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Park+ reports Rs 131 Cr revenue in FY24 with stable losses

EntrackrEntrackr · 11m ago
Park+ reports Rs 131 Cr revenue in FY24 with stable losses
Medial

Following over 2.5X revenue growth in FY22 and FY23, Gurugram-based Park+ reported a 36.5% year-on-year revenue increase for the fiscal year ending March 2024. Despite its rapid expansion, the five-year-old company maintained tight control on expenses as its losses increased only 4% in the last fiscal year. Park+ revenue from operations grew to Rs 131 crore in FY24 from Rs 96 crore in FY23, its consolidated financial statements sourced from the Registrar of Companies show. Founded by Amit Lakhotia, Park+ provides car cleaning, parking solutions for homes, malls, and offices, fine (challan) payments, insurance management, and car service. It also expanded into ancillary offerings like FASTag issuance and EV charging networks. The sale of services which includes commissions of FASTags, rental of access control, advertisement, valet service, and parking formed 80% of the total operating income which increased by 44% to Rs 104 crore in FY24. The rest of the collections came from the sale of products such as access control, FASTtag, radio frequency tag, and others. Employee benefits was the largest cost center for Park+, accounting for 41% of the overall expenditure. This cost increased 29.5% to Rs 101 crore in FY24 from Rs 78 crore in FY23. This includes Rs 27 crore as ESOP cost. The cost of materials consumed including the procurement of FASTags, radio frequency and related materials grew 65.7% to Rs 58 crore in FY24. Advertising, legal, technology, conveyance and other overheads took the overall expenditure to Rs 245 crore in FY24 from Rs 202 crore in FY23. A sharp rise in ESOP costs and material expenses resulted in a 4% increase in losses, bringing them to Rs 103 crore in FY24. Its ROCE and EBITDA margins stood at -72% and 68% respectively. On a unit level, it spent Rs 1.87 to earn a rupee in FY24. Park+’s total current assets were recorded at Rs 160 crore in FY24 including the cash and bank balances of Rs 102 crore. Park+ has secured $54 million in funding across various rounds and was valued at around $355 million during its Series C round in December 2022. According to the data intelligence platform TheKredible, Peak XV is the largest external stakeholder, followed by Matrix and Epiq Capital. Its founder and CEO Lakhotia owns 45% stake in the company. Park+ competes with Get My Parking, Park Smart, and Parky, among others. In June, the company ventured into the on-demand driver services segment with Drive+, positioning it as a potential competitor to DriveU, Drivers4Me, Driverzz, PickMyCar, Namma Driver, and Cars24. The segment, while high on activity and startups, remains in its infancy, with rules, technology and users still evolving. One feels the truly ‘killer’ use case is still not in hand, even as volumes continue to rise. However, much like fuel deregulation that allowed a huge rise in credit cards powered by discounts on fuel purchases, somehow, the idea of parking or toll charges driving the same sort of opportunity escapes this writer. Most of the aggregation also remains nowhere close to an ‘essential’ for a driver, further placing retention at risk, and driving up user acquisition costs. Could this be a case of problems that seemed big only in the rarefied world of well off VC’s? It won’t be the first time (or the last) VC’s confused a problem they face with a broader market demand. We should know soon enough over the next few quarters.

Treebo crosses Rs 100 Cr revenue in FY24, outstanding losses climb to Rs 488 Cr

EntrackrEntrackr · 9m ago
Treebo crosses Rs 100 Cr revenue in FY24, outstanding losses climb to Rs 488 Cr
Medial

Treebo crosses Rs 100 Cr revenue in FY24, outstanding losses climb to Rs 488 Cr Treebo Hotels, a premium-budget hotel chain, crossed the Rs 100 crore revenue milestone in the fiscal year ending March 2024. Despite this growth, the Bengaluru-based company saw its losses rise by 17%, bringing total outstanding losses to Rs 488 crore. Treebo Hotels’s revenue from operations grew 22.5% to Rs 109 crore in FY24 from Rs 89 crore in FY23, its consolidated financial statements filed with the Registrar of Companies show. Income from accommodation services (taken on lease and managed properties) formed 95% of the total operating revenue which increased by 22.3% to Rs 104 crore in FY24 from Rs 85 crore in FY23. The rest of the income comes from the sale of products, and subscription services. The company also added Rs 7.22 crore as other income (non-operating) which tallied its overall revenue to Rs 116 crore in FY24 from Rs 94 crore in FY23. Treebo spent 41% of its overall expenditure on employee benefits which increased marginally by 7% to Rs 59 crore in FY24. Its cost and commission surged 70% and 48% to Rs 17 crore and Rs 43 crore in the previous fiscal year. Its cost of materials, legal, technology, traveling, and other overheads took the overall cost up by 22% to Rs 144 crore in FY24 from Rs 118 crore in FY23. The increased advertising and commission costs led Treebo to raise its losses by 16.7% to Rs 28 crore in FY24, compared to Rs 24 crore in FY23. Its ROCE and EBITDA margin stood at -540% and -18.1% respectively. On a unit level, it spent Rs 1.32 to earn a rupee in FY24. The company’s total current assets stood at Rs 34 crore with cash and bank balances of Rs 7 crore in the previous fiscal. According to startup data intelligence platform TheKredible, decade-old Treebo has secured Rs 566 crore (approximately $70 million) in funding from investors including Accor, Elevation Capital, Matrix Partners, and Bertelsmann. The company’s most recent major funding, amounting to $16 million, was raised in June 2021. Treebo competes directly with Bloom Hotels and FabHotels. In FY24, Bloom Hotels saw its operational revenue rise by 73.6% to Rs 250 crore, with a profit of Rs 14 crore. FabHotels recorded Rs 224 crore in operating revenue for FY23 but has not yet filed its FY24 annual report.

Exotel crosses 400 Cr revenue in FY23; losses jump 2.5X

EntrackrEntrackr · 1y ago
Exotel crosses 400 Cr revenue in FY23; losses jump 2.5X
Medial

Cloud telephony platform Exotel has been bleeding in pursuit of growth, as evident from its financials for the fiscal year ending March 2023. The company released its annual results this week, originally due on September 30, 2023. Exotel’s revenue from operations grew 32.1% to Rs 420 crore in FY23 from Rs 318 crore in FY22, its consolidated financial statements sourced from the Registrar of Companies (RoC) show. The 13-year-old company offers voice and SMS contact center capabilities for businesses to manage their customer engagement over the cloud. The rendering of internet-enabled cloud communication services was the primary source of revenue for Exotel. Income from software license, chatbot services, and the sale of its products including API(s), browser extension, software development kit, and mobile phone applications were other co-revenue channels for Exotel. The Blume Ventures-backed firm generated 81% of its operating revenue from domestic services, with the remaining revenue coming from Southeast Asia, the Middle East, and Africa in FY23. Moving towards the cost side, employee benefits accounted for 44.2% of the overall expenditure which increased 43.3% to Rs 245 crore in FY23 from Rs 171 crore in FY22. The company’s spending on telephone-postage, legal, marketing (advertising cum promotional), hosting, and other overheads inflated its overall cost by 51.8% to Rs 554 crore in FY23 as compared to Rs 365 crore in FY22. See TheKredible for the complete expense breakdown. The 45% and 65% surge in employee benefits and telephone/postage, respectively, led Exotel to post a 2.5X increase in losses to Rs 109 crore in FY23 from Rs 45 crore in FY22. Notably, the company was making profits during FY21 and FY20. Its ROCE and EBITDA margin worsened to -21.9% and -18.3%, respectively. On a unit level, it spent Rs 1.32 to earn a rupee in FY23. Exotel certainly had a lot of hype and hopes around its future back in 2020, but those hopes seem to have been belied, if we consider the story since then. Slipping into losses aside, the firm has also grown below estimates at the time. Notably, the company had claimed at the time of its last fund raise in 2022 that it is growing at an annualized rate of 70% on a revenue run rate of $50 million, or almost 400 crores. Competition in the cloud telephony business might be one thing, but margins is a bigger issue. FY22-FY23 FY22 FY23 EBITDA Margin -4.88% -18.34% Expense/₹ of Op Revenue ₹1.15 ₹1.32 ROCE -4.70% -21.90% Exotel has raised over $100 million to date including $40 million 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. Head to TheKredible for the complete shareholding pattern.

MamEarth-parent Honasa posts Rs 1,920 Cr revenue, Rs 110 Cr PAT in FY24

EntrackrEntrackr · 1y ago
MamEarth-parent Honasa posts Rs 1,920 Cr revenue, Rs 110 Cr PAT in FY24
Medial

Honasa Consumer Ltd, the parent firm of the D2C brand MamaEarth, showcased a 28.7% year-on-year growth to near Rs 2,000 crore revenue threshold in FY24. The Gurugram-based firm also posted Rs 110 crore PAT in the same period marking a big turnaround as compared to over Rs 100 crore loss in FY23. Honasa’s revenue from operations grew to Rs 1,920 crore in FY24 from Rs 1,492 crore in FY23, its consolidated financial statements sourced from Bombay Stock Exchange (BSE) show. On a sequential basis, the firm saw a modest 3.7% decrease in revenue to Rs 471 crore in Q4 FY24 from Rs 488 crore in Q3 FY24. The sale of beauty, personal care, and related products across skin, hair, and baby care was the sole source of revenue for Honasa. It also made Rs 48 crore from the interest and gain of financial assets, tallying the total revenue to Rs 1,970 crore in FY24. For the D2C brand, its marketing cum advertisement cost is likely to be the largest cost center but the company didn’t disclose the complete expense breakdown while the cost of procurement of materials formed 31.8% of the overall expenditure. Its employee benefits, finance, depreciation, legal, conveyance, and other overheads took the overall expenditure to Rs 1,822 crore in FY24 from Rs 1,501 crore in FY23. The decent scale and controlled costs helped Honasa post a Rs 110 crore profit in FY24 from a loss of Rs 151 crore in FY23. Its ROCE and EBITDA margins improved to 13% and 9.5%, respectively. On a unit level, it spent Rs 0.95 to earn a rupee in FY24. Note 1: The significant loss of Rs 151 crore in FY23 was attributed to the write-off of its Rs 154 crore investment in Just4kids (Momspresso) which was acquired to expand content and influencer management capabilities. Note 2: Honasa has also encountered a legal suit in the UAE in relation to some distribution agreements with RSM General Trading LLC. The company claimed Rs 100 crore of damages from Honasa Ltd. Further, the court in the UAE also ordered Honsa to pay Rs 57.6 crore plus interest. The company, however, is in the process of making an appeal.

Cult.fit picks bankers for Rs 2,500 Cr IPO

EntrackrEntrackr · 7m ago
Cult.fit picks bankers for Rs 2,500 Cr IPO
Medial

Fitness tech company Cult.fit has chosen banks to manage its upcoming IPO, according to a CNBC-TV18 report. The selected banks include Axis Capital, Jefferies, Goldman Sachs, Morgan Stanley, and JM Financial. As per the report, the company plans to raise Rs 2,500 crore (nearly $300 million) through the IPO, which would value it at nearly $2 billion. To date, Cult.fit has raised over $670 million from investors including Zomato, Tata Digital, Temasek, Kalaari Capital, and South Park Commons, among others. In November 2021, Zomato invested $100 million to acquire a 6.4% stake in Cult.fit, valuing it at $1.56 billion at the time. Founded by Myntra co-founder Mukesh Bansal and Ankit Nagori, Cult.fit operates over 500 gyms across multiple cities in India. Apart from gyms, the company also runs Eat.fit, a healthy meal delivery service that contributes 24.5% of its revenue. While Nagori has already left Cult.fit to lead its hived-off cloud kitchen vertical, Curefoods, Bansal took on the role of the company’s executive chairman last year. The company also elevated its co-founder Naresh Krishnaswamy to the position of chief executive officer. As per TheKredible, Cult.fit reported a 33.6% increase in its operating revenue to Rs 927 crore in FY24 compared to Rs 694 crore in FY23. It reported a steady loss of Rs 535 crore in FY24, slightly up from Rs 534 crore in FY23.

McCain India crosses Rs 1,200 Cr revenue in FY24; profit shrinks 29%

EntrackrEntrackr · 6m ago
McCain India crosses Rs 1,200 Cr revenue in FY24; profit shrinks 29%
Medial

McCain India’s revenue from operations increased by a modest 3% YoY growth to Rs 1,214 crore in FY24, as per its standalone financial statements sourced from the Registrar of Companies (RoC). Among fried snack brands in India, McCain is a major player. The brand has expanded its portfolio to include a range of options, with revenues surpassing Rs 1,200 crore in FY24. Revenue from operations was Rs 1,172 crore in FY23. Income from the sale of its fried products was the sole revenue for McCain. It sells its products through retail, foodservice partnerships, and digital channels such as BlinkIt, Swiggy Instamart, and Zepto. The company also added Rs 31 crore, mainly from interest on deposits, resulting in an overall revenue of Rs 1245 crore in FY24, compared to Rs 1189 crore in FY23. Material procurement remained the largest cost driver, accounting for 43.8% of total expenses, rising to Rs 493 crore in FY24. Employee benefit expenses grew by 19%, reaching Rs 100 crore in FY23. Advertising cost surged by 63% to Rs 88 crore in FY24. Total expenditure was Rs 1,125 crore in FY24, up from Rs 1,020 crore in FY23. Net profits reduced by 29.4% to Rs 89 crore in FY24, compared to Rs 126 crore in FY23. Its ROCE and EBITDA margin stood at 15.28% and 4.58% respectively. It spent Rs 0.93 per rupee earned in FY24.

Gameberry posts Rs 93 Cr PAT, shares 10% revenue with Moonfrog amid dispute

EntrackrEntrackr · 10m ago
Gameberry posts Rs 93 Cr PAT, shares 10% revenue with Moonfrog amid dispute
Medial

Gameberry, the mobile gaming company behind popular titles like Ludo Star and Parchisi Star, delivered impressive results for FY24. The company’s operating revenue grew by 47% year-on-year, while its profit soared 2.5X to Rs 92.8 crore for the fiscal year ending March 2024. Gameberry’s revenue from operations grew by 46.9% to Rs 461.7 crore in FY24, up from Rs 314.3 crore in FY23, according to its consolidated financial statement filed with the Registrar of Companies (RoC). The company makes money from in-app purchases and advertisements. Revenue from in-app sales spiked 49.4% to Rs 365.4 crore in FY24, contributing 79.1% of total operating revenue. Meanwhile, collection from advertisements grew by 38.2% year-on-year to Rs 96.3 crore. The company also made an additional Rs 23 crore from interest income which pushed its total income to Rs 485 crore in FY24. On the expense side, Gameberry’s total costs rose by 29.6% to Rs 360.5 crore in FY24 from Rs 278.1 crore in FY23. Employee benefit costs, the largest expense category, increased by 9.6% to Rs 112.6 crore. Advertising costs rose significantly by 51% to Rs 67.8 crore, while settlement expense stood at Rs 50.8 crore. Other expenses, which include IT and operational costs, grew by 37.1% to Rs 129.3 crore during the last fiscal year. The settlement expense includes payments tied to an agreement with Moonfrog Labs Private Limited (MLPL) related to a case formerly pending before the City Civil Court, Bengaluru. Under the settlement, Gameberry agreed to a one-time payment of Rs 32.8 crore and a fixed percentage of its monthly net revenues till 2030. The optimization of expenses and growth in high-margin revenue streams enabled Gameberry to improve its profit margins. Gamesberry’s net profit spiked 2.5X to Rs 92.8 crore in FY24 from Rs 37.1 crore in FY23. The firm recorded an EBITDA margin of 26.05% and a ROCE of 30.54% in FY24. On a unit basis, the company spent Rs 0.78 to earn a rupee in the fiscal year. Gameberry’s cash and bank balances stood at Rs 325.7 crore, while its current assets were worth Rs 411 crore as of March 2024. In the real-money gaming sector, MPL recorded a 22.2% rise in revenue from operations, reaching Rs 1,068 crore ($127.9 million) in FY24, while also turning cash flow positive during the year. Meanwhile, major competitors like Dream11, Gameskraft, and A23 are yet to submit their financial results for FY24.

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