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

News on Medial

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.

1

Related News

Zolostays hits Rs 200 Cr revenue in FY24, trims losses

EntrackrEntrackr · 5m 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.

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

EntrackrEntrackr · 2m 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.

Classplus revenue spikes 2X to Rs 260 Cr in FY24; cuts losses by 57%

EntrackrEntrackr · 9m ago
Classplus revenue spikes 2X to Rs 260 Cr in FY24; cuts losses by 57%
Medial

While many edtech posterboys experienced flat or no growth in FY24, edtech firm Classplus seems to have found stable revenue streams by empowering educators with an online presence. The Tiger Global-backed company saw its revenue grow eight-fold over the past two fiscal years, reaching Rs 213 crore in FY24, up from Rs 26 crore in FY22. At the same time, the firm reduced its losses by 57% in FY24. Classplus’s revenue from operations surged 2X to Rs 213 crore in FY24 from Rs 102 crore in FY23, its consolidated financial statements sourced from the Registrar of Companies (RoC) show. Classplus helps creators launch their online coaching business by launching their mobile apps and websites and sell online courses via them. The sale of SaaS tools and software accounted for 96.6% of its total operating revenue, which doubled to Rs 205.5 crore in FY24. The sale of products and other allied services contributed Rs 8 crore to its revenue. Additionally, the company earned Rs 52 crore, primarily from interest on fixed deposits, bringing its total income to Rs 264 crore in the fiscal year ending March 2024. It has also invested in companies like govt job-prep portal GyanLive and recently started a four year computer science course — Polaris School of Technology in Bangalore. For the six-year-old firm, employee benefits accounted for 54% of total expenses, decreasing by 12% to Rs 201.7 crore in FY24. This includes Rs 38.5 crore as ESOP cost which is non-cash in nature. Advertising and promotional expenses also saw a 7.3% decline in the last fiscal year. Legal and professional, information technology and depreciation were additional expenses that brought the overall expenditure down to Rs 375.7 crore in FY24, compared to Rs 405.2 crore in FY23. Check TheKredible for more details. The two-fold growth and controlled expenditures helped Classplus reduce its losses by 57%, bringing them down to Rs 110.4 crore in FY24 from Rs 256 crore in FY23. Its Return on Capital Employed (ROCE) and EBITDA margin improved to -15.26% and -35.99%, respectively. On a per-unit basis, the company spent Rs 1.77 to earn a rupee in FY24. FY23-FY24 FY23 FY24 EBITDA Margin -157.70% -35.99% Expense/₹ of Op Revenue ₹3.97 ₹1.77 ROCE -32.62% -15.26% The Gurugram-based company has raised over $160 million to date, including a $70 million Series D round in March 2022, which valued the company at $600 million. Its other notable investors include Tiger Global, Alpha Wave, RTP Global, Blume Ventures, and GSV Ventures. With enough dry powder to last at least another two years or more, especially if its cost controls continue to succeed at reducing losses, Classplus could be in a very good space by FY25. The offering is not as sensitive to the vagaries of the economy and as the universe of beneficiaries grows, even marketing expenses or acquisition costs will drop, if service is good. The company is also going to be building a deeper moat with higher numbers, securing its position better. At Rs 12,000 per annum or thereabouts on average for a ‘teacherpreneur’, disruptors will not find it easy to offer more for less.

Coding Ninjas’ revenue remains flat in FY24; expenses cross Rs 100 Cr

EntrackrEntrackr · 9m ago
Coding Ninjas’ revenue remains flat in FY24; expenses cross Rs 100 Cr
Medial

Info Edge-controlled Coding Ninjas experienced over two-fold revenue growth in FY23, but the company’s scale remained flat in FY24, with revenue increasing by only 3.4%. Simultaneously, Coding Ninjas struggled to control its losses, which spiked by 22% in FY24, highlighting challenges in managing operational efficiency. Coding Ninjas’ revenue rose to Rs 53.3 crore during FY24 in comparison to Rs 51.6 Crore in FY23, according to its financial statements with the Registrar of Companies. The company has restated the comparative amounts for the previous year, to correct material prior period errors in the previous year’s audited financial statements. Coding Ninjas offers computer language courses focused on application and software design. The platform provides coding courses in Java, Python, and C++, which are designed to help students excel in competitive programming, interview preparation, and data science. According to the filings, Coding Ninjas generates its revenue through three primary streams. The first is fees from students and professionals for its online coaching services. The second comes from B2B customers, including universities and corporate clients, who also pay for these services. The third is the commission earned on the Cost to Company (CTC) for students and professionals who are successfully placed through its programs. The company also generated Rs 4.91 crore via interest and gains on financial assets (non-operating revenue) during the year, bringing the overall revenue to Rs 58.22 crore in FY24. Employee benefit expenses were the largest contributor to Coding Ninjas’ total expenses, increasing by 6.64% to Rs 53.61 crore in FY24, up from Rs 50.27 crore in FY23. Advertising and promotional expenses accounted for 24.4% of the total costs but saw a 15.5% decrease to Rs 26.69 crore in FY24. In contrast, legal and professional charges surged by 200% to Rs 10 crore. Other key cost drivers, including information technology, rent, and finance expenses, also contributed to the company’s overall expenses, which spiked by 12.23% to Rs 109.2 crore. Visit TheKredible for more information. Due to flat revenue growth and rising expenses, Coding Ninjas recorded a loss of Rs 52.63 crore in FY24, marking a 21.9% increase from FY23. The company’s return on capital employed (ROCE) and EBITDA margin stood at -337.3% and -72.45%, respectively. On a unit level, Coding Ninjas spent Rs 2.05 to earn a rupee of operating income in FY24, highlighting challenges in operational efficiency and profitability. FY23-FY24 FY23 FY24 EBITDA Margin -72.05% -72.45% Expense/₹ of Op Revenue ₹2.12 ₹2.05 ROCE -73.09% -337.30% As per TheKredible, Info Edge is the only external investor in the company and has poured in around Rs 178 crore or $22 million across three funding rounds. In October 2022, Info Edge increased its stakes from 26% to 51% in Coding Ninjas with an investment of Rs 135.4 crore or $17 million. In the coding vertical, it competes with WhiteHat Jr, Toppr, Vedantu, Cuemath, Camp K12, and Uable.

Saveo’s revenue nears Rs 200 Cr in FY24 with improved economics

EntrackrEntrackr · 4m ago
Saveo’s revenue nears Rs 200 Cr in FY24 with improved economics
Medial

Pharmacy-focused supply chain and marketplace platform Saveo has achieved remarkable growth, scaling 103X since its inception. Its revenue soared to Rs 196 crore in FY24 from Rs 1.9 crore in FY20. Saveo’s revenue from operations increased by 16.7% to Rs 196 crore in FY24 from Rs 168 crore in FY23, according to its financial statement sourced from the Registrar of Companies (RoC). Saveo is a B2B pharmaceutical marketplace that connects pharmaceutical companies with retailers, serving as a procurement hub for generics, surgical supplies, OTC products, specialty medicines, allopathy, and ayurvedic medicines. The sale of these medicines was its sole source of revenue in FY24. On the expense side, the cost of procurement of medicines accounted for 78% of the total expenses. This cost surged by 19.5% to Rs 184 crore in FY24 from Rs 154 crore in FY23. However, Saveo optimized its workforce costs, resulting in a 24.32% reduction in employee benefit expenses, which amounted to Rs 28 crore in the last fiscal year. Finance costs increased by 40% to Rs 7 crore, while other overheads, including operational expenses, amounted to Rs 16.23 crore in the last fiscal year. Overall, Saveo’s total expenditure rose by 10% to Rs 235 crore in FY24. The Bengaluru-based firm managed to control its losses by 16% to Rs 38.5 crore in FY24 from Rs 46 crore in FY23. Its ROCE and EBITDA margin improved to -225% and -15.69%, respectively. On a unit level, Saveo spent Rs 1.20 to earn a single rupee of revenue in FY24, an improvement from Rs 1.27 in FY23. The company reported Rs 57 crore in current assets, including Rs 10 crore in cash and bank balance, for FY24. According to startup data intelligence platform TheKredible, Saveo has raised a total of $20 million in funding to date. Its leading investors include Matrix Partners (11.81%), RTP Global Partners (10.42%), and Indian Quotient (9.06%). The pharmacy business which Saveo serves is in the middle of a significant wave of changes. For Saveo, it's a period to keep a tight lid on costs while expanding carefully. It has used the IT expertise of its founders to make the process as simple as possible and seems close to success in terms of breakeven. The trajectory is certainly promising either way.

CitiusTech’s profit balloons 6X to Rs 350 Cr in FY24

EntrackrEntrackr · 7m ago
CitiusTech’s profit balloons 6X to Rs 350 Cr in FY24
Medial

Bain Capital Private Equity-backed healthcare technology and consulting platform CitiusTech reported flat revenue growth for the fiscal year ending March 2024. However, the Mumbai-based firm’s profit surged six-fold on the back of reduction in key expenses, including consulting charges. CitiusTech’s revenue increased by 1% to Rs 3,536 crore in the last fiscal year from Rs 3498 crore in FY23, its consolidated financial statement sourced from the Registrar of Companies shows. CitiusTech is a healthcare technology services and solutions provider offering consulting, engineering, manufacturing, and data-oriented software to large hospitals and healthcare organizations. Its core business—software development, implementation, and support services—accounted for 98.8% of the operating revenue which grew by 2.49% to Rs 3,495 crore in FY24. However, revenue from the sale and maintenance of software licenses declined by 53% to Rs 38 crore. The firm also generated an additional Rs 15.7 crore from non-operating activities, which took its total revenue to Rs 3,551 crore in FY24. On the expense side, employee benefit expenses remained the largest cost driver, accounting for 75% of the expenses. This cost increased by 4.2% to Rs 2,226 crore in FY24 from Rs 2,137 crore in FY23. Depreciation expenses increased by 6.2% to Rs 136 crore, while consultancy charges decreased 7.53% to Rs 299 crore. Overall, CitiusTech’s total expenses rose 3.31% to Rs 2,968 crore in FY24 from Rs 2,873 crore in FY23. CitiusTech achieved a notable milestone as its profit after tax (PAT) spiked 6X to Rs 350.28 crore in FY24 from Rs 55.5 crore in FY23. Its ROCE and EBITDA margin stood at 37.67% and 20%, respectively. On a unit basis, the company spent Re 0.84 to earn a rupee in FY24. The company reported Rs 458 crore in cash and bank balances and had current assets of Rs 1232 crore as of FY24. CitiusTech’s bottomline growth might have impressed, but the topline stagnation will be a worry for the firm that had targeted $500 million (Rs 4100 crores then) as recently as Sep 2023. With a $1 billion target for FY28, the firm is expected to consider all possible avenues, including acquisitions to fund growth. Baring Private Equity acquired the firm for $955 million in 2022 after it had filed for an IPO in the US, which would seem to give it at least a couple more years to expand before Barings seeks an exit via an IPO possibly.

BigBasket’s revenue crosses Rs 10,000 Cr in FY24

EntrackrEntrackr · 10m ago
BigBasket’s revenue crosses Rs 10,000 Cr in FY24
Medial

Tata Digital-owned BigBasket is making a strategic shift to focus exclusively on the burgeoning quick commerce market targeting $1.5 billion (Rs 12,400 crore) in total sales for the current fiscal year (FY25). While the impact of the pivot and its new target will unfold after the completion of FY25, it crossed the Rs 10,000 crore topline mark in FY24. Significantly, BigBasket also narrowed down losses by over 20%. BigBasket’s revenue from operations went up 6.27% to Rs 10,061.9 crore during the fiscal year ending March 2024 as compared to Rs 9,468.5 crore in FY23, as per the company’s consolidated financial statements sourced from the Registrar of Companies (RoC). It’s worth highlighting that, Supermarket Grocery Supplies Private Limited is the main entity of BigBasket which also includes its business-to-consumer (B2C) unit, Innovative Retail Concepts Private Limited, and other acquired companies. The company made 97% of its total operating revenue via the sale of grocery products and the rest came from ancillary services and other operating activities. It also earned Rs 37.89 crore from interest and gain on financial assets which took the firm’s overall revenue to Rs 10,099.8 crore during the last financial year (FY24). BigBasket, which recently announced a pivot of its business entirely to quick commerce, is planning to consolidate services by merging its BBdaily subscription service into its main app. By aligning its operations with 10-15 minute delivery, BigBasket is positioning itself to compete more aggressively with established players like Blinkit, Swiggy Instamart, Zepto, and Flipkart Minutes. Moving to the expenses, the cost of goods sold (COGS) accounted for 71.3% of the total expenses and grew 3.4% to Rs 8,209.6 crore in FY24. Employee benefits expenses, however, slipped 11.7% to Rs 936.6 crore during the same period. The employee cost also includes employee stock options (ESOP) expenses worth Rs 98.5 crore. Other major expenses of the company include transportation, distribution, advertising & promotions, technical services, and other admin and operating expenses. For more details, head to TheKredible. Overall, BigBasket managed to control its total expenses which increased a mere 2% to Rs 11,515 crore in FY24 from Rs 11,284.7 crore in FY23. The controlled expenses also helped in reducing losses significantly which shrank 20.73% to Rs 1,415 crore during FY24. Its operating cash outflows also improved by 18.5% to Rs 1,103 crore during the year. BigBasket’s outstanding losses stood at Rs 7,619.85 crore as of FY24. The Bengaluru-based firm’s EBITDA margin improved by 463 BPS to -9.39% in FY24. On a unit level, BigBasket spent Rs 1.14 to earn a rupee of operating revenue during the last fiscal year. FY23-FY24 FY23 FY24 EBITDA Margin -14.02% -9.39% Expense/₹ of Op Revenue ₹1.19 ₹1.14 ROCE -51.37% -70.62% During FY24, Zomato’s Blinkit and Swiggy’s Instamart recorded Rs 2,301 crore and Rs 1,100 crore gross revenue, respectively. Another competitor in the space, Zepto claimed that its revenue has jumped five-fold to more than Rs 10,000 crore in FY24. The audited numbers of the Aadit Palicha-led company is yet to come.

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