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Neobank Freo's revenue tops Rs 100 Cr in FY24, slashes losses by 64%
YourStory
·
9m ago
Medial
- MWYN Tech Pvt Ltd's neobanking startup, Freo, achieved total revenue of over Rs 100 crore in FY24. - The company's revenue from operations increased by 8.67% to Rs 99.54 crore in FY24. - Total revenue, including other sources, grew by 11.68% to Rs 111.46 crore in FY24 compared to the previous year. - Freo reduced its total expenditure by 10.14% to Rs 125.58 crore in FY24, resulting in a 64.55% decrease in net loss. - The fintech company has reported profitability since December 2023 and boasts a user base of 25 million across 1,200 Indian cities. - Freo, formerly known as MoneyTap, has transformed from a credit line provider to a comprehensive credit-led neobank offering various digital financial services.
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Khatabook revenue tops Rs 100 Cr, cuts losses by 7% in FY24
YourStory
·
8m ago
Medial
Digital bookkeeping and lending startup Khatabook achieved over 26% growth in revenue in FY24, reaching Rs 102.70 crore. The Bengaluru-based company also decreased its losses by 7.32%, reporting a net loss of Rs 116.24 crore compared to Rs 125.43 crore in the previous year. While total expenses increased by only 3%, employee benefit expenses decreased by 17%. Other expenses, including contractor and payment gateway charges, rose by 51%. Khatabook, which helps small businesses with bookkeeping, has raised over $100 million from investors like Y Combinator and Sequoia.
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Qure.ai revenue soars 83% to Rs 141 Cr in FY24, slashes losses
Entrackr
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9m ago
Medial
Healthcare firm Qure.ai recently raised $65 million in a funding round led by Lightspeed Ventures and 360 One Asset Management. This investment follows an impressive 83% growth in Qure.ai’s revenue, which surpassed Rs 140 crore in FY24. The Lightspeed-backed firm also reduced its losses by 38.5% in this period. Qure.ai’s revenue from operations grew to Rs 141 crore in the fiscal year ending March 2024 from Rs 77 crore in FY23, its consolidated financial statements sourced from the Registrar of Companies show. Qure.ai offers AI-driven solutions designed to assist radiologists and physicians in diagnosing critical conditions such as tuberculosis, lung cancer, and stroke. In the last fiscal year, sales of these tools and software contributed 87.23% of the company’s operating revenue, doubling to Rs 123 crore. The remaining revenue was generated from the sale of healthcare products. In line with many tech and AI-driven companies, employee benefits made up more than half of Qure.ai’s total expenses. These costs surged by 66.2%, rising to Rs 108 crore in FY24 from Rs 65 crore in FY23, with Rs 12 crore allocated to ESOP expenses, a non-cash component. Additional expenses, including costs for materials, communication, travel, advertising, legal, and other overheads, contributed to an 18.2% overall increase in expenses, pushing total costs to Rs 201 crore in FY24 from Rs 170 crore in FY23. See TheKredible for the detailed expense breakup. An over 80% surge in scale, combined with effective cost controls, enabled Qure.ai to cut losses by 38.5%, reducing them to Rs 48 crore in FY24 from Rs 78 crore in FY23. While its EBITDA margin improved, it remained negative at -22.73% in FY24. On a unit basis, the company spent Rs 1.43 to earn a rupee in FY24. FY23-FY24 FY23 FY24 EBITDA Margin -78.02% -22.73% Expense/₹ of Op Revenue ₹2.21 ₹1.43 ROCE NA NA The Mumbai-based firm has raised over $120 million to date, including a recent $65 million round. According to startup data platform TheKredible, notable investors in Qure.ai include Peak XV, Lightspeed, Fractal, and Novo Holdings. Large funding rounds of the type Qure.ai has attracted are increasingly available only for firms that have traveled some distance in demonstrating market acceptance. For Qure.ai, that is evident in the topline as well as the spread of more sophisticated diagnostic tools that are available more widely in India today, promising a heady period of strong growth for the foreseeable future.
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Treebo crosses Rs 100 Cr revenue in FY24, outstanding losses climb to Rs 488 Cr
Entrackr
·
6m ago
Medial
Treebo crosses Rs 100 Cr revenue in FY24, outstanding losses climb to Rs 488 Cr Treebo Hotels, a premium-budget hotel chain, crossed the Rs 100 crore revenue milestone in the fiscal year ending March 2024. Despite this growth, the Bengaluru-based company saw its losses rise by 17%, bringing total outstanding losses to Rs 488 crore. Treebo Hotels’s revenue from operations grew 22.5% to Rs 109 crore in FY24 from Rs 89 crore in FY23, its consolidated financial statements filed with the Registrar of Companies show. Income from accommodation services (taken on lease and managed properties) formed 95% of the total operating revenue which increased by 22.3% to Rs 104 crore in FY24 from Rs 85 crore in FY23. The rest of the income comes from the sale of products, and subscription services. The company also added Rs 7.22 crore as other income (non-operating) which tallied its overall revenue to Rs 116 crore in FY24 from Rs 94 crore in FY23. Treebo spent 41% of its overall expenditure on employee benefits which increased marginally by 7% to Rs 59 crore in FY24. Its cost and commission surged 70% and 48% to Rs 17 crore and Rs 43 crore in the previous fiscal year. Its cost of materials, legal, technology, traveling, and other overheads took the overall cost up by 22% to Rs 144 crore in FY24 from Rs 118 crore in FY23. The increased advertising and commission costs led Treebo to raise its losses by 16.7% to Rs 28 crore in FY24, compared to Rs 24 crore in FY23. Its ROCE and EBITDA margin stood at -540% and -18.1% respectively. On a unit level, it spent Rs 1.32 to earn a rupee in FY24. The company’s total current assets stood at Rs 34 crore with cash and bank balances of Rs 7 crore in the previous fiscal. According to startup data intelligence platform TheKredible, decade-old Treebo has secured Rs 566 crore (approximately $70 million) in funding from investors including Accor, Elevation Capital, Matrix Partners, and Bertelsmann. The company’s most recent major funding, amounting to $16 million, was raised in June 2021. Treebo competes directly with Bloom Hotels and FabHotels. In FY24, Bloom Hotels saw its operational revenue rise by 73.6% to Rs 250 crore, with a profit of Rs 14 crore. FabHotels recorded Rs 224 crore in operating revenue for FY23 but has not yet filed its FY24 annual report.
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Meesho slashes adjusted losses by 97% to Rs 53 Cr in FY24
Entrackr
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8m ago
Medial
Meesho claimed to have achieved profitability in June 2023, and the SoftBank-backed firm appears on track to post full fiscal year profitability sometime in FY25 or FY26, as its adjusted losses plummeted 97% to Rs 53 crore for the fiscal year ending March 2024. Meesho registered a 33% year-on-year growth in operating revenue in FY24, reaching Rs 7,615 crore compared to Rs 5,735 crore in FY23, according to the company’s press release. The firm’s revenue growth was triggered by a 36% growth in orders. Home & kitchen, beauty & personal care, and baby essentials were top categories at the Bengaluru-based platform, as per the release. While the company hasn’t provided specific expense figures, Meesho claimed that organic growth and efficiencies in logistics through its own firm, Valmo Logistics, helped it to reduce overall costs in the last fiscal year. The new vertical was officially launched in February this year. Meesho achieved a dramatic reduction in year-on-year losses, shrinking 97% to Rs 53 crore in FY24 from Rs 1,569 crore in FY23, according to the release. The loss figure is adjusted, but it is unclear which costs have been excluded. The firm stressed that share-based compensation paid to employees was excluded from the adjusted bottom line. It’s worth noting that Meesho also concluded its largest ESOP buyback program worth $25 million during the last month of FY24. Meesho is the third-largest horizontal e-commerce platform in India, after Flipkart and Amazon, claiming 14.5 crore unique annual transacting users. “...With over 50 crore downloads, we continued to be the most downloaded shopping app,” the release mentioned. Meesho competes with Flipkart Internet and Amazon India’s marketplace arm. While Amazon India marketplace (B2B) unit has yet to disclose FY24 numbers, Flipkart Internet reported 26.4% growth in its gross revenue which stood at Rs 70,542 crore in FY24. According to an ET report, Meesho secured a $275 million tranche in May this year as part of a larger funding round, which included both primary and secondary components. The company is also working on relocating its domicile from the U.S. to India, though there are no definitive details on the timeline for its initial public offering (IPO).
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SoftBank-backed Meesho losses halved to Rs 1,675 cr in FY23, revenue grew 77% to Rs 5,735 cr
Money Control
·
1y ago
Medial
E-commerce platform Meesho reported a revenue growth of 77% from Rs 3,232 crore in FY22 to Rs 5,735 crore in FY23. The company's losses also reduced by 49% to Rs 1,675 crore in FY23. Meesho attributed the growth to increased transactions by existing customers and successful monetization efforts. Cost-cutting measures, including lower customer acquisition costs and reduced spend on server infrastructure, contributed to the reduction in losses. Meesho's revenue in the first half of FY24 stood at Rs 3,521 crore, with losses of Rs 141 crore.
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Kapiva touches Rs 115 Cr revenue in FY23; improves economics
Entrackr
·
1y ago
Medial
Ayurvedic nutrition brand Kapiva witnessed significant growth in the fiscal year ending March 2023. The company's revenue from operations jumped 93.74% to Rs 114.5 crore compared to the previous fiscal year. Additionally, Kapiva earned Rs 2 crore from interest on current investments, bringing the total revenue for FY23 to Rs 116.48 crore. The company focused on influencer marketing, with marketing costs comprising 35% of total expenditure, reaching Rs 64 crore. Despite the growth, Kapiva's losses increased by 34.1% to Rs 64.5 crore. The brand aims to achieve an annual revenue of Rs 850 crore by FY26.
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Walmart India slashes losses by 68% YoY to Rs 154 Cr in FY24
YourStory
·
8m ago
Medial
Walmart India has reduced its net loss by 68% in the fiscal year that ended on March 31, 2024. The company's revenue from operations increased to Rs 5,194 crore, up from Rs 5,002 crore in the previous year. Walmart India operates the "Best Price" B2B wholesale chain with 28 stores in the country. Total expenses were reduced by 2.37% to Rs 5,354 crore. Additionally, Walmart's subsidiary Flipkart also managed to decrease its losses by 13.2%.
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Amazon India logistics unit posts Rs 4,889 Cr income in FY24
Entrackr
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8m ago
Medial
Amazon Transportation Services reported a marginal growth in its revenue during the fiscal year ending March 2024. At the same time, the company reduced its losses by over 6% during the same period. AmazonTransport Services aka ATS’s revenue from operations grew 7.6% to Rs 4,888.9 crore in FY24 from Rs 4,543.3 crore in FY23, its standalone financial statement sourced from Tofler shows. Apart from operational income, ATS’s other income spiked 66% to Rs 57.3 crore in FY24 from Rs 34.5 crore in the previous fiscal year. This brought the total income for FY24 to Rs 4,946.2 crore. Amazon Transportation Services provides logistics and delivery solutions, supporting Amazon's e-commerce operations. Its services include order pickup, sorting, and last-mile delivery across India. It makes money via offering aforementioned services to Amazon India. The company’s total expenses excluding depreciation stood at Rs 4,690.8 crore in FY24 from Rs 4,310.2 crore in FY23, marking an 8.8% rise. Depreciation expenses, however, decreased by 10.2%, standing at Rs 313.7 crore for FY24, down from Rs 349.4 crore in FY23. Despite the growth in revenue, ATS managed to reduce its losses by 6.3% to Rs 80.3 crore in FY24 from Rs 85.7 crore in FY23. Its outstanding losses reached Rs 469.8 crore as of the end of FY24. Other equity components, including the share-based compensation reserve, increased 26% to Rs Rs 490.4 crore in the last fiscal year. While ATS’s parent company, Amazon Corporate Holdings continues to support its operations, the persistent losses indicate ongoing challenges in reaching profitability despite YoY revenue growth. In the past five years, Amazon India (through transport services) has expanded its partnership with Indian Railways, increasing from a single train in 2019 to over 120 trains by 2024, now covering 130 intercity routes across 91 cities.
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Peak XV-backed Wakefit reports Rs 66 Cr EBITDA in FY24
Entrackr
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7m ago
Medial
Home furniture and sleep solutions company Wakefit continued its growth trajectory with a 21% year-on-year increase in operating revenue during the fiscal year ending March 2024. Notably, the Peak XV-backed company reduced its losses by 90% and achieved EBITDA positivity with Rs 65.9 crore during the same period. Wakefit’s revenue from operations increased to Rs 986.4 crore in FY24, as compared to Rs 812.6 crore in the previous fiscal year, its financial statement filed with the Registrar of Companies (RoC) shows. Wakefit's revenue was predominantly driven by the sale of products, which increased 21.47% and accounted for Rs 967.86 crore in FY24. Income from scrap sales and other minor sources also rose by 16.73% to Rs 18.49 crore during the said fiscal year. The firm’s income from interest on bank deposits surged 5.8X to Rs 19.38 crore, pushing its total revenue to Rs 1,017.33 crore in FY24. The cost of materials remained the largest expense at Rs 465 crore, contributing 45.04% of total costs. Employee benefit expenses grew by 27.3% to Rs 134.63 crore. Courier and delivery charges increased by 24.8% to Rs 82.19 crore, while advertising expenses dropped by 19.3% to Rs 77.36 crore. Other expenses added another Rs 273.2 crore in FY24. The firm’s total expenses rose by 6.9% to Rs 1,032.4 crore in FY24. In the end, Wakefit managed to decline its losses by 90% to Rs 15 crore from Rs 145 crore in FY23. Despite losses, the Bengaluru-based company achieved positive EBITDA at Rs 65.9 crore in FY24. Its ROCE and EBITDA margins improved to 0.29% and 6.48%, respectively. On a unit basis, Wakefit spent Rs 1.05 to earn a rupee of operating revenue in FY24. Its current assets grew significantly to Rs 574 crore, while its cash and bank balances were recorded at Rs 17.21 crore in FY24. According to TheKredible, Wakefit has raised a total of $105.5 million to date. Its leading investors include Peak XV Partners, Verlinvest, and SIG.
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Zolostays hits Rs 200 Cr revenue in FY24, trims losses
Entrackr
·
6m ago
Medial
Zolostays hits Rs 200 Cr revenue in FY24, trims losses Co-living company Zolostays has achieved a fivefold increase in growth over the last two fiscal years, expanding its revenue from Rs 43 crore in FY22 to more than Rs 200 crore in FY24. Despite this growth, the Nexus Ventures-backed firm maintained control over its losses during this period. Zolostays’ revenue from operations doubled to Rs 204.4 crore in FY24 from Rs 95.5 crore in FY23, as per its consolidated financial statement sourced from the Registrar of Companies (RoC). Zolostays provides co-living spaces to students, professionals, and organizations. Income from residential accommodations and facilities, including service fees and accommodation charges, accounted for 93% of the total operating revenue. This income grew 3.4x to Rs 191 crore in FY24 from Rs 55 crore in FY23. Zolostays also offers services to colleges and universities for managing residential facilities, along with food subscriptions and other amenities. Revenue from this segment dropped 72% to Rs 10.4 crore in FY24. The firm earned Rs 4.6 crore in interest income, bringing its total income to Rs 209 crore in FY24. On the cost front, property management and operational expenses were the largest component, accounting for 52% of total costs. These expenses, which include food, rent, electricity, housekeeping, and consumables, increased 2.3X to Rs 139 crore in FY24 from Rs 60.5 crore in FY23. Its employee benefit expenses increased by 16% to Rs 83 crore in FY24. Legal, advertising, communication, commission, and other overheads took the total cost up by 58% to Rs 266 crore in FY24 from Rs 168 crore in FY23. Zolostays' two-fold growth and controlled expenses led to a 17.4% reduction in losses, down to Rs 57 crore in FY24 from Rs 69 crore in FY23. Its ROCE and EBITDA margin stood at -89.96% and -16.75%, respectively, with an expense-to-revenue ratio of Rs 1.30. In FY24, the Bengaluru-based firm reported current assets of Rs 76 crore, including Rs 34 crore in cash and bank balances. Zolo has raised a total of $118 million of funding to date. According to the startup data intelligence platform TheKredible, Nexus Ventures is the largest external stakeholder with 34% followed by Investcrop and Mirae Asset.
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