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Tractor Junction grows 3X in FY23, posts Rs 7.5 Cr losses

EntrackrEntrackr · 1y ago
Tractor Junction grows 3X in FY23, posts Rs 7.5 Cr losses
Medial

Rural vehicle marketplace Tractor Junction has managed to grow its scale by nearly three-fold during the last fiscal year (FY23). The byproduct of the fast-paced growth, however, is the five-year-old company slipping into red during the said period. Tractor Junction’s revenue from operations grew 196.2% to Rs 26.84 crore during the fiscal year ending March 2023 as compared to Rs 9.06 crore in FY22, as per the company’s consolidated annual financial statement with the Registrar of Companies. Launched by Shivani Gupta and Rajat Kumar, Tractor Junction is a rural vehicle marketplace that helps buy, sell, finance, and insure new and used tractors, farm equipment, and rural commercial vehicles. It also provides necessary information and vetted reviews on farm machinery, enabling users to compare shortlisted options, and bringing transparency in pricing. The company made 55% of its revenue from sale of tractors while the remaining came from the sale of services. The sales of services segment mainly deals in the business of providing advertising services to Original Equipment Manufacturers (OEMs) through generation of leads from their website and selling those leads to OEM’s. Tractor Junction also cornered Rs 1.75 crore via interest and gains on financial assets (non-operating revenue). Including this, the company’s total income stood at Rs 28.6 crore in FY23. Further, the Alwar-based company spent most on the cost of materials accounting for 42% of the total expenditure. This cost shot up over 20X to Rs 14.54 crore in FY23 from Rs 71 lakh in FY22. Employee benefit cost for the company jumped over 2X to Rs 9.35 crore during the last fiscal year. Moreover, advertising & publicity expenses also increased 56.1% to Rs 3.81 crore during FY23 from Rs 2.44 crore in FY22. Overall, the company’s total expenditure ballooned more than four-fold to Rs 34.67 crore in FY23 from Rs 8.28 crore in FY22. Head to startup intelligence platform TheKredible for complete expense breakdown and year-on-year financial performance of the company. On the back of rising expenses, the company slipped into red. Tractor Junction recorded Rs 7.46 crore losses in FY23 against Rs 67 lakh profit in FY22. The impact of cash burn can also be seen in operating cash outflows which climbed to around Rs 17 crore during the last fiscal year. FY22-FY23 FY22 FY23 EBITDA Margin 11.15% -19.41% Expense/Rupee of ops revenue ₹1.29 ₹0.91 ROCE 33.95% -15.36% The EBITDA margin and ROCE of the firm stood at -19.41% and -15.36%, respectively in FY23. On a unit level, Tractor Junction spent Rs 1.29 to earn a rupee of operating revenue during the fiscal year. As per TheKredible, Tractor Junction has raised nearly $6 million to date from investors including Info Edge, Omnivore, Rockstart and Indigram Labs et al.

Foxtale's revenue soars to Rs 83 Cr in FY24, losses widen

EntrackrEntrackr · 6m ago
Foxtale's revenue soars to Rs 83 Cr in FY24, losses widen
Medial

Foxtale, a direct-to-consumer (D2C) skincare brand, reported Rs 83 crore of revenue in its third full fiscal year, which ended in March 2024. However, in pursuit of scale, the losses for the Mumbai-based company crossed Rs 50 crore in the same period. Foxtale’s revenue from operations surged around 6X to Rs 83 crore in FY24 from Rs 14 crore in FY23, its annual financial statements sourced from the Registrar of Companies show. Founded in 2021 by Romita Mazumdar, Foxtale is an affordable skincare brand focused on products designed for Indian skin. Its products target issues such as acne, aging, and hyperpigmentation. The brand's products are available on its website and various marketplaces, including Nykaa, Amazon, Blinkit, Flipkart, and Myntra. The sale of skin and beauty products was Foxtale's sole source of revenue in the previous fiscal year. Similar to other D2C skincare brands, Foxtale spent Rs 50 crore on advertising and promotion, which is 36% of its overall cost. This cost saw an increase of 3.8X during FY24. To the tune of scale, its cost of procurement grew 5.8X to Rs 35 crore in the previous fiscal. Foxtale's employee benefit expenses, including salaries, provident fund (PF), gratuity, and ESOPs, surged 2.8x to Rs 20 crore in FY24. Its delivery, legal, outsourcing manpower, and other overheads pushed the overall expenditure to Rs 139 crore in FY24 from Rs 33 crore in FY23. Despite registering 6x fold in scale, higher advertising expenses and employee benefit costs drove Foxtale's losses up by 189% to Rs 55 crore in FY24, compared to Rs 19 crore in FY23. On a unit level, it spent Rs 1.67 to earn a rupee of operating revenue. At the end of FY24, its current assets were recorded at Rs 69 crore, including cash and bank balances of Rs 44 crore. Foxtale has emerged as one of the few D2C startups to secure $48 million across two funding rounds in just seven months. Its latest $30 million round was spearheaded by Japanese beauty products giant, Kose Corporation. Its major competitors include Sugar Cosmetics, WOW Skin Science, Plum, MamaEarth, Minimalist, and several others.

Teachmint revenue grows 2X in FY24, losses down to Rs 82 Cr

EntrackrEntrackr · 7m ago
Teachmint revenue grows 2X in FY24, losses down to Rs 82 Cr
Medial

SaaS-based edtech firm Teachmint improved its financial performance in the last fiscal year, doubling its operating scale while reducing year-on-year losses by more than 39%. However, the Lightspeed-backed company has yet to achieve significant scale. Teachmint’s revenue from operations spiked to Rs 17.1 crore in the fiscal year ending March 2024 from Rs 8.15 crore in FY23, its consolidated financial statements sourced from the Registrar of Companies show. Teachmint sells education software solutions through subscriptions to schools and teachers. The sale of software solutions accounted for 73% of the operating revenue which increased by 56% to Rs 12.5 crore in FY24. The rest of the income is derived from the sale of devices like biometrics, interactive flat panels, GPS devices, among others. The Bengaluru-based company firm managed to control its overall cost, reduced by 26.6% to Rs 160 crore in FY24 from Rs 218 crore in FY23. Key areas of cost reduction include employee benefits, marketing, and IT which dwindled by 21.2%, 63.6%, and 9.1% respectively. The 2X surge and controlled expenditure helped Teachmint reduce its losses by 39.2% to Rs 110 crore during the last fiscal year from Rs 181 crore in FY23. Excluding non-cash ESOP costs, the company’s losses stood at Rs 82 crore for the fiscal year ending March 2024. Its ROCE and EBIDTA margins stood at -24.7% and -198%, respectively. On a unit level, the company spent Rs 9.36 to earn a rupee in FY24. Importantly, the firm has a total current assets of Rs 440 crore including Rs 34 crore of cash and bank balances in the last fiscal year. The company’s transformation from pre-revenue to a significant revenue jump is largely driven by shifting its focus to digitize schools. Entrackr reported about the strategic move in April last year. Teachmint faced significant challenges in FY24, including laying off over 70 employees. It has raised over $100 million in funding, with a $78 million Series B round in October 2021 at a valuation of $500 million. However, it has not raised any additional funding in the last three years. Its competitor Classplus achieved a two-fold revenue increase to Rs 213 crore in FY24, while its newer rival, Lead School, recorded 25% growth to Rs 370 crore in revenue in the same period.

IndiaMart-backed EasyEcom’s revenue grows 65% in FY23, losses balloon 18X

EntrackrEntrackr · 1y ago
IndiaMart-backed EasyEcom’s revenue grows 65% in FY23, losses balloon 18X
Medial

Saas-based ecommerce enablement solutions provider EasyEcom has continued its growth journey as its operating scale grew by 64.5% in FY23. However, its losses surged over 18X in the same period. EasyEcom’s revenue from operations grew to Rs 6.71 crore during the fiscal year ending March 2023 in comparison to Rs 4.08 crore in FY22, as per data shared by the startup intelligence platform TheKredible. Co-founded by Punit Gupta, Jitesh Advani, and Swati Jindal in 2015, EasyEcom’s SaaS suite includes inventory and warehouse management. The platform also offers modules for automating back-office functions like shipping-related payments reconciliation and return reconciliation. EasyEcom spent the most on employee benefits which formed 67.5% of the total expenses. This cost jumped 3X to Rs 8.5 crore during the last fiscal year. Notably, this also includes an ESOP cost worth Rs 78 lakh. IT costs such as server hosting and technical consultancy charges soared to Rs 1.59 crore during FY23 from Rs 67 lakh in FY22. The company also incurred professional, subscription, business promotion, and other admin and operating expenses during the fiscal year. At the end, the company’s overall cost surged 188.3% to Rs 12.6 crore in FY23 from Rs 4.37 crore in FY22. Following the heavy spending to grab the pace in the market, the company’s losses spiked to Rs 4.4 crore during the last fiscal year from Rs 24 lakh in FY22. On a unit level, EasyEcom spent Rs 1.88 to earn a rupee of operating revenue during FY23. Check out TheKredible for a complete expense breakdown and year-on-year financial performance and more information about the company. The startup made the headlines in January 2022 when IndiaMart acquired a 26% stake in EasyEcom for $2 million as part of a Series A round. The startup secured angel funding in December 2017 from tech industry executives and early-stage investment funds. In October 2019, it raised an undisclosed funding from the early-stage fund Amistad Venture.

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