🚀 Medial Secures Investment on Shark Tank India - Fueling the Future of Professional Social Networking. 🔥
✕
Login
Home
News
Messages
Startup Showcase
Trackers
Premium
Premium Content
Jobs
Notifications
Settings
Try our Valuation Calculator →
Log In
News on Medial
Kinetic Green's losses balloon 11X in FY24, revenue dips 3%
Entrackr
·
5m ago
Medial
Kinetic Green's losses balloon 11X in FY24, revenue dips 3% Electric vehicle manufacturer Kinetic Green faced significant financial strain in FY24, with losses increasing 11X. Meanwhile, the Greater Pacific Capital-backed company's revenue declined by 3% year-on-year. Kinetic Green’s revenue from operations decreased to Rs 291 crore in FY24 from Rs 301 crore in FY23, its consolidated financial statement from the Registrar of Companies (RoC) shows. Kinetic Green manufactures electric vehicles, including two and three-wheelers such as electric scooters, rickshaws, cycles, and buggies. Collections from the sale of electric vehicles were the sole source of revenue for Kinetic Green for the fiscal year ending March 2024. The cost of procurement remains the largest cost center for Kinetic Green, forming 62% of the overall expenditure. To the tune of scale, this cost dipped by 5.4% to Rs 229 crore in FY24 from Rs 242 crore in FY23. The firm’s advertising cost spiked 8.2X to Rs 58 crore while its employee benefits saw a surge of 52.4% during the previous fiscal. Its finance, transportation, legal, travel, and other overheads increased the total expenditure by 19% to Rs 369 crore in FY24 from Rs 310 crore in FY23. The 8X surge in advertising and a sharp rise in employee benefits led Kinetic Green to widen its losses by 11X to Rs 77 crore in FY24, compared to Rs 7 crore in FY23. Its EBITDA margins stood at -20.55% while the company spent Rs 1.27 to earn a rupee of operating revenue in FY24. By the end of FY24, the Pune-based firm reported current assets worth Rs 169 crore including Rs 2.3 crore of cash and bank balance. Kinetic Green has raised a total of $27 million of funding to date, including a $25 million round from Greater Pacific Capital. According to the startup data intelligence platform TheKredible, Greater Pacific Capital is the largest external stakeholder with 5.6%. Its co-founders Sulajia Firodia Motwani and Ritesh Ramesh Mantri cumulatively hold 91.7% of the company.
View Source
Related News
Just Dogs nears Rs 100 Cr revenue in FY24, losses balloon
Entrackr
·
3m ago
Medial
Just Dogs, a retail and services brand specializing in pet care, reported a 30% year-on-year increase in revenue for the fiscal year ending March 2024. However, the Ahmedabad-based company also saw a significant rise in losses during the same period as it pushed for growth. Just Dogs’ revenue from operations increased by 32% to Rs 94 crore in FY24 from Rs 71 crore in FY23, according to its financial statement sourced from the Registrar of Companies (RoC). Founded in 2011, Just Dogs offers dog food, supplements, accessories, and other pet products through its platform. The startup is developing a full-stack online experience for pet parents, along with expanding its network of offline stores. Just Dogs generates its revenue from a mix of product and service categories. Revenue from pet food remained its dominant stream, accounting for over 70% of the topline and rising 47% to Rs 66 crore in FY24. Income from pet treats and grooming products grew to Rs 10 crore and Rs 2 crore, respectively. However, revenue from services declined to Rs 16 crore from Rs 17.5 crore in FY23. On the cost front, the company’s largest expense — material costs — rose 37% to Rs 67 crore, making up nearly two-thirds of the total expenses. Employee benefit expenses surged by 62.5% to Rs 13 crore, while marketing and rent each doubled to Rs 6 crore and Rs 10 crore, respectively. Other operational overheads amounted to Rs 10 crore in FY24. Overall, the company’s expenses outpaced its revenue growth, rising 47% to Rs 106 crore in FY24 from Rs 72 crore in FY23. Despite the topline growth, the company slipped deeper into the red with losses ballooning to Rs 11 crore in FY24 — a sharp surge from a marginal loss of Rs 6 lakh in FY23. Its ROCE and EBITDA margin stood at -25.12% and -10.21% respectively. At the unit level, Just Dogs spent Rs 1.13 to earn a rupee of operating revenue in FY24, compared to Rs 1.01 in FY23. The Ahmedabad-based startup recorded current assets worth Rs 43 crore in FY24, which includes Rs 8 crore in cash and bank balances. Just Dogs has raised a total of $7 million in funding to date, having Sixth Sense Ventures as its lead investor, which holds a 23% stake in the company. Meanwhile, Co-founders Ashish Anthony and Poorvi Anthony jointly hold a 77% stake in the company, leaving ample room for future fundraising opportunities. It competes with Peak XV-backed Heads Up for Tails, Supertails, which raised $15 million in a round led by RPSG Capital — Wiggles, and several other players in the pet care space.
View Source
Morgan Stanley-backed Recykal’s scale dips in FY24; losses spike 31%
Entrackr
·
5m ago
Medial
Morgan Stanley-backed Recykal’s scale dips in FY24; losses spike 31% While Recykal, a B2B waste management marketplace, achieved 4X year-on-year growth in FY23, the firm could not maintain the same momentum in FY24, with its gross revenue declining by nearly 5%. Moreover, the company’s losses spiked 31% in the same period. Recykal’s gross revenue declined by 4.4% to Rs 712 crore in FY24 from Rs 745 crore in FY23, its consolidated financial statements sourced from the Registrar of Companies show. Founded in 2016, Recykal offers digital solutions for waste management, assisting businesses in meeting EPR targets, sourcing recyclables, and tracking industrial waste. Its services include EPR certificates, plastic neutrality, ITAD, a digital marketplace, and circularity solutions. Gross collections from scrap and waste sales contributed 85% of the gross revenue, which declined 7.4% year-on-year to Rs 608 crore in FY24 from Rs 657 crore in FY23. The remaining revenue was generated from the sale of sustainability services, including EPR certificates. Recykal also added Rs 6 crore interest on deposits and gain on the sale of current investments which tallied the overall income to Rs 718 crore in the last fiscal year, from Rs 748 crore in FY23. For the waste management firm, scrap and waste procurement remained the largest cost center, making up 89.5% of total expenses. With a slight decline in scale, this cost decreased by 3.6% to Rs 673 crore in FY24. Employee benefits surged by 43.3% to Rs 43 crore in FY24, including Rs 3.2 crore in ESOP costs (non-cash). Provisions for doubtful debts, legal expenses, rent, communication, logistics, and other overheads drove total expenditure to Rs 752 crore in FY24. The decline in scale led Recykal to record a 30.8% increase in losses, standing at Rs 34 crore in FY24, up from Rs 26 crore in FY23. Its Return on Capital Employed (ROCE) stood at -15.66%, while its EBITDA margin was -4.04%, with an expense-to-revenue ratio of Rs 1.06. By the end of FY24, Recykal reported total current assets of Rs 317 crore, including Rs 70 crore in cash and bank balances. Recykal has raised over $38 million to date including its $13 million round led by 360 ONE Asset Management. According to the startup data intelligence platform TheKredible, Morgan Stanley is the largest external stakeholder followed by 360 One Asset Management.
View Source
Virat Kohli-backed WROGN’s revenue dips 29% in FY24
Entrackr
·
10m ago
Medial
Virat Kohli-backed men’s apparel brand WROGN’s parent company has been struggling to grow, as the company’s revenue dropped by over 29% in the fiscal year ending March 2024. At the same time, the firm’s losses surged by 28.2%, nearing the Rs 57 crore mark during the same period. WROGN’s revenue from operations dwindled 29.2% to Rs 243.75 crore during FY24 as compared to Rs 344.3 crore in FY23, its consolidated financial statements sourced from the Registrar of Companies show. For background, WROGN reported a flat scale in FY23. The firm also generated Rs 21 crore from interest and gain on financial assets which took its overall revenue to Rs 264.8 crore in FY24. Founded in 2014 by brother-sister duo Anjana and Vikram Reddy, WROGN is engaged in the business of trading outdoor products such as apparel, footwear, and accessories among others. Leveraging Kohli’s influence, the brand has rapidly expanded its presence through exclusive brand outlets and strategic partnerships with marketplaces. On the expenses front, cost of materials formed 53.6% of the total expenses. This cost slid 29% and stood at Rs 163.91 crore in FY24. Employee benefits expenses also saw a dip by 7.5% to Rs 32.26 crore during the same period. Significantly, the employee cost also includes ESOP expenses worth Rs 1.96 crore. Commission paid to the selling agents was down by 28% in FY24 at Rs 30.83 crore while other expenses such as advertising promotions and legal & professional fees also shrank significantly. In total, the overall expenditure of the company went down by 24.7% to Rs 305.56 crore during FY24 from Rs 405.6 crore in the previous fiscal year. For the complete expense breakdown, head to TheKredible. WROGN tried to cover up its losses by taking cost-cutting measures but due to the sharp fall in collection, its losses increased by 28.2% to Rs 56.76 crore during the year against Rs 44.26 crore in FY23. Its operating cash outflows, however, improved by over 63% to Rs 5.23 crore during the year. Its outstanding swelled to Rs 636.58 crore as of FY24. As per TheKredible, the firm’s EBITDA margin and ROCE stood at -6.04% and -72.07%, respectively. On a unit level, WROGN spent Rs 1.25 to earn a rupee of operating revenue during FY24. FY23-FY24 FY23 FY24 EBITDA Margin -4.42% -6.04% Expense/₹ of Op Revenue ₹1.18 ₹1.25 ROCE -25.49% -72.07% Aditya Birla’s TMRW recently picked up a 16% stake in WROGN at a $105 million valuation by pouring in Rs 125 crore or $15 million. It’s worth noting that Aditya Birla also acquired a similar brand Bewakoof in December 2022. WROGN has raised around $90 million from the likes of Accel, Flipkart, Kohli, and Sachin Tendulkar since its inception in 2014. In November 2020, Flipkart invested an undisclosed amount in WROGN’s Series F round. The e-commerce major is also an investor in Hrithik Roshan’s HRX which competes with WROGN. According to TheKredible’s D2C report, fashion (apparel, jewelry, footwear, eyewear, and accessories) is the largest category attracting a large set of consumers. India’s fashion industry is booming, with the potential to reach $43.2 billion by 2025. But seeing how anaemic or even negative the numbers have been for most, one can only marvel at the outlier that a Zudio has been over the last two years with its triple-digit growth. Of course, the broader slowdown in the category has been blamed on multiple possible factors, including a craze for investment in the stock markets directly or indirectly. Or perhaps the prioritisation of getting an iPhone over other branded products, considering the rise in iPhone sales in India. Either way, WROGN’s numbers indicate a problem it has acknowledged for some time now, and is making efforts to manage. The challenge it faces is as tough as any pitch Kohli has played on, one suspects.
View Source
SoftBank-backed Juspay revenue spikes 50% to Rs 319 Cr in FY24
Entrackr
·
9m ago
Medial
Payment technology firm Juspay has reported a 49.6% increase in its operating revenue for the fiscal year ending March 2024. The company, backed by SoftBank, also reduced its losses by 10% during the same period. Juspay offers payment processing technology to merchants and saw its revenue from payment platform integration grow by 46% to ₹286.5 crore ($38 million). Despite the revenue growth, the company's losses amounted to ₹97.54 crore ($13 million) in FY24. Juspay had cash and cash equivalents of ₹23.94 crore ($3 million) and receivables of ₹107.53 crore ($14 million) as of FY24.
View Source
Zomato ends rain fee waiver for Gold members as losses balloon
Economic Times
·
2m ago
Medial
Zomato has reintroduced a 'rain fee' for Gold members, ending previous waivers, to improve compensation for delivery partners during rainy conditions. From May 16, this charge will apply to all Zomato users. Additionally, the ride-share app observed a strong revenue increase due to Blinkit, despite escalating losses, adversely affecting its profit margin. Zomato phased out certain services, focusing on food delivery amid challenges in discretionary spending and a subsequent decline in order volumes due to quality enforcement.
View Source
Fi Money's losses widen to ₹301 Cr, expenses balloon in FY23
YourStory
·
1y ago
Medial
Fintech firm Fi Money, also known as Epifi Technologies, reported increased losses of Rs 301.07 crore in FY23, a 20% rise from the previous year. However, its revenue from operations grew to Rs 38 crore, with financial services accounting for the majority. Fi Money, founded in 2019, is a neo-banking platform backed by Ribbit Capital, B Capital, Sequoia Capital, and Temasek. The company recently entered the mutual funds space and undertook a restructuring exercise that involved laying off 10% of its workforce.
View Source
Exclusive: e-Luna maker Kinetic Green raises $20 Mn from Greater Pacific Capital
Entrackr
·
1y ago
Medial
Kinetic Green, the EV-making arm of Kinetic group, has raised Rs 168 crore or $20 million in equity and debt from Greater Pacific Capital. This is the maiden investment round for the Pune-based company in 2024. The board at Kinetic Green has passed a special resolution to issue 10,100 non-convertible debentures to raise Rs 101 crore from Greater Pacific Capital, its regulatory filing with Registrar of Companies (RoC) shows. At the same time, the firm has also mopped up Rs 67 crore in Series A by allocating 7,04,612 preference shares to the London-based investor. The Pune (Chinchwad)-based company will use these proceeds for the repayments of debt, overdue, capital expenditure, and sales cum marketing, the filings further added. As per TheKredible’s estimates, Kinetic Green has been valued at around Rs 1,467 crore or $176 million post-allotment. Additionally, the new investor will hold 4.58% of the company, the filings added. Kinetic Green offers electric three-wheelers and two-wheelers. It also has a partnership with the luxury brand Tonino Lamborghini for electric golf carts and buggies. Its top executive Sullaja Firodia Motwani said in February that the firm will invest Rs 100 crore to launch e-Luna. The company was reportedly in discussions to raise Rs 200-400 crore, and it may raise more capital in this round. During calendar year 2022-23, Kinetic Green claims to have sold 50,000 EVs. For FY25, the firm aims to sell 100,000 units and garner revenue of Rs 1,000 crore. It also aims to capture 12-15% market share in EV two-wheelers and three-wheelers segments. According to the startup data intelligence platform TheKredible, Kinetic Green’s revenues spiked 50% to Rs 303 crore in FY23 with a mere loss of Rs 7 crore. The company is yet to file its annual results for FY24.
View Source
Jar’s revenue soars by 5.6X in FY24, marketing cost dips 57%
Entrackr
·
9m ago
Medial
Indian fintech company, Jar, has seen substantial growth in operating revenue and a reduction in losses in the last fiscal year. The Tiger Global-backed gold savings platform reported a 5.6X increase in revenue, with a jump from Rs 8.7 crore to Rs 49 crore. Surprisingly, this growth occurred alongside a 57% reduction in marketing costs. Despite challenges faced during the pandemic, the company managed to improve its financial performance during this period.
View Source
IndiaMart-backed EasyEcom’s revenue grows 65% in FY23, losses balloon 18X
Entrackr
·
1y ago
Medial
Saas-based ecommerce enablement solutions provider EasyEcom has continued its growth journey as its operating scale grew by 64.5% in FY23. However, its losses surged over 18X in the same period. EasyEcom’s revenue from operations grew to Rs 6.71 crore during the fiscal year ending March 2023 in comparison to Rs 4.08 crore in FY22, as per data shared by the startup intelligence platform TheKredible. Co-founded by Punit Gupta, Jitesh Advani, and Swati Jindal in 2015, EasyEcom’s SaaS suite includes inventory and warehouse management. The platform also offers modules for automating back-office functions like shipping-related payments reconciliation and return reconciliation. EasyEcom spent the most on employee benefits which formed 67.5% of the total expenses. This cost jumped 3X to Rs 8.5 crore during the last fiscal year. Notably, this also includes an ESOP cost worth Rs 78 lakh. IT costs such as server hosting and technical consultancy charges soared to Rs 1.59 crore during FY23 from Rs 67 lakh in FY22. The company also incurred professional, subscription, business promotion, and other admin and operating expenses during the fiscal year. At the end, the company’s overall cost surged 188.3% to Rs 12.6 crore in FY23 from Rs 4.37 crore in FY22. Following the heavy spending to grab the pace in the market, the company’s losses spiked to Rs 4.4 crore during the last fiscal year from Rs 24 lakh in FY22. On a unit level, EasyEcom spent Rs 1.88 to earn a rupee of operating revenue during FY23. Check out TheKredible for a complete expense breakdown and year-on-year financial performance and more information about the company. The startup made the headlines in January 2022 when IndiaMart acquired a 26% stake in EasyEcom for $2 million as part of a Series A round. The startup secured angel funding in December 2017 from tech industry executives and early-stage investment funds. In October 2019, it raised an undisclosed funding from the early-stage fund Amistad Venture.
View Source
Ecom-Delhivery deal: A lifeline for one, a power move for the other
Business Today
·
4m ago
Medial
Delhivery's acquisition of rival Ecom Express, valued at ₹1,407 crore, signifies a major development in India's 3PL sector. Ecom Express reported a 2% revenue growth to ₹2,609 crore with a 10% shipment volume increase but faced a 40% rise in net losses, totaling ₹255 crore for FY24. In contrast, Delhivery achieved ₹8,142 crore in revenue with ₹249 crore in losses for FY24 but turned profitable in the first quarter of FY25, reflecting strategic advantage post-acquisition.
View Source
Trackers
Active Indian VC’s
OG Capital
Email
With a hands-on approach, OG Capital aims to invest in over 20 promising...
Accel Partners
Email
Early and growth-stage investments in disruptive technology companies with...
Blume
Email
Early-stage venture capital firm investing in technology startups in India. Focus on...
Access All Trackers
Startup Showcase Winners
June 2025
Buddy
Helping your parents when you are miles away
BiteStop
The Pit Stop Your Cravings Deserve
Bloomer
The next generation E-commerce platform
Enter Ongoing Startup Showcase
Top Users
Trending News on Medial
Download the medial app to read full posts, comements and news.
Go to Medial App
Not Now
Know everything that’s happening in the startup ecosystem, first.
Enable Notifications?
No, thanks
Count me in