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Jobs platform Apna's revenue nearly triples, expenses rise in FY23

Inshorts · 1y ago

Jobs platform Apna's revenue nearly triples, expenses rise in FY23

Bengaluru-based job and professional networking platform Apna tripled its operating revenue in FY 2022-23, reaching Rs 180.3 crore. However, increased expenses resulted in higher losses compared to the previous fiscal year. The platform's total revenue, including interest income, reached Rs 188.1 crore. Expenses rose to Rs 308.4 crore, leading to losses of Rs 120.3 crore. Employee benefits accounted for the largest expense, amounting to Rs 203.8 crore. Apna reduced advertising and promotional expenses but still spent Rs 62.1 crore in this area. Apna became a unicorn in 2021 after raising $100 million in funding.

Related News

Gaming startup WinZO triples revenue

Inc42 · 1y ago

Gaming startup WinZO triples revenue

WinZO saw its consolidated operating revenue zoom nearly 3X to INR 673.94 Cr in the financial year ended March 31, 2023 (FY23). The Delhi NCR-based gaming major reported an operating revenue of INR 233.89 Cr in the previous fiscal year. In FY22, the startup reported a non-operating expense of INR 240.45 Cr.

Leverage Edu’s FY23 Loss Widens 118% To INR 102.8 Cr, Sales Surge 3.3X

Inc42 · 1y ago

Leverage Edu’s FY23 Loss Widens 118% To INR 102.8 Cr, Sales Surge 3.3X

Study abroad platform, Leverage Edu, experienced a significant rise in expenses, causing its loss to widen by 118% in FY23. The startup's operating revenue, however, saw a 3.3x increase, reaching INR 68.9 Cr. Leverage Edu's strategic focus for 2022 was on long-term investments, including improving content, community, and acquisition products. The company also reported substantial brand growth and increased investments in marketing and team expansion. Its total expenses rose by 153% to INR 173.5 Cr, primarily driven by other expenses and advertising costs.

Battery Smart’s revenue triples in FY24 but losses widen over 2X

Entrackr

Entrackr · 2m ago

Battery Smart’s revenue triples in FY24 but losses widen over 2X

Battery Smart, a battery-swapping network for electric two- and three-wheelers, recorded a three-fold increase in revenue for the fiscal year ending March 2024. However, its losses also doubled as the Gurugram-based company aggressively pursued scale. Battery Smart’s operating revenue soared 193% to Rs 164 crore in FY24 from Rs 56 crore in FY23, as per its consolidated financial statements sourced from the Registrar of Companies (RoC). The company made additional Rs 23 crore from interest on financial assets which pushed its total income to Rs 187 crore in FY24. On the expense side, depreciation charges ballooned 3.8X to Rs 85 crore, while finance costs rose nearly 3.75x to Rs 45 crore. Employee benefit expenses increased 95.2% to Rs 41 crore. Interestingly, advertising expenses fell by 60% to Rs 8 crore during the said fiscal year. Overall, Battery Smart’s total expenditure more than doubled to Rs 327 crore in FY24 from Rs 125 crore in FY23. Despite strong top-line growth, Battery Smart’s losses widened significantly. The company posted a net loss of Rs 140 crore in FY24, more than double the Rs 61 crore loss in FY23. Its Return on Capital Employed (ROCE) and EBITDA margin stood at -18.34% and -5.35%, respectively. On a unit basis, the company spent Rs 1.99 to earn a rupee in operating revenue. As of March 2024, the Gurugram-based firm reported current assets worth Rs 328 crore including Rs 107 crore in cash and bank balance. According to startup data intelligence platform TheKredible, Battery Smart has raised a total of approx $192 million of funding till date, having Tiger Global and Blume Ventures as its lead investors. Its co-founders Pulkit Khurana and Siddhart Sikka together own 28.5% of the company. Battery Smart remains one of the better positioned firms to benefit from the increased electrification of mobility in India, particularly two and three wheelers. The firm has incurred high costs as it establishes the best SOP and learns, never an easy task in a complex market like India. What probably helps it is the almost complete focus on B2B segments. The biggest risk factor of course remains the pushback from large manufacturers to have proprietary batteries, or a preference to build their own swapping networks as seen in the case of Honda recently. However, Battery Smart continues to have a lot going for it particularly in the three wheeler segment, where the swapping model trumps charging for now, by saving time and ensuring higher usage of the vehicle.

Rapido’s FY23 loss widens over 50% to INR 674.5 Cr, sales jump 3X

Startup News FYI

Startup News FYI · 1y ago

Rapido’s FY23 loss widens over 50% to INR 674.5 Cr, sales jump 3X

Ride-hailing startup Rapido reported a widened standalone loss of INR 674.5 Cr in FY23, a 53.6% increase from the previous fiscal year. The increased loss was primarily due to a sharp jump in employee costs and despite a significant rise in operating revenue. The company's total expenditure also increased by 96.3%, with employee expenses accounting for 17% and advertising expenses contributing 20.5% of the total expenses. Rapido, which provides auto and bike taxi services, raised $180 Mn in funding in FY23 and expanded its operations into cab services.

Magicpin triples revenue to Rs 870 Cr in FY24, cuts losses

Entrackr

Entrackr · 5m ago

Magicpin triples revenue to Rs 870 Cr in FY24, cuts losses

Magicpin triples revenue to Rs 870 Cr in FY24, cuts losses Hyperlocal retail platform Magicpin demonstrated notable financial results, scaling nearly three-fold during the last fiscal year, which ended in March 2024. Moreover, the Gurugram-based firm managed to control its losses by 25% in the same period. Magicpin’s revenue from operations surged 2.92X year-on-year to Rs 870 crore in FY24 from Rs 297 crore in FY23, its annual financial statements sourced from the Registrar of Companies show. Magicpin, a hyperlocal retail platform, has partnered with over 500 brands and 20,000 fashion stores across India. The sale of vouchers contributed 92% of its total operating revenue, making it the primary revenue source for the Lightspeed-backed firm. Additional revenue came from commissions and ONDC subsidies. The company earned an additional Rs 9.6 crore from interest on deposits and investment gains, bringing its total income to Rs 880 crore in the last fiscal year from Rs 315 crore in FY23. Magicpin has launched MagicFleet, an AI-powered SaaS platform that onboarded over 40,000 riders in its first four months and now processes more than 3,00,000 orders per month. The company plans to expand this to 1,00,000 riders and 1 million deliveries. It introduced magicNow, a feature designed to meet the increasing demand for fast deliveries. For the reward platform firm, the procurement of vouchers was the largest cost center, forming 80.7% of the overall expenditure. To the tune of scale, this cost grew 3X to Rs 776 crore in FY24 from Rs 253 crore in FY23. The firm managed to keep its employee benefits flat and its advertising cost was reduced by 15% in the previous fiscal. Its delivery charges, technology, server, payment gateway, legal, and other overheads pushed the total expenditure to Rs 961 crore in FY24. The three-fold surge in scale coupled with controlled expenditure helped Magicpin to reduce its losses by 25% to Rs 78 crore in FY24. Its ROCE and EBITDA margins stood at -49.7% and -8.67%, respectively. Magicpin’s cost efficiency improved, with Rs 1.10 spent to earn a rupee in FY24. At the end of the last fiscal year, its total current assets stood at 196 crore with the cash and bank balance of Rs 50 crore. We excluded ESOP costs from the loss calculation as they are non-cash expenses. Magicpin reported that FY 2024 was a transformative year, establishing itself as India’s largest hyperlocal startup, the third-largest food delivery app, and the largest seller app on ONDC for delivery, according to CFO Chunky Shah. Magicpin has grown without raising external funds in the past two fiscal years. In November 2021, it secured $60 million in a Series D round, with Zomato investing $50 million for a 16% stake. According to TheKredible, Lightspeed is the largest stakeholder, holding a 34% stake in the firm. Launched well after the first startup rush into ecomm but early enough to avoid some of the worst excesses, Magicpin has done well to outlast many of its peers since it started in 2015. Leaving it well placed to take advantage in a market that has evolved considerably, and no longer demands the kind of burn rates we saw till about 2020. As a leader in the ONDC space, Magicpin has gained a strategic advantage and appears well-positioned to leverage new opportunities. The company, often seen as a quiet performer, may still have more surprises in store.

Fintech Unicorn slice spent INR 1.5 to earn every rupee in FY23

Inc42 · 1y ago

Fintech Unicorn slice spent INR 1.5 to earn every rupee in FY23

Garagepreneurs Internet Private Limited (GIPL), the parent company of fintech unicorn slice, saw a 60% increase in its consolidated net loss to INR 405.8 Cr in FY23. This loss was attributed to higher operating expenses and a decrease in assets under management. Despite a significant rise in operating revenue, slice's bottom line was affected by regulatory changes. The company shifted its focus to personal loans and UPI payment services after the Reserve Bank of India imposed restrictions on credit offerings. slice's total revenue in FY23 stood at INR 867.8 Cr, while total expenses more than doubled to INR 1,272.6 Cr.

Sachin Bansal's Navi Finserv quadruples standalone PAT in FY24 after subsidiary sale

YourStory

YourStory · 9m ago

Sachin Bansal's Navi Finserv quadruples standalone PAT in FY24 after subsidiary sale

- Navi Finserv Limited (NFL) reports strong standalone revenue growth of 48.57% in fiscal year 2024 (FY24), reaching Rs 1,906 crore. - On a consolidated basis, NFL's revenue declined by 6.5%, mainly due to divesting its stake in Chaitanya India Fin Credit (CIFCPL) in FY23. - NFL's standalone net profit nearly quadrupled to Rs 668.82 crore in FY24, while the consolidated net profit more than doubled to Rs 545.07 crore. - Total expenses increased by 48.4% on a standalone basis, driven by a significant rise in employee benefit costs. - NFL disbursed Rs 3,097.82 crore under co-lending agreements in FY24 and closed a $38 million personal loans securitisation deal with JP Morgan.

Ferns N Petals posts Rs 607 Cr revenue in FY23; loses Rs. 110 Cr

Entrackr

Entrackr · 1y ago

Ferns N Petals posts Rs 607 Cr revenue in FY23; loses Rs. 110 Cr

Ferns N Petals, a gifting platform, experienced a growth plateau in FY23 with only a 4.8% increase in income and heavy losses of nearly Rs 110 crore. Their revenue from operations reached Rs 607 crore in FY23, primarily from selling cakes, flowers, and customized gifting solutions. The company also operates in the hospitality and wedding businesses. The cost of procurement of materials accounted for the largest expenditure, while advertising and marketing, legal professional, freight, and IT expenses pushed the total expenditure up by 25%. As a result, Ferns N Petals posted a loss of Rs 109 crore in FY23, compared to a profit of Rs 10 crore in FY22.

Simplilearn Spent INR 1.38 To Earn Every Rupee From Ops In FY23

Inc42 · 1y ago

Simplilearn Spent INR 1.38 To Earn Every Rupee From Ops In FY23

Bengaluru-based edtech Simplilearn reported a widened consolidated net loss of INR 244.2 Cr in FY23, with a 36.5% increase from the previous year. The Blackstone-backed startup saw a 50.3% rise in operating revenue, totaling INR 684 Cr. Simplilearn offers online upskilling courses and claims to provide over 400 courses and 2,500 live classes per month. The company's total expenses increased by almost 47%, with employee benefits and advertising expenses accounting for a significant portion. Simplilearn's FY23 earnings were also affected by the performance of Fullstack Academy, which it acquired.

Dream11 posts Rs 6,384 Cr revenue and Rs 188 Cr PAT in FY23

Entrackr

Entrackr · 1y ago

Dream11 posts Rs 6,384 Cr revenue and Rs 188 Cr PAT in FY23

Dream Sports, the parent company of Dream11, reported impressive financial results in FY23, with its revenue increasing by 66.21% to reach nearly Rs 6,400 crore. The company's profit also grew by 32.4% during the same period. Dream11's revenue primarily came from platform fees received from users participating in contests. The company sponsored the Indian Premier League and spent a significant portion of its expenses on advertisements and promotions. Despite the challenges posed by the new GST regime, Dream11 remains a key player in the fantasy gaming industry.

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