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LeadSquared losses mount 2.5X in FY23, revenue grows 32%
Entrackr
·
1y ago
Medial
SaaS platform LeadSquared saw a 2.5X increase in losses in FY23, despite a 32.6% growth in revenue from operations. The company provides sales, marketing, and onboarding automation solutions and its software services formed the majority of its operating revenue. LeadSquared counts Byju's, Dunzo, Practo, and others as its clients. Employee benefits accounted for a significant portion of the company's expenditure. The firm's losses stood at INR 161 crore in FY23, with a negative ROCE and EBITDA margin. LeadSquared faces stiff competition from global players like Salesforce.
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PharmEasy’s scale crosses Rs 6,600 Cr in FY23; losses down 16%
Entrackr
·
1y ago
Medial
PharmEasy's parent company, API Holdings, has managed to improve its financial performance in FY23, with a 16% growth in revenue from operations to Rs 6,644 crore. However, the company had to compromise on its rapid growth in scale. PharmEasy's gross merchandise value (GMV) was Rs 14,351 crore in FY23. The company also reduced its losses by 16.2% to Rs 2,289.8 crore. Plans to raise Rs 3,500 crore through a rights issue from existing investors are underway. Competitor Tata 1mg saw a 2.5x increase in revenue and 2.2x increase in losses in FY23.
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Pristyn Care’s revenue grows 45% to Rs 453 Cr in FY23
Entrackr
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1y ago
Medial
Surgery-focused hospital chain Pristyn Care witnessed a 44.7% growth in operating scale, crossing the Rs 450 crore mark in FY23. The company's revenue streams saw an increase in operating income from Rs 313 crore in FY22 to Rs 453 crore in FY23. Healthcare services accounted for 75% of Pristyn Care's operating revenue, with the rest coming from the sale of medical health products and advertising services. Despite controlled costs, the firm experienced a 38.27% growth in losses, reaching Rs 383 crore in FY23.
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Pristyn Care revenue grows 33% to Rs 601 Cr in FY24
Entrackr
·
7m ago
Medial
Pristyn Care, a surgery-focused hospital chain, recorded over Rs 600 crore in revenue for the fiscal year ending March 2024. While expanding its operations, the Tiger Global-backed company kept its losses steady during the same period. Pristyn Care’s revenue from operations grew by 32.7% to Rs 601 crore in FY24 from Rs 453 crore in FY23, its consolidated financial statements accessed from the Registrar of Companies show. The company follows a hybrid model, setting up its own clinics and utilizing third-party hospital infra to provide surgeries. The company claims to have a presence in over 40 cities, managing 100 clinics and treating patients in more than 350 partner hospitals. Income from the sale of healthcare services accounted for 55.24% of the total operating revenue which stood at Rs 332 crore in FY24. The rest of the revenue came from the sale of medical and healthcare products which surged 2.5X to Rs 267 crore in the previous fiscal. Pristyn Care also added Rs 31 crore in income from (non-operating) activities, which tallied its overall revenue to Rs 632 crore in FY24, as compared to Rs 494 crore in FY23. For the healthcare firm, the procurement of medical devices accounted for 26% of its total expenses. Driven by the growth in device sales, the procurement costs rose to Rs 264 crore in FY24 from Rs 75 crore in FY23. The company cut its advertising and employee benefits costs by 21% and 3.5% to Rs 183 crore and Rs 192 crore, respectively. Surgery, fees to doctors, legal, travel, consumables, and other overheads increased the overall expenditure to Rs 1,014 crore in FY24 from Rs 877 crore in FY23. By the end of FY24, the Harsimarbir Singh-led company reduced its workforce by 7% as it aims for profitability and prepares for an initial public offering (IPO) in the coming years. The 32% scale and controlled expenditure on advertising and employee benefits helped Pristyn Care to post a flat loss which stood at Rs 381 crore in FY24, as compared to Rs 383 crore in FY23. On a unit level, it spent Rs 1.69 to earn a rupee in FY24. For its surgery business, the company projects a 35% growth in FY25, along with a 60% improvement at the EBITDA level. Pristyn Care also plans to launch an IPO within the next three years. Notably, Pristyn Care achieved this growth without raising external funds in the past three years. In December 2021, the company secured $85 million from Peak XV Partners, Tiger Global to attain unicorn status. In June 2022, it acquired Lybrate, a company backed by Ratan Tata and Tiger Global.
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Dailyhunt parent’s revenue grows 57% to Rs 1,809 Cr in FY23, reduces burn by 34%
Entrackr
·
1y ago
Medial
VerSe Innovation, the parent company of Dailyhunt and Josh, reported a 57% increase in revenue and a 34% decrease in losses in FY23. The company's total revenue increased to Rs 1,809 crore, with operating revenue reaching Rs 1,457 crore. Dailyhunt generated over Rs 1,200 crore in revenue and achieved positive EBITDA, while Josh monetized in H2 FY23 with an ARR of over Rs 300 crore. VerSe effectively controlled expenses, with cost of services accounting for 45% and business promotional expenses decreasing by 22%.
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Amazon-backed M1xchange’s scale grows 2X in FY23, losses shrink
Entrackr
·
1y ago
Medial
M1xchange, a digital invoicing and discounting platform for MSMEs, saw substantial growth in operational scale and revenue during the fiscal year ending March 2023. Its revenue from operations surged to Rs 29.52 crore from Rs 14.32 crore in FY22. Despite increased expenses, the company managed to reduce losses by 7.5% to Rs 7.92 crore in FY23. M1xchange's EBITDA margin improved to -15.53%, signaling better financial performance.
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Nat Habit’s revenue grows 80% in FY24, losses remain flat
Entrackr
·
3m ago
Medial
Nat Habit’s revenue grows 80% in FY24, losses remain flat Nat Habit, a personal care startup focused on fresh and natural beauty products, recorded an 80% jump in revenue during the fiscal year ending March 2024. Despite the strong growth, the company’s net losses remained largely unchanged during the same period. Nat Habit’s revenue from operations increased by 80% to Rs 72 crore in FY24 from Rs 40 crore in FY23, according to its financial statement sourced from Registrar of Companies (RoC). Founded by Swagatika Das and Gaurav Agarwal in 2018, Nat Habit offers Ayurvedic personal care products such as shampoo, face wash, moisturiser among others. Sale of these products was the sole source of revenue for the company during the said fiscal year (FY24). Advertising remained the company’s largest cost center, rising 38.5% to Rs 36 crore and accounting for nearly 40% of total expenses. The startup also incurred Rs 14 crore in employee benefits, more than doubling from Rs 6.5 crore in FY23. Raw material costs increased to Rs 12 crore, while transportation and other operating overheads stood at Rs 11 crore and Rs 18 crore, respectively in the said fiscal year. Overall, the company’s total expenses rose 65.5% to Rs 91 crore in FY24 from Rs 55 crore in FY23. Revenue growth outpacing expenses led to losses remaining flat at Rs 17.75 crore in FY24 as compared to Rs 17.6 crore in FY23. Its ROCE and EBITDA margin stood at -24.65% and -21.58%, respectively. The firm spent Rs 1.26 to earn a rupee of operating revenue in FY24, compared to Rs 1.38 in FY23. The Gurugram-based company recorded current assets worth Rs 58 crore in FY24 which includes Rs 41 crore in cash and bank balance. According to TheKredible, Nat Habit has raised a total of approx $16 million of funding till date, having Peak XV Partners, Fireside Ventures and Whiteboard Capital as its lead investors. The company’s co-founders Swagatika Das and Gaurav Agarwal together own 33.1% of the company. In FY24, Nat Habit bought back about 6 lakh shares at a price of Rs 250 each, aiming to better manage its ownership structure and create more value for shareholders. At the same time, the company increased its authorized share capital sharply from Rs 3.51 crore to Rs 29.3 crore, possibly to prepare for future fundraising.
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Park+ revenue spikes 2.5X to Rs 100 Cr revenue in FY23
Entrackr
·
1y ago
Medial
Car owners-focused app Park+ has experienced significant growth, with a 2.5X increase in revenue to Rs 96 crore in FY23 from Rs 39 crore in FY22. The company offers services such as car cleaning, parking, fine payments, and more. Additionally, Park+ saw a surge in its overall expenses, resulting in 65% growth in losses. However, the company aims to achieve profitability by the last quarter of 2024 and expand its presence to 100 cities in the next few years. Park+ has raised $54 million in funding and is currently valued at around $355 million.
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Saas Isn’t Going Anywhere: LeadSquared Co-founder Prashant Singh Doesn’t Fear AI
OutlookIndia
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4m ago
Medial
Prashant Singh, co-founder of LeadSquared, asserts that AI will enhance, not replace, human roles in SaaS companies, acting as a complementary tool. He believes that while AI can handle routine tasks, it won't make SaaS obsolete. LeadSquared plans to reach $100 million in annual recurring revenue and expand in key markets like India and the US. Their strategy involves integrating AI to improve customer experiences and focusing on growth in financial services and healthcare.
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Meesho FY23 revenue grows 77% to Rs 5,735 crore, loss narrows 48%
Economic Times
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1y ago
Medial
Meesho, an Indian social commerce platform, has reported a 77% growth in revenue to Rs 5,735 crore in FY23. Additionally, the company has managed to narrow its losses by 48%. Meesho serves as a platform connecting sellers with customers through social media platforms like WhatsApp, Facebook, and Instagram. The startup has been attracting significant investor interest and aims to continue scaling its operations and expanding its user base.
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New-age luggage brand Mokobara's operating revenue grows four-fold in FY23, losses widen 78%
Economic Times
·
1y ago
Medial
Luggage brand Mokobara experienced a significant increase in operating revenue, growing more than four times to Rs 53 crore in FY23. However, losses also widened by 78% to approximately Rs 8 crore. The company's total expenses in FY23 were three times higher than the previous year, with the largest expense being the purchase of stock. Mokobara is currently in talks with venture investor Peak XV Partners for a potential investment of $12-15 million. The startup, founded by former Urban Ladder executives, is competing with established players in the premium luggage segment.
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