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IndiaMart-backed EasyEcom’s revenue grows 65% in FY23, losses balloon 18X

EntrackrEntrackr · 1y ago
IndiaMart-backed EasyEcom’s revenue grows 65% in FY23, losses balloon 18X
Medial

Saas-based ecommerce enablement solutions provider EasyEcom has continued its growth journey as its operating scale grew by 64.5% in FY23. However, its losses surged over 18X in the same period. EasyEcom’s revenue from operations grew to Rs 6.71 crore during the fiscal year ending March 2023 in comparison to Rs 4.08 crore in FY22, as per data shared by the startup intelligence platform TheKredible. Co-founded by Punit Gupta, Jitesh Advani, and Swati Jindal in 2015, EasyEcom’s SaaS suite includes inventory and warehouse management. The platform also offers modules for automating back-office functions like shipping-related payments reconciliation and return reconciliation. EasyEcom spent the most on employee benefits which formed 67.5% of the total expenses. This cost jumped 3X to Rs 8.5 crore during the last fiscal year. Notably, this also includes an ESOP cost worth Rs 78 lakh. IT costs such as server hosting and technical consultancy charges soared to Rs 1.59 crore during FY23 from Rs 67 lakh in FY22. The company also incurred professional, subscription, business promotion, and other admin and operating expenses during the fiscal year. At the end, the company’s overall cost surged 188.3% to Rs 12.6 crore in FY23 from Rs 4.37 crore in FY22. Following the heavy spending to grab the pace in the market, the company’s losses spiked to Rs 4.4 crore during the last fiscal year from Rs 24 lakh in FY22. On a unit level, EasyEcom spent Rs 1.88 to earn a rupee of operating revenue during FY23. Check out TheKredible for a complete expense breakdown and year-on-year financial performance and more information about the company. The startup made the headlines in January 2022 when IndiaMart acquired a 26% stake in EasyEcom for $2 million as part of a Series A round. The startup secured angel funding in December 2017 from tech industry executives and early-stage investment funds. In October 2019, it raised an undisclosed funding from the early-stage fund Amistad Venture.

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ShareChat’s revenue grows 33% in FY24 to Rs 718 Cr

EntrackrEntrackr · 7m ago
ShareChat’s revenue grows 33% in FY24 to Rs 718 Cr
Medial

Mohalla Tech, the parent entity of the vernacular social media platform ShareChat and short video entertainment app Moj, has registered 33% year-on-year growth during the fiscal year ended March 2024. Its adjusted EBITDA loss also plummeted by 67% in the same period. According to the company's press release, Mohalla Tech’s revenue from operations increased to Rs 718 crore in FY24 from Rs 540 crore in FY23. Revenue from live streaming contributed 56% of the company's total operating income, which grew by 41.4% to Rs 403 crore in FY24. Advertising accounted for the remaining share, which saw a 23.5% year-on-year growth to Rs 315 crore in FY24. ShareChat also added a non-operating income of Rs 29 crore mainly from interest and gain on financial assets which tallied the overall revenue to Rs 747 crore in the last fiscal year. For the social media firm, server cost was the largest cost center in FY24. As per Sharechat’s chief financial officer Manohar Charan, the firm managed to reduce this cost by 50% in FY24. Sharechat has managed to reduce its employee benefits cost by 17% to Rs 580 crore in FY24. This includes Rs 126 crore as ESOP (non-cash). Its advertising, legal, travel, and other overheads took the overall operating expenses to Rs 1540 crore in FY24 from Rs 3119 crore in FY23. In calculating the overall cost, we have excluded all non-cash components, including interest, provisions, foreign exchange (FX) losses, depreciation, and ESOP expenses for both FY24 and FY23. The 33% growth and controlled server cost helped Mohalla Tech to reduce its adjusted EBITDA losses by 67% to Rs 793 crore in FY24 from Rs 2400 crore in FY23. Notably, the net consolidated losses of the firm stood at Rs 1,898 crore in FY24 down from Rs 5,143 crore in FY23. Backed by the likes of Temasek Holdings, Google, Twitter, The Times Group, Tiger Global, Snap, Lightspeed, and Elevation Capital, ShareChat claims to have more than 325 million monthly active users (MAUs) across all its platforms. Its short video app Moj boasts a monthly active user base of nearly 160 million. The company recently expanded its debt round to $65 million, with a $16 million infusion from Singapore-based EDBI. According to startup data intelligence platform TheKredible, ShareChat has raised around $1.8 billion. However, it saw a major haircut in valuation to less than $2 billion from $5 billion during its last fundraise in June 2022. As part of its mid-year performance cycle, the company also let go of 5% of its workforce in August this year. In 2023, ShareChat implemented several cost-cutting measures and laid off 700 employees across two phases.

Nat Habit’s revenue grows 80% in FY24, losses remain flat

EntrackrEntrackr · 2m ago
Nat Habit’s revenue grows 80% in FY24, losses remain flat
Medial

Nat Habit’s revenue grows 80% in FY24, losses remain flat Nat Habit, a personal care startup focused on fresh and natural beauty products, recorded an 80% jump in revenue during the fiscal year ending March 2024. Despite the strong growth, the company’s net losses remained largely unchanged during the same period. Nat Habit’s revenue from operations increased by 80% to Rs 72 crore in FY24 from Rs 40 crore in FY23, according to its financial statement sourced from Registrar of Companies (RoC). Founded by Swagatika Das and Gaurav Agarwal in 2018, Nat Habit offers Ayurvedic personal care products such as shampoo, face wash, moisturiser among others. Sale of these products was the sole source of revenue for the company during the said fiscal year (FY24). Advertising remained the company’s largest cost center, rising 38.5% to Rs 36 crore and accounting for nearly 40% of total expenses. The startup also incurred Rs 14 crore in employee benefits, more than doubling from Rs 6.5 crore in FY23. Raw material costs increased to Rs 12 crore, while transportation and other operating overheads stood at Rs 11 crore and Rs 18 crore, respectively in the said fiscal year. Overall, the company’s total expenses rose 65.5% to Rs 91 crore in FY24 from Rs 55 crore in FY23. Revenue growth outpacing expenses led to losses remaining flat at Rs 17.75 crore in FY24 as compared to Rs 17.6 crore in FY23. Its ROCE and EBITDA margin stood at -24.65% and -21.58%, respectively. The firm spent Rs 1.26 to earn a rupee of operating revenue in FY24, compared to Rs 1.38 in FY23. The Gurugram-based company recorded current assets worth Rs 58 crore in FY24 which includes Rs 41 crore in cash and bank balance. According to TheKredible, Nat Habit has raised a total of approx $16 million of funding till date, having Peak XV Partners, Fireside Ventures and Whiteboard Capital as its lead investors. The company’s co-founders Swagatika Das and Gaurav Agarwal together own 33.1% of the company. In FY24, Nat Habit bought back about 6 lakh shares at a price of Rs 250 each, aiming to better manage its ownership structure and create more value for shareholders. At the same time, the company increased its authorized share capital sharply from Rs 3.51 crore to Rs 29.3 crore, possibly to prepare for future fundraising.

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

EntrackrEntrackr · 7m 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.

Kinetic Green's losses balloon 11X in FY24, revenue dips 3%

EntrackrEntrackr · 4m ago
Kinetic Green's losses balloon 11X in FY24, revenue dips 3%
Medial

Kinetic Green's losses balloon 11X in FY24, revenue dips 3% Electric vehicle manufacturer Kinetic Green faced significant financial strain in FY24, with losses increasing 11X. Meanwhile, the Greater Pacific Capital-backed company's revenue declined by 3% year-on-year. Kinetic Green’s revenue from operations decreased to Rs 291 crore in FY24 from Rs 301 crore in FY23, its consolidated financial statement from the Registrar of Companies (RoC) shows. Kinetic Green manufactures electric vehicles, including two and three-wheelers such as electric scooters, rickshaws, cycles, and buggies. Collections from the sale of electric vehicles were the sole source of revenue for Kinetic Green for the fiscal year ending March 2024. The cost of procurement remains the largest cost center for Kinetic Green, forming 62% of the overall expenditure. To the tune of scale, this cost dipped by 5.4% to Rs 229 crore in FY24 from Rs 242 crore in FY23. The firm’s advertising cost spiked 8.2X to Rs 58 crore while its employee benefits saw a surge of 52.4% during the previous fiscal. Its finance, transportation, legal, travel, and other overheads increased the total expenditure by 19% to Rs 369 crore in FY24 from Rs 310 crore in FY23. The 8X surge in advertising and a sharp rise in employee benefits led Kinetic Green to widen its losses by 11X to Rs 77 crore in FY24, compared to Rs 7 crore in FY23. Its EBITDA margins stood at -20.55% while the company spent Rs 1.27 to earn a rupee of operating revenue in FY24. By the end of FY24, the Pune-based firm reported current assets worth Rs 169 crore including Rs 2.3 crore of cash and bank balance. Kinetic Green has raised a total of $27 million of funding to date, including a $25 million round from Greater Pacific Capital. According to the startup data intelligence platform TheKredible, Greater Pacific Capital is the largest external stakeholder with 5.6%. Its co-founders Sulajia Firodia Motwani and Ritesh Ramesh Mantri cumulatively hold 91.7% of the company.

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