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IPO-Bound PayMate’s FY23 Loss Narrows Marginally To INR 55.7 Cr

Inc42 · 1y ago

IPO-Bound PayMate’s FY23 Loss Narrows Marginally To INR 55.7 Cr

IPO-bound B2B payments solutions provider PayMate reported a marginal decrease in net loss for FY23, narrowing it down by 3.5% to INR 55.7 Cr compared to the previous year. PayMate's operating revenue increased by 11.7% to INR 1,350.1 Cr in FY23. The company witnessed a surge in adoption by customers, with a growth of 84.53% compared to FY22. PayMate is expanding its presence in Central Europe, Middle East, and Africa (CEMEA) and the Asia-Pacific (APAC) regions. It is yet to refile its draft papers for IPO.

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IPO-bound Awfis’ net loss narrows to INR 46.6 Cr in FY23

Inc42 · 1y ago

IPO-bound Awfis’ net loss narrows to INR 46.6 Cr in FY23

IPO-bound coworking space provider Awfis reported a net loss of INR 46.6 Cr in the financial year 2022-23 (FY23), a decline of over 18% compared to the previous year. The company's revenue from contracts with customers grew by 112% YoY to INR 545.3 Cr in FY23. Awfis plans to raise INR 160 Cr through a fresh issue of shares during its IPO and is experiencing increased demand for flexible workspaces due to the COVID-19 pandemic. However, the company faces rising expenses, including finance costs and employee benefit expenses.

IPO-Bound BlackBuck Narrows Loss By 33% To INR 194 Cr In FY24

Inc42 · 1y ago

IPO-Bound BlackBuck Narrows Loss By 33% To INR 194 Cr In FY24

IPO-bound logistics company BlackBuck reported a net loss of INR 194 crore in FY24, down 33% from the previous fiscal year. However, its total revenue increased 62% to INR 316.5 crore, including other income. BlackBuck is planning an IPO, with a fresh issue of shares worth INR 550 crore.

Pepperfry’s FY23 loss narrows marginally to INR 188 Cr, sales up by 10%

Inc42 · 1y ago

Pepperfry’s FY23 loss narrows marginally to INR 188 Cr, sales up by 10%

Pepperfry, an ecommerce furniture startup, has reported a minor decrease in its net loss for the financial year ended March 31, 2023. The company's net loss narrowed by 3% to INR 187.6 crore in FY23, compared to INR 194 crore in the previous fiscal year. Despite the decrease in net loss, Pepperfry's operating revenue increased by 10% to INR 272.3 crore, with its primary source of revenue being the commission earned from connecting customers with merchants on its platform. The startup has been preparing for its upcoming IPO.

IPO-bound Ola Electric’s FY23 net loss almost doubles to INR 1,472 Cr on surge in expenses

Inc42 · 1y ago

IPO-bound Ola Electric’s FY23 net loss almost doubles to INR 1,472 Cr on surge in expenses

Ola Electric, led by Bhavish Aggarwal, saw its net loss almost double to INR 1,472 Cr in FY23 due to increased expenses. The company reported an EBITDA loss of INR 1,318 Cr in FY23 and targets EBITDA profitability of INR 803 Cr in FY25. Despite the losses, Ola Electric's consolidated revenue surged by 510% to INR 2,782 Cr in FY23. The startup aims to raise $700 Mn through its IPO and achieve a market capitalization of $10 Bn. Ola Electric retained the top spot in electric two-wheeler registrations, with over 27,000 units registered in November.

Ola Cabs parent ANI Tech’s FY23 revenue crosses INR 2,500 Cr mark, loss declines to INR 772 Cr

Inc42 · 1y ago

Ola Cabs parent ANI Tech’s FY23 revenue crosses INR 2,500 Cr mark, loss declines to INR 772 Cr

Ola Financial Services recorded a net loss of INR 54.6 Cr in FY23, compared to a profit of INR 8.6 Cr in FY22. Ola's parent company, ANI Technologies, reduced its consolidated net loss by 49.2% to INR 772.2 Cr in FY23. Ola's sales increased by 63% to INR 1,987.5 Cr, while its net loss decreased by 64.8% to INR 1,082.5 Cr in FY23. Ola's rival, Uber India, saw its net sales rise by 54% to INR 2,666.1 Cr in FY23, with a loss of INR 311.3 Cr. Ola Electric is also planning an IPO to raise funds.

IPO-Bound Awfis Posts INR 19 Cr Loss In The First Nine Months Of FY24

Inc42 · 1y ago

IPO-Bound Awfis Posts INR 19 Cr Loss In The First Nine Months Of FY24

Coworking startup Awfis, which is preparing for an INR 599 Cr IPO, experienced a net loss of INR 18.9 Cr in the first three quarters of FY24. However, the company's EBITDA turned profitable in 2021, reaching INR 195.5 Cr during the same period. Awfis' operating revenue surpassed FY23's number of INR 545.3 Cr within the first three quarters of FY24, reaching INR 616.5 Cr. Chairman and MD Amit Ramani highlighted that Tier 2 cities will be a key expansion area for the company in the future. Awfis plans to allocate a significant portion of the IPO proceeds towards establishing new centers.

LEAD Schools’ FY23 Loss Narrows 18.5% to INR 322 Cr

Inc42 · 1y ago

LEAD Schools’ FY23 Loss Narrows 18.5% to INR 322 Cr

Mumbai-based edtech startup LEAD School reported a net loss of INR 321.9 crore ($42.5 million) for the financial year 2022-23, an 18.5% decrease from the INR 395.3 crore loss it posted in the previous fiscal year. The company's operating revenue more than doubled to INR 273.1 crore from INR 132.3 crore. LEAD School, backed by WestBridge Capital, attributed the reduction in losses to cost-cutting measures, stating that it reduced its cash burn by 60-70% in FY23 compared to the previous year. Employee expenses continued to be the biggest expenditure for the startup, which laid off over 160 employees during the year.

IPO-Bound FirstCry reports INR 278 Cr loss in nine months of FY24

Inc42 · 1y ago

IPO-Bound FirstCry reports INR 278 Cr loss in nine months of FY24

Kids-focussed omnichannel retailer Firstcry posted a consolidated net loss of INR 278.2 Cr for the nine months ending December 2023 in the financial year 2023-24 (FY24). The Pune-based startup posted a consolidated net loss of INR 486 Cr in the full financial year 2022-23 (FY23), a 518% increase from INR 78.6 Cr in the previous fiscal year.

InsuranceDekho’s Net Loss Narrows 29% To INR 51.5 Cr In FY23

Inc42 · 1y ago

InsuranceDekho’s Net Loss Narrows 29% To INR 51.5 Cr In FY23

InsuranceDekho, the insurance arm of CarDekho, has reported a 29% decrease in net loss for FY23. The company's operating revenue doubled to INR 96.4 Cr, contributing to this improvement. Total expenses increased by 25% to INR 151.8 Cr, with employee benefits being the largest expenditure. InsuranceDekho aims to break even by the end of the next financial year.

IPO-Bound Swiggy Turns Into A Public Company

Inc42 · 1y ago

IPO-Bound Swiggy Turns Into A Public Company

Indian food delivery giant Swiggy has converted from a private limited company to a public limited company, a move that prepares it for an anticipated $1bn IPO. The company has changed its name from Swiggy Private Limited to Swiggy Limited. This conversion will allow Swiggy to raise funds from the public through an IPO. Swiggy has also recently appointed FMCG veteran Anand Kripalu as an independent director and chairperson of its board of directors, signaling its IPO preparations. In FY23, the company recorded a net loss of INR 4,179.3 crore ($581m), while its operating revenue surged to INR 8,264.4 crore ($1.15bn).

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