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

EntrackrEntrackr · 7m 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.

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Zolostays hits Rs 200 Cr revenue in FY24, trims losses

EntrackrEntrackr · 11m ago
Zolostays hits Rs 200 Cr revenue in FY24, trims losses
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.

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.

Rebel Foods growth slows in FY25, reports Rs 336 Cr loss

EntrackrEntrackr · 17d ago
Rebel Foods growth slows in FY25, reports Rs 336 Cr loss
Medial

url: https://entrackr.com/fintrackr/rebel-foods-growth-slows-in-fy25-reports-rs-336-cr-loss-10884067 Content: Cloud kitchen company Rebel Foods has been witnessing modest growth over the past couple of fiscal years. The Pune-based firm recorded a meagre 14% year-on-year rise in revenue during the fiscal year ending March 2025, while its losses declined by roughly the same proportion. Rebel Foods’ revenue from operations grew to Rs 1,617 crore in FY25 from Rs 1,420 crore in FY24, as per its consolidated financial statements filed with the Registrar of Companies (RoC). Rebel Foods operates brands like Faasos, The Biryani Life, Lunch Box, Over Story, The Good Bowl, Behrouz and others. The company derives the bulk of its revenue from the sale of food products, which accounted for 97% of operating revenue, climbing to Rs 1,565 crore in FY25. Income from services rose 6.5% to Rs 33 crore in FY25 from Rs 31 crore in FY24. Including non-operating revenue of Rs 41 crore, Rebel Foods’ total income stood at Rs 1,658 crore in the last fiscal year. The cost of materials was its largest expense, which grew 11% to Rs 678.5 crore in FY25 from Rs 613 crore in FY24, forming 34% of total expenses. Employee benefit expenses saw a marginal decline of 2% to Rs 388 crore, while advertising costs increased 14% to Rs 153 crore. Brokerage and commission expenses were up 6% to Rs 243 crore. Overall, the firm’s total costs rose 7% year-on-year to Rs 1,987 crore in FY25. With the help of revenue outpacing the company’s expenses, Rebel Foods managed to control its loss by nearly 12% to Rs 336 crore in FY25. Its ROCE and EBITDA margin improved to -35.93% and -10.39% respectively. On a unit level, Rebel Foods spent Rs 1.23 to earn a rupee of revenue in FY25, improving from Rs 1.31 in FY24. The company held cash and bank balances of Rs 56 crore at the end of March 2025, while its current assets stood at Rs 597 crore in the same period. According to startup data intelligence platform TheKredible, Rebel Foods has raised nearly $803 million of funding till date, having Peak XV Partners, Coatue, QIA and Lightbox as its lead investors. The continuing losses on moderating growth does not augur well for Rebel Foods, seen as a survivor from the pandemic shock to many cloud kitchen startups. Its travails reflect the bigger issues confronting Barbecue Nation or other listed firms in the category, with only Domino’s showing the resilience to keep growing profitably. We don’t see the situation improving significantly in the near future for the firm, which could portend significant restructuring and other changes to control costs further.

Peak XV-backed Scapia reports Rs 83 Cr loss on Rs 29 Cr revenue in FY25

EntrackrEntrackr · 4d ago
Peak XV-backed Scapia reports Rs 83 Cr loss on Rs 29 Cr revenue in FY25
Medial

Travel fintech startup Scapia has raised $40 million in a Series B round led by Peak XV shortly after FY25, as investors doubled down on the company’s growth potential. The fundraiser follows over 70% year-on-year growth in scale. However, losses continue to remain a key challenge for the company. Scapia’s operating revenue surged to Rs 29 crore in FY25 from Rs 17 crore in FY24, according to its financial statements sourced from the Registrar of Companies (RoC). Founded by Anil Goteti, Scapia operates as a fintech-travel platform, offering a lifetime-free credit card with travel rewards. It generates revenue through interchange fees, interest on EMIs, and partner commissions from travel bookings. Service income remained the largest contributor to the company, which accounted for 82.8% of operating revenue. This income increased 60% to Rs 24 crore in FY25. Revenue from convenience fees more than tripled to Rs 3.4 crore, while commission income grew 71.4% to Rs 1.2 crore during the year. On the cost side, employee benefit expenses emerged as the largest cost head, accounting for nearly half of the total cost. This expense jumped 71.8% to Rs 61 crore in FY25 from Rs 35.5 crore in FY24. Advertising expenses declined sharply by 35% to Rs 32 crore in FY25 from Rs 49.5 crore in FY24. Other operating costs, such as lounge service expenses remained flat at Rs 7 crore, while subscription charges rose 17% to Rs 7 crore. Customer support costs increased marginally to Rs 4 crore, and other expenses climbed 21% to Rs 12.5 crore. Overall, Scapia’s total expenses increased 10% to Rs 123.5 crore in FY25 from Rs 112 crore in FY24. With Scapia’s revenue outpacing expense growth, its net loss reduced to Rs 83 crore in FY25 from Rs 88 crore in FY24. Its ROCE and EBITDA margin stood at -22.98% and -322.41%, respectively. On a unit basis, Scapia spent Rs 4.26 to earn a rupee in FY25, an improvement from Rs 6.59 in FY24. The company strengthened its balance sheet during the year, with cash and bank balance worth Rs 305 crore, while its current assets more than doubled to Rs 331 crore. Scapia has raised a total of $72 million of funding to date, having Peak XV Partners, Matrix Partners and Elevation Capital as its lead investors. The company’s founder, Anil Goteti, owns 40% of the company.

Flipkart Internet reports Rs 20,493 Cr revenue in FY25; losses down 37%

EntrackrEntrackr · 3m ago
Flipkart Internet reports Rs 20,493 Cr revenue in FY25; losses down 37%
Medial

Flipkart Internet reports Rs 20,493 Cr revenue in FY25; losses down 37% Flipkart Internet, the B2B arm of Walmart-owned Flipkart, reported a 14% year-on-year rise in revenue, crossing the Rs 20,000 crore mark in the fiscal year ending March 2025. The Bengaluru-based firm also reduced its losses by 37%, bringing them below Rs 1,500 crore during the same period. Flipkart Internet’s revenue from operations increased to Rs 20,493 crore in FY25, from Rs 17,907 crore in FY24, as per its consolidated financial statements filed with the Registrar of Companies (RoC). Flipkart’s revenue is driven by marketplace, logistics, and advertising services. Income from marketplace services more than doubled to Rs 7,751 crore in FY25 from Rs 3,734 crore in FY24, contributing 38% to operating revenue. Advertising income surged 27% to Rs 6,317 crore, making up 31% of the topline. However, revenue from logistics services declined by 38% to Rs 4,224 crore, reducing its share to 21%. The firm made an additional Rs 314 crore from non-operating sources, which pushed its total revenue to Rs 20,807 crore in the last fiscal year (FY25). On the cost side, the largest cost head remained logistics service charges, which increased 9% to Rs 7,144 crore, accounting for 32% of total expenses. Employee benefit expenses declined 8% to Rs 4,748 crore, while marketing costs rose sharply by 37% to Rs 4,100 crore, making up 18% of overall costs. Collection charges stood at Rs 2,693 crore (12.1% of expenses) and legal/professional fees at Rs 1,394 crore. Overall, Flipkart Internet’s total expenses grew 8% to Rs 22,311 crore in FY25 from Rs 20,627 crore in FY24. Flipkart Internet managed to cut its losses by 37% to Rs 1,494 crore in FY25, from Rs 2,359 crore in FY24. Its EBITDA losses narrowed to Rs 1,078 crore in FY25 from Rs 1,869 crore in FY24, with the EBITDA margin improving from -10.25% to -5.18%. On a unit level, Flipkart spent Rs 1.09 to earn a rupee in FY25, better than Rs 1.15 in FY24. The company’s current assets stood at Rs 11,952 crore, while cash and bank balances rose to Rs 187 crore.

Auxilo reports Rs 528 Cr revenue and Rs 112 Cr PAT in FY25

EntrackrEntrackr · 2m ago
Auxilo reports Rs 528 Cr revenue and Rs 112 Cr PAT in FY25
Medial

Auxilo reports Rs 528 Cr revenue and Rs 112 Cr PAT in FY25 Auxilo’s revenue from operations grew 48.3% to Rs 528 crore in FY25, up from Rs 356 crore in FY24, as per its annual financial statements sourced from the Registrar of Companies. After doubling its revenue in FY24, education-focused non-banking financial company (NBFC) Auxilo has delivered another strong performance in FY25, going past Rs 500 crore in revenue and posting over Rs 100 crore in profit after tax (PAT). The Mumbai-based NBFC provides education loans to students pursuing higher studies in India and abroad. Its offerings cover the complete cost of education, including tuition fees, pre-visa expenses, travel, and other related costs. Interest income formed the bulk of its business, contributing 90.5% of total operating revenue, which grew 49.4% to Rs 478 crore in FY25. Fees, commissions, and other operating income collectively stood at Rs 50 crore during the year. Including other income of Rs 16 crore, Auxilo’s total revenue reached Rs 544 crore in FY25. On the expenditure side, interest costs accounted for 71.5% of total expenses, rising in line with disbursements to Rs 282 crore in FY25. Employee benefits were recorded at Rs 56 crore, while overall costs increased to Rs 394 crore in FY25, compared to Rs 275 crore in FY24. The company’s controlled cost structure supported profitability, leading to a 62.3% jump in PAT to Rs 112 crore in FY25, against Rs 69 crore in FY24. Auxilo’s expense-to-revenue ratio also improved to 0.75 in FY25. Earlier this year, Auxilo raised Rs 50 crore from Motilal Oswal. Since its inception, it has secured over $100 million across equity and debt. The company competes with other well-funded education-financing players such as Grayquest, Avanse Financial, Financepeer, Propelld, Leap Finance, and Eduvanz.

Ripplr reports Rs 91 Cr loss on Rs 1,164 Cr GMV in FY25

EntrackrEntrackr · 27d ago
Ripplr reports Rs 91 Cr loss on Rs 1,164 Cr GMV in FY25
Medial

Ripplr reports Rs 91 Cr loss on Rs 1,164 Cr GMV in FY25 Distribution and supply chain platform Ripplr posted nearly three-fold GMV growth in FY24. However, its growth momentum slowed sharply as it barely achieved double-digit growth in the last fiscal year. Ripplr’s gross revenue grew by 13% to Rs 1,164 crore in FY25 from Rs 1,028 crore in FY24, according to its annual financial statement. For the uninitiated, Ripplr offers a plug-and-play distribution network as a service to digitize and manage brand operations. Goods sales accounted for 92% of Ripplr's total gross revenue, which increased by 14% year-on-year to Rs 1,068 crore in FY25. Income from logistics and warehousing were other revenue drivers for the 3One4 Capital-backed firm. Cost of materials remained the largest expense for the company which formed nearly 81% of total expenditure and rose 14.5% to Rs 1,018 crore in FY25 from Rs 889 crore in FY24. However, its employee benefit expenses declined sharply by 33% to Rs 40 crore in FY25 from Rs 60 crore in FY24. Depreciation, finance costs, and professional fees collectively added another Rs 32.5 crore while other expenses, covering logistics, store operations, and miscellaneous overheads, rose 14.5% to Rs 169.5 crore. Overall, Ripple’s total expenses increased 12% to Rs 1,260 crore in FY25. Ripplr posted a loss of Rs 91 crore in FY25, almost identical to Rs 90 crore it lost in FY24. The firm’s ROCE and EBITDA margin improved slightly to -30% and -5.88% respectively. On a unit level, Ripplr spent Rs 1.08 to earn a rupee of operating revenue in FY25, compared to Rs 1.10 in the previous fiscal. The Bengaluru-based firm recorded cash and bank balances of Rs 63 crore, while current assets rose to Rs 381 crore in FY25. Ripplr is reportedly in discussions to raise Rs 400 crore from SBI and existing investors. Before this, the company raised over $45 million. According to startup data intelligence platform TheKredible, Sojitz Corporation and 3One4 Capital are their notable investors.

Five year old Eloelo reports zero revenue and Rs 99 Cr loss in FY24

EntrackrEntrackr · 8m ago
Five year old Eloelo reports zero revenue and Rs 99 Cr loss in FY24
Medial

Five-year-old Eloelo reports zero revenue and Rs 99 Cr loss in FY24 Venture capital firm, Play Ventures backed five-year-old company remained in the pre-revenue stage until March 2024 (FY24) while continuing to incur losses. Venture capital firms Play Ventures, along with existing backers Westbridge and Kalaari, have shown strong conviction in the potential of live social entertainment startup Eloelo. Together, they have infused $50 million into the company, including a recent $13 million round. However, the five-year-old firm remained in the pre-revenue stage until March 2024 (FY24) while continuing to incur losses. While the company posted zero operating revenue during FY24, it made Rs 5 crore from interest on fixed deposits, according to the firm’s annual financial statements sourced from the Registrar of Companies (RoC). Eloelo is a social gaming and live streaming platform that brings native activities like tambola, antakshari and musical chairs in live formats with creators hosting games for their community of fans. The Bengaluru-based company spent heavily on marketing to attract and retain users. Advertising and promotional expenses were its largest cost center, accounting for nearly 38.5% of total expenses, more than doubling to Rs 40 crore in FY24 from Rs 17 crore in FY23. Employee benefit expenses also rose 2.4X to Rs 24 crore, while spending on content creators stood at Rs 14 crore. Technology costs amounted to Rs 14 crore, forming over 13% of the overall expenses, while other overheads contributed another Rs 12 crore in FY24. Overall, Eloelo’s total expenses surged 2.3X to Rs 104 crore in FY24 from Rs 45 crore in FY23. Consequently, the company’s net loss widened 2.3X to Rs 99 crore in FY24 compared to the previous fiscal year. The WestBridge-backed firm recorded current assets worth Rs 166 crore in FY24 including Rs 149 crore in cash and bank balance. According to TheKredible, Eloelo has raised a total of $50 million in funding till date, having WaterBridge Ventures as its lead investors. The company’s co-founders Saurabh Pandey and Akshay Dubey together own 20% of the company.

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