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INDmoney revenue spikes 73% in FY24, earns Rs 58 Cr from other income

EntrackrEntrackr · 1y ago
INDmoney revenue spikes 73% in FY24, earns Rs 58 Cr from other income
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INDmoney has continued its growth streak in the fiscal year ending March 2024. The Tiger Global-backed firm has managed 73.2% year-on-year growth in its operating revenue during the last fiscal. At the same time, its losses grew only 12% in the same period. INDmoney’s revenue from operations spiked 73.2% to Rs 70 crore in FY24 from Rs 40.6 crore in FY23, its consolidated financial statements sourced from the Registrar of Companies (RoC) show. INDmoney lets users manage their money through investments in mutual funds including Indian and overseas stocks. It claims to have amassed 10 million users on the platform. Income from distribution services accounted for 76% of the operating revenue which increased by 56% to Rs 53.6 crore in FY24, whereas income from broking activities surged to Rs 10.7 crore in FY24 from Rs 10 lakh in FY23. The company added another Rs 6 crore from allied services during the last fiscal year. The Gurugram-based company also made Rs 57.7 crore from interest and gain on sale of current investments which pushed its total revenue to Rs 128 crore in FY24. This significant other income is a result of its huge current financial assets which stood at Rs 725 crore at the end of March 2024. When it comes to expenses, employee benefits remained the largest cost driver for INDmoney. This overhead grew 11% to Rs 124.53 crore in FY24 from Rs 111.86 crore in FY23. IT expenses stood at Rs 57.18 crore while marketing burn contributed Rs 33.80 crore in FY24. Finance, depreciation, depletion, amortization and other expenses pushed the total expenditure to Rs 233.6 crore in the last fiscal. This is a 17% increase from Rs 199 crore in the previous fiscal year. INDmoney reported a 12% growth in its net losses to Rs 82.55 crore in FY24. Its ROCE and EBITDA margin stood at -11.47% and -75.6%, respectively, on a unit level, it spent Rs 3.32 to earn a rupee during FY24. INDmoney has raised $133 million since its inception in 2019. The Ashish Kashyap-led company raised its latest funding worth $75 million in January 2022 at a valuation of more than $600 million. While obviously good at raising funds, it remains to be seen if INDmoney can find a market big enough and willing to give it a shot. It's in a segment where massive consumer shifts are not unknown, even though INDmoney itself doesn't seem to have got there yet. Something like investing overseas, where awareness is still low could become winners if the market shifts in that direction. However, it remains a cluttered and tough space to eke out a profitable existence, and INDmoney will need to make a big bet soon, despite its already high cost structure.

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

EntrackrEntrackr · 1y 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).

INDmoney’s revenue jumps 2.3X to Rs 164 Cr in FY25

EntrackrEntrackr · 1m ago
INDmoney’s revenue jumps 2.3X to Rs 164 Cr in FY25
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INDmoney’s operating revenue surged 2.3X year-on-year to Rs 164 crore in FY25, compared to Rs 70 crore in FY24. Its total revenue grew 67% to Rs 214 crore during the same period. Wealth management and investing platform INDmoney more than doubled its operating revenue in FY25. However, the company’s losses widened during the year as it stepped up investments across trading, lending, and global investing infrastructure. Unlike trading-led brokerages, INDmoney said that less than 10% of its revenue in FY25 came from futures and options (F&O) trading, with the bulk of income generated from long-term investor behaviour. Around 85% of the company’s revenue now has annuity or perpetuity-like characteristics, led by recurring investments, long-term asset holding, and repeat usage across products. According to the company, the platform earns revenue across multiple segments, including Indian and US equities, cross-border remittances, wealth management services, secured lending, insurance, and other financial products. The company also recently introduced trading services under a separate platform, INDstocks. On the bottom line, INDmoney’s cash losses widened to Rs 76 crore in FY25, compared to Rs 32 crore in FY24. As per the company, the increase in losses was primarily due to front-loaded investments during the year. These included building a full-stack Indian trading infrastructure, expanding global investing capabilities through GIFT City, setting up in-house lending rails for its NBFC business, strengthening compliance and technology systems, and higher user acquisition costs related to INDstocks. INDmoney has raised $133 million since its inception in 2019. The Ashish Kashyap-led company raised its latest funding worth $75 million in January 2022 at a valuation of more than $600 million.

Fibe crosses Rs 1,200 Cr revenue in FY25; profit spikes 13%

EntrackrEntrackr · 2d ago
Fibe crosses Rs 1,200 Cr revenue in FY25; profit spikes 13%
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Fibe crosses Rs 1,200 Cr revenue in FY25; profit spikes 13% In the fiscal year ending March 2025, the consumer lending firm Fibe reported nearly 50% growth in operating revenue to over Rs 1,200 crore, while profit also rose in double digits. Fibe, formerly EarlySalary, recently raised $35 million in a Series F round led by the International Finance Corporation. The impact of this funding will likely reflect in FY26. In the fiscal year ending March 2025, the consumer lending firm reported nearly 50% growth in operating revenue to over Rs 1,200 crore, while profit also rose in double digits. Fibe’s revenue from operations grew 49% year-on-year to Rs 1,228 crore in FY25 from Rs 824 crore in FY24, according to its consolidated financial statements filed with the Registrar of Companies (RoC). Co-founded in 2015 by Akshay Mehrotra and Ashish Goyal, Fibe provides personal loans, long-term loans, loans against mutual funds, and fixed deposits across healthcare, education, and solar rooftop installations. It claims to have facilitated more than 9 million loans, with total disbursements exceeding Rs 40,000 crore through over 8,500 lenders. Interest on loans was the largest revenue contributor for Fibe, with over 80% share of its total operating revenue. This income rose 46% in FY25 and crossed the Rs 1,000 crore mark. The company also earned servicing fee income for managing loan collections and administration on behalf of lending partners. It has partnered with several banks and NBFCs, including Northern Arc Capital, InCred Finance, Tata Capital, and many others. Income from guarantee premium, i.e., fees earned for providing default protection to lending partners, also stood at Rs 104 crore for Fibe and grew 83% year-on-year. The remaining revenue came from marketing income, commission income, and other operating sources. Fibe also earned around Rs 41 crore from non-operating sources such as interest income and gains on the sale of current investments, and this took its total income to Rs 1,269 crore in the last fiscal year. For the consumer lending company, finance cost formed the largest cost centre, with over 62% share of the total expenditure, and stood at Rs 691 crore in FY25 for Fibe. This cost rose 85% year-on-year from Rs 373 crore in FY24. Notably, it included Rs 257 crore towards loan write-offs and Rs 207 crore as loss on guarantees invoked. Advertising and promotional expenses, another major cost centre for Fibe, stood at Rs 128 crore in FY25. Employee benefit expenses, which accounted for under 10% of the total cost, rose 34% to Rs 111 crore, including Rs 9.2 crore of ESOP expenses. Commission paid to selling agents, legal & professional, travelling and other miscellaneous overheads took the overall expenses for the firm to Rs 1,112 crore in FY25 from Rs 706 crore in FY24. Higher non-operating income, which rose from Rs 18 crore to Rs 41 crore, helped the Pune-based firm post a 13% increase in profit to Rs 114 crore. Fibe spent Rs 0.91 to earn one rupee of operating revenue on a unit basis. As of March 2025, it had total current assets of Rs 3,135 crore, which includes cash and bank balance of Rs 259 crore. Fibe has raised over $265 million to date, including a $90 million Series E round led by TR Capital, Trifecta Capital, and Amara Partners. In August last year, Fibe also raised Rs 250 crore in debt for its lending arm, EarlySalary, from a group of investors including AK Capital Finance.

CarTrade posts Rs 176 Cr revenue and Rs 45.5 Cr profits in Q3 FY25

EntrackrEntrackr · 1y ago
CarTrade posts Rs 176 Cr revenue and Rs 45.5 Cr profits in Q3 FY25
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CarTrade posts Rs 176 Cr revenue and Rs 45.5 Cr profits in Q3 FY25 CarTrade released its financial results for the third quarter of the ongoing fiscal year (Q3 FY25) on Wednesday. The company reported a 26% year-on-year revenue growth compared to Q3 FY24, with a major turnaround in its bottom line. CarTrade’s revenue from operations surged 26.6% to Rs 176 crore in Q3 FY25 in contrast to Rs 139 crore in Q3 FY24, as per the firm’s unaudited consolidated financial results sourced from the National Stock Exchange (NSE). The Mumbai-based company operates in three segments: Consumer, Remarketing, and Classifieds. Income from the consumer segment formed 39% of the total operating revenue which increased to Rs 68 crore in Q3 FY25 from Rs 50 crore in Q3 FY25. Income from the remarketing and classified segment stood at Rs 58 crore and Rs 50 crore in the third quarter of the ongoing fiscal year. CarTrade also added Rs 17 crore from other non-operating businesses which tallied its overall revenue to Rs 193 crore in Q3 FY25, compared to Rs 152 crore in Q3 FY24. On the expense front, employee benefits expenses formed 53% of the overall spending which went up a modest 7.3% to Rs 73 crore during the period. This cost also includes share-based expenses of Rs 3.36 crore. CarTrade’s overall expenses increased 12% to Rs 140 crore in Q3 FY24 from Rs 125 crore during Q3 FY24. The strong growth and controlled spending enabled CarTrade to achieve a turnaround and post a net profit of Rs 45.5 crore in Q3 FY25, compared to a loss of Rs 23.5 crore in Q3 FY24. However, the company had already recorded a revenue of Rs 472 crore and a net profit of Rs 99 crore during the nine months of the ongoing fiscal year. CarTrade recorded a 4.78% hike in its share price today and is trading at Rs 1,433.3 (as of 12:47) with a total market capitalization of Rs 6,789 crore or $800 million.

DailyObjects’ revenue spikes 34% to Rs 84 Cr in FY24

EntrackrEntrackr · 1y ago
DailyObjects’ revenue spikes 34% to Rs 84 Cr in FY24
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DailyObjects, a Direct-to-Consumer (D2C) tech accessories and lifestyle brand, achieved a 33.6% growth during the fiscal year ending March 2024. However, the Gurugram-based firm reported a modest loss of Rs 3.9 crore in the same period as compared to marginal profit in FY23. DailyObjects’ revenue from operations grew to Rs 84.4 crore in FY24 from Rs 63.2 crore in FY23, its consolidated financial statement sourced from the Registrar of Companies (RoC) shows. DailyObjects is a direct-to-consumer (D2C) lifestyle accessories brand offering products such as bags, wallets, charging solutions and stationery, among others. The sale of products accounted for 98.8% of the total revenue which increased by 33.6% to Rs 83.38 crore in FY24. The rest of the income came from shipping and delivery charges. For the consumer tech and lifestyle brand, the cost of procurement formed 50% of the total expense. This cost increased by 40% to Rs 42.28 crore in FY24 from Rs 30.26 crore in FY23. Its employee benefits and marketing cum advertising costs grew by 24% and 46.5%, standing at Rs 11.34 crore and Rs 14.33 crore, respectively, in FY24. The firm's spending on shipping, delivery, legal, and other overheads pushed the overall costs up by 33.3% to Rs 84.2 crore in FY24. Note: Excluding the exceptional item cost of Rs 6.14 crore, related to the write-off of previous receivables in the fiscal year ending March 2024, from the calculation of losses and expenses. Increased marketing and employee benefits costs led DailyObjects to post a loss of Rs 3.92 crore for FY24, compared to a marginal profit of Rs 0.06 crore in FY23. Its ROCE and EBITDA margin stood at -43.98% and -4.3%, respectively. On a unit basis, the company spent Re 1 to earn a rupee in FY24. It reported current assets of Rs 20.76 crore as of FY24. According to the startup data intelligence platform TheKredible, the Gurugram-based firm has raised around $14.4 million to date. Its leading investors are Roots Ventures and 360 One.

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

EntrackrEntrackr · 11m ago
Hangyo nears Rs 300 Cr revenue in FY24; profit spikes 2X
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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.

Yatra profit spikes 10X in Q3 FY25; revenue doubles

EntrackrEntrackr · 1y ago
Yatra profit spikes 10X in Q3 FY25; revenue doubles
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Yatra’s revenue from operations increased to Rs 235 crore in Q3 FY25 from Rs 110 crore in Q3 FY24, its consolidated unaudited financials sourced from National Stock Exchange (NSE) shows. The Gurugram-based firm managed to double its year-on-year revenue during the third quarter of FY25, compared to the same quarter of the previous fiscal (Q3 FY24). Income from hotels and packages was the largest revenue source followed by air ticketing and other allied services. It also made Rs 6 crore from financial sources tallying the firm’s overall income to Rs 241 crore in Q3 FY25 from Rs 119.2 crore in Q3 FY24. For more context, Yatra has reported a revenue of Rs 572 crore with a positive bottom line of Rs 21.3 crore in the first nine months of the ongoing fiscal year (FY25). The travel aggregator firm spent 56% of the overall expenditure on service costs which stood at Rs 131 crore, followed by employee benefits which were recorded at Rs 39 crore. Its spending on marketing, legal, information technology, and other costs pushed its overall expense to Rs 231 crore in Q3 FY25. The twofold year-on-year scale helped Yatra to register a 10X surge in its profits, bringing it to Rs 10 crore in Q3 FY25 against Rs 1 crore in Q3 FY24. On a unit level, the firm spent Re 0.98 to earn a rupee in Q3 FY25. Yatra is currently trading at Rs 93.21 with a 0.52% increase in its share price. Its total market capitalization stood at Rs 1,462 crore.

Zolostays hits Rs 200 Cr revenue in FY24, trims losses

EntrackrEntrackr · 1y ago
Zolostays hits Rs 200 Cr revenue in FY24, trims losses
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Zolostays hits Rs 200 Cr revenue in FY24, trims losses Co-living company Zolostays has achieved a fivefold increase in growth over the last two fiscal years, expanding its revenue from Rs 43 crore in FY22 to more than Rs 200 crore in FY24. Despite this growth, the Nexus Ventures-backed firm maintained control over its losses during this period. Zolostays’ revenue from operations doubled to Rs 204.4 crore in FY24 from Rs 95.5 crore in FY23, as per its consolidated financial statement sourced from the Registrar of Companies (RoC). Zolostays provides co-living spaces to students, professionals, and organizations. Income from residential accommodations and facilities, including service fees and accommodation charges, accounted for 93% of the total operating revenue. This income grew 3.4x to Rs 191 crore in FY24 from Rs 55 crore in FY23. Zolostays also offers services to colleges and universities for managing residential facilities, along with food subscriptions and other amenities. Revenue from this segment dropped 72% to Rs 10.4 crore in FY24. The firm earned Rs 4.6 crore in interest income, bringing its total income to Rs 209 crore in FY24. On the cost front, property management and operational expenses were the largest component, accounting for 52% of total costs. These expenses, which include food, rent, electricity, housekeeping, and consumables, increased 2.3X to Rs 139 crore in FY24 from Rs 60.5 crore in FY23. Its employee benefit expenses increased by 16% to Rs 83 crore in FY24. Legal, advertising, communication, commission, and other overheads took the total cost up by 58% to Rs 266 crore in FY24 from Rs 168 crore in FY23. Zolostays' two-fold growth and controlled expenses led to a 17.4% reduction in losses, down to Rs 57 crore in FY24 from Rs 69 crore in FY23. Its ROCE and EBITDA margin stood at -89.96% and -16.75%, respectively, with an expense-to-revenue ratio of Rs 1.30. In FY24, the Bengaluru-based firm reported current assets of Rs 76 crore, including Rs 34 crore in cash and bank balances. Zolo has raised a total of $118 million of funding to date. According to the startup data intelligence platform TheKredible, Nexus Ventures is the largest external stakeholder with 34% followed by Investcrop and Mirae Asset.

A23 reports Rs 841 Cr revenue and Rs 72 Cr profit in FY24

EntrackrEntrackr · 1y ago
A23 reports Rs 841 Cr revenue and Rs 72 Cr profit in FY24
Medial

Online rummy platform A23 reported flat revenue growth for the fiscal year ending March 2024. However, the company achieved a 24% increase in profits, driven by controlled expenses and an increase in non-operating income during the same period. A23’s net revenue was recorded at Rs 841 crore in FY24 from Rs 839 crore in FY23, its consolidated annual financial statements sourced from the Registrar of Companies (RoC) show. Notably, the firm's gross revenue grew by 31% to Rs 1,378 crore in FY24, up from Rs 1,051 crore in FY23. Of this, Rs 537 crore was paid out to players, resulting in a net revenue of Rs 841 crore for FY24. The platform fee, or commission, charged as a percentage of the buy-in fees from users, remained the sole revenue source for A23 during FY24. Additionally, the platform earned Rs 37 crore, primarily from interest on deposits and current investments, bringing its total revenue to Rs 878 crore in FY24. The company claims to have over 5 crore players on its platform and operates five games - rummy, fantasy, poker, carrom, and pool. A23 has not disclosed its overheads much and booked Rs 515 crore, which is 68% of the overall cost under the miscellaneous head. This might include all the major costs including advertising, servers, and hosting. A23’s employee benefits grew 41% to Rs 138 crore in FY24 from Rs 98 crore in FY23. Its legal, safety and security, printing, traveling, and other overheads pushed the total expenditure to Rs 761 crore in FY24. Despite the flat scale, the controlled expenditure and increase in other income helped A23 to post a 24% increase in its net profits to Rs 72 crore in FY24, compared to Rs 58 crore in FY23. Its ROCE and EBITDA margin improved to 11.5% and 15.26%, respectively while the expense-per-revenue ratio stood at Rs 0.90. At the end of FY24, A23’s total current assets were recorded at Rs 613 crore with cash and bank balances of Rs 534 crore.

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