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Meesho generates Rs 1,032 Cr free cash flow in FY25

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Meesho generates Rs 1,032 Cr free cash flow in FY25
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Meesho generates Rs 1,032 Cr free cash flow in FY25 Meesho reported Rs 1,032 crore in Last Twelve Months (LTM) free cash flow in FY25, including interest income, positioning itself as the largest free cash flow generator among scaled listed e-commerce companies in India. Excluding interest income, the figure stands at Rs 591 crore, compared to negative Rs 2,336 crore in FY24. Global technology companies have also seen a shift from growth-led spending to efficient growth supported by cash generation. Platforms such as PDD Holdings generated $16.6 billion in free cash flow in FY24, while MercadoLibre, Uber, and Airbnb reported $1.3 billion, $6.9 billion, and $4.5 billion respectively. These businesses operate asset-light marketplace models that aim to translate operating efficiency into liquidity, with scale contributing to margin expansion. Meesho's FY25 improvement in free cash flow was driven by scale, monetisation, and operating leverage. The company recently filed an updated draft red herring prospectus (DRHP) with SEBI and is looking to raise $700โ€“800 million through an IPO, including a $500 million fresh issue and an offer-for-sale of $200โ€“300 million.

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Healthkartโ€™s revenue nears Rs 1,400 Cr in FY25; profit triples

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Healthkartโ€™s revenue nears Rs 1,400 Cr in FY25; profit triples
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Healthkartโ€™s revenue nears Rs 1,400 Cr in FY25; profit triples HealthKart, a nutrition and supplement e-commerce platform, recorded a 3X year-on-year jump in profit after turning profitable in FY24. The Gurugram-based companyโ€™s sharp profit growth was steered by strong sales momentum and a controlled cost structure. Healthkartโ€™s operating revenue grew 29% to Rs 1,313 crore in FY25 from Rs 1,021 crore in FY24, according to its consolidated financial statement sourced from the Registrar of Companies (RoC). HealthKart owns and manufactures eight nutritional brands including popular supplement brands like MuscleBlaze, The Protein Zone, TrueBasics, HKVitals, bGreen, Nouriza, and Gritzo. Sales of products formed 97% of total revenue which rose by 29% to Rs 1,277 crore in FY25. Collections from services also increased by 16% to Rs 36 crore. Notably, non-operating revenue increased to Rs 55 crore in the last fiscal year from Rs 48 crore in FY24. The cost of materials accounted for the largest share of the companyโ€™s expenditure at 49%. To the tune of scale, this cost rose 26% to Rs 623 crore in FY25 from Rs 495 crore in FY25. Advertising spend saw a sharper rise of 39% to Rs 263 crore, while commission expenses increased 22% to Rs 82 crore. In contrast, employee benefit costs declined 5% to Rs 115 crore. Overall, Healthkart managed to keep its cost growth below revenue expansion. Its total expenses rose 23% to Rs 1,273 crore in FY25 from Rs 1,032 crore in FY24. The companyโ€™s profit surged over 3X to Rs 120 crore in FY25, while its ROCE and EBITDA margin improved to 5.45% and 6.02%, respectively. On a unit basis, Healthkart spent Re 0.97 to earn a rupee of operating revenue in FY25, compared to Rs 1.01 in FY24. As of FY25, its current assets stood at Rs 971 crore including Rs 73 crore in cash and bank balances. According to startup data intelligence platform TheKredible, Healthkart has raised a total of $382 million of funding till date, having Peak XV Partners, Temasek and Sofina as its lead investors. The companyโ€™s founder and CEO, Sameer Maheshwari owns 12% of the company.

Peak XV-backed Scapia reports Rs 83 Cr loss on Rs 29 Cr revenue in FY25

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Peak XV-backed Scapia reports Rs 83 Cr loss on Rs 29 Cr revenue in FY25
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Travel fintech startup Scapia has raised $40 million in a Series B round led by Peak XV shortly after FY25, as investors doubled down on the companyโ€™s growth potential. The fundraiser follows over 70% year-on-year growth in scale. However, losses continue to remain a key challenge for the company. Scapiaโ€™s operating revenue surged to Rs 29 crore in FY25 from Rs 17 crore in FY24, according to its financial statements sourced from the Registrar of Companies (RoC). Founded by Anil Goteti, Scapia operates as a fintech-travel platform, offering a lifetime-free credit card with travel rewards. It generates revenue through interchange fees, interest on EMIs, and partner commissions from travel bookings. Service income remained the largest contributor to the company, which accounted for 82.8% of operating revenue. This income increased 60% to Rs 24 crore in FY25. Revenue from convenience fees more than tripled to Rs 3.4 crore, while commission income grew 71.4% to Rs 1.2 crore during the year. On the cost side, employee benefit expenses emerged as the largest cost head, accounting for nearly half of the total cost. This expense jumped 71.8% to Rs 61 crore in FY25 from Rs 35.5 crore in FY24. Advertising expenses declined sharply by 35% to Rs 32 crore in FY25 from Rs 49.5 crore in FY24. Other operating costs, such as lounge service expenses remained flat at Rs 7 crore, while subscription charges rose 17% to Rs 7 crore. Customer support costs increased marginally to Rs 4 crore, and other expenses climbed 21% to Rs 12.5 crore. Overall, Scapiaโ€™s total expenses increased 10% to Rs 123.5 crore in FY25 from Rs 112 crore in FY24. With Scapiaโ€™s revenue outpacing expense growth, its net loss reduced to Rs 83 crore in FY25 from Rs 88 crore in FY24. Its ROCE and EBITDA margin stood at -22.98% and -322.41%, respectively. On a unit basis, Scapia spent Rs 4.26 to earn a rupee in FY25, an improvement from Rs 6.59 in FY24. The company strengthened its balance sheet during the year, with cash and bank balance worth Rs 305 crore, while its current assets more than doubled to Rs 331 crore. Scapia has raised a total of $72 million of funding to date, having Peak XV Partners, Matrix Partners and Elevation Capital as its lead investors. The companyโ€™s founder, Anil Goteti, owns 40% of the company.

Zerodha cash reserve stands at Rs 22,679 Cr in FY25

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Zerodha cash reserve stands at Rs 22,679 Cr in FY25
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**Zerodha cash reserve stands at Rs 22,679 Cr in FY25** Zerodhaโ€™s revenue from operations decreased to Rs 8,847 crore in FY25 from Rs 9,993 crore in FY24, according to its consolidated financial statements sourced from the Registrar of Companies (RoC). The stockbroking industry saw a slowdown in FY25 as trading volumes dipped, new investor additions eased, and tighter SEBI regulations kicked in. Most brokerages felt the heat, with revenues coming under pressure. According to the latest National Stock Exchange data, Zerodha has 7.26 million users and holds a 15.8% market share. Brokerage income continues to be its primary revenue stream, while investment management fees, software services, and interest income also contribute to its overall operating revenue. On the cost front, Zerodha spent Rs 539 crore on salaries in FY25, up 31% from Rs 410 crore in FY24. Notably, directors Nithin Kamath, Nikhil Kamath, and Seema Patil collectively withdrew Rs 228 crore in remuneration, with Rs 96 crore each paid to Nithin and Nikhil, and Rs 36 crore to Seema. Other major expenses included Rs 2,328 crore on fees and commissions, Rs 96 crore on professional and technical services, and Rs 47 crore on advertising. Overall, the companyโ€™s total costs rose to Rs 3,238 crore in FY25, up from Rs 3,119 crore in FY24. With scale declining 11%, Zerodhaโ€™s profits fell 22.9% to Rs 4,237 crore in FY25 from Rs 5,496 crore in FY24. Despite the drop, the company still paid Rs 1,395 crore in taxes during the year. Its ROCE and EBITDA margins also softened and recorded at 32% and 63.78% respectively. Most notably, Zerodha continues to maintain an exceptionally strong balance sheet, sitting on cash and bank balances of Rs 22,679 crore ($2.5 billion) as of FY25. Its total current assets stood at Rs 35,719 crore ($4.2 billion), representing the companyโ€™s conservative, debt-free approach and strong liquidity even in a softer year. Even with a dip in scale and profits, Zerodhaโ€™s numbers reinforce the strength of its bootstrapped, cash-heavy model. The firm remains one of the most profitable outfits in the broking ecosystem, giving it enough cushion to ride out regulatory shifts and cooling market sentiment.

FreshToHome posts Rs 421 Cr revenue in FY25; losses remain stable

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FreshToHome posts Rs 421 Cr revenue in FY25; losses remain stable
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FreshToHome posts Rs 421 Cr revenue in FY25; losses remain stable FreshToHome, a D2C meat and seafood brand, recorded a marginal improvement in its financial performance in the fiscal year ending March 2025. The company managed to grow its scale while keeping its loss stable in the period. FreshToHomeโ€™s gross revenue increased 14% to Rs 421 crore in FY25 from Rs 369.5 crore in FY24, according to its financial statements sourced from the Registrar of Companies (RoC). The company primarily generates its revenue from the sale of meat, seafood and other fresh produce across its platform. Including non-operating income of Rs 9 crore, its total income stood at Rs 430 crore in FY25. The cost of material consumed remained the largest expense element for the Bengaluru-based company, forming over 83% of total expenditure. This cost grew 5% to Rs 481 crore in FY25 from Rs 458 crore in FY24. Employee benefit costs increased 10% to Rs 33 crore, while advertising and promotional expenses declined 37% to Rs 14.5 crore during the year. Subscription costs remained flat at Rs 8 crore. Other overheads more than doubled to Rs 33.5 crore in FY25. Overall, FreshToHomeโ€™s total expenditure went up by 6% to Rs 576 crore in FY25 from Rs 542 crore in FY24. At the bottom line, FreshToHome reported a net loss of Rs 146 crore in FY25, compared to Rs 150 crore in FY24, representing a modest 2.7% reduction in losses. Its ROCE and EBITDA margin stood at -107.64% and -36.58% respectively. On a unit level, the company spent Rs 1.37 to earn a rupee, improving from Rs 1.47 it spent in FY24. The firm recorded cash and bank balances of Rs 42 crore, while its current assets were valued at Rs 73.5 crore at the end of FY25. According to TheKredible, FreshToHome has raised over $320 million of funding to date. In the last round, FreshToHome raised $104 million in its Series D funding, led by Amazon Smbhav Venture Fund.

Meesho delivers 1.3 Bn orders during first 9 months of FY25

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Meesho delivers 1.3 Bn orders during first 9 months of FY25
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Homegrown e-commerce platform Meesho has released its first annual report, highlighting strong growth driven by technology and AI. The company claims that it became the first horizontal e-commerce platform in India to achieve profitability in FY24, generating Rs 197 crore in free cash flow. Its adjusted losses dropped by 97% to Rs 53 crore (excluding employee share-based compensation). As of December 2024, Meesho reported 187 million annual transacting usersโ€”serving approximately 13% of Indiaโ€™s population, as per the report. Between April and December 2024, users placed 1.3 billion orders, cementing Meeshoโ€™s position as the most downloaded shopping app for the fourth consecutive year. The platform processes 67 trillion features daily and handles 500,000 user requests per second at peak load. Meeshoโ€™s logistics arm, Valmo, handled over 50% of its daily orders, covering 15,000 pin codes and creating 85,000 jobs. Supporting 400,000 sellers with a 0% commission model, Valmo has made online selling more accessible for SMEs. In February last year, Meesho announced the launch of Valmo, a full-fledged logistics marketplace that allows the network of micro-entrepreneurs to become Meesho partners and deliver orders in their nearby areas. Meesho also plans to go public later this year, aiming to raise around $1 billion at a $10 billion valuation, with JP Morgan potentially joining the IPO syndicate.

Myntra profit zooms 18X to Rs 548 Cr in FY25

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Myntra profit zooms 18X to Rs 548 Cr in FY25
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Myntra, the fashion e-commerce platform owned by Flipkart, crossed the Rs 6,000 crore revenue mark in the fiscal year ending March 2025, while its profit after tax (PAT) surged 18X during the same period. Myntraโ€™s revenue from operations grew by 18% to Rs 6,042.7 crore in FY25 from Rs 5,121.8 crore in FY24, according to its consolidated financial statement sourced from the Registrar of companies (RoC). The company generates revenue from logistics, marketplace, and advertising services. Logistics contributed 48.3% of operating revenue, rising nearly 20% to Rs 2,918.9 crore in FY25. Marketplace services accounted for 34% of revenue, increasing 15.6% to Rs 2,051.8 crore, while advertising income surged 28% to Rs 914.5 crore. Myntra also earned Rs 157.5 crore from other income sources. The firm made Rs 94.3 crore from non-operating revenue, primarily from royalty income, which pushed its total revenue to Rs 6,042.7 crore in FY25. Advertising costs, the companyโ€™s largest expense surged 37% to Rs 2,105.3 crore in the last fiscal year, whereas burn on logistics rose 6.45% to Rs 1,999 crore. In contrast, employee benefit expenses fell 6.4% to Rs 748.8 crore. Other overheads, including finance costs, payment gateway fees, and (IT) expenses, added Rs 870.6 crore during the fiscal year. In the end, Myntraโ€™s overall expenses grew by 11.7% to Rs 5,723.7 crore in FY25, as compared to Rs 5,123 crore in previous fiscal. Myntraโ€™s controlled spending and sustained growth across revenue streams boosted its profit nearly 18X to Rs 548.3 crore in FY25. This follows a profit of Rs 31 crore in FY24, marking a sharp turnaround from a loss of Rs 782 crore in FY23. Its ROCE and EBITDA margin improved to 24.71% and 8.78%, respectively. On a unit basis, the company spent Rs 0.95 to earn a rupee during the fiscal year. The Bengaluru-based firm recorded cash and bank balances of Rs 22.8 crore while its current assets were worth Rs 4,762.4 crore in FY25.

Urban Company posts Rs 1,144 Cr revenue and Rs 28.5 Cr PBT in FY25

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Urban Company posts Rs 1,144 Cr revenue and Rs 28.5 Cr PBT in FY25
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Home services marketplace Urban Company recorded a 38.2% year-on-year revenue growth to Rs 1,144 crore during the fiscal year ended March 2025 (FY25), according to its annual report. The company also swung to profitability in FY25 from a significant loss in FY24. Urban Company claims to have completed 6.8 million annual customer transactions across 17 super categories in 51 cities with a total net transaction value of Rs 3,115 crore (India+International). Urban Company offers a wide range of home services, including spa and salon treatments, AC repairs, electrical work, painting, wall panel installations, pest control, and more. It also generates revenue through the sale of its water purifier (native) and products sold to service professionals. Platform services continued to be the largest revenue driver for Urban Company, contributing 64.8% of its total operating income, which rose 32.5% to Rs 742 crore in FY25. Revenue from customer memberships grew marginally by 7.7% to Rs 98 crore. On the product sales front, the company saw a sharp 300% jump in revenue from its native water purifier, which surged to Rs 116 crore in FY25 from Rs 29 crore in FY24. The remaining Rs 188 crore came from product sales to service professionals. Of its total operating revenue, Rs 997 crore was generated from India, including the sale of water purifiers, while the remaining Rs 147 crore came from its international operations. It also added Rs 117 crore from interest and profits from the sale of mutual funds, which tallied the overall income to Rs 1,261 crore in FY25 from Rs 928 crore in FY24. Employee benefits emerged as the largest cost center for Urban Company in FY25, accounting for 28.6% of the total expenditure. This expense remained flat at Rs 350 crore, which includes a non-cash ESOP cost of Rs 72.5 crore. Spending on advertising and business promotion also held steady at Rs 207 crore during the year. Other cost heads, including materials, professional incentives, freight, payment gateway charges, outsourced support, and overheads, pushed the companyโ€™s total expenditure to Rs 1,223 crore in FY25, up from Rs 1,021 crore in FY24. According to its annual report, Urban Companyโ€™s India consumer services segment posted a profit of Rs 113 crore in FY25. However, its native water purifier vertical and international operations reported losses of Rs 38.7 crore and Rs 33.7 crore, respectively. The year-on-year growth, coupled with controlled expenditure, particularly in employee benefits and advertising, helped Urban Company to post a PBT (profit before tax) of Rs 28.5 crore in FY25, compared to a loss of Rs 92.7 crore in FY24. Its ROCE and EBITDA margin improved to a positive 2.46% and 6.68%, respectively, in FY25. On a unit level, it spent Rs 1.07 to earn a rupee of operating revenue. By the end of FY24, the companyโ€™s total current assets were recorded at Rs 1671 crore, with cash and bank balances of Rs 590 crore. Urban Company is set to launch its initial public offering (IPO). In April, the company filed its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) to raise Rs 429 crore (approximately $50 million) through a fresh issue and an offer for sale (OFS) of Rs 1,471 crore. Urban Company, once enjoying a relatively uncontested market, is now facing growing competition from emerging startups such as Snabbit and Pronto. Meanwhile, Swiggy has also entered the on-demand professional services segment with its offering, Pyng.

12-year-old Scripbox turns profitable with Rs 107 Cr revenue in FY25

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12-year-old Scripbox turns profitable with Rs 107 Cr revenue in FY25
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12-year-old Scripbox turns profitable with Rs 107 Cr revenue in FY25 Wealth management platform Scripbox achieved profitability in FY25, on the back of steady revenue growth and disciplined cost control, particularly a sharp reduction in ESOP-related expenses during the period. Scripboxโ€™s revenue from operations rose 27% to Rs 107.24 crore in the financial year ending March 2025, up from Rs 84.33 crore in FY24, according to its consolidated financial statements filed with the Registrar of Companies. Founded in 2012, Scripbox operates a diversified revenue model, earning brokerage and commissions from mutual funds, fixed deposits, PMS, AIFs, and sovereign gold bonds. It also generates income from advisory services and lead-generation fees. The company derived 82% of its operating revenue from brokerage and commissions on mutual fund distribution, which stood at Rs 88 crore, while brokerage from PMS contributed Rs 8.66 crore in FY25. It also earned Rs 7.6 crore from investment advisory fees and Rs 1.14 crore from portfolio management service fees. The remaining revenue came from brokerage on fixed deposits, sovereign gold bonds, AIFs, and other products. The company also earned Rs 2.06 crore from interest and gains on financial assets, taking its total revenue to Rs 109.3 crore in FY25. On the cost side, Scripboxโ€™s employee benefits expense had fallen by 32% to Rs 49.55 crore in FY25, compared to Rs 73.07 crore in FY24. The reduction was mainly due to a steep drop in ESOP-related expenses, which fell to Rs 3.48 crore from Rs 25.72 crore in FY24. The company's overall expenditure dwindled by 29% to Rs 95.82 crore in the last fiscal (FY25) from Rs 134 crore in FY24. On the bottom line, Scripbox posted a profit of Rs 12.77 crore in FY25, supported by a sharp reduction in non-cash ESOP expenses. In FY24, the company had reported exceptional gains of Rs 48.8 crore from the surrender or cancellation of ESOPs, which made it appear profitable; excluding this non-cash item, Scripbox would have recorded a loss of Rs 44.7 crore in FY24. The companyโ€™s EBITDA margin and ROCE improved, turning positive at 20.47% and 14.5%, respectively. At a unit level, Scripbox spent Rs 0.89 to generate one rupee of operating revenue in FY25. The firm held only Rs 58 lakh in cash and bank balances at the end of FY25, while its current assets stood at Rs 31 crore during the same period. According to startup data intelligence platform TheKredible, Scripbox has raised over $55 million to date and holds a valuation of around Rs 1,150 crore (approximately $137 million). Its investors include Accel, LetsVenture, DMI, and others. Disclaimer: Bareback Media has recently raised funding from a group of investors. Some of the investors may directly or indirectly be involved in a competing business or might be associated with other companies we might write about. This shall, however, not influence our reporting or coverage in any manner whatsoever.

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