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NoBroker in FY23: Op revenue grows 87% to Rs 609 Cr; losses up by 64%

EntrackrEntrackr · 1y ago
NoBroker in FY23: Op revenue grows 87% to Rs 609 Cr; losses up by 64%
Medial

Proptech unicorn NoBroker has finally reported its FY23 financial results, nine months past the due date. The company achieved an 86.8% increase in its operating scale for the fiscal year ending March 2023. However, its losses also surged by 63.8% during the same period. NoBroker’s revenue from operations grew by 86.8% to Rs 609 crore in FY23 from Rs 326 crore in FY22, its annual financial statements sourced from the Registrar of Companies show. NoBroker is a real estate platform that connects property owners directly with tenants, removing the need for brokers or agents. The company’s main source of revenue is subscription plans. NoBroker also provides a slew of additional services such as rental agreements, home insurance, and property management. The company also recorded a non-operating income of Rs 74 crore from the interest of fixed deposit and gain on current investments/mutual funds taking its overall income to Rs 683 crore in FY23. The company did not publish the complete expense break up but disclosed that spending on employee benefits formed 36.55% of the overall expenditure. This cost increased 66% to Rs 435 crore in FY23. Other overheads, likely covering advertising, payment gateways, and more, added another Rs 724 crore to costs. This led to the total expenses rising to Rs 1,190 crore in FY23, up from Rs 679 crore in FY22. Evidently, NoBroker’s growth in scale was dwarfed by the increased costs. Subsequently, losses went up by 63.8% to Rs 506 crore in FY23, up from Rs 309 crore in FY22. Its ROCE and EBITDA margins were recorded at -34% and -69.5%, respectively. On a unit level, it spent Rs 1.95 to earn a unit of operating revenue. Last year, NoBroker said that it aimed to touch Rs 1,000 crore revenue mark in FY24. The company is yet to file its audited annual report for the last fiscal year. FY22-FY23 FY23 FY24 EBITDA Margin -80% -69.5% Expense/₹ of Op Revenue ₹2.08 ₹1.95 ROCE -16% -34% NoBroker has raised over $400 million to date including a $210 million unicorn round in November 2021. The firm also raised $5 million in an extended Series E round from search giant Google for its apartment and society management vertical, NoBrokerHood. The vertical directly competes with another Tiger Global-backed company MyGate. NoBroker has been launching a slew of services to build on its brand’s visibility and perceived strength in the property segment. From paperwork, to maintenance to property management, the firm has spread out, but profitability remains elusive. It says something for the challenges in the segment that even the original premise, of zero brokerage may soon be threatened thanks to a new service it has trialed in Bengaluru and Chennai, offering a postpaid plan to landlords seeking tenants, with the fee payable only on closing a deal. That doesn’t sound too different from your normal real estate broker, does it? The property market in India has evolved in interesting ways, with many traditional real estate brokers going hyper local in the face of competition from funded startups. That is where their deep local knowledge and awareness of market dynamics gives them an edge, ensuring their continued survival. According to the startup intelligence platform TheKredible, General Atlantic is the largest shareholder in NoBroker with a 30% stake. Elevation Capital and Tiger Global follow with each holding over 15% of the company.

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NoBroker reports Rs 803 Cr revenue in FY24, but 57% expenses remain unexplained

EntrackrEntrackr · 1m ago
NoBroker reports Rs 803 Cr revenue in FY24, but 57% expenses remain unexplained
Medial

Real estate platform NoBroker improved its financial performance during the fiscal year ending March 2024, with operating revenue increasing by nearly one-third year-on-year. The subscription-based house-hunting platform also reduced its losses by 19% in FY24. However, the company disclosed limited details about its expenses, with 57% of total expenditures categorized under “miscellaneous overheads”. NoBroker’s operating revenue rose 32% to Rs 803 crore in FY24 from Rs 609 crore in FY23, according to its standalone financial statement sourced from the Registrar of Companies (RoC). NoBroker is a real estate platform that connects property owners directly with tenants, removing the need for brokers or agents. Its main source of revenue is subscription plans which accounted for 99% of the income. Income from product sales — including home services and allied segments — contributed Rs 5 crore in FY24. The firm made an additional Rs 85 crore from the interest of fixed deposit and gain on current investments, and mutual funds which pushed its total income to Rs 888 crore in FY24 from Rs 683 crore in FY23. Looking at the expenses, NoBroker did not disclose much of its expense breakup. Employee benefit expenses, which accounted for 33% of the total costs, remained flat at Rs 436 crore. Rent and legal charges were curtailed to Rs 7 crore and Rs 12 crore, respectively, while depreciation expenses increased modestly to Rs 31 crore in the said fiscal year. Importantly, NoBroker booked Rs 738 crore under miscellaneous expenses. Overall, the firm’s total expenses increased 9.2% to Rs 1,299 crore in FY24 from Rs 1,190 crore in the previous fiscal year. Despite the rise in total expenses, the company managed to reduce its net loss by 19% to Rs 411 crore in FY24 from Rs 506 crore in FY23. Its ROCE and EBITDA margin stood at -37.76% and -42.45% respectively. On a unit basis, the company spent Rs 1.62 to earn a rupee of operating revenue in FY24. As of March 2024, the Bengaluru-based firm reported current assets worth Rs 1,082 crore, out of which Rs 55 crore were in cash. According to TheKredible, NoBroker has raised a total of $366 million of funding to date, having Tiger Global, BEENEXT, and Elevation as its lead investors. The company’s co-founders Ankit Agarwal, Saurabh Garg, and Akhil Gupta together own 16.6% of the company.

EV startup BattRE’s revenue dips to Rs 87 Cr in FY23; profit tanks too

EntrackrEntrackr · 1y ago
EV startup BattRE’s revenue dips to Rs 87 Cr in FY23; profit tanks too
Medial

BattRE grew four-fold in FY22 but the EV mobility startup couldn’t manage even double digit growth in the last fiscal year, FY23. Moreover, the Agility Ventures-backed firm’s profit plummeted by 87% in the same period as compared to FY22 BattRE’s revenue from operations declined 6.5% to Rs 87 crore in FY23 from Rs 93 crore in FY22, its annual financial statements filed with the Registrar of Companies show. Founded in 2017 by Niscahl Choudhary and Panjak Sharma, BattRE manufactures two-wheeler electric scooters and has three models named Storie, Loev, and One. It claims to have more than 400 outlets across 21 states in the country. The sale of scooters was the primary source of income forming 97.7% of the total operating revenue which decreased 5.6% to Rs 85 crore in FY23. The rest of the income came from the sale of allied services. Last year, BattRE also partnered with eight financial institutions including Bajaj Finance, ICICI Bank, Credit Fair and Loan Tap. For the EV manufacturing unit, the cost of procurement formed 79.3% of its total operating expenses. This cost remained constant at Rs 69 crore during the fiscal year ending March 2023. Burn on employee benefits, import customs, freight, transportation, sales cum marketing, legal, and other overheads pushed BattRe’s overall cost to Rs 87 crore in FY23 which stood at Rs 89 crore in FY22. See TheKredible for the complete expense breakup The stagnant revenue impacted their profits which dwindled by 87% to Rs 50 lakhs in FY23 from Rs 3.84 crore in FY22. Its ROCE and EBITDA margin worsened to 11% and 2.8% respectively. On a unit level, it spent Rs 1.00 to earn a rupee in FY23. FY22-FY23 FY22 FY23 EBITDA Margin 5% 2.8% Expense/₹ of Op Revenue ₹0.96 ₹1.00 ROCE 51% 11% BattRE directly competes with Ola which reported Rs Rs 2,631 crore income during FY23, and Ather which had a turnover of Rs 1,784 crore in the last fiscal. Bounce, Okinawa, Pure, and others are also key players in the market. It is obvious that for smaller players like BattRE, the going will keep getting tougher as larger and legacy players rev up their own game and output in the segment. Both TVS and Bajaj have made a splash since it had its big year in 2022, making the future uncertain, short of a breakout offering for the firm. Something that has always looked unlikely.

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.

Celebal Tech nears Rs 300 Cr revenue in FY24, but bleeds heavily

EntrackrEntrackr · 3m ago
Celebal Tech nears Rs 300 Cr revenue in FY24, but bleeds heavily
Medial

Celebal Technologies, an IT services provider, crossed the Rs 270 crore revenue mark with a 43% year-on-year growth in the fiscal year ending March 2024. However, losses for the Norwest Ventures-backed firm surged to Rs 60 crore during the same period. Celebal Technologies’s revenue from operations increased to Rs 275 crore in FY24 from Rs 192 crore in FY23, its consolidated financial statements sourced from the Registrar of Companies (RoC) show. Co-founded in 2016 by Anupam Gupta and Anirudh Kala, Celebal Technologies specializes in data science, AI, and enterprise cloud solutions. Technology consulting remains the sole revenue driver for the Jaipur-headquartered firm. It also earned Rs 6 crore from interest and the sale of current investments, bringing its total revenue to Rs 281 crore in FY24. With a presence in the USA, APAC, UAE, Europe, and Canada, the company generated Rs 122 crore from international markets. Like other SaaS firms, employee benefits were the largest cost center for the company, accounting for 71% of total expenses. This expense surged 87% to Rs 245 crore in FY24 from Rs 131 crore in FY23. Notably, the firm has a dedicated workforce of over 2,000 professionals. Technical services, rent, travel, advertising, and legal expenses were among the key overheads that pushed Celebal Technologies’ total expenditure up by 73%—from Rs 199 crore in FY23 to Rs 344 crore in FY24. An 87% rise in employee benefits—primarily salaries and wages—outpaced revenue growth, pushing Celebal Technologies’ losses to Rs 60 crore in FY24 from Rs 1 crore in FY23. At a unit level, the company spent Rs 1.25 to earn a rupee, while its ROCE and EBITDA margins declined to -39.1% and -19.2%, respectively. By the end of FY24, its total current assets stood at Rs 139 crore, with cash and bank balances of Rs 18 crore. Celebal Technologies secured its first institutional funding of $32 million in 2022, led by Norwest Venture Partners. The company later raised debt from BlackSoil. According to startup data intelligence platform TheKredible, Norwest holds the largest external stake at 19.58%, while the two co-founders collectively own over 70% of the company’s capital.

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