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OPEN Spent INR 195 Cr To Earn INR 25 Cr Revenue In FY24

Inc42 · 10m ago

OPEN Spent INR 195 Cr To Earn INR 25 Cr Revenue In FY24

Indian startup OPEN, backed by Temasek, saw a 30% decrease in net loss for FY24, down to INR 170 Cr. The total expenditure also dropped 34% to INR 194.6 Cr. However, OPEN spent INR 7.84 for every rupee earned from operations in FY24.

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BankBazaar nears Rs 160 Cr revenue in FY23, controls losses

Entrackr

Entrackr · 1y ago

BankBazaar nears Rs 160 Cr revenue in FY23, controls losses

Indian fintech marketplace BankBazaar is projecting a breakeven in the current fiscal year (FY24) with revenue of INR 250 crore. During FY23, the company generated INR 160 crore in income while narrowing its losses by 15%. Revenue from operations increased by 65.6% to INR 159 crore during FY23. BankBazaar offers co-branded credit cards, credit score checks, and cross-sells third-party loans and insurance products, with commission from banks being the main source of revenue. The firm spent INR 1.24 to earn a unit of operating revenue during the fiscal year.

DailyHunt parent VerSe innovation spent INR 2.5 to earn every rupee In FY23

Inc42 · 1y ago

DailyHunt parent VerSe innovation spent INR 2.5 to earn every rupee In FY23

VerSe Innovation, the parent company of DailyHunt and Josh, reported a net loss of INR 1,909.7 Cr in FY23, a 25% reduction from the previous fiscal year. The company's operating revenue soared 51% to INR 1,456.5 Cr in FY23. Total expenditure marginally increased to INR 3,716 Cr in FY23. Cost of services accounted for 71% of the total expenditure, while employee benefit expenses rose by 11% to INR 811.4 Cr. VerSe Innovation spent INR 2.55 to earn every rupee from operations in FY23.

Unicommerce FY24: Net Profit Doubles To INR 13.1 Cr, Revenue Crosses INR 100 Cr Mark

Inc42 · 11m ago

Unicommerce FY24: Net Profit Doubles To INR 13.1 Cr, Revenue Crosses INR 100 Cr Mark

Unicommerce, a leading e-commerce technology company, reported a 15% increase in operating revenue, reaching INR 103.58 Cr in FY24 compared to INR 90.06 Cr in FY23. Total expenses also rose by over 9% to INR 91.9 Cr in FY24. Unicommerce's IPO, consisting of an offer-for-sale component of 2.56 Cr equity shares, is set to open on August 6th.

PayU-backed Mindgate profit soars 3.6X in FY24, posts Rs 257 Cr revenue

Entrackr

Entrackr · 4m ago

PayU-backed Mindgate profit soars 3.6X in FY24, posts Rs 257 Cr revenue

Payments technology company Mindgate made headlines last week after Prosus’s PayU acquired a 43.5% stake in the firm. The strategic acquisition followed Mindgate’s impressive 34.6% year-on-year growth, with revenue surpassing Rs 250 crore in FY24 and net profits surging 3.6X. Mindgate’s revenue from operations grew to Rs 257 crore in FY24 from Rs 191 crore in FY23, its consolidated financial statements accessed from the Registrar of Companies (RoC) show. Mindgate is a digital payments company specializing in real-time payment processing and enterprise payment solutions for banks, financial institutions, and businesses. Income from subscription-based SaaS services accounted for 87.7% of the total operating revenue, which rose by 35% to Rs 201 crore in FY24. Revenue from transaction processing and annual maintenance services contributed Rs 40 crore and Rs 16 crore, respectively. The company also earned Rs 4 crore from interest on current investments, bringing its total revenue to Rs 261 crore in FY24 from Rs 195 crore in FY23. Similar to other SaaS tech firms, employee benefits made up 71% of Mindgate’s overall expenditure. This cost rose by 22.6% to Rs 163 crore in FY24. Additional expenses such as rent, subscription and membership fees, travel, advertising, and overheads pushed the total expenditure up by 24.5% to Rs 229 crore in FY24, compared to Rs 184 crore in FY23. Year-on-year growth, coupled with controlled costs, enabled Mindgate to post a 3.6X surge in profits to Rs 23.2 crore in FY24 from Rs 6.5 crore in FY23. At a unit level, the company spent Re 0.89 to earn a rupee in FY24, with improved ROCE and EBITDA margins of 17.03% and 13.6%, respectively. By the end of FY24, its total current assets stood at Rs 211 crore, including cash and bank balances of Rs 74 crore.

Yatra Q3: Posts INR 1.1 Cr PAT, Revenue Jumps 23% YoY

Inc42 · 1y ago

Yatra Q3: Posts INR 1.1 Cr PAT, Revenue Jumps 23% YoY

Yatra Online, an Indian online travel aggregator, reported a consolidated net profit of INR 1.1 Cr in Q3 FY24, compared to a loss of INR 5.6 Cr in the same quarter of the previous year. Operating revenue increased by almost 23% YoY to INR 110.3 Cr in Q3 FY24. The company's domestic air passenger traffic grew by 26% YoY during the quarter. However, its EBITDA declined by 25% YoY to INR 4.8 Cr. Yatra continues to expand its corporate client base and closed 26 new corporate accounts during the quarter.

EaseMyTrip post Rs 152 Cr revenue and Rs 34 Cr profit in Q1 FY25

Entrackr

Entrackr · 11m ago

EaseMyTrip post Rs 152 Cr revenue and Rs 34 Cr profit in Q1 FY25

Online travel aggregator (OTA) platform EaseMyTrip announced its financial results on Tuesday for the quarter ending June 2024. The results show a marginal decline in scale and profit during Q1 FY25. EaseMyTrip’s operating revenue declined by 6.97% to Rs 152.6 crore in Q1 FY25 from Rs 164 crore in Q4 FY 24, as per its unaudited consolidated financial statements filed with the National Stock Exchange. Revenue from air ticketing accounted for 70% of the revenue whereas hotel packages formed 18.05% of the total collection. On a sequential basis, its revenue from operations increased by 23% as compared to Q1 FY24. To the tune of scale, its total expense decreased by 7.19% to Rs 109 crore in Q1 FY25 from Rs 117.48 crore in Q4 FY24. Service cost, payment gateway, employee benefit and advertisement costs were other major overheads for EaseMyTrip during the last quarter. The fall in collection also impacted EaseMyTrip’s profit which reduced 13.29% to Rs 33.92 crore in Q1 FY25 from Rs 39.12 crore in Q4 FY 25. The Delhi-based company spent Rs 0.71 to earn a rupee in Q1FY25. EaseMyTrip is currently trading at Rs 36.7 (as of 16.30 PM) with a total market capitalization of Rs 7,033 crore (approximately $847 million).

Exclusive: Ratan Tata-Backed CashKaro’s Revenue Crosses INR 300 Cr Mark In FY24

Inc42 · 11m ago

Exclusive: Ratan Tata-Backed CashKaro’s Revenue Crosses INR 300 Cr Mark In FY24

Cashback and coupon platform, CashKaro, saw a 20% increase in operating revenue, reaching INR 302 Cr in FY24. A significant portion of its revenue, approximately 20%, now comes from the financial vertical. CashKaro aims to expand this vertical by introducing new offerings such as loans and mutual funds. With a current user base of 25 million, CashKaro is targeting an addition of 3-4 million new users and aims to achieve INR 400 Cr in revenue in FY25.

IPO-Bound Smartworks’ FY25 Loss Widens 27% To INR 63.2 Cr

Inc42 · 16d ago

IPO-Bound Smartworks’ FY25 Loss Widens 27% To INR 63.2 Cr

In the fiscal year 2024-25, coworking startup Smartworks experienced a widened consolidated net loss of INR 63.2 Cr, up 26.5% from INR 49.9 Cr the previous year. Despite increasing its operating revenue by 32.3% to INR 1,374.1 Cr, total expenses rose to INR 1,489.1 Cr due to higher operational, employee, and finance costs. Smartworks plans to open its IPO on July 10, reducing the fresh issue size to INR 445 Cr as per its red herring prospectus.

Ola Electric sets price band of Rs 72-76 per share for IPO

YourStory

YourStory · 11m ago

Ola Electric sets price band of Rs 72-76 per share for IPO

Ola Electric, a Softbank-backed electric vehicle maker, has announced its initial public offering (IPO) price range of Rs 72 to Rs 76 per equity share. The offering includes a fresh equity issue of Rs 5,500 crore and an offer for sale (OFS) of 8,49,41,997 shares. Bids can be made for a minimum of 195 shares and in multiples of 195 shares. Ola Electric's IPO will open for subscription on August 2, with the anchor investor bidding starting on August 1. The company's revenue in FY24 rose to Rs 5,009.8 crore while its loss was recorded at Rs 1,584.4 crore.

Yudiz Posts INR 2.9 Cr Loss In FY24, Revenue Tanks In H2

Inc42 · 1y ago

Yudiz Posts INR 2.9 Cr Loss In FY24, Revenue Tanks In H2

Yudiz Solutions reported a net profit of INR 1.33 crore in the first half of FY24, but recorded a loss of INR 4.2 crore in the second half. The company's operating revenue declined to INR 10.3 crore in H2 FY24 from INR 15.9 crore in H1 FY24, representing a year-on-year decrease of 37.2%. In FY23, Yudiz achieved a net profit of INR 2.7 crore on an operating revenue of INR 27.3 crore.

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