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GlobalBees raises $18 Mn in debt from Avendus

EntrackrEntrackr · 1y ago
GlobalBees raises $18 Mn in debt from Avendus
Medial

E-commerce roll-up firm GlobalBees has raised Rs 150 crore or $18 million in a debt round from Avendus. This is the third debt round for the Delhi-based firm since its inception in 2021. The board at GlobalBees has passed a special resolution to issue 1,500 non-convertible debentures at an issue price of Rs 10,00,000 each to raise Rs 150 crore or $18 million, its regulatory filing sourced from the Registrar of Companies shows. The company will use these proceeds towards the working capital requirements and to meet general corporate expenses, the filings added. The non-convertible debentures have an annual coupon rate of 14.5%. Roll-up startups like GlobalBees partner with online-first entrepreneurs, scaling D2C businesses globally and in India. They focus on brands with $1-20 million in revenue, offering capital and support in marketing, supply chain, R&D, and operations. GlobalBees had raised over $270 million to date including its $111 million Series B round which made it a unicorn in December 2021. The company was last valued at around $1.12 billion. Notably, Series A and Series B also had debt components of $75 million and $30 million respectively. According to the startup data intelligence platform TheKredible, FirstCry along with Supam Maheshwari holds 55.6% in GlobalBees while Chimetech Holding, Premji Invest, and Lightspeed command 12.8%, 6.95%, and 6.57% respectively. During the fiscal year ending March 2023, its standalone revenue from operations surged 3.4X to Rs 65 crore whereas the company’s losses spiked two-fold to Rs 6 crore in the same period. GlobalBees competes with the likes of Mensa Brands, GOAT Brand Labs, Evenflow, Upscalio and Powerhouse91. Mensa Brands posted a revenue of Rs 1,317 crore with a loss of Rs 329 crore in FY23. Upscalio recorded a revenue and loss of Rs 216 crore and 78 crore loss respectively in FY23. Mensa also raised $76 million in debt across two tranches in 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.

After Rs 215 Cr profit in FY22, Molbio reports Rs 3 Cr loss in FY23

EntrackrEntrackr · 1y ago
After Rs 215 Cr profit in FY22, Molbio reports Rs 3 Cr loss in FY23
Medial

Healthcare diagnostics firm Molbio achieved unicorn status after a $85 million funding round led by Temasek in September 2022, but its success was short-lived, lasting only through the pandemic. Molbio’s revenue plummeted 74%, from Rs 1,272 crore in FY21 to Rs 332 crore in FY23. Significantly, the company slipped into losses in FY23 and posted a loss of Rs 3.4 crore in the same period as compared to Rs 215 cr profit in FY22. On a year-on-year basis, the firm, also the first ever Unicorn from Goa saw a 57% decline in its revenue to Rs 332 crore in FY23 from Rs 776 crore in FY22, its annual financial statement sourced from the RoC shows. Truenat, the flagship product of Molbio Diagnostics, provides a real-time IoT-enabled testing kit for over 30 diseases. The sale of Truenat, Micro PCR workstations, reagent kits, and cartridges were some major avenues for the company’s collections. Truenat is mostly relevant for the diagnosis of Tuberculosis. The Goa-based firm also made Rs 5 crore from interest and gain on financial assets tallying its overall revenue to Rs 337 crore in FY23. For the diagnostic firm, the cost procurement of raw materials and medical components accounted for 44% of the overall expenditure. In the line with the scale, this cost decreased by 47.4% to Rs 143 crore in FY23. Molbio’s spending on employee benefits, traveling, legal, advertising cum promotional, freight, and other overheads took the overall cost to Rs 328 crore in FY23 from Rs 486 crore in FY22. The 57% decline in scale and the pressure of fixed costs pushed Molbio into the red and it reported a loss of Rs 3.4 crore in FY23. This is a significant downturn compared to the Rs 215 crore profit posted by the firm in FY22. Its ROCE and EBITDA margin worsened to 2% and 14.5%, respectively. On a unit level, it spent Rs 0.99 to earn a rupee in FY23. The Goa-based company has raised Rs 970 crore to date. According to the startup data intelligence platform TheKredible, its promoters through Exxora Trading LLP are the largest stakeholders with 41.7% shares followed by Motilal Oswal which commands 12.96%. Molbio claims that it closed FY24 with Rs 850 crore in revenue and has plans to strengthen its global presence this fiscal, along with launching new products in the Indian market. With these initiatives, it targets a revenue of Rs 1,200 crore and plans to raise around Rs 2,200 crore to Rs 2,400 crore via public listing in the ongoing fiscal year (FY25). FY23-FY24 FY23 FY24 EBITDA Margin 48% 14.5% Expense/₹ of Op Revenue ₹0.63 ₹0.99 ROCE 44% 2% Large fundraising plans along with growth ambitions are par for the course for a firm that has taken the kind of hits Molbio has. It might not find it as simple to convince investors it can execute, especially in a market where both regulations and perceptions towards portable testing kits are changing, even as Truenat itself remains relevant thanks to the wide prevalence of tuberculosis and its variations even today. Cost pressures from other, more low cost options is just one side of the market, even as its own plans to expand to other disease diagnostics need to show real progress fast.

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