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

News on Medial

Related News

OTT platform Ullu next in line to go public, files DRHP

EntrackrEntrackr · 1y ago
OTT platform Ullu next in line to go public, files DRHP
Medial

Homegrown over-the-top (OTT) platform Ullu Digital Limited has filed a draft red herring prospectus (DRHP) with the BSE SME for an initial public offering (IPO). The company has proposed to raise funds via fresh issue of up to 62,62,800 equity shares. Notably, the company’s DRHP doesn’t have any offer for sale (OFS) component. As per Moneycontrol report, Ullu plans to raise around Rs 135-150 crore in the IPO. This will value the company around Rs 500-570 crore or $60-70 million. Narnolia Financial Services Ltd and Skyline Financial Services Ltd are the book-running lead managers of the issue. The OTT platform plans to deploy the IPO proceeds for the production of new content, purchase of international shows, purchase of state-of-the-art equipment and hiring of staff, working capital requirement and other general corporate purposes. As per the DRHP, founder of the company Vibhu Agarwal commands 61.75% shares while Megha Aggarwal owns 33.25% of the company. Zenith Multi Trading DMCC has a 5% stake in Ullu. For the half year ending September 2023 (Apr-Sep 2023), Ullu generated Rs 58.33 crore revenue from operations with a profit of Rs 12.28 crore. Ullu is a membership-led platform which streams web series, movies, and other forms of content. The company earns the majority of its revenue from the sale of subscriptions. As of September 2023, the company has 20,92,975 subscribers. However, the user base of the company declined over 24% from 27,59,397 subscribers during March 2023. The company had around 17,70,439 and 11,46,646 subscribers at the ends of March 2022 and 2021, respectively. During FY23, Ullu’s revenue from operations grew two-fold to Rs 93.1 crore as compared to Rs 46.8 crore in FY22. Its profits jumped 3.87X to Rs 15.1 crore in FY23 as compared to Rs 3.9 crore in FY22. Ullu has joined the list of tech-companies that are planning their public listing soon. The list includes ixigo, Unicommerce, Ola Electric, Awfis, and FirstCry among others.

Child Rights Body Seeks Action Against Ullu App, Says ‘Extremely Obscene And Objectionable’ Content

Inc42Inc42 · 1y ago
Child Rights Body Seeks Action Against Ullu App, Says ‘Extremely Obscene And Objectionable’ Content
Medial

The National Commission for Protection of Child Rights (NCPCR) has asked the Ministry of Electronics and Information Technology (MeitY) to take action against Indian OTT platform Ullu for allegedly hosting obscene and objectionable content accessible to children. The commission has requested action against Google and Apple as well, and urged for stringent know your customer (KYC) norms for users of Ullu and similar apps. Ullu recently filed for an initial public offering (IPO) to raise INR 150 crore. Its operating revenue doubled to INR 93.1 crore in FY23 from INR 46.8 crore in the previous fiscal year, and profits increased from INR 3.9 crore to INR 15.1 crore in the same period.

DCGpac hits profitability as revenue nears Rs 100 Cr in FY24

EntrackrEntrackr · 9m ago
DCGpac hits profitability as revenue nears Rs 100 Cr in FY24
Medial

B2B packaging solutions platform DCGpac has been expanding steadily, reaching nearly Rs 100 crore in revenue for the fiscal year ending March 2024. Moreover, the Gurugram-based company, which raised only Rs 20 crore, achieved profitability during this period. DCGpac’s revenue from operations grew by 21.4%, reaching Rs 96.5 crore in FY24, up from Rs 79.5 crore in FY23, its consolidated financial statements sourced from the Registrar of Companies (RoC) show. DCGpac is a packaging materials supplier offering a range of products and services, including corrugated boxes, courier bags, bubble films, designer boxes, and “Design to Distribution” solutions. Sales of packaging materials represent the sole source of revenue for DCGpac. According to the company’s website, it serves over 50,000 customers, including Blinkit, Shiprocket, Delhivery, Myntra, DHL, Shadowfax, and others. As with other packaging solutions platforms, the cost of materials accounted for 83.17% of DCGpac’s total expenditure, rising by 19% to Rs 80.4 crore in FY24. Employee benefits expenses stood at Rs 8 crore for the last fiscal year. Additional costs, including advertising, warehousing, packing, information technology, printing, and other operating overheads, brought total expenditure up by 17.9% to Rs 96.7 crore in FY24, compared to Rs 82 crore in FY23. Steady growth and careful cost management helped DCGpac achieve profitability in FY24, posting net profits of Rs 19 lakh compared to a loss of Rs 1.67 crore in FY23. DCGpac’s ROCE and EBITDA margin stood at 3.34% and 1.19%, respectively. On a unit level, the company spent Re 1 to earn a rupee of operating revenue in FY24. FY23-FY24 FY23 FY24 EBITDA Margin -1.98% 1.19% Expense/₹ of Op Revenue ₹1.03 ₹1 ROCE -15.66% 3.34% DCGpac has raised a total of Rs 20 crore to date, including a pre-Series Seed round of $1.5 million led by Venture Catalysts, 9Unicorns, and Inflection Point Ventures in April 2022.

Ullu’s revenue stagnates at Rs 100 Cr in FY24; profit declines by 16%

EntrackrEntrackr · 6m ago
Ullu’s revenue stagnates at Rs 100 Cr in FY24; profit declines by 16%
Medial

Following a two-fold growth in FY23, over-the-top (OTT) platform Ullu recorded a modest 7% year-on-year revenue increase for the fiscal year ending March 2024. However, the Mumbai-based company saw its profit decline by over 16% during the same period. Ullu's revenue from operations grew to Rs 99.7 crore in the last fiscal year, from Rs 93 crore in FY23, according to its financial statement sourced from the Registrar of companies (RoC) shows. Ullu is a subscription-based platform offering a wide range of video streaming content filled with a lot of soft porn. Sale of content was the major source of revenue for the company as it accounted for 99.9% of the total operating revenue. This income increased by 7.7% to Rs 99.5 crore in FY24 from Rs 92.44 crore in FY23. Revenue from product sales dropped sharply by 82.9% to Rs 12 lakh in FY24. However, the company earned an additional Rs 50 lakh from interest income, bringing the total revenue to Rs 100.18 crore. On the expense side, cost of materials (content creation) remained the largest expense, climbing 28.7% to Rs 46.24 crore, representing 55.4% of the total costs. Advertising expenses fell by 25.7% to Rs 14.95 crore, while employee benefit expenses surged 41% to Rs 11.89 crore. Other significant expenses such as legal professional charges and rent stood at Rs 2.83 crore and Rs 2.38 crore, respectively. Overall, Ullu's total expenses grew by 15.5% to Rs 83.5 crore in FY24. In the end, Ullu's profit decreased by 16.2% to Rs 12.68 crore from Rs 15.13 crore in FY23. Its ROCE and EBITDA margin stood at 44.3% and 17.54%, respectively, during the last fiscal year. Ullu's EBITDA declined by 20.8% to Rs 17.57 crore in FY24 from Rs 22.19 crore in FY23, with the EBITDA margin narrowing to 17.54%. On a per-unit basis, Ullu spent Rs 0.84 to earn a rupee of revenue in FY24. The company's total assets slightly dipped to Rs 70.11 crore in FY24 from Rs 71.63 crore in FY23. Meanwhile, cash and bank balances decreased significantly, down 71.7% to Rs 2.66 crore in the last fiscal year. In February, Ullu filed a draft red herring prospectus (DRHP) with the BSE SME for an initial public offering (IPO). The company proposed to raise funds via fresh issue of up to 62,62,800 equity shares. Notably, the company's DRHP doesn't have any offer for sale (OFS) component. While ambitions of raising public funding is as audacious as it gets, considering a business model built around dropping inhibitions it is no surprise. In the age of OnlyFans crossing $7 billion in revenues, Ullu might just have discovered the limits to growth as an organised player. Customers paying for the content it offers can keep convincing themselves that they like the jokes or the storyline as well, but the truth is, as Ullu grows, the pressure to conform only becomes greater. It faces a challenge of owning up to its ability and success selling smut, or watching a more brazen upstart take over even as Ullu falls into any one of the moral pitfalls it dances around every day. And as we keep saying, in the smut business, size remains a red herring, sure to attract the kind of official attention no amount of borderline porn will.

Exclusive: OfBusiness revenue nears Rs 20,000 Cr in FY24; profits crosses Rs 600 Cr

EntrackrEntrackr · 1y ago
Exclusive: OfBusiness revenue nears Rs 20,000 Cr in FY24; profits crosses Rs 600 Cr
Medial

Following a 2X jump in scale during FY23, industrial goods and services procurement platform OfBusiness continued its growth run as its revenue grew by 25.8% in the fiscal year ending March 2024. At the same time, the firm’s profit spiked by 30% and crossed the Rs 600 crore mark. OfBusiness’ revenue grew to Rs 19,296 crore in FY24 from 15,343 crore in FY23, according to the company’s consolidated financial documents reviewed by Entrackr. The sale of industrial goods (raw materials) and revenue from financial services offered to the buyers on their platforms were the primary sources of operating revenue for OfBusiness in FY24. The company also made Rs 232 crore from interest and other financial activities, tallying the overall revenue to Rs 19,529 crore in FY24. Being a goods and service procurement platform, the purchase of industrial goods and raw materials including construction materials, chemicals, and produce emerged as the largest cost centers, forming 88.5% of OfBusiness’ total expenses during FY24. In the line of scale, this cost increased by 21% to Rs 16,543 crore in FY24. The firm’s burn on employee benefits, finance, legal, conveyance, advertising, and other overheads took its overall cost up by 24.3% to Rs 18,696 crore in FY24 from Rs 15,037 crore in FY23. Note: OfBusiness’ ESOP-related expenses for this year stood at Rs 32 Cr in FY24 which is similar to last year. The decent growth in scale and controlled expenditure helped OfBusiness to post a 30.2% increase in its profits to Rs 603 crore in FY24. Its ROCE and EBITDA margin improved to 12.33% and 7.44% respectively. On a unit level, OfBusiness spent Rs 0.97 to earn a rupee in FY24. FY23-FY24 FY23 FY24 EBITDA Margin 6.30% 7.44% Expense/₹ of Op Revenue ₹0.98 ₹0.97 ROCE 9.28 12.23 OfBusiness has raised around $800 million including its $325 million Series G round in December 2021 where it was valued at $5 billion. According to the startup data intelligence platform TheKredible, Alpha Wave is the largest external stakeholder with 19.16% followed by Creation Investment and Matrix Partners. OfBusiness competes with Zetwerk, Infra.market, and Moglix. Zetwerk recorded Rs 11,449 crore GMV in FY23 while Infra. Market and Moglix’s gross revenue stood at 11,846 crore and Rs 4,500 crore respectively in the same period (FY23).

Ranveer Allahbadia’s Monk-E nears Rs 100 Cr revenue in FY24, profit jumps 59%

EntrackrEntrackr · 4m ago
Ranveer Allahbadia’s Monk-E nears Rs 100 Cr revenue in FY24, profit jumps 59%
Medial

Ranveer Allahbadia’s Monk-E nears Rs 100 Cr revenue in FY24, profit jumps 59% Monk Entertainment, co-founded by YouTuber Ranveer Allahbadia (BeerBiceps) and Viraj Seth, has capitalized on this trend, generating Rs 100 crore in revenue in the last fiscal year. Monk Entertainment’s revenue from operations recorded a modest 2.2% growth to Rs 97.8 crore in FY24 from Rs 95.8 crore in FY23, its annual financial statements filed with the Registrar of Companies (RoC) show. Monk-E, a full-stack creative digital media agency, specializes in talent management, video production, social media management, and influencer marketing. In FY24, the company generated 86.6% of its revenue from India, with the rest coming from international markets. On the cost side, influencer marketing charges made up 84% of the total expenses, though the cost dipped 2% year-on-year to Rs 77.4 crore in FY24 from Rs 79 crore in FY23. Meanwhile, employee benefit expenses grew 38% to Rs 7.7 crore during the same period. Out of the total influencer marketing charges, Allahbadia and his venture BeerBiceps Media received Rs 7.77 crore for providing technical services to Monk-E. Commission, legal fees, rent, advertising, and other overheads pushed Monk-E's total costs to Rs 92 crore in FY24. Monk-E recorded a 58.9% year-on-year profit increase, with profits rising to Rs 7.23 crore in FY24 from Rs 4.55 crore in FY23. Its ROCE stood at 35.4%, while the EBITDA margin reached 7.86%. On a unit level, the company spent Re 0.94 to earn a rupee. By the end of FY24, Monk-E's total current assets were reported at Rs 28.46 crore, including Rs 5.5 crore in cash and bank balances. While it's probably too early to speculate about the impact on the firm from Allahbadia’s recent controversy, the scale of Monk-E shows how much is at stake. It is crucial for viewers to apply better discretion before believing everything they see and hear from these new-age channels.

BookMyShow profit nears Rs 110 Cr in FY24, event biz bleeds

EntrackrEntrackr · 7m ago
BookMyShow profit nears Rs 110 Cr in FY24, event biz bleeds
Medial

Online ticketing platform BookMyShow has experienced a remarkable turnaround over the past two years (FY23 and FY24), with its revenue soaring more than 5X and achieving profitability. Its revenue spiked to nearly Rs 1,400 crore in FY24, from only Rs 277 crore in FY22. BookMyShow reported a 43.2% year-on-year growth to Rs 1,396.86 crore in revenue from operations during the fiscal year ending March 2024 as compared to Rs 975.51 crore in FY23, its consolidated financial statement with the Registrar of Companies shows. BookMyShow, an online ticketing platform for movies and events, operates with 17 subsidiaries and two joint ventures. Here's a breakdown of its revenue growth across different streams. BookMyShow generates revenue primarily through online ticket bookings, turnkey ticketing solutions for concerts and events, and software sales. It also earns from advertisement space and from subscription contracts. Additional income sources include food and beverage sales, maintenance contracts, and on-ground services. The company collected 57.4% of its revenue from online ticketing (ticket bookings and turnkey solutions) which grew 23.8% year-on-year to Rs 801.57 crore in FY24. Around 32% of the revenue came from live events, worth Rs 454.72 crore which surged 91.5% during the year. The remaining sum of Rs 140.57 crore was collected via advertisement, marketing, sale of food & beverages, gift vouchers, and software, et al. The company also earned Rs 33.28 crore from interest and gains on financial assets, taking the overall revenue to Rs 1,430.14 crore in FY24. Out of the convenience fee, a certain portion of the revenue is shared with the cinema owners. BookMyShow paid a revenue share worth Rs 323.03 crore during FY24, accounting for 43.6% of the online ticket booking revenue. The firm spent Rs 233.49 crore on production which spiked 95% YoY in FY24, while the fees paid to artists soared 103.3% to Rs 211.32 crore in the same period. Employee benefit expenses went up 24% to Rs 170.72 crore during the year. Further, advertisement & promotions, and payment gateway charges stood at Rs 78.97 crore and Rs 49.57 crore, respectively. The overall expenditure of BookMyShow inclined 40.3% to Rs 1,319.88 crore in FY24 from Rs 940.86 crore during the previous fiscal year. Segment-wise, BookMyShow made profits of Rs 258.65 crore via online ticketing and Rs 84.13 crore through advertisement, marketing, sale of food & beverages, gift vouchers, and software et al. However, the live events vertical bled with a loss of Rs 137.99 crore during FY24. In the end, BookMyShow’s profits grew 27.6% to Rs 108.63 crore during FY24, against Rs 85.11 crore made in the last fiscal year (FY23). On the back of heavy cash burn on opex (operational expenses), its operating cashflows slipped 85.3% to Rs 33.54 crore during the period. Moreover, the outstanding losses of the firm stood at Rs 751.42 crore. The EBITDA margin and ROCE of the company registered at 11.07% and 15.25%, respectively. On a unit level, BookMyShow spent Re 0.94 to earn a rupee of operating revenue in the last fiscal year. At the end of FY24, the company had Rs 306.72 crore in cash and bank balances while its overall current assets were worth Rs 1,209.84 crore with a current ratio of 138%. As per TheKredible, BookMyShow has raised Rs 1,490 crore to date from the likes of TPG Growth, Elevation Capital, and Accel. Network 18 is the major stakeholder in the company having control of around 39% stake. Its valuation as per its Series D funding stood at nearly Rs 5,700 crore. Foodtech giant Zomato, which acquired Paytm’s movies and ticketing business, competes with BookMyShow.

WoodenStreet revenue nears Rs 200 Cr in FY23; remains profitable

EntrackrEntrackr · 1y ago
WoodenStreet revenue nears Rs 200 Cr in FY23; remains profitable
Medial

Omnichannel custom furniture platform WoodenStreet has maintained its growth trajectory, achieving over 50% year-on-year sales growth in recent years. Despite the consistent scale, the Jaipur-based firm remained profitable for the past four years. WoodenStreet’s revenue from operations grew 48.1% to Rs 194 crore in FY23 from Rs 131 crore in FY22, its annual financial statements filed with the Registrar of Companies show. Founded in 2015, WoodenStreet offers home solutions including solid-wood and modular furniture, kitchen and wardrobe, home decor, lighting, and furnishings. It currently operates with over 90 stores and caters to more than thirty thousand furnishing products. The sale of furniture, furnishing, and decor items was the sole source of revenue for WoodenStreet. It also made Rs 3.54 crore from interest on deposits and investments, tallying the total revenue to Rs 198 crore during the fiscal year ended March 2023. For the custom furniture platform, the cost of procurement of furniture, furnishing, and decor items accounted for 62.7% of the overall expenditure. In step with scale, this cost grew 46.4% to Rs 123 crore in FY23. Its employee benefits, rent, advertising and promotion, bank charges, electricity, legal, and other overheads took the firm’s total expenditure up by 50.8% to Rs 196 crore in FY23 from Rs 130 crore in FY22. Check TheKredible for the detailed expense breakup. Expenses Breakdown Total ₹ 130 Cr https://thekredible.com/company/woodenstreet/financials View Full Data To access complete data, visithttps://thekredible.com/company/woodenstreet/financials Total ₹ 196 Cr https://thekredible.com/company/woodenstreet/financials View Full Data To access complete data, visithttps://thekredible.com/company/woodenstreet/financials Cost of materials consumed Cost of materials consumed Employee benefit Employee benefit Rent Rent Advertising promotional expenses Advertising promotional expenses Bank charges Bank charges Electricity Electricity Others To check complete Expense Breakdown visit thekredible.com View full data The consistent expansion and controlled cost mechanism have helped WoodenStreet to book profits for the past four fiscal years. Its ROCE and EBITDA margin stood at 1% and 3.4% respectively. On a unit level, it spent Rs 1.01 to earn a rupee in FY23. WoodenStreet has raised $34 million to date including its $30 million Series B round led by WestBridge. According to the startup data intelligence platform, TheKredible, Indian Angel Network (IAN) was the largest external stakeholder with 11.76% followed by Rajasthan Venture Capital Fund and WestBridge. FY22-FY23 FY22 FY23 EBITDA Margin 3% 3.4% Expense/₹ of Op Revenue ₹0.99 ₹1.01 ROCE 7% 1% As of March 2023, WoodenStreet had cureent assets of Rs 126 crore including cash and bank balances of Rs 45.2 crore. As per Fintrackr’s estimates, its enterprise value to revenue multiple stood at 6X, which is decent when compared to its other VC-backed consumer-facing internet firms. The furniture business is challenging at many levels. Be it sourcing, designs, managing inventory and product degradation, sellers have usually slipped up at one or many of these. WoodenStreet has built some good street cred by managing a profitable journey so far. The obvious challenge is to grow to the next level, which would be Rs 500 crore plus, without breaking the bank. With sales mostly in the NCR region for now, the online model comes with limitations, overcoming which, in the form of more warehouses, higher logistics costs, etc is expensive. All this, while carving out a niche that protects it from the looming presence of say, an Ikea, which will have a pan India presence by 2026 or thereabouts.

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