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Kolkata man turns side hustle into logistics biz worth crores
Inshorts
·
3m ago
Medial
Launched during the pandemic-induced lockdown in 2020, Shippin delivers for JioMart, Spencer’s, and others across East and Northeast India. Started by Maloy and Annie Das, the bootstrapped, Kolkata-based logistics startup recorded ₹3.62 crore in revenue in FY23 and is targeting ₹15 crore by FY26, aiming to transform logistics in Bharat’s Tier-2 and Tier-3 cities.
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XpressBees turns EBITDA positive in FY24, warehousing biz grows 60X
Entrackr
·
3m ago
Medial
XpressBees turns EBITDA positive in FY24, warehousing biz grows 60X E-commerce-focused logistics and supply chain firm XpressBees managed only modest double-digit growth in the fiscal year ending March 2024. However, the company turned EBITDA positive during the same period, despite an increase in overall expenses. XpressBees’ operating revenue increased by 12% to Rs 2,831 crore in FY24 from Rs 2,531 crore in FY23, as per its consolidated financial statement sourced from the Registrar of Companies (RoC). XpressBees provides B2B/B2C express delivery service, cross-border logistics, and warehousing services to e-commerce players including Snapdeal, Myntra, Meesho, Netmeds, and Bigbasket, among others. Revenue from logistics services remained the primary source of income for XpressBees, accounting for 97% of the company’s total revenue. However, the company’s warehousing business, though smaller in size, posted an impressive jump (60X) — soaring from Rs 0.77 crore in FY23 to Rs 48 crore in FY24, signaling a strong push toward expanding its non-courier biz. The remaining revenue came from warehouse services (Rs 48 crore) and support services (Rs 31 crore), both of which witnessed notable growth. The firm also added Rs 109 crore from non-operating activities, which pushed its overall income to Rs 2940 crore in FY24. On the expense side, courier charges remained XpressBees’ largest cost component, rising 12% to Rs 1,816 crore in FY24. Linehaul charges saw a modest 6% increase to Rs 494 crore, while employee benefit expenses rose by nearly 10% to Rs 355 crore in the said fiscal year. Depreciation costs spiked 49% to Rs 159 crore, and other operational expenses contributed an additional Rs 319 crore. Overall, XpressBees’ total expenditure increased 13% year-on-year, reaching Rs 3,143 crore in FY24 from Rs 2,785 crore in FY23. With expenses growing faster than revenue, XpressBees' net loss widened by 11%, rising to Rs 200 crore in FY24 from Rs 180 crore in FY23. However, the Pune-based firm achieved EBITDA positivity, reporting an EBITDA of Rs 5 crore for the same period. The company’s ROCE stood at -8.32%, while its EBITDA margin came in at a modest 0.17%. On a per-unit basis, XpressBees spent Rs 1.11 to earn every rupee in revenue during FY24. XpressBees recorded current assets worth Rs 1867 crore in FY24, including Rs 1331 crore in cash and bank balances. Recently, Xpressbees acquired courier firm Trackon and named Uday R. Sharma as CBO for B2B, 3PL, and cross-border operations. According to startup data intelligence platform TheKredible, XpressBees has raised a total of $625 million in funding to date, having Norwest Venture Partners and Alibaba Group as its lead investors. The company’s Co-Founder & CEO Amitava Saha owns 3.15% of the company.
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Franklin Templeton turns toward private investing as mutual-fund biz shrinks
Livemint
·
1y ago
Medial
Franklin Templeton, a well-known asset manager, has been making moves into private markets in recent years. The company, traditionally focused on mutual funds, has acquired several private credit and real estate investment firms, aiming to tap into the growing demand for alternative assets. As traditional asset managers face challenges due to the popularity of passive investment options, diversifying into private markets allows Franklin Templeton to access a wider pool of investors. While the shift comes with its own set of challenges, the company believes it can leverage its expertise and distribution capabilities to succeed in this new direction.
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IPO-bound FirstCry's CEO Supam Maheshwari offloads shares worth Rs 300 crore: Report
Economic Times
·
1y ago
Medial
The CEO of FirstCry, Supam Maheshwari, has reportedly sold shares worth INR 300 crores ($40 million) ahead of the company's IPO. FirstCry is a leading Indian baby products retailer that is planning to go public. Maheshwari co-founded the company in 2010 and has since grown it into a unicorn startup. The IPO is expected to value FirstCry at around INR 46,000 crores ($6.2 billion).
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Ola ride-hailing biz falls 11% in FY24, turns EBITDA profitable
Entrackr
·
5m ago
Medial
Ola recorded a 5.5% year-on-year decline in revenue for the fiscal year ending March 2024, indicating no growth during the period. Despite the revenue drop, the firm managed to turn EBITDA profitable, driven by cost reductions in employee benefits and communication costs. Ola’s revenue from operations declined 5.5% to Rs 2,012 crore in FY24 from Rs 2,128 crore in FY23, its consolidated financial statements sourced from the Registrar of Companies (RoC) show. Income from Ola's ride-hailing business contributed 87.5% of the total operating revenue in FY24, but it decreased by 11.3% to Rs 1,761 crore, down from Rs 1,985 crore in FY23. Ola's financial services business recorded a 3.6X growth in FY24, with revenue increasing to Rs 227 crore from Rs 63 crore in FY23. This segment focuses on selling insurance policies and providing financing services for vehicle purchases, primarily for Ola Electric. The company also added Rs 192 crore mainly from the interest on deposits which brought its overall income to Rs 2,204 crore in FY24, compared to Rs 2,277 crore in FY23. For Ola's ride-hailing business, transportation costs made up 28.8% of total expenses. Due to reduced mobility, these costs dropped by 15.2% to Rs 607 crore in FY24. Its employee benefit expenses shrank 42% to Rs 334 crore, while telephone and postage costs fell by 28% to Rs 280 crore. Surprisingly, its spending grew 2.6X to Rs 107 crore in FY24. Its legal, rent, and other overheads took the overall cost to Rs 2,107 crore in FY24 from Rs 2,517 crore in FY23. Note: We have excluded the cost of allowance for impairment of goodwill and other intangible assets in the calculation of losses which stood at Rs 319 crore and 149 crore in FY24 and FY23, respectively, due to its non-cash in nature. Despite the decline in its ride-hailing business, Ola effectively controlled its costs, resulting in a loss of Rs 10 crore in FY24, compared to a Rs 623 crore loss in FY23. Notably, the firm becomes EBITDA profitable during the previous fiscal year. On a unit level, the company spent Re 0.89 to earn a rupee of operating revenue during the fiscal year. In August 2024, Bhavish Aggarwal announced that Ola Cabs would be rebranded as Ola Consumer, bringing together its financial services, cloud kitchens, and electric logistics under one platform. The company is also moving closer to its initial public offering (IPO). According to sources, Ola’s parent company, ANI Technologies Private Limited, has scheduled an extraordinary general meeting (EGM) for November 14, 2024, to discuss matters related to the IPO. However, Ola hasn’t provided an official comment on the timeline for its public listing. In August 2024, Aggarwal announced that Ola Cabs would be rebranded as Ola Consumer, integrating financial services, cloud kitchens, and electric logistics under one umbrella. The company has also faced valuation markdowns by its investors in recent years. In August 2024, Vanguard adjusted Ola’s valuation to approximately $2 billion. Earlier, the investment advisor had reduced the valuation to $1.88 billion as of November 30, 2023. This marks a significant decline from 2021, when Ola was valued at $7.3 billion.
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IFCI turns a corner with advisory biz; posts first profit in 7 years
Livemint
·
1y ago
Medial
Government-owned non-bank IFCI Ltd has reported a profit of INR 128 crore in the financial year 2023-24, marking a turnaround after seven consecutive years of losses. The company expanded into government and private corporate advisory services, which contributed to the improved financial performance. IFCI's revenue increased by 19% to INR 896 crore. In recent years, the company focused on curtailing lending operations and expanding its advisory services. The government infused INR 500 crore into IFCI through equity shares, increasing its stake to 71.72%. IFCI's stock price has nearly tripled in the past year.
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Shadowfax posts Rs 1,885 Cr revenue in FY24, turns EBITDA profitable
Entrackr
·
8m ago
Medial
Shadowfax, one of India's leading new-age logistics and delivery platforms, delivered a strong financial performance in FY24, reducing its losses by 90%. Simultaneously, the company recorded over 33% year-on-year growth in operating revenue, and turned EBITDA positive with Rs 23 crore for the fiscal year ending March 2024. The Flipkart-backed firm’s revenue from operations spiked to Rs 1,884.8 crore in the last fiscal year, from Rs 1,415 crore in FY23, as per its annual financial statements filed with the Registrar of Companies. Shadowfax claims to provide 3PL logistics (third party logistics) to e-commerce and D2C firms across 2,500 cities and 18,000 pin codes in the country. The sale of logistics and delivery services are the only source of revenue for Shadowfax. Co-founder and chief executive Abhishek Bansal attributed the company’s sustainable growth in FY24 to its focus on value-added services, including reverse logistics, same-day delivery, and quick commerce offered through its Flash service. “While most logistics companies have chosen to focus on a single service and transition into B2B, Shadowfax has remained in the B2C space. Quick commerce gives us an edge, as we are the only 3PL offering these services,” said Abhishek Bansal, co-founder and CEO of Shadowfax, in a telephonic conversation with Entrackr. The company also generated Rs 11.6 crore from non-operating activities, contributing to a total income of Rs 1,896.4 crore in FY24. On the expense side, transportation and distribution (delivery partners) expenses accounted for the bulk of costs, surging 24.7% to Rs 966.2 crore in FY24. This cost represents 50.63% of total expenses during the last fiscal year. Vehicle running costs increased by 35.8% to Rs 394.5 crore, while costs related to lost shipments rose by 39.7% to Rs 94.6 crore. Employee benefit expenses marginally declined to Rs 211.5 crore, constituting 11.08% of total expenses, whereas other costs added another Rs 241.5 crore. Overall, the Bengaluru-based firm’s total expenses rose by 21.9% to Rs 1,908.3 crore in FY24. By the end of FY24, the company's net loss declined by 92% to Rs 11.8 crore, compared to Rs 142.6 crore in FY23. Shadowfax also achieved a positive EBITDA of Rs 23 crore in the last fiscal. Its ROCE and EBITDA margin stood at -1.06% and 1.21%, respectively. On a unit basis, Shadowfax spent Rs 1.01 to earn a rupee of operating income in the last fiscal year. The company’s assets nearly doubled, rising to Rs 619.5 crore in FY24 from Rs 320.8 crore in FY23. Its cash and bank balance at the end of FY24 stood at Rs 102.8 crore. Just before FY24 ended, Shadowfax scooped up $100 million Series E round led by TPG NewQuest. Recently, Uber has partnered with Shadowfax to integrate its two-wheeler fleet with UberMoto, allowing Shadowfax to offer bike-taxi services during lean hours. Reports indicate that the Bansal-led company is gearing up to launch its initial public offering (IPO). It will join industry peers like Delhivery and Blackbuck, which are already listed on the stock exchange, while another player, Ecom Express, has also secured SEBI approval for its IPO. Shadowfax has emerged as the fastest-growing logistics company in India, evident from its performance relative to competitors. Ecom Express recorded a modest 2.3% growth, reporting flat revenue of Rs 2,607 crore in FY24. Meanwhile, listed competitor Delhivery posted 12.7% year-on-year revenue growth in the last fiscal year.
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Amwoodo raises $1 Mn from Zerodha-backed Rainmatter
Entrackr
·
1y ago
Medial
Bamboo products maker Amwoodo has raised $1 million in funding from Zerodha-backed venture fund Rainmatter. The proceeds will be used for upgrading machinery and equipment, upskilling artisans and facilitating expansion initiatives. Founded in 2019, Amwoodo specialises in manufacturing bamboo items like combs, toothbrushes, razors, slippers, compostable sanitary bags, and towels. The company directly sources bamboo from around 400 farmers in the northeast and collaborates with about 380 artisans. The final refinement of products to meet export standards occurs in its factories located in Howrah, Kolkata. The platform operates in both business-to-business (B2B) and business-to-consumer (B2C) sectors, with major clients including hospitality chains like Taj Hotels and The Leela, and direct-to-consumer brands such as Himalaya, Man Company, Nat Habit, and Kimirica. The Kolkata-based firm claims to have achieved sales worth Rs 21.72 crore in the last financial year. For the ongoing financial year, the company aims to reach sales of approximately Rs 60 crore.
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Fire at Shiprocket’s warehouse impacts over 60 brands
Entrackr
·
8m ago
Medial
A devastating fire at Shiprocket's warehouse in Bhiwandi, Maharashtra, caused significant damage last Thursday, affecting at least 61 brands including Sugar, mCaffeine, and Beastlive. The logistics company, which provides supply chain solutions to over 1.5 lakh active businesses, reported goods worth hundreds of crores were destroyed. A Shiprocket spokesperson confirmed the incident, emphasizing that no human lives were endangered and that they are fully cooperating with authorities to investigate the cause. The Zomato-backed unicorn, which turned profitable in 2022, is now focused on understanding the circumstances and ensuring business continuity for affected partners and customers.
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InCred Finance raises ₹500 crore, turns unicorn
Livemint
·
1y ago
Medial
InCred Finance, the lending arm of InCred Group, has raised ₹500 crore ($60 million) in its Series D funding round, turning the company into a unicorn with a valuation of around ₹8,800 crore ($1.05 billion). The investors include a global private equity fund, corporate treasuries, family offices, and high net worth individuals. InCred Finance plans to use the funds for its consumer loans, student loans, and MSME lending segments. InCred is a tech-enabled lender offering loans to consumers and small businesses. It is part of the larger InCred Group that operates in various financial services verticals.
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Amazon India to use inland water transport to ship packages
Economic Times
·
1y ago
Medial
Amazon India has signed a Memorandum of Understanding (MoU) with the Inland Waterways Authority of India (IWAI) to use inland water transport for package shipments. The partnership aims to utilize inland waterways for cargo container transportation. A pilot run is scheduled on the Patna to Kolkata waterway, with plans for expansion as infrastructure develops. Amazon India's incorporation of inland waterways into its supply chain aligns with the government's goal of reducing logistics costs and environmental impact. The move diversifies Amazon's transportation modes, integrating land, air, and water transport for efficient and sustainable deliveries across India.
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