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Otipy posts 50% GMV growth in FY24; losses down by 21%

EntrackrEntrackr · 1y ago
Otipy posts 50% GMV growth in FY24; losses down by 21%
Medial

Milkbasket started subscription commerce in India but it appears that Westbridge-backed Otipy is championing the concept with its farm-to-fork model wherein it delivers ordered items the next morning. The company, which offers fruits, vegetables, dairy and bakery products along with a subscription option, claims over 50% growth in its GMV in the fiscal year ending March 2024. Otipy also reduced losses by 21% during the same period, its founder and chief executive officer Varun Khurana told Entrackr in an interview. “We did Rs 115 crore in gross revenue in FY23 and unaudited numbers show that our topline will stay near Rs 175 crore in FY24,” Khurana said. Otipy had a gross revenue of Rs 115 crore in FY23 which includes Rs 96 crore of operating revenue, Rs 11 crore of discount offered, and other income Rs 8 crore. Fruits and vegetables form 70% of the firm’s total collection while groceries and dairy products contributed 20% and 10%, respectively. According to Khurana, the cost of procurement formed 70% of its total expenditure. “Our total expenses including employee benefits and logistics stood at around Rs 245 crore in FY24,” he said. Otipy claims that it fulfills 8 lakh orders on a monthly basis, and is witnessing 10% month-on-month growth. Khurana disclosed that the average order value hovers in the range of Rs 270, adding that an fulfilment cost of Rs 40 per order allows the company “to operate profitably even at low AOVs of Rs 270.” While Otipy has been operating in Delhi (NCR) and Mumbai for some time, Khurana outlined that the firm plans to expand its footprint into Bengaluru and Hyderabad during the second half of 2024. “We stayed in the two metros for several years as we wanted to perfect the model, unit economics and there has been no dearth of depth in NCR and Mumbai. Now that the company is making money at an order level, we plan further expansion” said Khurana while explaining the rationale behind gradual expansion. Backed by the likes of Westbridge Capital, SIG India, Omidyar Network, Otipy has raised $44 million across several rounds including a $32 million Series B round. “Strong focus on bringing the losses down throughout the last fiscal year helped us to cut losses by 21% to Rs 71 crore in FY23,” said Khurana. Khurana claims that Otipy has hit an average monthly revenue run rate (ARR) of Rs 20 crore. “We are targeting to touch Rs 500 crore in gross revenue in FY25 and hit positive ebitda at a monthly level,” said Khurana. Otipy has been a relatively quiet success story, building up strengths even as larger, flashier rivals have floundered. The firm has built up a strong base of users today, and the promise of delivering fresh produce has withstood challenges along the way. We are not sure about the actual performance of the categories beyond fresh fruits and vegetables, as Otipy has frequently gone with smaller brands in the space to support margins. However, it risks diluting its own core brand promise of fresh produce delivery if it goes too far down that path and associates with produce that does not meet the same promise in fact. The firm is likely to find expansion easier now, thanks to its learnings. However, both East India and South India, are tough nuts to crack due to elevated competition and the different nature of the markets, from being more price sensitive (East) to brand savvy (South).

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Otipy set to raise $10 Mn from new and existing investors

EntrackrEntrackr · 1y ago
Otipy set to raise $10 Mn from new and existing investors
Medial

Farm-to-fork firm Otipy is set to mop up fresh capital in an extended series B round from new and existing investors, two sources aware of the matter told Entrackr. The fresh funding will hit the company’s coffers 28 months after it raised $32 million in Series B in March 2022. “A new investor along with existing ones are investing $10 million in Otipy,” said one of the sources requesting anonymity. “The company has received a term sheet and the deal is likely to get materialized soon.” Sources say that the capital will be used to strengthen Otipy’s operations in existing cities and expansion. It’s operational in Delhi (NCR) and Mumbai but it may launch in Bengaluru and Hyderabad, said sources. Otipy operates a farm-to-fork delivery model by procuring directly from farmers and delivering fresh produce to consumers every morning. “The firm does Rs 20 crore gross merchandise value (GMV) every month with a Rs 3 crore burn. After establishing itself as a leader in fruits and vegetables, the firm plans to additionally focus on grocery. Otipy is also set to achieve EBITDA breakeven in FY25,” said another source who also requested anonymity as talks are yet to be public. Queries sent to Otipy didn’t elicit any immediate response. Otipy has raised $44 million to date including its $32 million Series B round led by Westbridge Capital in 2022. According to the startup data intelligence platform TheKredible, SIG Global is the largest external stakeholder in the firm followed by WestBridge Capital. Head to TheKredibe for Otipy’s complete shareholding pattern. According to the company’s website, Otipy is supported by more than 20,000 farmers and has over 1,000 partners on board. The Gurugram-based company managed over 50% growth in scale to Rs 173 crore in FY24 from Rs 115 crore in FY23. Moreover, its losses also declined by 21% in the fiscal year ending March 2024.

Amazon India logistics unit posts Rs 4,889 Cr income in FY24

EntrackrEntrackr · 8m ago
Amazon India logistics unit posts Rs 4,889 Cr income in FY24
Medial

Amazon Transportation Services reported a marginal growth in its revenue during the fiscal year ending March 2024. At the same time, the company reduced its losses by over 6% during the same period. AmazonTransport Services aka ATS’s revenue from operations grew 7.6% to Rs 4,888.9 crore in FY24 from Rs 4,543.3 crore in FY23, its standalone financial statement sourced from Tofler shows. Apart from operational income, ATS’s other income spiked 66% to Rs 57.3 crore in FY24 from Rs 34.5 crore in the previous fiscal year. This brought the total income for FY24 to Rs 4,946.2 crore. Amazon Transportation Services provides logistics and delivery solutions, supporting Amazon's e-commerce operations. Its services include order pickup, sorting, and last-mile delivery across India. It makes money via offering aforementioned services to Amazon India. The company’s total expenses excluding depreciation stood at Rs 4,690.8 crore in FY24 from Rs 4,310.2 crore in FY23, marking an 8.8% rise. Depreciation expenses, however, decreased by 10.2%, standing at Rs 313.7 crore for FY24, down from Rs 349.4 crore in FY23. Despite the growth in revenue, ATS managed to reduce its losses by 6.3% to Rs 80.3 crore in FY24 from Rs 85.7 crore in FY23. Its outstanding losses reached Rs 469.8 crore as of the end of FY24. Other equity components, including the share-based compensation reserve, increased 26% to Rs Rs 490.4 crore in the last fiscal year. While ATS’s parent company, Amazon Corporate Holdings continues to support its operations, the persistent losses indicate ongoing challenges in reaching profitability despite YoY revenue growth. In the past five years, Amazon India (through transport services) has expanded its partnership with Indian Railways, increasing from a single train in 2019 to over 120 trains by 2024, now covering 130 intercity routes across 91 cities.

Exotel posts flat scale in FY24; losses shrink 61%

EntrackrEntrackr · 7m ago
Exotel posts flat scale in FY24; losses shrink 61%
Medial

Fintrackr All Stories Exotel posts flat scale in FY24; losses shrink 61% Exotel’s revenue from operations increased 5.7% to Rs 444 crore in FY24 from Rs 420 crore in FY23, its consolidated annual financial statements sourced from the Registrar of Companies show. Kunal Manchanada 26 Dec 2024 11:55 IST Follow Us New Update Bengaluru-based cloud telephony platform Exotel reported flat growth for the fiscal year ending March 2024. Despite stagnant revenue, the company significantly improved its financial health, narrowing losses by more than 60%. This improvement was driven by strategic cost-cutting measures, particularly in employee benefits and advertising expenses. Exotel’s revenue from operations increased 5.7% to Rs 444 crore in FY24 from Rs 420 crore in FY23, its consolidated annual financial statements sourced from the Registrar of Companies show. Exotel provides cloud-based voice and SMS contact center solutions, enabling businesses to manage customer engagement efficiently. Its primary revenue stream comes from offering internet-enabled cloud communication services. Exotel also makes money through software licensing, chatbot services, and sales of its products, including APIs, browser extensions, software development kits, and mobile applications. Exotel has not provided the income bifurcation of above mentioned- services. However, 14% of its business came from Southeast Asia, the Middle East, and Africa in FY24. The company also added Rs 16 crore mainly from interest on deposits and investments, tallying the overall revenue to Rs 460 crore in FY24, compared to Rs 447 crore in FY23. For the cloud-based voice and SMS contact center firm, the cost of telephone and postage formed 39% of its overall cost which increased 10.2% to Rs 195 crore in FY23. Exotel managed to keep its employee benefits in check, which saw a reduction of 24% in FY24 to Rs 186 crore, as compared to Rs 245 crore in FY23. It’s worth noting that Exotel went through layoff during FY24, reducing its workforce by 15%. Its decreased advertising, legal, payment gateway, traveling, information technology, and other overheads took the total expenditure to Rs 499 crore in FY24 from Rs 555 crore in FY23. See TheKredible for the detailed expense breakup. Despite the modest growth in scale, the company managed to control its expenditures, resulting in its losses shrinking by 60.6% to Rs 43 crore in FY24 from Rs 109 crore in FY23. According to Fintrackr, Exotel’s EBITDA losses stood at Rs 16 crore in FY24. Exotel’s expense-to-revenue ratio was recorded at Rs 1.12, with ROCE and EBITDA margins of -8.9% and -3.48%, respectively. According to the annual statements, its total current assets were registered at 379 crore, with cash and bank balances of Rs 206 crore as of March 2024. The company has raised over $100 million so far including a $40 million Series D round led by Steadview Capital in 2022. According to the startup data intelligence platform TheKredible, A91 Partners is the largest external stakeholder with a 25.7% stake followed by Blume Ventures. Exotel directly competes with Gupshup-owned Knowlarity, MyOperator, Ozonotel, and Tata Communications, and a few others. exotel Advertisment Disclaimer: Bareback Media has recently raised funding from a group of investors. Some of the investors may directly or indirectly be involved in a competing business or might be associated with other companies we might write about. This shall, however, not influence our reporting or coverage in any manner whatsoever. You may find a list of our investors here. Subscribe to our Newsletter! Be the first to get exclusive offers and the latest news Subscribe Now Related Articles LIVE ShopKirana struggles to scale in FY24, narrows losses by 30% LIVE LEAD hits Rs 350 Cr revenue milestone in FY24; cuts losses by 56% LIVE Simplilearn cuts losses by 56% in FY24, revenue growth stagnates LIVE Curefoods reports Rs 635 Cr income in FY24, halves losses LIVE Mintifi reports Rs 92 Cr PAT on Rs 384 Cr revenue in FY24 Read the Next Article

Swiggy posts Rs 4,410 Cr revenue in Q4 FY25, Instamart grows 115%

EntrackrEntrackr · 2m ago
Swiggy posts Rs 4,410 Cr revenue in Q4 FY25, Instamart grows 115%
Medial

Swiggy posts Rs 4,410 Cr revenue in Q4 FY25, Instamart grows 115% Foodtech and quick commerce major Swiggy has managed a 45% year-on-year growth in its operating revenue which spiked to Rs 4,410 crore during Q4 FY25 as compared to Rs 3,045 crore in Q4 FY24. However, the Bengaluru-based company’s losses surged 95% in the same period. Swiggy’s food delivery business continues to be a major contributor, accounting for 37% of the total collection in Q4 FY25. Revenues from this vertical grew 18% to Rs 1,629 crore from Rs 1,375 crore in Q4 FY24. The company’s quick commerce segment also saw remarkable growth, with revenue surging by 115% to Rs 689 crore in Q4 FY25 from Rs 320 crore in Q4 FY24. The segment's gross order value (GOV) growth was driven by an increase in order frequency and the addition of new dark stores. Scootsy Logistics contributed a major 45% of Swiggy’s overall operating collection. Income from this entity increased by 58% YoY to Rs 2,004 crore in Q4 FY25 from Rs 1,265 crore in Q4 FY24. During the last quarter, Swiggy invested Rs 1,000 crore in Scootsy to support expansion and growth. Swiggy’s Dine Out, Genie, Swiggy Mini, and other non-operating income took its total revenue to Rs 4,531 crore in Q4 FY25. For the full fiscal year ending March 2025, Swiggy’s revenue rose 35% to Rs 15,227 crore in FY25 from Rs 11,247 crore in FY24. On the cost side, the procurement of FMCG products for supply chain distribution formed 33% of its overall cost which increased by 52% to Rs 1,854 crore in Q4 FY25. Meanwhile, the delivery charges saw 27% growth to Rs 1,161 crore in Q4 FY25. Swiggy spent Rs 695 crore and Rs 978 crore on employee benefits and advertising, respectively. Overall, Swiggy’s total expenses for the quarter increased 53% to Rs 5,609 crore from Rs 3,668 crore in Q4 FY24. On a fiscal-on-fiscal year basis, its total expenses increased to Rs 18,725 crore in the quarter ending March 2025 from Rs 13,947 crore in FY24. The 53% growth in expenditure led losses to increase by 95% to Rs 1,081 crore in Q4 FY25 from Rs 555 crore in Q4 FY24. On a fiscal-on-fiscal basis, Swiggy’s losses spiked 33% to Rs 3,117 crore in FY25 from Rs 2,350 crore in FY24.

Rebel Foods posts Rs 1,420 Cr revenue in FY24; losses down by 42%

EntrackrEntrackr · 11m ago
Rebel Foods posts Rs 1,420 Cr revenue in FY24; losses down by 42%
Medial

Cloud kitchen posterboy Rebel Foods (formerly Faasos) significantly improved its financial health during the fiscal year ending in March 2024. The Mumbai-based firm achieved nearly 19% growth in scale and reduced its losses by over 40% during the same period. Rebel Foods’ revenue from operations grew to Rs 1,420 crore in FY24 as compared to Rs 1,195 crore in FY23, as per the company’s consolidated financial statements with the Registrar of Companies. The company generated most of its revenue through its core operations (sale of food), contributing 96.7% of the total operating revenue in FY24. Rebel Foods is a full-stack food tech firm that makes money from the sale of food through its owned stores and kitchens. A small part of its income also came from commission, storage, franchise, delivery services, compensation on account of cancellation, and royalty. Apart from operating income, the foodtech firm also earned Rs 65.29 crore via interest and gain on financial assets (non-ops income) which increased the overall revenue to Rs 1,485.53 crore in FY24. On the expense front, the cost of materials accounted for 33% of the total burn which increased 6.2% to Rs 613.35 crore in FY24. Employee benefits expenses, however, marginally decreased (2.6%) to Rs 394.92 crore during the last fiscal. This overhead also includes the ESOP expenditure of Rs 46.55 crore, followed by brokerage, commission, and promotional costs. For more details, head to TheKredible. Also read: Decoding the financial health of leading cloud kitchen startups With improved topline, Rebel Foods also managed to keep a check on total expenses which grew mere 1.6% to Rs 1,857 crore in FY24. The firm also cut down its losses by over 42% to Rs 378 crore. As of FY24, the company’s outstanding losses stood at Rs 2,911 crore. The improved bottom line can also be seen via EBITDA margin which bettered to -10.76% in FY24, improving by nearly 2,000 BPS. Rebel Foods recorded an EBITDA loss of Rs 159.83 crore in the same period. FY23-FY24 FY23 FY24 EBITDA Margin -30.33% -10.76% Expense/₹ of Op Revenue ₹1.53 ₹1.31 ROCE -39.65% -35.50% On a unit level, the foodtech major spent Rs 1.31 to earn a rupee of operating revenue during the period. Rebel Foods currently claims to have over 450 cloud kitchens across India, MENA, Indonesia, UK, including 75 cities in India. The Peak XV-backed firm raised its last equity round in November 2021 and since then it has received nearly $50 million in debt across five tranches. It’s reportedly in talks to raise up to $150 million in a mix of primary and secondary components. Rebel Foods’ major competition includes horizontal and vertical foodtech plays including Curefoods, EatClub, Biryani By Kilo, FreshMenu, Biryani Blues, Kitchens@, Bigspoon, and HOI Foods.

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