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Peak XV-backed Wakefit reports Rs 66 Cr EBITDA in FY24

EntrackrEntrackr · 7m ago
Peak XV-backed Wakefit reports Rs 66 Cr EBITDA in FY24
Medial

Home furniture and sleep solutions company Wakefit continued its growth trajectory with a 21% year-on-year increase in operating revenue during the fiscal year ending March 2024. Notably, the Peak XV-backed company reduced its losses by 90% and achieved EBITDA positivity with Rs 65.9 crore during the same period. Wakefit’s revenue from operations increased to Rs 986.4 crore in FY24, as compared to Rs 812.6 crore in the previous fiscal year, its financial statement filed with the Registrar of Companies (RoC) shows. Wakefit's revenue was predominantly driven by the sale of products, which increased 21.47% and accounted for Rs 967.86 crore in FY24. Income from scrap sales and other minor sources also rose by 16.73% to Rs 18.49 crore during the said fiscal year. The firm’s income from interest on bank deposits surged 5.8X to Rs 19.38 crore, pushing its total revenue to Rs 1,017.33 crore in FY24. The cost of materials remained the largest expense at Rs 465 crore, contributing 45.04% of total costs. Employee benefit expenses grew by 27.3% to Rs 134.63 crore. Courier and delivery charges increased by 24.8% to Rs 82.19 crore, while advertising expenses dropped by 19.3% to Rs 77.36 crore. Other expenses added another Rs 273.2 crore in FY24. The firm’s total expenses rose by 6.9% to Rs 1,032.4 crore in FY24. In the end, Wakefit managed to decline its losses by 90% to Rs 15 crore from Rs 145 crore in FY23. Despite losses, the Bengaluru-based company achieved positive EBITDA at Rs 65.9 crore in FY24. Its ROCE and EBITDA margins improved to 0.29% and 6.48%, respectively. On a unit basis, Wakefit spent Rs 1.05 to earn a rupee of operating revenue in FY24. Its current assets grew significantly to Rs 574 crore, while its cash and bank balances were recorded at Rs 17.21 crore in FY24. According to TheKredible, Wakefit has raised a total of $105.5 million to date. Its leading investors include Peak XV Partners, Verlinvest, and SIG.

StayVista clocks Rs 140 Cr revenue in FY24, cuts losses by one-third

EntrackrEntrackr · 3m ago
StayVista clocks Rs 140 Cr revenue in FY24, cuts losses by one-third
Medial

StayVista clocks Rs 140 Cr revenue in FY24, cuts losses by one-third Luxury vacation home rental platform StayVista continued its steady growth in the last fiscal year, with revenue increasing by 23%. At the same time, the company managed to reduce its losses by over one-third in FY24. StayVista’s revenue from operations increased to Rs 140 crore in FY24 from Rs 114 crore in FY23, according to its financial statement sourced from the Registrar of Companies (RoC). StayVista connects property owners with travelers seeking vacation rental accommodations. The platform enables property owners to list their rentals, while facilitating bookings and online payments. Revenue from these services was the company’s sole source of income. With minor contribution from other income, the company posted total revenue of Rs 143.48 crore in the last fiscal year. On the expense side, the cost of materials—the company’s largest expense category—increased by 17.7% to Rs 109.5 crore in FY24. Employee benefit expenses also rose sharply, up 33% to Rs 28 crore, while legal and other operational expenses remained relatively stable at Rs 3.5 crore and Rs 11 crore, respectively. Overall, the company’s total expenses stood at Rs 152 crore for the year, marking an 18.8% increase from Rs 128 crore in FY23. StayVista reduced its losses by 33.3% to Rs 8 crore in FY24 from Rs 12 crore in the previous fiscal year. Its ROCE and EBITDA margin stood at -28.81% and -5.31%, respectively. On a unit level, StayVista spent Rs 1.09 to earn a rupee in FY24. As of March 2024, the Mumbai-based firm reported current assets worth Rs 50 crore which includes Rs 39 crore in cash and bank balances. According to startup data intelligence platform TheKredible, StayVista has raised a total of $7.5 million of funding till date, having DSG Consumer Partners as its lead investor who owns 17% of the company. Its co-founders Amit Damani, Ankita Sheth and Pranav Maheshwari together own 32.4% of the company. According to media reports, StayVista is planning to go public through an IPO by 2028, with a goal of raising Rs 600 crore (around $72 million) to further expand its network across India.

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