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Ola’s mobility business reports Rs 250-cr profit in FY23 after Rs 66-cr loss in FY22
Business Today
·
1y ago
Medial
Ola's India mobility business has turned profitable, reporting a standalone profit of Rs 250 crore in FY23 after a loss of Rs 66 crore in FY22. The company's revenue also grew by 58% to Rs 2,135 crore in FY23. Ola's CEO, Hemant Bakshi, outlined three growth pillars for the company: premiumisation, penetration, and electrification. The company plans to expand its multi-city Prime plus experience, focus on asset finance, and leverage electrification to offer affordable rides in the 2W segment.
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Ola Claims India Mobility Biz Turned EBITDA Positive In FY23, Appoints Hemant Bakshi As CEO
Inc42
·
1y ago
Medial
Indian ride-hailing company Ola announced the appointment of Hemant Bakshi as the new CEO of Ola Mobility and revealed its plans for aggressive growth in various sectors. Ola's India mobility business achieved positive EBITDA of INR 250 Cr in FY23, compared to an EBITDA loss of INR 66 Cr in the previous year. The company reported a 58% increase in revenue for its India mobility arm, reaching INR 2,135 Cr. Earlier this month, Ola's parent company, ANI Technologies, reported a 50% reduction in consolidated net loss for FY23.
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Beardo crosses Rs 100 Cr revenue in FY23, slips into losses
Entrackr
·
1y ago
Medial
Beardo, owned by Marico, saw a 12.2% increase in revenue to Rs 106.6 crore in FY23, despite a deceleration from its notable 50% growth in FY22. However, the company slipped into losses during FY23 after making its first-ever profit in FY22. High advertising costs and legal fees impacted its finances, leading to a loss of Rs 6.13 crore in FY23, compared to a profit of Rs 75 lakhs in FY22. The challenge for Beardo remains building a flagship brand to lead its portfolio in the competitive D2C sector.
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IndiQube records Rs 592 Cr revenue and Rs 21 Cr profit in FY23
Entrackr
·
1y ago
Medial
Flexible workspace provider IndiQube has reported a significant financial performance for the fiscal year ending March 2023. The company witnessed a 69% growth in scale and achieved a positive bottom line. IndiQube's revenue from operations rose to Rs 592 crore in FY23 compared to Rs 351 crore in FY22. Rental income from companies accounted for 80% of total collections, while the remaining income came from services like electricity and maintenance. The company's controlled expenditure allowed it to record a profit of Rs 21 crore in FY23, compared to a loss of Rs 19 crore in FY22.
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FIITJEE posts Rs 542 Cr revenue in FY23, slips into losses
Entrackr
·
1y ago
Medial
Delhi-based offline IIT-JEE test preparation platform, FIITJEE, witnessed a 21% growth in scale during the fiscal year ending March 2023. However, the growth came at a cost as the company reported a loss of Rs 69 crore as compared to a profit of Rs 37 lakh in FY22. FIITJEE's revenue from operations increased to Rs 542 crore in FY23 from Rs 448 crore in FY22. The company's expenses, especially in advertising and employee benefits, contributed to the overall loss. The test preparation market is experiencing significant competition and potential disruptions.
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Ferns N Petals posts Rs 607 Cr revenue in FY23; loses Rs. 110 Cr
Entrackr
·
1y ago
Medial
Ferns N Petals, a gifting platform, experienced a growth plateau in FY23 with only a 4.8% increase in income and heavy losses of nearly Rs 110 crore. Their revenue from operations reached Rs 607 crore in FY23, primarily from selling cakes, flowers, and customized gifting solutions. The company also operates in the hospitality and wedding businesses. The cost of procurement of materials accounted for the largest expenditure, while advertising and marketing, legal professional, freight, and IT expenses pushed the total expenditure up by 25%. As a result, Ferns N Petals posted a loss of Rs 109 crore in FY23, compared to a profit of Rs 10 crore in FY22.
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Ola Cabs parent ANI Tech’s FY23 revenue crosses INR 2,500 Cr mark, loss declines to INR 772 Cr
Inc42
·
1y ago
Medial
Ola Financial Services recorded a net loss of INR 54.6 Cr in FY23, compared to a profit of INR 8.6 Cr in FY22. Ola's parent company, ANI Technologies, reduced its consolidated net loss by 49.2% to INR 772.2 Cr in FY23. Ola's sales increased by 63% to INR 1,987.5 Cr, while its net loss decreased by 64.8% to INR 1,082.5 Cr in FY23. Ola's rival, Uber India, saw its net sales rise by 54% to INR 2,666.1 Cr in FY23, with a loss of INR 311.3 Cr. Ola Electric is also planning an IPO to raise funds.
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Ex-Paytm Money CEO’s Raise Fintech Turns Profitable In FY23, Posts PAT Of INR 7.16 Cr
Inc42
·
1y ago
Medial
Raise Financial Services, a stock broking firm founded in 2021, turned its net loss of INR 2.78 Cr in FY22 into a net profit of INR 7.16 Cr in FY23. The company witnessed a significant increase in operating revenue, soaring from INR 82.14 Lakh in FY22 to INR 20.74 Cr in FY23. Raise Financial Services primarily serves users in Tier I and II cities in India.
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Winzo ends FY23 with Rs 674 Cr revenue and Rs 126 Cr PAT
Entrackr
·
1y ago
Medial
Online gaming startup Winzo registered 2.8X growth in its scale during the fiscal year ending March 2023. Significantly, the Delhi-based company also posted a hefty profit of Rs 126 crore in the same period. Winzo’s revenue from operations surged to Rs 674 crore in FY23 from Rs 234 crore in FY22, its consolidated financial statements filed with the Registrar of Companies show. Established in 2018, Winzo offers over 100 games across categories such as strategy, sports, casual, card, arcade, racing, action, and board games. The service fees levied on the total funds involved in real money games, and the sale of digital or in-app vouchers were the only revenue drivers for Winzo. The company also made Rs 16.78 crore from interest (non-operating), taking its total revenue to Rs 691 core in FY23. Similar to every online gaming platform, Winzo spent a major chunk (46% of its total expenditure) on marketing (advertising cum promotions). This cost surged 29.6% to Rs 258 crore in FY23. The firm’s burn on employee benefits, legal-professional, commission paid to agents, direct gaming costs, and other overheads catalyzed its overall expenditure to Rs 564 crore in FY23 from Rs 375 crore in FY22. See TheKredible for the complete expense breakdown. Expense Breakdown Total ₹ 375 Cr https://thekredible.com/company/winzo-games/financials View Full Data To access complete data, visithttps://thekredible.com/company/winzo-games/financials Total ₹ 564 Cr https://thekredible.com/company/winzo-games/financials View Full Data To access complete data, visithttps://thekredible.com/company/winzo-games/financials Employee benefit Employee benefit Information technology Information technology Legal professional Legal professional Commission paid to other selling agents Commission paid to other selling agents Advertising promotional Advertising promotional Gaming related direct cost Gaming related direct cost Others To check complete Expense Breakdown visit thekredible.com View full data Caveat: We have excluded the cost of financial liabilities designated at fair value through profit and loss (CCPS) while calculating the total expenses for both years (FY23 and FY22). That said, a notable jump in scale helped Winzo report Rs 126 crore profit in FY23 as compared to a loss of Rs 130 crore in FY22. Its ROCE and EBITDA margin improved to 27% and 19% respectively. On a unit level, the company spent Rs 0.84 to earn a rupee in FY23. FY22-FY23 FY22 FY23 EBITDA Margin -53% 19% Expense/₹ of Op Revenue ₹1.60 ₹0.84 ROCE -39% 27% Winzo has raised around $100 million to date including a $65 million Series C round led by California-based Griffin Gaming Partners in July 2021. According to the startup data intelligence platform TheKredible, Makers Fund is the largest external stakeholder with 15.77% followed by Griffin Gaming Partners and Courtside Ventures. The significant jump in profits for Winzo underscores the best case scenario for most gaming platforms today. A high fixed cost business till it achieves critical mass in terms of users and fees, and post that, very low cost increases, as most of the incremental money goes to the bottomline. For Winzo, however, future investments will beckon soon, both in terms of new game development as well as the high marketing spends, which it will find tough to tamp down for now. But with a growing gamers user base across the country and with itself, next only to China, maintaining margins may not be as tough. You can be sure that if it does so in FY24, India will have its next high growth Unicorn from gaming to talk about.
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Games24x7 crosses Rs 2,000 Cr income in FY23; controls losses
Entrackr
·
1y ago
Medial
Real money gaming platform Games24x7 has continued to grow its scale: their collection grew 70% year-on-year in FY23. The controlled spending on employee benefits and advertising helped the Mumbai-based firm keep its losses in check during the same period. Games24x7’s revenue from operations grew 70.1% to Rs 1,988 crore in FY23 from Rs 1,169 crore in FY22, its consolidated financial statements filed with the Registrar of Companies show. Games24x7 mainly runs RummyCircle and the fantasy sports platform, My11Circle. The platform fee deducted for joining tournaments or contests is the primary source of revenue for Games24x7 which accounted for 99% of the operating income. The rest of the operating revenue comes from selling virtual items in freemium games. The company also added Rs 35 crore from the interest and gain on current investment tallying the overall income to Rs 2,023 crore in FY23. For the gaming platform, advertisement and business promotion expenses accounted for 66% of the overall expenditure, which surged by 61.7% to Rs 1,421 crore in FY23 from Rs 879 crore in FY22. The firm’s burn on employee benefits, legal, traveling, training, recruitment, subscription membership, and other overheads took its overall expenditure up by 43.4% to Rs 2147 crore in FY23. The 70% growth in scale and controlled cost helped the firm’s losses go down to Rs 199 crore in FY23 from Rs 282 crore in FY22. Its ROCE and EBITDA margin improved to -18% and -4.6%, respectively. On a unit level, it spent Rs 1.08 to earn a rupee in FY23. FY22-FY23 FY22 FY23 EBITDA Margin -24% -4.6% Expense/₹ of Op Revenue ₹1.28 ₹1.08 ROCE -48% -18% Games 24×7 has raised over $107 million to date including its $75 million round led by Malabar Investment at a valuation of $2.5 billion. According to the startup data intelligence platform TheKredible, Tiger Global is the largest external stakeholder with 22.39%. In March, Games24x7’s My11Circle became the new fantasy sports official partner for IPL (Indian Premier League) for five years, outbidding its rival Dream11. Games24X7 also said that it has tripled its marketing investment this year. This will reflect in the company’s financial performance in FY25.
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Paytm Money posts Rs 40 Cr profit in FY23, scale grows 2X
Entrackr
·
1y ago
Medial
Paytm Money, the trading platform owned by One97 Communications, reported a two-fold growth in scale and achieved profitability in FY23. Its operating revenue increased to Rs 131.3 crore, with income from brokerage and depository services being the primary source. The company posted a profit of Rs 42 crore, compared to a loss of Rs 10.72 crore in FY22. Despite competition from rivals like Groww and Zerodha, Paytm Money's focus on commission income and the expanding market has contributed to its success.
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