🚀 Medial Secures Investment on Shark Tank India - Fueling the Future of Professional Social Networking. 🔥
Login

News on Medial

Related News

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

EntrackrEntrackr · 6m 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.

Blue Tokai posts Rs 216 Cr revenue with improved EBITDA margin in FY24

EntrackrEntrackr · 6m ago
Blue Tokai posts Rs 216 Cr revenue with improved EBITDA margin in FY24
Medial

Blue Tokai posts Rs 216 Cr revenue with improved EBITDA margin in FY24 Blue Tokai Coffee Roasters has achieved over five-fold growth in the past four fiscal years. The brand's revenue grew from Rs 41 crore in FY21 to Rs 75 crore in FY22, Rs 127 crore in FY23, and Rs 216 crore in FY24. Blue Tokai’s revenue from operations grew 70% year-on-year to Rs 216 crore in FY24 from Rs 127 crore in FY23, its annual consolidated financial statements sourced from the Registrar of Companies show. Income from the sale of coffee accounted for 93% of the overall operating revenue which stood at Rs 201 crore in FY24. The rest of the collections come from the sale of bakery products. Blue Tokai claims to have 130 outlets and plans to expand to over 350 locations in the next 3 years. The company also added Rs 5 crore from interest on deposits and gains on mutual funds, which tallied its overall income to Rs 221 crore in FY24 and Rs 129 crore in FY23. Moving towards the cost breakdown, employee benefits were the largest cost center, accounting for 29.5% of the overall cost, which increased by 95% to Rs 84 crore in FY24. Blue Tokai’s procurement costs increased by 46% to Rs 83 crore in FY24. Due to the notable expansion of the outlets, the rent cost surged 94% to Rs 33 crore in FY24. Its legal, advertising, communication, travel, and other overheads increased the total expenditure by 66% to Rs 285 crore in FY24 from Rs 172 crore in FY23. The surge in employee benefits and rent costs outpaced the revenue growth which led Blue Tokai to post a 46% increase in losses which stood at Rs 63 crore in FY24, compared to Rs 43 crore in FY23. However, the company improved its EBITDA margin, narrowing it from -24.7% in FY23 to -19% in FY24. Blue Tokai spent Rs 1.32 to earn a rupee during the fiscal year. By the end of FY24, the company reported current assets of Rs 153 crore, including cash and bank balances of Rs 61 crore. Blue Tokai has raised over $80 million to date including its $30 million Series C round led by Verlinvest in August last year. According to the startup data intelligence platform TheKredible, A91 Partners was the largest external stakeholder with 22.77% followed by Verlinvest. On the competition side, Third Wave Coffee posted Rs 240 crore of revenue with a loss of Rs 110 crore in FY24. While Starbucks India posted a whopping Rs 1,218 crore in revenue in the previous fiscal. Sleepy Owl, Subko Coffee, and Seven Beans are yet to post their financial results for FY24.

A23 reports Rs 841 Cr revenue and Rs 72 Cr profit in FY24

EntrackrEntrackr · 5m ago
A23 reports Rs 841 Cr revenue and Rs 72 Cr profit in FY24
Medial

Online rummy platform A23 reported flat revenue growth for the fiscal year ending March 2024. However, the company achieved a 24% increase in profits, driven by controlled expenses and an increase in non-operating income during the same period. A23’s net revenue was recorded at Rs 841 crore in FY24 from Rs 839 crore in FY23, its consolidated annual financial statements sourced from the Registrar of Companies (RoC) show. Notably, the firm's gross revenue grew by 31% to Rs 1,378 crore in FY24, up from Rs 1,051 crore in FY23. Of this, Rs 537 crore was paid out to players, resulting in a net revenue of Rs 841 crore for FY24. The platform fee, or commission, charged as a percentage of the buy-in fees from users, remained the sole revenue source for A23 during FY24. Additionally, the platform earned Rs 37 crore, primarily from interest on deposits and current investments, bringing its total revenue to Rs 878 crore in FY24. The company claims to have over 5 crore players on its platform and operates five games - rummy, fantasy, poker, carrom, and pool. A23 has not disclosed its overheads much and booked Rs 515 crore, which is 68% of the overall cost under the miscellaneous head. This might include all the major costs including advertising, servers, and hosting. A23’s employee benefits grew 41% to Rs 138 crore in FY24 from Rs 98 crore in FY23. Its legal, safety and security, printing, traveling, and other overheads pushed the total expenditure to Rs 761 crore in FY24. Despite the flat scale, the controlled expenditure and increase in other income helped A23 to post a 24% increase in its net profits to Rs 72 crore in FY24, compared to Rs 58 crore in FY23. Its ROCE and EBITDA margin improved to 11.5% and 15.26%, respectively while the expense-per-revenue ratio stood at Rs 0.90. At the end of FY24, A23’s total current assets were recorded at Rs 613 crore with cash and bank balances of Rs 534 crore.

Wow! Momo posts Rs 470 Cr revenue and Rs 114 Cr loss in FY24

EntrackrEntrackr · 4m ago
Wow! Momo posts Rs 470 Cr revenue and Rs 114 Cr loss in FY24
Medial

Wow! Momo saw 14% growth in operating revenue in FY24, it fell far short of the 88% year-on-year surge recorded in FY23, indicating a slowdown in growth. However, the Tiger Global-backed firm managed to keep its losses stable, remaining flat for the fiscal year ending March 2024. Wow! Momo’s revenue from operations grew to Rs 470 crore in the last fiscal year from Rs 413 crore in FY23, its consolidated financial statements sourced from the Registrar of Companies show. Launched in 2008 by Sagar Daryani and Binod Homagai, Wow! Momo Foods operates three QSR brands—Wow Momo, Wow China, and Wow Chicken. The company claims to have a network of 630 outlets across 35 cities and a workforce of 6,000 employees. Revenue from the sale of momos, food, and beverages contributed 97% of the total operating income, which grew by 11.5% to Rs 456 crore in FY24. The remaining revenue came from frozen momo sales. Wow! Momo also added Rs 9 crore from interest on deposits, bringing the overall revenue to Rs 479 crore in the last fiscal year. For the QSR firm, the cost of material procurement formed 26.6% of total expenditure, increasing 15.3% to Rs 158 crore in FY24 in line with revenue growth. Employee benefit expenses declined 27.7% to Rs 120 crore in the previous fiscal year. Expenses related to power/fuel, rent, advertising, commissions, finance costs, and other overheads contributed to a 11.9% rise in total expenditure, reaching Rs 593 crore in FY24. The 13.8% increase in scale, along with controlled expenses, helped Wow! Momo maintain steady losses at Rs 114 crore in FY24. Its ROCE and EBITDA margin stood at -8.33% and 7.93%, respectively, with an expense-to-revenue ratio of Rs 1.26. By the end of FY24, Wow! Momo's total current assets were recorded at Rs 250 crore, including Rs 175 crore in cash and bank balances. Wow! Momo has raised over Rs 600 crore to date, including $42 million (Rs 350 crore) in its Series D led by Khazanah Nasional Berhad, the sovereign wealth fund of Malaysia. According to the startup data intelligence platform TheKredible, Tiger Global is the largest external stakeholder followed by Treeline Investment. Wow! Momo is reportedly aiming for Rs 650 crore in revenue in FY25 with improved unit economics and has its sights set on going public in 2027.

Download the medial app to read full posts, comements and news.