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Neobank Freo's revenue tops Rs 100 Cr in FY24, slashes losses by 64%

YourStoryYourStory · 1y ago
Neobank Freo's revenue tops Rs 100 Cr in FY24, slashes losses by 64%
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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Qure.ai revenue soars 83% to Rs 141 Cr in FY24, slashes losses

EntrackrEntrackr · 1y ago
Qure.ai revenue soars 83% to Rs 141 Cr in FY24, slashes losses
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.

Treebo crosses Rs 100 Cr revenue in FY24, outstanding losses climb to Rs 488 Cr

EntrackrEntrackr · 9m ago
Treebo crosses Rs 100 Cr revenue in FY24, outstanding losses climb to Rs 488 Cr
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.

Neobank unicorn Open posts Rs 46 Cr revenue in FY25; outstanding losses mounts to Rs 1,921 Cr

EntrackrEntrackr · 13d ago
Neobank unicorn Open posts Rs 46 Cr revenue in FY25; outstanding losses mounts to Rs 1,921 Cr
Medial

Fintrackr Neobank unicorn Open posts Rs 46 Cr revenue in FY25; outstanding losses mounts to Rs 1,921 Cr Once hailed as India’s first neobanking unicorn, Open is yet to live up to its hype. The startup's revenue is still under Rs 50 crore in FY25, while the bottom line for the Bengaluru-based firm is in the red with over Rs 100 crore during the fiscal year ending March 2025. Open’s revenue from operations increased 85% to Rs 46 crore in FY25, compared to Rs 24.8 crore in FY24, its annual financial statements sourced from the Registrar of Companies (RoC) shows. The company builds digital payment solutions that offer businesses a fully digital current account along with a suite of integrated tools for finance, accounting, and credit, all in collaboration with banking and lending partners. Open’s revenue in FY25 mainly came from subscription-based digital payment services and commission income on a pay-per-use model, which contributed Rs 46 crore. It also added Rs 12.1 crore from interest on deposits (non-operating), thanks to its healthy cash and bank balance, which helped lift its total revenue to Rs 58.1 crore during the fiscal year. For the neo-bank platform, employee benefits formed 62.5% of the total burn, which stood at Rs 100 crore in FY25, while its software expenses were recorded at Rs 18.3 crore. Its legal/professional, advertising cum marketing, commissions, travel, insurance, and other overheads stretched the overall expenses to Rs 160 crore in FY25. The 85% increase in revenue and reduction in employee benefits helped Open to reduce its losses by 35.8% to Rs 108.8 crore in FY25, compared to Rs 169.6 crore in FY24. The accumulated losses for the Tiger Global-backed startup mounted to Rs 1,921 crore ($225 million) till FY25. Open’s expense to revenue ratio improved this year, while ROCE and EBITDA margin recorded at -56.6% and -235.65% respectively. The company has a current total assets of Rs 210 crore, including cash and balances of Rs 202 crore by the end of the previous fiscal year (FY25). According to the startup data intelligence platform TheKredible, Open has raised over $190 million across rounds, including its $50 million round led by IIFL and with the participation of Tiger Global, where the company turned Unicorn in 2022. Open’s FY25 numbers highlight the stark reality facing India’s neobank sector. Despite unicorn valuations and massive funding, regulatory restrictions on digital lending, FLDG arrangements, and prepaid credit lines, combined with high employee costs and intense competition from traditional banks, have made profitability a distant goal. Rapid user growth alone no longer guarantees success for all the neo-banking platforms. For growth, Open and other neobanks will need to broaden their playbook beyond basic banking services. This could include expanding into lending for SMEs, wealth management, insurance distribution, or SaaS-based finance tools, leveraging their existing customer relationships. Given the regulatory circumstances and investor pressure, the growth in this particular category seems distant.

Meesho slashes adjusted losses by 97% to Rs 53 Cr in FY24

EntrackrEntrackr · 11m ago
Meesho slashes adjusted losses by 97% to Rs 53 Cr in FY24
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).

Burma Burma crosses Rs 100 Cr revenue in FY25; almost breaks even

EntrackrEntrackr · 15d ago
Burma Burma crosses Rs 100 Cr revenue in FY25; almost breaks even
Medial

Burma Burma crosses Rs 100 Cr revenue in FY25; almost breaks even Burma Burma, a vegetarian pan-Asian restaurant chain, narrowed its losses significantly by 78% in the fiscal year ending March 2025, on the back of strong revenue growth and improved operating margins. The company nearly achieved break-even as it recorded 47% year-on-year growth in operating revenue, crossing the Rs 100 crore mark during FY25. Burma Burma’s revenue from operations rose to Rs 106 crore in FY25 from Rs 72 crore in FY24, according to its financial statements filed with the Registrar of Companies (RoC). The company operates a restaurant chain serving Burmese cuisine influenced by Indian, Chinese, and Thai flavors across more than a dozen locations in Delhi NCR, Mumbai, Bengaluru, Hyderabad, Kolkata, and Ahmedabad. Its entire revenue in FY25 came from these restaurants. Employee benefits and cost of material formed 53% of the company’s total cost. Employee benefit expenses rose 29% to Rs 29 crore, while the cost of material increased by 33% to Rs 28 crore in FY25. Rent expenses for the restaurants' outlets jumped 64% to Rs 18 crore, while depreciation increased 43% to Rs 10 crore during the year. Other overheads, including utilities and miscellaneous costs, collectively stood at Rs 23 crore. Total expenses grew 37% to Rs 108 crore in FY25 compared to Rs 79 crore in FY24. The strong growth helped Burma Burma to cut its loss by 78% to Rs 1.3 crore in FY25 from Rs 6 crore in FY24. The company reported a positive EBITDA of Rs 6.6 crore in FY25 with an EBITDA margin of 6.23%. Its return on capital employed (ROCE) improved from -48.6% in FY24 to -6.9% in FY25. The restaurant chain closed the year with Rs 9 crore in cash and bank balances and current assets worth Rs 19 crore. Burma Burma has raised a total of $7 million of funding to date, with Negen Capital and Bbigplas Poly Pvt Ltd as its lead investors. The company’s co-founders Chirag Chhajer and Ankit Gupta together own 88% of the company. The high promoter holding is well reflected in careful spending, with no rush to expand rapidly while keeping losses under control. This cautious approach is linked to cash on hand, and the niche positioning may require more advertising or promotional efforts to support growth.

Amazon India logistics unit posts Rs 4,889 Cr income in FY24

EntrackrEntrackr · 11m ago
Amazon India logistics unit posts Rs 4,889 Cr income in FY24
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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