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Phi Commerce posts Rs 81 Cr revenue in FY24; losses soar 3X

EntrackrEntrackr · 4m ago
Phi Commerce posts Rs 81 Cr revenue in FY24; losses soar 3X
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Phi Commerce, a SaaS-based omnichannel payment solutions provider, recorded over two-fold year-on-year growth in its operating scale for the fiscal year ending March 2024. However, its losses surged 3X during the same period due to its growth expansion efforts. PhiCommerce’s operating revenue grew to Rs 81.2 crore in FY24 from Rs 34.7 crore in FY23, as per its annual consolidated financial statements filed with the Registrar of Companies (RoC). Phi Commerce is a digital payment solutions provider offering a unified omnichannel payments platform for businesses, banks, and networks. Its flagship product, PayPhi, simplifies complex digital transactions across online, in-store, on-the-go, and doorstep channels. For Phi Commerce, commissions on GMV settlements with merchants accounted for 90% of its operating revenue, totaling Rs 72.3 crore in FY24. The remaining revenue came from technology infrastructure and value-added services for payment aggregation. The firm earned Rs 3.4 crore in interest from fixed deposits and non-current investments, bringing its total revenue to Rs 84.5 crore. Phi Commerce's total expenses surged 137% to Rs 116.6 crore in FY24 from Rs 49.2 crore in FY23, driven by increased operational costs. Processing charges for payments remained the largest cost component, accounting for 60% of total expenses, rising 2.6X to Rs 70.5 crore in FY24. Employee benefit expenses also saw a 109% YoY increase, reaching Rs 27.8 crore. Additional costs, including legal and platform support fees, share-based compensation to consultants, and other overheads, further pushed total expenses up by 137%. As a result, Phi Commerce's total costs outpaced revenue growth, leading to a 207% increase in net loss, which widened to Rs 28.9 crore in FY24 from Rs 9.4 crore in FY23. On a unit level, the company spent Rs 1.44 to earn a rupee in FY24. By the end of FY24, Phi Commerce recorded a negative ROCE of -40.18% and an EBITDA margin of -35.11%. Its total current assets stood at Rs 107.7 crore, including Rs 64.6 crore in cash and bank balances as of March 2024. Phi Commerce has raised $14 million in funding to date including a $10 million Series A round led by BEENEXT and participation from Opus Ventures. According to the data intelligence platform TheKredible, Opus Ventures is the largest external stakeholder followed by Beenext.

Traya posts 236 Cr revenue in FY24; turns profitable

EntrackrEntrackr · 6m ago
Traya posts 236 Cr revenue in FY24; turns profitable
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Traya recorded over threefold year-on-year growth, with its revenue crossing Rs 230 crore during the previous fiscal year ending March 2024. Moreover, with this pace, the Mumbai-based company became profitable in the same period. Traya’s revenue from operations surged 3.8X to Rs 236 crore in FY24 from Rs 61 crore in FY23, its annual financial statements sourced from the Registrar of Companies show. Established in 2019, Traya focuses on addressing hair loss at its core by identifying the underlying causes. It provides personalized hair solutions and guidance from a team of experienced hair coaches and physicians. Income from product sales accounted for 99.36% of Traya's total operating revenue, which rose to Rs 234.5 crore in FY24, up from Rs 61 crore in FY23. The rest income came from courier services and doctor consultation fees. Moving on to the expense part, marketing and sales accounted for 43% of the overall expenditure. This cost grew twofold to Rs 98 crore in FY24 from Rs 51 crore in FY23. To the tune of scale, the cost of procurement of materials surged 3.6X to Rs 54 crore in FY24. Traya’s employee benefits also saw a 4X surge to Rs 36 crore in FY23. Other overheads including freight, legal, and travelling increased the overall cost by 154% to Rs 229 crore in FY23 from Rs 90 crore in FY23. The 3.8X growth in scale enabled Traya to achieve a notable profit of Rs 9 crore in FY24, a stark contrast to the Rs 28 crore loss in FY23. Its ROCE and EBITDA margin improved to 8.7% and 5.04%, respectively. On a unit basis, the company spent Rs 0.97 to earn a rupee in FY24. Traya's total current assets recorded at Rs 159 crore, with a cash balance of Rs 85 crore at the end of the previous fiscal year. According to startup-data intelligence platform TheKredible, Traya has raised approximately Rs 96 crore to date, including Rs 75 crore in funding from Xponentia Capital in April this year. The company counts notable investors such as Fireside Ventures, Kae Capital, Xponentia Capital, and Whiteboard Capital.

Power2SME gross revenue crosses 1,000 Cr in FY23; cuts losses

EntrackrEntrackr · 1y ago
Power2SME gross revenue crosses 1,000 Cr in FY23; cuts losses
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B2B e-commerce platform Power2SME has demonstrated decent growth with better unit economics as reflected in its top and bottom lines in the fiscal year ending March 2023. While it managed a 50% growth in gross margin in FY23, the company also reduced losses by 9% as it slashed employee benefits among other costs. Power2SME’s gross revenue spiked to Rs 1,056 crore in FY23 from Rs 703 crore in FY22, its consolidated financial statements filed with the Registrar of Companies (RoC) show. Power2SME provides raw materials such as steel, chemicals, inks, paints, metals, polymers along with financial services to SMEs to fulfill their capital needs through its subsidiary entities. Income from the sale of goods contributed 99% of the total gross revenue whereas the rest of the collections came from interest and finance (operating). The company also made Rs 6 crore from interest on current and non-current investments (non-operating) which took its total revenue to Rs 1,063 crore in FY23. For the e-commerce platform, the cost of procurement comprised 93.4% of the total expenditure. Tracking the growth in scale, this cost grew by 49.6% to Rs 1,019 crore in FY23 from Rs 681 crore in FY22. Its employee benefits, insurance, legal/professional, advertising, finance, and other overheads took the overall expenditure to Rs 1,091 crore in FY23 from Rs 740 crore in FY22. View TheKredible for the complete expense breakdown. The decent acceleration and cost control enabled Power2SME to reduce its losses by 9% to Rs 28.5 crore in FY23. Its ROCE and EBITDA margin improved to -10% and -0.6% respectively. On a unit level, it spent Rs 1.03 to earn a rupee in FY23. FY22-FY23 FY22 FY23 EBITDA Margin -3% -0.6% Expense/₹ of Op Revenue ₹1.05 ₹1.03 ROCE -24% -10% Power2SME last raised its equity round of $36 million in January 2018 and has raised around $80 million to date. According to startup data intelligence platform TheKredible, Accel is the largest stakeholder with 26.1% followed by Kalaari Capital and Inventus Capital. Its co-founder and CEO Narayan Ramaswamy commands 12.17% of the company at the moment. With its last funding round in 2018, Power2Sme is certainly straining to deliver on its promise, and the current growth momentum should necessitate a round of funding soon. That it hasn’t yet gone for the most obvious growth hack, i.e., lending to its users is interesting, and might just be the next focus area yet. But the significant scale and operating breakeven suggests big things soon at the firm. We are betting you will find yourself back here soon enough to read an important update on the firm.

Treebo crosses Rs 100 Cr revenue in FY24, outstanding losses climb to Rs 488 Cr

EntrackrEntrackr · 6m ago
Treebo crosses Rs 100 Cr revenue in FY24, outstanding losses climb to Rs 488 Cr
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Treebo crosses Rs 100 Cr revenue in FY24, outstanding losses climb to Rs 488 Cr Treebo Hotels, a premium-budget hotel chain, crossed the Rs 100 crore revenue milestone in the fiscal year ending March 2024. Despite this growth, the Bengaluru-based company saw its losses rise by 17%, bringing total outstanding losses to Rs 488 crore. Treebo Hotels’s revenue from operations grew 22.5% to Rs 109 crore in FY24 from Rs 89 crore in FY23, its consolidated financial statements filed with the Registrar of Companies show. Income from accommodation services (taken on lease and managed properties) formed 95% of the total operating revenue which increased by 22.3% to Rs 104 crore in FY24 from Rs 85 crore in FY23. The rest of the income comes from the sale of products, and subscription services. The company also added Rs 7.22 crore as other income (non-operating) which tallied its overall revenue to Rs 116 crore in FY24 from Rs 94 crore in FY23. Treebo spent 41% of its overall expenditure on employee benefits which increased marginally by 7% to Rs 59 crore in FY24. Its cost and commission surged 70% and 48% to Rs 17 crore and Rs 43 crore in the previous fiscal year. Its cost of materials, legal, technology, traveling, and other overheads took the overall cost up by 22% to Rs 144 crore in FY24 from Rs 118 crore in FY23. The increased advertising and commission costs led Treebo to raise its losses by 16.7% to Rs 28 crore in FY24, compared to Rs 24 crore in FY23. Its ROCE and EBITDA margin stood at -540% and -18.1% respectively. On a unit level, it spent Rs 1.32 to earn a rupee in FY24. The company’s total current assets stood at Rs 34 crore with cash and bank balances of Rs 7 crore in the previous fiscal. According to startup data intelligence platform TheKredible, decade-old Treebo has secured Rs 566 crore (approximately $70 million) in funding from investors including Accor, Elevation Capital, Matrix Partners, and Bertelsmann. The company’s most recent major funding, amounting to $16 million, was raised in June 2021. Treebo competes directly with Bloom Hotels and FabHotels. In FY24, Bloom Hotels saw its operational revenue rise by 73.6% to Rs 250 crore, with a profit of Rs 14 crore. FabHotels recorded Rs 224 crore in operating revenue for FY23 but has not yet filed its FY24 annual report.

Decathlon India posts Rs 4,008 Cr revenue and Rs 197 Cr PAT in FY24

EntrackrEntrackr · 3m ago
Decathlon India posts Rs 4,008 Cr revenue and Rs 197 Cr PAT in FY24
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Decathlon India posts Rs 4,008 Cr revenue and Rs 197 Cr PAT in FY24 Decathlon has made a turnaround in FY24, reporting a profit of Rs 197 crore, a sharp recovery from a Rs 18 crore loss in FY23. However, its revenue growth remained flat, registering a 2.2% year-on-year increase for the fiscal year ending March 2024. Decathlon India’s revenue from operations grew to Rs 4,008 crore in FY24 from Rs 3,920 crore in FY23, its annual standalone financial statements sourced from the Registrar of Companies (RoC) show. Decathlon India operates on a direct-to-consumer model, managing the design, manufacturing, and sale of its sports gear through large retail stores and an e-commerce platform. The company currently operates 90 stores across India. The sale of sports products was the sole source of revenue for Decathlon India. It also added Rs 58 crore from interest on investments and other non-operating income which tallied its overall to Rs 4,066 crore in FY24. The cost of procurement was the latest cost center forming 64.4% of the overall expenditure. This cost was reduced by 4.3% to Rs 2,448 crore in FY24, compared to Rs 2,559 crore in FY23. Decathlon India spent Rs 327 crore on employee benefits. Its controlled spending on power, rent, repairs, fuel, advertising, information technology, freight, franchisee fees, and legal/professional expenses led to an overall cost reduction of 4.5% to Rs 3,797 crore in FY24 from Rs 3,975 crore in FY23. Despite modest revenue growth, Decathlon India’s cost-control measures enabled it to post a net profit of Rs 197 crore in FY24, a sharp recovery from a Rs 18.6 crore loss in FY23. On a unit level, the company spent Re 0.95 to earn a rupee, with improved ROCE at 17.79% and EBITDA at 14.49%. By the end of the last fiscal year (FY24), its total current assets stood at Rs 1,247 crore, including Rs 325 crore in cash and bank balances. Last year, Decathlon India CEO Sankar Chatterjee mentioned that the company plans to double its revenue to Rs 8,000 crore within the next 3 to 5 years.

PlanetSpark posts Rs 41 Cr revenue and Rs 90 Cr loss in FY23

EntrackrEntrackr · 1y ago
PlanetSpark posts Rs 41 Cr revenue and Rs 90 Cr loss in FY23
Medial

Edtech business is hard to crack and this is evident from the balance sheets of most of the companies in the space which have shown astounding losses. Seven-year-old PlanetSpark is no exception as the firm’s losses were more than twice its revenue in the fiscal year ending March 2023. FITT-JEE-backed PlanetSpark’s revenue from operations increased 41%to Rs 42 crore in the last fiscal year (FY23) from Rs 30 crore in FY22, as per its filings with the Registrar of Companies (RoC). Founded in 2017 by Kunal Malik and Manish Dhooper, PlanetSpark offers live 1:1 classes in public speaking, creative writing, storytelling, debate, podcasting et al for the K8 generation. The sale of educational services was the only source of revenue for the company while it also made Rs 1.1 crore from interest on deposits. In the end, tPlanetSpark’s total income stood at 43.5 crore during the last fiscal year. PlanetSpark spent Rs 63.17 crore towards employee benefits which includes Rs 5.5 crore as ESOP cost (non-cash component). Similar to other ed-tech startups, it spent a significant 90 crore on marketing and teachers’ salaries. Its legal/professional, rent, information technology, and other overheads led its total cost to Rs 133 crore in FY23 from Rs 139.5 crore in FY22. Head to TheKredible for a complete expense breakdown and its YoY financial health. Expense Breakdown Total ₹ 139.53 Cr https://thekredible.com/company/planetspark/financials View Full Data To access complete data, visithttps://thekredible.com/company/planetspark/financials Total ₹ 133.02 Cr https://thekredible.com/company/planetspark/financials View Full Data To access complete data, visithttps://thekredible.com/company/planetspark/financials Employee Benefit Employee Benefit Teachers Pay Teachers Pay Marketing and Branding expense Marketing and Branding expense Software and Server Charges Software and Server Charges Payment Gateway charges Payment Gateway charges Other Expenses To check complete Expense Breakdown visit thekredible.com View full data With over 40% scale and controlled expenses, PlanetSpark managed to trim its losses by 18% to Rs 90 crore in FY23. Its ROCE and EBITDA margin also improved to -197.1% and 226% respectively. On a unit level, PlanetSpark spent Rs 3.14 to earn a rupee of operating revenue in FY23. FY22-FY23 FY22 FY23 EBITDA Margin -362% -197.1% Expense/₹ of Op Revenue ₹4.65 ₹3.14 ROCE -1065% 226% According to the startup data intelligence platform TheKredible, PlanetSpark has mopped up over $34 million to date including a $17 million round this year. Prime Venture Partners is the largest stakeholder with 32.6% followed by FIIT- JEE. Its co-founder Kunal Malik and Maneesh Dhopper cumulatively command 29.6%.

Vedantu posts Rs 153 Cr revenue in FY23; cuts losses by 46%

EntrackrEntrackr · 1y ago
Vedantu posts Rs 153 Cr revenue in FY23; cuts losses by 46%
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Edtech company Vedantu has released its financial results for the fiscal year ending March 2023. The Bengaluru-based firm faced challenges in scaling, with its revenue dropping by 7.8% in FY23. However, the company managed to control its losses by 46% during the same period. Vedantu’s revenue from operations decreased by 7.8% to Rs 153 crore in FY23 from Rs 166 crore in FY22, its consolidated financial statements accessed from the Registrar of Companies (RoC)show. Income from online tutoring of various courses accounted for 94% of its total operating revenue which declined 13.3% to Rs 144 crore in FY23. The rest of the collections comes from the sale of books, hostel fees, and e-learning project income in FY23. The company also made Rs 22 crore from interest and gain on financial assets tallying its total income to Rs 175 crore in FY23. Similar to other large edtech startups, its employee benefits emerged as the largest cost center forming 56.7% of the total expenditure which declined by 35.8% to Rs 314 crore in FY23. The firm’s spending on legal, advertising cum promotional, training, information technology, and overheads pushed its overall expenditure to Rs 553 crore in FY23 from Rs 888 crore in FY22. See TheKredible for the detailed expense breakup. Despite the decline in scale, the Tiger Global-backed company managed to control its advertising and employee benefits which led Vedantu’s losses to decrease by 46.4% to Rs 373 crore in FY23 from Rs 696 crore in FY22. Its ROCE and EBITDA margins stood at -68% and -198.9% respectively. On a unit level, it spent Rs 3.61 to earn a rupee in FY23. FY23-FY24 FY22 FY23 EBITDA Margin -356.97% -199.30% Expense/₹ of Op Revenue ₹5.35 ₹3.62 ROCE -118.31% -68.44% Vedantu has not been able to raise a new round since its last equity funding in September 2021. The company also turned unicorn in the $100 million Series E round. In 2022, the company faced back to back firings and laid off more than 1,000 employees across three-four phases. The company also took over Deeksha, Pedagogy and Instasolv in the 2021-22 period. For Deeksha’s acquisition, it spent around $40 million. In December, Vedantu announced its expansion plan to open more than 30 offline centers for JEE, and NEET in multiple cities across the country.

Info Edge-backed Truemeds' gross revenue crosses Rs 300 Cr in FY24

EntrackrEntrackr · 5m ago
Info Edge-backed Truemeds' gross revenue crosses Rs 300 Cr in FY24
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Telehealth platform Truemeds saw rapid growth, surpassing Rs 300 crore in gross revenue for the fiscal year ending March 2024. The Mumbai-based company also reduced its losses by 9% during the same period. Truemeds’ gross revenue surged 2X to Rs 315 crore in FY24 from Rs 154 crore in FY23, according to its annual financial statements filed with the Registrar of Companies (RoC). Founded by Akshat Nayyar and Kunal Wani, the startup enables consumers to discover alternative brand medicines by uploading their prescriptions. Revenue from medicine and medical device sales accounted for 98.4% of the total operating income, which surged 102% to Rs 310 crore in FY24. Income from shipping and packaging stood at Rs 1.7 crore and Rs 2.8 crore respectively. The company also added Rs 10 crore from interest on deposits which tallied its overall income to Rs 325 crore in FY24 from Rs 161 crore in FY23. As a telehealth platform, the cost of procuring medicines and devices accounted for 67.8% of the total expenditure. With increasing scale, this cost rose by 96% to Rs 262 crore in FY24. Employee benefits also grew by 75% to Rs 42 crore in FY24. Its advertising, rent, information technology, legal, and other overheads took the overall cost up by 74.7% to Rs 386 crore in FY24 from Rs 221 crore in FY23. The two-fold growth and controlled expenditure helped Truemeds to reduce its losses by 9% to Rs 61 crore in FY24, compared to Rs 67 crore in FY23. On a unit level, it spent Rs 1.23 to earn a rupee in FY24. Truemeds’ ROCE and EBITDA margin improved to -27.6% and -18.15% respectively. At the end of FY24, its total current assets stood at Rs 253 crore with cash and bank balances of Rs 155 crore. Truemeds has secured over $27 million in funding to date, including a $22 million Series B round led by WestBridge Capital in 2022. As per startup data intelligence platform TheKredible, Info Edge is the largest external stakeholder, holding a 25.25% stake in the company. PharmEasy, Tata 1mg, Netmeds, and Apollo 247 are among Truemeds' direct competitors. An easy to use interface, and a real demand for reducing medical costs has provided a strong opening for many firms in the space.

Baazi Games’ revenue crossed Rs 200 Cr in FY23; profit grew nearly 4X

EntrackrEntrackr · 1y ago
Baazi Games’ revenue crossed Rs 200 Cr in FY23; profit grew nearly 4X
Medial

Baazi Games—which runs skill-based real money gaming platforms PokerBaazi, SportsBaazi, and CardBaazi—saw its scale jump nearly five-fold between FY21 and FY23. With this, the company joins the list of leading players in the space that have earned over Rs 200 crore in topline and are also profitable. Some of the top profitable companies in the real-money gaming space are Dream11, Gameskraft, A23, and Gameberry Labs. Baazi Games’ revenue from operations grew 2.8X to Rs 232 crore during the fiscal year ending March 2023 in sharp contrast with Rs 83 crore in FY22, as per the company’s consolidated financial statements with the Registrar of Companies. Established in 2014, Baazi Games operates skill gaming platforms including PokerBaazi, SportsBaazi, and CardBaazi. PokerBaazi is an online poker platform, while CardBaazi offers a variety of card games. SportsBaazi, formerly BalleBaazi, allows users to play live games while watching sports. The company also has other ventures like CasinoKart, PB School, Baazi Poker, and Tour. It made 99% of its revenue through gaming while the remaining part came from the sale of traded goods and services. To get some visibility in the market, Baazi Games also spent most of its expenses on advertising, similar to the other players in the space. This cost jumped 3.4X to Rs 118 crore during FY23 from Rs 34.41 crore in FY22. Outsourcing and subcontracting costs for the company also ballooned multi-fold to Rs 46.68 crore in FY23. Spending on employee benefits spiked 2X to Rs 20.88 crore during the year from Rs 10.16 crore in FY22. The company also spent a significant amount on the payment gateway, website, server charges, and more. Overall, the total expenditure of the company surged 2.7X to Rs 210 crore in FY23 from Rs 78 crore in FY22. Head to TheKredible for a complete expense breakdown and year-on-year financial performance about the company. Despite rising expenses, the company managed to grow its bottom line by a significant margin. Its profits grew 3.8X to Rs 17.46 crore during FY23 as compared to Rs 4.53 crore in FY22. However, the operating cash flows of the company declined 68% to Rs 15.28 crore during the last fiscal year. The EBITDA margin and ROCE of the company also improved to 10.36% and 67.45%, respectively, during the year which can be ascribed to the up trend in scale. FY22-FY23 FY22 FY23 EBITDA Margin 7.63% 10.36% Expense/₹ of Op Revenue ₹0.94 ₹0.91 ROCE 36.91% 67.45% On a unit level, the Baazi Games spent Re 0.91 to earn a rupee of operating revenue in FY23.

Info Edge crosses Rs 2,500 Cr revenue and Rs 500 Cr profit threshold in FY24

EntrackrEntrackr · 1y ago
Info Edge crosses Rs 2,500 Cr revenue and Rs 500 Cr profit threshold in FY24
Medial

Info Edge, the parent company of Naukri and 99acres, published its financial statements on Thursday. The consolidated figures showcased a modest 8% increase in revenue for FY24. However, the company made a turnaround in its bottom line, transitioning from a loss of Rs 70 crore in FY23 to a profit of Rs 594 crore in FY24. Info Edge’s revenue from operations grew 8% to Rs 2,536 crore in FY24 from Rs 2,345 crore in FY23, its consolidated financial statements disclosed with the stock exchange shows. Meanwhile, the company posted a 4.8% increase in revenue to Rs 657 crore in Q4 FY24 from Rs 627 crore in Q3 FY24. The Sanjeev Bikchandani-led firm operates through different segments. Income from Naukari.com and related portals formed 74.1% of its total revenue which increased 7.49% to Rs 1,880 crore in FY24. Its other segment 99acres saw a 23.6% growth to Rs 351 crore in FY24. Jeevansathi and Shiksha combined participated with Rs 305 crore of revenue during FY24. Info Edge made Rs 414 crore from non-operating activities tallying its total revenue to Rs 2,950 crore in FY24. Akin to other internet companies, its employee benefits accounted for 61% of its total expenditure which grew only 2.83% to Rs 1,128 crore in FY24 from Rs 1,097 crore in FY22. Info Edge’s network/internet, advertising cum promotional, legal, traveling and other overheads push the total expenditure to Rs 1830 crore in FY23 from Rs 1,858 crore in FY23. Note 1: The company recorded exceptional items of Rs 110 crore and Rs 509 crore in FY24 and FY23 respectively due to the decrease in the carrying value of investments. This was the primary reason for the significant loss posted in FY23. Note 2: The company has 15 joint ventures including Makesense, Happily Unmarried’s Ustraa (now acquired by VLCC), Shopkirana, Juno, Sploot and others during FY24. Info Edge recorded a share loss of Rs 131 crore and 231 crore in FY24 and FY23 respectively in its joint ventures which also makes a part of its consolidated figures and reflects losses in the financial statements. At the end, Indo Edge posted a net profit of Rs 594 crore in FY24 where the figures stood at a loss of Rs 70 crore in FY23 (refer note 1 and 2). On a unit level, it spent Rs 0.72 to earn a rupee in FY23.

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