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Licious acquires My Chicken and More

EntrackrEntrackr · 9m ago
Licious acquires My Chicken and More
Medial

D2C meat and seafood brand Licious has acquired Bengaluru-based offline retailer My Chicken and More for an undisclosed amount. The acquisition marks Licious’ strategy to build an omnichannel presence complimenting its digital commerce that reaches 4 million households currently. With My Chicken and More’s 23 stores, Licious will expand its physical retail footprint to 26 points of sale. My Chicken and More is known for its in-store experience. Between 2021 and 2023, the brand claims to have expanded from 10 to 23 outlets, generating revenues of Rs. 110 crore in 2023. My Chicken and More claims to processes 1.6 to 1.8 million orders annually, with some stores with an average monthly footfall of 10,000 to 12,000 customers. Founded in 2015 by Abhay Hanjura and Vivek Gupta, Licious sells meat, seafood and ready-to-cook items across 25 cities. The sale of these products formed the majority source of revenue for Licious in FY23. The company turned unicorn following a $52 million round led by IIFL AMC’s Late Stage Tech Fund in October 2021. During the same year, it also scooped up $192 million in Series F round. In total, it has raised $490 million to date. Despite back-to-back funding during FY23, Licious’s operating income remained flat with mere 9.6% growth to Rs 747.7 crore from Rs 682.5 crore in FY22. It also saw a modest increase of 3.1% in its losses to Rs 500 crore in FY23 from Rs 485 crore in the previous fiscal year. Its flagship loyalty program Infiniti has amassed 2 lakh weekly active subscribers, contributing to 58% of the monthly business.

Licious reports Rs 685 Cr revenue in FY24; cuts losses by 44%

EntrackrEntrackr · 9m ago
Licious reports Rs 685 Cr revenue in FY24; cuts losses by 44%
Medial

D2C meat and seafood brand Licious has experienced sluggish growth over the past two fiscal years, with revenue hovering around Rs 700 crore. However, the firm has successfully reduced its losses by 44% in the last fiscal year (FY24). According to the company’s press release, Licious’s revenue declined by 9%, from Rs 746 crore in FY23 to Rs 685 crore in FY24. This modest decline was attributed to the closure of distribution channels like Dunzo and Swiggy Meatsore, as well as a winding down of exposure to modern trade and local stores. Licious reports serving 1.2 million customers each month through its app, which now drives 85% of its total business. The company’s flagship program, Infinity, accounts for 58% of its overall revenue. Despite the slight decrease in revenue, Licious implemented cost control measures that helped cut losses by 44%, bringing them down to Rs 294 crore in FY24 from Rs 524 crore in FY23. The company also anticipates achieving positive EBITDA in the current fiscal year. By the end of FY24, Licious laid off nearly 3% of its workforce citing “operational reset to sharpen the growth focus. The move impacted 80 employees. In an effort to enhance customer experience, Licious is piloting 30-minute deliveries in Gurugram as it shifts to a full-stack D2C model. Additionally, on Tuesday, the firm expanded its physical retail presence by acquiring Bengaluru-based offline retailer My Chicken and More, increasing its retail points of sale to 26. To date, the Bengaluru-based company has raised over $450 million. According to TheKredible, Mayfield India is the largest stakeholder in Licious with 14.69%, followed by Vertex Ventures, 3one4 Capital, Temasek, and others. Licious is the largest player in the D2C meat and seafood space, competing with companies like FreshToHome, Zapfresh, BBDaily, MeatRoot, and Easymeat. In October 2023, quick commerce platform Zepto entered the meat delivery market with its in-house brand, Relish. This vertical reportedly achieved an annual recurring revenue (ARR) of Rs 150 crore in just six months, with a projected revenue run rate of Rs 1,000 crore by March 2026.

FabAlley and Indya-parent posts Rs 185 Cr revenue and Rs 45 Cr loss in FY23

EntrackrEntrackr · 1y ago
FabAlley and Indya-parent posts Rs 185 Cr revenue and Rs 45 Cr loss in FY23
Medial

High Street Essentials, the parent company of “FabAlley” and “Indya”, witnessed sluggish growth during the previous fiscal year ending March 2023. However, the losses for the Noida-based company also were flat during the same period. High Street Essentials’ revenue from operations increased 17.8% to Rs 185 crore in FY23 from Rs 157 crore in FY22, its annual financial statements filed with the Registrar of Companies show. Established in 2012 by Shivani Poddar and Tanvi Malik, High Street Essentials has two women-focused brands – Indya and FabAlley. Indya specializes in offering ethnic clothing and accessories for women, whereas FabAlley caters to women’s Western apparel and loungewear needs. The company claims to have more than 30 stores across the country. The sale of apparel constituted 77% of the total operating revenue which increased 12.7% to Rs 142 crore in FY23. The rest of the income comes from agency commission which increased by 38.7% to Rs 43 crore in FY23. For the fashion brand, the cost of material consumed (procurement) formed 27% of the overall expenditure. This cost increased by 6.8% to Rs 63 crore in FY23. Its advertising cum selling cost saw a growth of 30.8% during the previous fiscal (FY23). Its employee benefit, legal cum professional, freight, and logistics pushed the overall expenditure to Rs 235 crore in FY23 from Rs 206 crore in FY22. Check TheKredible for the detailed expense breakup. Expenses Breakdown Total ₹ 206 Cr https://thekredible.com/company/faballey/financials View Full Data To access complete data, visithttps://thekredible.com/company/faballey/financials Total ₹ 235 Cr https://thekredible.com/company/faballey/financials View Full Data To access complete data, visithttps://thekredible.com/company/faballey/financials Cost of procurement Cost of procurement Employee benefit Employee benefit Advertisement and sales promotion Advertisement and sales promotion Selling and distribution Selling and distribution Freight Freight Others To check complete Expense Breakdown visit thekredible.com View full data The flat scale and cost did not affect its losses, which remained constant at Rs 45 crore in FY23. Its ROCE and EBITDA margin stood at -247% and -14.2%, respectively. On a unit level, it spent Rs 1.27 to earn a rupee in FY23. FY22-FY23 FY22 FY23 EBITDA Margin -17% -14.2% Expense/₹ of Op Revenue ₹1.31 ₹1.27 ROCE -130% -247% High Street has raised Rs 180 crore so far and is valued at Rs 700 crore. According to the startup data intelligence platform TheKredible, Elevation Capital is the largest shareholder with 28.18% followed by India Quotient. Its co-founders Tanvi Malik and Shivani Poddar cumulatively command 37.18% of the company.

FreshToHome earns Rs 25 Cr net commission from India in FY23

EntrackrEntrackr · 1y ago
FreshToHome earns Rs 25 Cr net commission from India in FY23
Medial

Online fresh meat and seafood ordering platform FreshToHome has been struggling to scale and this is evident from a marginal fall in its revenue during the fiscal year ending March 2023. However, the Bengaluru-based firm managed to cut losses by 22% in the same period. FreshToHome’s revenue from operations saw a mere decrease of 1.6% in FY23, its consolidated financial statements filed by the company’s ultimate holding entity in Singapore show. The sale of products (meat, seafood et al) was the primary source of FreshToHome gross merchandise value (GMV). Income from sales commission and royalties were other revenue drivers for the Singapore-incorporated company in FY23. See TheKredible for the detailed revenue breakdown. Notably, FreshtoHome worked through different business combinations in India and the UAE. The company booked only Rs 25 crore from net commission and royalty in India. According to its spokesperson, this was net income which roughly translates into Rs 800 crore of GMV in FY23. FreshToHome follows a cash-and-carry model in the UAE where it earned Rs 100 crore of gross sales during the fiscal year ended March 2023. FreshToHome spent Rs 323 crore on sales and marketing in FY23 which was 23.5% less when compared to FY22. The cost of procurement formed 17.3% of the overall cost which stood at Rs 93.5 crore in FY23. The firm’s burn on employee benefits, legal-professional, delivery charges, contract labor, packaging, and other overheads catalyzed its overall expenditure to Rs 539 crore in FY23 from Rs 655.5 crore in FY22. Head to TheKredible for the detailed expense breakup. Reduction in sales and marketing costs helped FreshToHome to contract its losses by 21.7% to Rs 409.4 crore in FY23 from Rs 522.9 crore in FY22. Its ROCE and EBITDA margins stood at -82% and -314% respectively. On a unit level, it spent Rs 4.88 to earn a rupee in FY23. FY22-FY23 FY22 FY23 EBITDA Margin -392% -314.1% Expense/₹ of Op Revenue ₹5.84 ₹4.88 ROCE -226% -82% FreshtoHome has raised over $290 million to date including its $104 million Series D round led by Amazon Sambhav Venture Fund in February last year. According to the startup data intelligence platform TheKredible, Iron Pillar is the largest external stakeholder followed by Raed Ventures. FreshToHome competes with Licious, Zappfresh, BBDaily, and Easymeat among a few others. During FY23, Licious’ gross income saw a modest 9.6% growth to Rs 747.7 crore from Rs 682.5 crore in FY22. The company’s losses remained flat at Rs 500 crore in FY23 against Rs 485 crore in FY22. The firm recently claimed that it has achieved an annual revenue run rate of $100 million, or around Rs 850 crore for FY24. Zappfresh ended FY23 with Rs 57 crore revenue and a nominal profit of Rs 3.5 crore. The problems being faced by FreshtoHome are not unique to it. Clearly, there are assumptions that have not held up about the Indian market, the most obvious being pricing of meat and related products. The market has simply refused to accept the kind of premium these firms demand, leading to failure to build long term relationships with customers. In the case of FreshtoHome, the ‘pivot’ to UAE is unlikely to be done at the same scale or using the same tactics, as the firm will probably not spend as much on market penetration. Cultivating relationships as a supplier with a core group of customers, thanks to higher average meat consumption and purchasing power means they have a far better chance of making it there, even as margins are unlikely to improve further due to local competition. The continuing high losses for these firms means that survival itself could become an issue if a health scare were to turn up, always a risk with meat products. While we won’t be looking out for a turnaround in FY24, we do believe that FY25 could be make or break for quite a few firms in the segment.

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
Medial

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.

Licious lays off 80 employees citing ‘operational reset’

EntrackrEntrackr · 1y ago
Licious lays off 80 employees citing ‘operational reset’
Medial

D2C meat and seafood brand Licious has laid off nearly 3% of its workforce citing “operational reset to sharpen the growth focus.” The move will affect 80 employees. Licious has 3,000 employees including 650 in corporate and 2,350 in production and supply chain. While the company did not disclose the impacted functions, sources say that the exercise affected all departments. “Licious, as a brand, sees significant scope in expanding the number of targeted households to further fuel the consumer transition from traditional markets to contemporary purchase formats. We are reprioritizing our cost outlays, considering the new growth levers. In doing this, it is unfortunate that we have to separate with some employees who have been a part of our journey,” the company said in a statement. Licious will be providing two months’ salaries as compensation, along with the variable payment for FY24 to the impacted employees, the statement added. Founded in 2015 by Abhay Hanjura and Vivek Gupta, Licious sells meat, seafood and ready-to-cook items across 25 cities. The sale of these products formed the majority source of revenue for Licious in FY23. The company turned unicorn following a $52 million round led by IIFL AMC’s Late Stage Tech Fund in October 2021. During the same year, it also scooped up $192 million in Series F round. In total, it has raised $490 million to date. Despite back-to-back funding during FY23, Licious’s operating income remained flat with mere 9.6% growth to Rs 747.7 crore from Rs 682.5 crore in FY22. It also saw a modest increase of 3.1% in its losses to Rs 500 crore in FY23 from Rs 485 crore in the previous fiscal year. Interestingly, the company had claimed that it is close to achieving profitability at the EBITDA level. In its latest statement, however, Licious said it is tracking an annual revenue run rate currently of Rs 900 crore. The company further said it will introduce a new market expansion plan in the coming weeks. “With significant investments in the brand, deeper backward integration and an active pursuit of automation in the supply chain, Licious will focus on expanding the market potential and reach in the next financial year. Licious has already resurrected the marketing spending this year after recasting the growth levers,” the company said. Licious is the largest player in this space and competes with the likes of FreshToHome, Zapfresh, BBDaily, MeatRoot and Easymeat. There has been a surge in layoffs across late-stage startups in the past couple of months. Flipkart, Swiggy, InMobi, ShareChat, Polygon, Cult.fit, and Paytm (now a public company) have already fired more than 3,500 employees collectively since December 2023.

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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