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Juspay’s revenue spikes 88% to Rs 213 Cr in FY23; losses stand still

EntrackrEntrackr · 1y ago
Juspay’s revenue spikes 88% to Rs 213 Cr in FY23; losses stand still
Medial

Payments technology firm Juspay has been consistent in its scale with 85% YoY growth in the last two fiscal (FY23 and FY22). At the same time, the SoftBank-backed company kept a tight rein on its losses which remained almost unchanged in the fiscal year ending March 2023. Juspay’s revenue from operations grew 88.5% to Rs 213 crore in FY23 from Rs 113 crore in FY22, its annual financial statements filed with the Registrar of Companies show. Juspay offers payment processing technology to merchants and is working behind offline payment solutions. Its flagship products include Juspay Safe, HyperSDK, Express Checkout, and UPI in a Box. It claims to process over 100 million transactions with an annualized TPV (total payment value) of more than $500Bn. Payment platform integration and related services were the primary source of revenue for Juspay. The company also earned Rs 24 crore from interest on non-current and current investments which tallied Juspay’s total income to Rs 213 crore during the previous fiscal year (FY23). Similar to other payments companies, its employee benefits emerged as the largest cost center forming 62% of the overall expenditure. This cost surged 70% to Rs 214 crore in FY23 from Rs 126 crore in FY22. This includes 54 crore as ESOP cost which is non-cash in nature. Juspay’s expenses on rent, information technology, legal professional, advertising, and overheads took its overall cost up by 53.8% to Rs 343 crore in FY23 from Rs 223 crore in FY22. Check TheKredible for a detailed expense breakdown. The impressive scale with a tight control on expenses helped Juspay control its losses which increased only by 5% to Rs 106 crore in FY23 as compared to Rs 101 crore in FY22. Its ROCE and EBITDA margin improved -21% and -40.9% respectively. On a unit level, the Accel Partners-backed firm spent Rs 1.61 to earn a rupee in FY23. FY22-FY23 FY22 FY23 EBITDA Margin -80% -40.9% Expense/₹ of Op Revenue ₹1.97 ₹1.61 ROCE -24% -21% The Bengaluru-based company secured over $85 million across rounds including a $60 million round led by SoftBank in 2021. According to the startup data intelligence platform TheKredible, Accel is the largest external stakeholder with 12.39% followed by VEF VC and SoftBank.

ApnaKlub’s gross revenue spikes 6X to Rs 278 Cr in FY23

EntrackrEntrackr · 1y ago
ApnaKlub’s gross revenue spikes 6X to Rs 278 Cr in FY23
Medial

B2B consumer goods startup ApnaKlub raised $16 million led by TrueScale Capital and ICMG partners in January this year. And, it looks like the company’s growth numbers attracted the two backers: Its gross scale spiked nearly six-fold in the fiscal year ending March 2023. ApnaKlub’s gross revenue grew to Rs 278 crore in FY23 from Rs 47 crore in FY22, its financial statements sourced from RoC show. Founded in 2020, Apnaklub connects retailers, kirana stores, and fast-moving consumer goods (FMCG) brands via its wholesale partners. The sale of products was the primary source of revenue for ApnaKlub. Its personal care products top the collection charts followed by beverages, home care, processed foods, and others. The company also has an income of Rs 3 crore from the interest on long-term investments (non-operating) in FY23. See TheKredible for the detailed revenue breakup. In line with fellow B2B wholesale startups, the cost of procurement of goods turned out to be the largest cost center forming 82% of the overall expenditure. In sync with scale, this cost surged 5.8X to Rs 275 crore in FY23 from Rs 47 crore in FY22. ApnaKlub’s employee benefits, rent, advertising cum promotional, freight, contract, legal, and other overheads pushed its total expenditure to Rs 332 crore in FY23 from Rs 63 crore in FY22. Head to TheKredible for the detailed expense breakup. ApnaKlub bled heavily in pursuit of growth, leading to a 4.6X increase in losses to Rs 56 crore in FY23 as compared to Rs 12 crore in FY22. Its ROCE and EBITDA margins were recorded at -50% and -17.4% respectively. On a unit level, it spent Rs 1.19 to earn a rupee in FY23. FY22-FY23 FY22 FY23 EBITDA Margin -32% -17.4% Expense/₹ of Op Revenue ₹1.34 ₹1.19 ROCE -52% -50% While ApnaKlub might be on a path to breakeven only at a Rs 1000 crore plus turnover, the higher share of personal care products might allow a faster path to profitability, considering the better margins in that segment. Having said that, it is no secret that the actual marketplace for this segment is a battlefield that has left most players bloodied, if not fatally wounded. ApnaKlub must be doing something different to convince investors to bet on it in the current funding environment, and just for that, the firm needs to be tracked carefully for the next steps on its journey.

Bambrew’s revenue spikes 4.7X to Rs 44 Cr in FY23

EntrackrEntrackr · 1y ago
Bambrew’s revenue spikes 4.7X to Rs 44 Cr in FY23
Medial

Sustainable packaging startup Bambrew’s multi-fold growth in the last two fiscal years appears to have drawn investors’ attention as it closed a $7 million round of funding last week. To put things in perspective, the company’s operating scale rose 58X to Rs 43.52 crore in FY23 from Rs 75 lakh in FY21. As far as year-on-year growth is concerned, Bambrew’s revenue from operations spiked 4.66X to Rs 43.52 crore in FY23 from Rs 9.34 crore in FY22, its financial statements sourced from the Registrar of Companies (RoC) shows. Founded in 2018 by Vaibhav Anant and Saikat De, Bambrew is a green packaging startup which offers eco-friendly and purely handmade sustainable products made from bamboo, sugarcane and seaweed. Revenue from sales of goods was the only source of the company’s income while it also earned Rs 70 lakh as other income from non operating activities (interest on fixed deposit, sale of scrap and others). Cost of goods sold was the major expense for Bambrew which accounted for 68.30% of the total expenditure followed by employee benefit and freight charges of Rs 7.32 crore and Rs 3.36 crore respectively. Bambrew’s legal professional charges, warehouse renting and other overheads brought its total expenditure to Rs 62.23 crore in FY23. Head to Thekredible for a detailed expenses breakup. As the firm prioritized growth, its losses blew 5.33X to Rs 18.03 crore in the fiscal year ending March 2023 as compared to Rs 3.38 crore in FY22. Its ROCE and EBITDA margin stood at -782% and -34.5%, respectively. On a unit level, Bambrew spent Rs 1.43 to earn a rupee in FY23. FY22-FY23 FY22 FY23 EBITDA Margin -34% -34.5% Expense/₹ of Op Revenue ₹1.36 ₹1.43 ROCE -27% -782% According to the startup data intelligence platform TheKredible, Anant was the largest stakeholder in the company with 43.20% followed by Bambrew’s early backer Blue Ashva and others before its Series A round. Bambrew’s losses might have outrun its revenue growth, but the firm has a massive opportunity waiting ahead for it, as the idea of sustainable packaging catches on. Worries around its cost versus traditional plastic packaging are also receding as more and more product categories see it as one key aspect to have to premiumize their offerings. For Bambrew, it all means working to ensure it can meet market demand, and the more and better it controls its costs, the firm will discover that there is pretty much unlimited demand in the near future for it .

Bloom Hotels posts Rs 250 Cr revenue in FY24; profit spikes 2.3X

EntrackrEntrackr · 8m ago
Bloom Hotels posts Rs 250 Cr revenue in FY24; profit spikes 2.3X
Medial

Hospitality chain Bloom Hotels has showcased impressive over fivefold growth in the past two fiscal years, surging its scale from Rs 49 crore in FY22 to Rs 250 crore in FY24. On a year-on-year basis, its operating revenue grew 73.6% in the fiscal year ending March 2024, while the firm’s profit spiked 2.3X. Bloom’s revenue from operations grew by 73.6% to Rs 250 crore in FY24 from Rs 144 crore in FY23, according to its annual consolidated financial statements sourced from the Registrar of Companies. The company operates hotel brands such as Bloom Hotel, Bloom Hub, BloomSuites, and Bloomrooms. Income from the room rental accounted for 85.2% of the operating revenue which surged 79% to Rs 213 crore in the last fiscal year from Rs 119 crore in FY23. The rest of the revenue came from food/beverages and other allied services which stood at Rs 33 crore and Rs 4 crore, respectively. Bloom also added Rs 8 crore primarily from the interest on deposits which pushed its overall revenue to Rs 258 crore in FY24. Currently, it has over 50 hotels located across Mumbai Pune, Udaipur, Jaipur, NCR et al. For the hospitality chain business, the cost of lease rent was the latest cost center, forming 31.5% of the overall cost. In the line of expansion, the cost grew 79% to Rs 77 crore in FY24. Notably, Bloom has entered into multiple operating lease agreements, with lease durations ranging from 5 to 44 years. These agreements encompass a mix of company-owned leased hotels and revenue-linked lease arrangements based on earnings from the leased premises. Its employee benefits and commissions to agents grew by 58% and 78% to Rs 60 crore and Rs 16 crore, respectively. Advertising, legal, and cost of food & beverages were other overheads, taking the total cost to Rs 244 crore in FY24 from Rs 144 crore in FY23. Check TheKredible for more details. The impressive scale and controlled cost boosted Bloom’s profits over two-fold to Rs 14 crore in FY24. Its ROCE and EBITDA margin improved to 6.25% and 10.08% respectively in the last fiscal year. Bloom has improved its expense-to-revenue ratio, reducing it to Rs 0.98 from Rs 1.00 in the previous fiscal year. Its total current assets stood at Rs 118 crore, including Rs 97 crore in cash and bank balances. Bloom Hotels has secured approximately Rs 362 crore (around $45 million) in funding from Samena Capital, which now holds a majority stake in the company. Its competitors Treebo Hotels and FabHotels reported operating revenue of Rs 88.6 crore and Rs 224 crore, respectively, in FY23. Both companies are yet to submit their annual reports for the last fiscal year (FY24).

DailyObjects’ revenue spikes 34% to Rs 84 Cr in FY24

EntrackrEntrackr · 8m ago
DailyObjects’ revenue spikes 34% to Rs 84 Cr in FY24
Medial

DailyObjects, a Direct-to-Consumer (D2C) tech accessories and lifestyle brand, achieved a 33.6% growth during the fiscal year ending March 2024. However, the Gurugram-based firm reported a modest loss of Rs 3.9 crore in the same period as compared to marginal profit in FY23. DailyObjects’ revenue from operations grew to Rs 84.4 crore in FY24 from Rs 63.2 crore in FY23, its consolidated financial statement sourced from the Registrar of Companies (RoC) shows. DailyObjects is a direct-to-consumer (D2C) lifestyle accessories brand offering products such as bags, wallets, charging solutions and stationery, among others. The sale of products accounted for 98.8% of the total revenue which increased by 33.6% to Rs 83.38 crore in FY24. The rest of the income came from shipping and delivery charges. For the consumer tech and lifestyle brand, the cost of procurement formed 50% of the total expense. This cost increased by 40% to Rs 42.28 crore in FY24 from Rs 30.26 crore in FY23. Its employee benefits and marketing cum advertising costs grew by 24% and 46.5%, standing at Rs 11.34 crore and Rs 14.33 crore, respectively, in FY24. The firm's spending on shipping, delivery, legal, and other overheads pushed the overall costs up by 33.3% to Rs 84.2 crore in FY24. Note: Excluding the exceptional item cost of Rs 6.14 crore, related to the write-off of previous receivables in the fiscal year ending March 2024, from the calculation of losses and expenses. Increased marketing and employee benefits costs led DailyObjects to post a loss of Rs 3.92 crore for FY24, compared to a marginal profit of Rs 0.06 crore in FY23. Its ROCE and EBITDA margin stood at -43.98% and -4.3%, respectively. On a unit basis, the company spent Re 1 to earn a rupee in FY24. It reported current assets of Rs 20.76 crore as of FY24. According to the startup data intelligence platform TheKredible, the Gurugram-based firm has raised around $14.4 million to date. Its leading investors are Roots Ventures and 360 One.

Leverage Edu revenue spikes 3.2X to Rs 69 Cr in FY23

EntrackrEntrackr · 1y ago
Leverage Edu revenue spikes 3.2X to Rs 69 Cr in FY23
Medial

Leverage Edu, which helps Indian students enroll in global colleges, has registered over three-fold growth in its operating scale in the fiscal year ending March 2023. At the same time, the Delhi-based firm’s losses rose 70%. Revenue from operations for the edtech startup spiked 228% to Rs 69 crore in FY23 from Rs 21 crore in FY22, its consolidated financial statements filed with the Registrar of Companies show. Founded in 2017 by Akshay Chaturvedi, Leverage Edu provides full-stack services including counseling, application-admission support, and financing to students pursuing international education. It assists students from India, Nigeria and Nepal, among others. The student placement services formed 90% of the Leverage Edu’s total operating revenue which shot up 3.26X to Rs 62 crore in FY23. The remaining income derived from other support services. Notably, 84% of the total revenue was generated from international sources, with India contributing 16% of the company’s income. On the cost front, employee benefits became the largest burn accounting for 38% of the overall expenditure. This cost grew 2.1X to Rs 66 crore in FY23 whereas advertising cum promotional cost saw a surge of 2.6X to Rs 55 crore in the previous fiscal year (FY23). Leverage Edu’s information technology, legal professional, rent, commissions, and other overheads took its total expenditure up by 154% to Rs 173 crore in FY23 from Rs 68 crore in FY22. Head to TheKredible for the detailed expense breakup. At the end, Leverage Edu’s losses grew 70% to Rs 103 crore in FY23 from Rs 47 crore in FY22. Its ROCE and EBITDA margin stood at -272% and -136.6%, respectively. On a unit level, it spent Rs 2.51 to earn a rupee. FY22-FY23 FY22 FY23 EBITDA Margin -142% -136.6% Expense/₹ of Op Revenue ₹3.24 ₹2.51 ROCE -31% -272% The company had raised around $70 million across rounds and was last valued at around $140 million. According to the startup data intelligence platform TheKredible, Blume Ventures is the largest external stakeholder with 16.9% followed by Tomorrow Capital and DSG Consumers Partners which command 14.82% and 12.52% stake, respectively. As LeverageEdu has grown, it has also expanded the breadth of its offerings, be it test prep or even funding arrangements. While that indicates focus on its target group, the firm is exposed to multiple risks due to its high costs. Disruption in markets like Canada has been well documented, but other lucrative western markets in Europe, besides the US, could also see a slowdown due to a poor job market there. Chaturvedi builds a strong narrative, reflected in the backing of over 50 investors he has garnered over the time since he launched the firm. That also provides him many avenues to seek tie-ups, expansions and more. However, eventually it all has to come back to something that can move ahead more sustainably. In a sector particularly loyal to strong brands, a drop in marketing costs should be expected now that the firm claims significant success behind it.

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