth in expenditure led losses to increase by 95% to Rs 1,081 crore in Q4 FY25 from Rs 555 crore in Q4 FY24. On a fiscal-on-fiscal basis, Swiggy’s losses spiked 33% to Rs 3,117 crore in FY25 from Rs 2,350 crore in FY24.

ZingHR crosses Rs 120 Cr revenue mark in FY24, cuts losses by 67%

EntrackrEntrackr · 3m ago
ZingHR crosses Rs 120 Cr revenue mark in FY24, cuts losses by 67%
Medial

ZingHR crosses Rs 120 Cr revenue mark in FY24, cuts losses by 67% Cloud-based HRtech firm ZingHR sustained its growth streak in the last fiscal year, with revenue from operations surging over 47%, crossing the Rs 120 crore mark. Simultaneously, the Mumbai-based company reduced its losses by two-thirds during the same period. According to its consolidated financial statement sourced from the Registrar of Companies (RoC), ZingHR's revenue from operations climbed to Rs 124 crore in FY24 from Rs 84 crore in FY23. ZingHR offers staffing and talent acquisition services across various sectors, including BFSI, retail, and IT. The company generates its revenue exclusively from the sale of subscription-based software. Similar to other recruiting and allied service platforms, Zing HR’s employee benefits remained the largest cost component, accounting for 61% of total expenses. This cost rose 37% to Rs 81 crore during the fiscal year ending March 2024 from Rs 59 crore in FY23. Server and data security charges saw a 71% spike, reaching Rs 12 crore, while product maintenance costs increased 50% to Rs 9 crore. In contrast, professional fees and other expenses witnessed marginal reductions. Overall, total expenses for ZingHR grew 24% to Rs 133 crore in FY24. Despite rising costs, ZingHR significantly reduced its losses, reporting a net loss of Rs 7 crore in FY24, an improvement from Rs 21 crore in FY23, a 67% reduction. The company's Return on Capital Employed (ROCE) and EBITDA margin stood at -24.69% and -5.52%, respectively. On a unit level, ZingHR spent Rs 1.07 to earn a rupee during the last fiscal year. The Mumbai-based firm reported current assets worth Rs 56 crore, including Rs 12 crore in cash and bank balances in FY24. According to TheKredible, ZingHR has raised $14 million in funding to date, with Tata Capital as its lead investor, holding a 35.82% stake. ZingHR seems close to breaking out of any future fundraising requirements, assuming that momentum from FY24 has carried over into FY25 numbers as well. The disruption in the HRTech space is vastly underestimated, considering the continuous disruptions seen for the past decade, and ZingHR’s performance is quite good in that situation. While we don’t have a breakdown for revenue from India versus outside, the firm will do well to build revenues from exports. At a time when even forbidden sectors like the government or government-owned firms might be opening up to HR Tech firms, one would have to say even amidst the high competitive intensity, the sector is set to be significantly larger over the next 5 years. The one massive challenge will remain the missing firms from the MSME sector, which remains a problem to solve for service providers across the chain for now, not just HR. But all said and done, exciting times lie ahead for ZingHR.

Amazon India marketplace posts Rs 588 Cr adjusted EBITDA in FY24

EntrackrEntrackr · 8m ago
Amazon India marketplace posts Rs 588 Cr adjusted EBITDA in FY24
Medial

Amazon India’s marketplace revenue has continued to outpace Flipkart Marketplaces, with collections from its platform and related services crossing the Rs 25,000 crore mark and registering an adjusted EBITDA of Rs 588.6 crore in FY24. However, Flipkart’s top-line growth was significantly higher than that of Amazon Seller Services during the fiscal year ending March 2024. Amazon India’s revenue from operations grew 14.5% to Rs 25,406 crore in FY24 in contrast to Rs 22,198 crore booked in FY23, its standalone financial statements filed with the Registrar of Companies show. The entity generated 82.4% of the revenue from marketplace services while the remaining came from the services rendered to related parties including platform services, marketing, and royalty revenues. The firm also generated a non-operating income worth Rs 186.8 crore, pushing the overall revenue to Rs 25,592.8 crore in FY24. Amazon Seller Services is engaged in marketplace and marketing support services. Its ultimate holding company is Amazon.com, Inc., which is based in the United States of America. Moving over to the spending, delivery charges were the largest cost element forming 25.8% of the total expenses. The cost went up 9.1% to Rs 7,487.9 crore in FY24 from Rs 6,863.1 crore in FY23. Sales promotion and legal cum professional costs were the other two significant elements which formed around 12% each and stood at Rs 3,586.1 crore and Rs 3,530.2 crore, respectively, in FY24. During the year, Amazon Seller Services spent Rs 2,771.2 crore on employee benefits which also include share-based payments (ESOP cost) of Rs 682.7 crore. Amazon India marketplace arm’s total expenses increased 6.5% to Rs 29,062.3 crore during FY24 from Rs 27,283.6 crore in FY23. In the end, the company managed to control its losses by 28.5% to Rs 3,469.5 crore in FY24 as compared to Rs 4,854.1 crore in FY23. Its operating cash flows also turned positive to Rs 724.1 crore during the last fiscal year against Rs -1,542.1 crore in FY23. It is worth noting that the company reported an EBITDA loss of Rs 94.1 crore in FY24, excluding the ESOP cost (non-cash expenses), the company turned profitable on the operational level with an adjusted EBITDA of Rs 588.6 crore during the year. The highlights of the improved bottom line can also be seen in the EBITDA margin which strengthened to -0.37%. On a unit level, Amazon’s Indian entity spent Rs 1.14 to earn a rupee of operating revenue in FY24. The entity’s rival, Flipkart's marketplace arm reported Rs 17,907 crore in revenue with 21% YoY growth while the company’s losses shrank over 40% to Rs 2,358 crore in FY24.

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