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Oziva records flat growth under Hindustan Unilever in FY24

EntrackrEntrackr · 1y ago
Oziva records flat growth under Hindustan Unilever in FY24
Medial

D2C nutrition brand Oziva, which was acquired by FMCG giant Hindustan Unilever (HUL) in 2022, posted a flat scale during the fiscal year ending March 2024. Following a 20% decline in sales during FY23, the D2C nutrition brand posted a flat scale with a modest 4% increase to Rs 104 crore in FY24, the annual report of its parent company HUL shows. HUL said that Oziva recorded Rs 44 crore loss in the last fiscal year. In FY23, the firm registered a net profit of Rs 58.8 crore due to one-time gain of Rs 95.5 crore. However, if we exclude that other income, its losses stood at Rs 45.8 crore in FY23. This implies, Oziva’s scale and loss remained flat in the last financial year (FY24). It’s worth noting that it is the first full fiscal year for Oziva under Hindustan Unilever. The six-year-old D2C firm sells plant-based nutrition products for health, skin, hair, and general wellness. The sale of health and nutrition products was the sole revenue driver for the company. The company has raised around $17 million to date with the backing of Matrix Partners, Eight Road Ventures, and Stride Ventures. In December 2022, HUL acquired 51% stake in Oziva with the first tranche at a cash consideration of Rs 264.28 crore ($32 million). As per the annual report, Oziva was valued at Rs 361 crore ($43.5 million) using the multi-period excess earnings method. At the same time, HUL also acquired 19.8% of the stake in Wellbeing Nutrition for a cash consideration of Rs 70 crore. Founded by Avnish Chhabria, Wellbeing Nutrition is a whole-food nutrition company that uses plant-based ingredients to deliver wellness to individuals. The company is yet to disclose its FY24 results.

Hindustan Unilever in talks to acquire Minimalist for Rs 3,000 Cr

EntrackrEntrackr · 6m ago
Hindustan Unilever in talks to acquire Minimalist for Rs 3,000 Cr
Medial

Hindustan Unilever in talks to acquire Minimalist for Rs 3,000 Cr Founded by serial entrepreneurs Mohit and Rahul Yadav, Minimalist is a skin and hair care brand offering products such as serums, toners, and moisturizers. Hindustan Unilever Limited (HUL), a fast-moving consumer goods company, is reportedly in advanced discussions to acquire a majority stake in the skincare startup Minimalist for approximately Rs 3,000 crore (more than $350 million). Moneycontrol, which reported the development first, said that it would also be one of the largest deals in the direct-to-consumer (D2C) space in recent years. Minimalist retails through its own website as well as third-party e-commerce platforms like Amazon, Nykaa, and Flipkart, among others. In response to queries from Entrackr, an HUL spokesperson said, “In line with our business strategy, on an ongoing basis, we evaluate various strategic opportunities for the growth and expansion of our business. We will make appropriate disclosures whenever there is any material development that requires disclosure under applicable laws.” Queries sent to Minimalist did not receive an immediate response. Minimalist’s revenue from operations surged to Rs 347 crore in FY24, up from Rs 184 crore in FY23. Despite increasing marketing costs, the company’s profits jumped two-fold to Rs 10.83 crore in the last fiscal year. Minimalist has raised around $17 million to date, including its Series A round led by Peak XV (formerly Sequoia Capital), which holds a 27.9% stake as the largest external shareholder. Its co-founders, Mohit and Rahul Yadav, together control 62% of the company, as per TheKredible. In December 2022, HUL acquired a 51% stake in D2C brand Oziva for a cash consideration of Rs 264.28 crore.

Exclusive: Flipkart shuts down ANS Commerce

EntrackrEntrackr · 4m ago
Exclusive: Flipkart shuts down ANS Commerce
Medial

url: https://entrackr.com/exclusive/exclusive-flipkart-shuts-down-ans-commerce-8765612 Content: Flipkart has decided to shut down ANS Commerce, its full-stack e-commerce enabler, three years after acquiring the Gurugram-based company, sources familiar with the matter told Entrackr. "Flipkart has decided to shut down ANS Commerce and has also laid off several employees associated with it," said a source familiar with the matter, requesting anonymity. Confirming the development to Entrackr, a Flipkart spokesperson said, “'After careful consideration, ANS Commerce, a full-stack e-commerce enabler that was acquired by Flipkart in 2022, has decided to close its operations. As we wind down operations, we stay committed to ensuring a smooth transition for all stakeholders, including employees and customers.” “To minimize the impact on employees during this transition, we plan to offer internal opportunities at Flipkart, outplacement services, and severance packages,’ the spokesperson added. Founded by Amit Monga, Vibhor Sahare, Sushant Puri, and Nakul Singh, ANS Commerce is a full-stack e-commerce enabler offering services such as store tech, performance marketing, marketplace management, e-commerce warehousing, and fulfillment. It collaborates with over 100 brands, including Jack & Jones, Vero Moda, HUL, Piramal, Lakme, Nivea, Oziva, CEAT, and Bikanervala. The firm raised $2.2 million in its pre-Series A round, led by Gokul Rajaram and Venture Catalysts in October 2021. According to sources, ANS Commerce was acquired in a deal worth Rs 250-300 crore ($35-40 million) three years ago. During FY24, ANS Commerce recorded a 39.4% increase in operating revenue to Rs 54 crore, compared to Rs 39 crore in FY23. However, the company's net loss widened by 27.1% to Rs 73.8 crore in FY24 from Rs 57.8 crore in the previous year.

Blackbuck posts Rs 41 Cr PBT in Q4 FY25, revenue grows 31%

EntrackrEntrackr · 1m ago
Blackbuck posts Rs 41 Cr PBT in Q4 FY25, revenue grows 31%
Medial

Blackbuck posts Rs 41 Cr PBT in Q4 FY25, revenue grows 31% Blackbuck's revenue from operations grew to Rs 122 crore in Q4 FY25 from Rs 93 crore in Q4 FY24, its financial statements sourced from the National Stock Exchange show. Online trucking platform Blackbuck has released its quarterly report for the financial year ending March 2025. The Bengaluru-based company reported a 31% year-on-year growth in scale in Q4 FY25 and turned profitable, posting a profit before tax (PBT) of Rs 41 crore in the quarter. For the full fiscal year (FY25), Blackbuck’s operating revenue increased 44% to Rs 427 crore in FY25 from Rs 297 crore in FY24. Revenue from its truck operator services was the primary source of revenue, accounting for 98% of total operating revenue. The company also made Rs 15 crore from interest income which took its overall revenue to Rs 137 crore in Q4 FY25, compared to Rs 99 crore in Q4 FY24. For the full fiscal year, the firm’s total revenue stood at Rs 462 crore in FY25. Looking at the expenses, the employee benefit cost accounted for 35% of the overall expenditure which fell 74% year-on-year to Rs 33 crore in Q4 FY25 from Rs 128 crore in Q4 FY24. Depreciation and other operating expenses were key overheads that drove total expenditure to Rs 95 crore in Q4 FY25, compared to Rs 187 crore in the same quarter last year. For the fiscal year ending March 2025, the firm’s total expenses fell to Rs 371 crore as compared to Rs 483 crore in FY24. Blackbuck booked profit before tax of Rs 41 crore in Q4 FY25, as compared to a loss of Rs 87 crore in Q4 FY24. Meanwhile, for the full fiscal year ended March 2025, the company remained at a loss of Rs 283 crore (before tax), 69% more than Rs 167 crore in FY24. Blackbuck debuted on the stock exchange at Rs 208.90 and is now trading at Rs 459 on May 27, bringing its total market capitalization to Rs 8,180 crore.

Cyber attack hits Safexpay in FY24: revenue shrinks 67%, losses double

EntrackrEntrackr · 4m ago
Cyber attack hits Safexpay in FY24: revenue shrinks 67%, losses double
Medial

Fintrackr All Stories Cyber attack hits Safexpay in FY24: revenue shrinks 67%, losses double Mumbai-based fintech company Safexpay faced a tough fiscal year in FY24, with its revenue dropping sharply by 67% after its payment gateway was hacked in October 2023. Meanwhile, the company's losses doubled during the same period. Safexpay's operating revenue declined by 67% to Rs 88.5 crore down from Rs 269.5 crore in FY23, as per its consolidated financial statement sourced from the Registrar of Companies (RoC). Safexpay operates as a fintech company providing payment gateway solutions, digital banking, and API-based payment infrastructure for businesses, enabling secure transactions, recurring payments, and multi-currency support across various payment methods. The steep decline in revenue was mainly due to a sharp reduction in payment gateway transaction volumes, which led to a 79.57% drop in related income. Notably, the company's payment gateway was hacked, leading to significant financial and reputational damage. According to media reports, the Thane Police are investigating a Rs 16,180 crore scam linked to the breach. On the cost side, Safexpay’s total expenses decreased by 52.41% to Rs 143 crore in FY24 from Rs 300.5 crore in FY23. Employee benefit expenses fell by 17.46% to Rs 26 crore, while payment gateway charges, the firm's largest cost component, dropped by 79.57% to Rs 48 crore. Due to a hack in its core payment gateway business, legal expenses surged 5.5X to Rs 11 crore, while bad loans increased nearly tenfold to Rs 16 crore. The company also incurred a cost of Rs 21 crore after hackers breached Safexpay’s account and siphoned off the funds. Despite cost-cutting measures, Safexpay struggled to offset revenue declines, causing its net loss to widen to Rs 44 crore in FY24, compared to Rs 22 crore in FY23. Its Return on Capital Employed (ROCE) and EBITDA margin deteriorated to -186% and -42.12%, respectively. On a unit level, the firm spent Rs 1.62 to earn a single rupee in FY24. The Mumbai-based company reported current assets worth Rs 77 crore in FY24 which included Rs 10.5 crore in cash and bank balance. According to TheKredible, Safexpay has raised a total of $6 million of funding to date having Ardor Advisors and Choithram International as its lead investors. The company’s founder owns 44% of the company. The hit that Safexpay is having to endure is the kind of blow that can be fatal. Especially in the fintech business where one could argue that credibility is worth a lot more than money in the bank in this case. Safexpay faces a battle for survival no doubt, and one would have to say that the odds are lengthening unless it can find a long-term backer.

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