News on Medial

Related News

Probo assures full cooperation with authorities after ED raids

EntrackrEntrackr · 1d ago
Probo assures full cooperation with authorities after ED raids
Medial

Probo assures full cooperation with authorities after ED raids Following the Enforcement Directorate's raids on Probo and seizure of assets worth Rs 284 crore, the Gurugram-based startup has issued a public statement addressing the developments. The company emphasized that it is fully cooperating with law enforcement in the ongoing inquiry and expressed confidence in emerging stronger through the process. “In light of recent developments, we would like to assure all stakeholders and the public that Probo is cooperating with law enforcement authorities in the ongoing inquiries,” a spokesperson said. Probo highlighted its role in building a “nascent-yet-transformative” technology and underscored its belief in India’s regulatory ecosystem. “We remain confident that our commitment to compliance and innovation will help us emerge stronger. We have complete faith in India's robust regulatory framework and its vision for responsible tech innovation,” the spokesperson added. Probo, which claims to operate a skill-based platform and India's leading information marketplace, also shared metrics on its user base and reach. According to the statement, over 4.2 crore users have accessed the platform, which the company says offers wealth creation opportunities beyond traditional financial systems. The company also reaffirmed its adherence to applicable laws and emphasized user safety and trust as top priorities. The ED action is part of a broader probe into what the agency has termed "illegal online betting operations under the guise of opinion trading.” Probo is among several platforms currently under scrutiny.

Probo appoints Shimal Kapoor as head of policy

EntrackrEntrackr · 1m ago
Probo appoints Shimal Kapoor as head of policy
Medial

Probo appoints Shimal Kapoor as head of policy Opinion trading platform Probo has appointed Shimal Kapoor as head of policy to strengthen its engagement with regulators and support the policy development process for India’s skill-based gaming sector. The company, which serves over 34 million users, said this strategic hire aligns with its goal to contribute to the regulatory framework of this emerging category. Shimal will work closely with government bodies and policymakers. She brings a diverse background in law and public policy to her new role as Head of Policy at Probo. Her experience includes positions at Meta, the World Bank Group, and the law firm Shardul Amarchand Mangaldas & Co. “India's skill-based gaming sector is at an inflection point, driving both digital innovation and economic value. Probo has quickly become the top choice for opinion trading, and I am excited to bring my experience to the table, helping deepen Probo’s connections with stakeholders, and cement its position as one of the leading players in the market,” said Shimal. Probo enables users to trade opinions on real-world events across sports, entertainment, and current affairs. The company is backed by Peak XV, Elevation Capital, and Fundamentum. As per TheKredible, Probo’s revenue from operations surged to Rs 459 crore in FY24 from Rs 86 crore in FY23. During the period, its profit also increased massively to Rs 92 crore from Rs 3.7 crore.

Probo turns profitable as it posts 32X growth in FY23

EntrackrEntrackr · 1y ago
Probo turns profitable as it posts 32X growth in FY23
Medial

Event-based trading platform Probo registered hyper-growth in the last fiscal year with its operating scale blowing up 32X in FY23. Significantly, the Peak XV-backed firm also turned profitable for the first time during the said period. Probo’s revenue from operations skyrocketed to Rs 86.37 crore in FY23 from Rs 2.66 crore in FY22, according to its annual financial statements filed with the Registrar of Companies (RoC). Founded by Sachin Gupta and Ashish Garg in 2019, Probo is an event trading platform that allows users to trade their opinions on future events in various categories such as cricket, politics, football, finance, entertainment, and startups among others. Platform fees received from the users for participating in the contest were the primary source of income, accounting for 96% of the total operating revenue in the last fiscal year. Collection from this segment grew 34.2X to Rs 83 crore in FY23. Its allied services and interest income on long-term investments (non-operating activities) tallied Probo’s total revenue to Rs 93.83 crore in FY23 from Rs 3.97 crore in FY22. It’s worth noting that this income didn’t fall under the new General Service Tax (GST) structure which mandates a charge of 28% GST on deposits. The new taxation regime is slated to eat up a significant margin of companies like Probo, MPL, and Dream11, among many others. Moving to the cost sheet, its advertising cum promotional cost formed around 52.75% of the total expenses which shot up 2.3X to Rs 52 crore in FY23. Probo also saw a 3.6X surge in its employee benefits. The firm’s burn on information technology, legal/professional, conveyance, and other overheads led its overall expenditure up by 2.8X to Rs 98.67 crore in FY23 from Rs 34.4 crore in FY22. Head to TheKredible for a detailed expense breakup. Expense Breakdown Total ₹ 34.4 Cr https://thekredible.com/company/probo/financials View Full Data To access complete data, visithttps://thekredible.com/company/probo/financials Total ₹ 98.67 Cr https://thekredible.com/company/probo/financials View Full Data To access complete data, visithttps://thekredible.com/company/probo/financials Advertising and Promotional expenses Employee Benefit Information technology expenses Legal professional charges Miscellaneous expenses Others To check complete Expense Breakdown visit thekredible.com View full data The multifold scale and controlled expenditure helped Probo to turnaround its fundamentals and register a profit of Rs 3.71 crore in FY23 as compared to Rs 30.43 crore loss in FY22. Its ROCE and EBITDA margin recorded at -2% and -4.6% respectively. On a unit level, it spent Rs 1.14 to earn a rupee in FY23. Probo has raised around $18-20 million across several rounds. According to the startup data intelligence platform TheKredible, Peak XV is the largest external stakeholder with 21.72% followed by Elevation Capital and The Fundamentum Partnership. Its co-founders Gupta and Garg cumulatively command 45.5% stake in the company. FY22-FY23 FY22 FY23 EBITDA Margin -761% -4.6% Expense/₹ of Op Revenue ₹12.93 ₹1.14 ROCE -17% -2% The ‘prediction’ business remains a very young, although promising avenue for growth in India. As the market evolves, expect the industry to change too, creating many winners and losers, somewhat like their users like to predict. For Probo, the experience it has already acquired along with a user base, besides the obvious advantage of low to zero burn now, positions the firm very well to build on this base.

Shraeyansh Thakur resigns from Peak XV after a decade

EntrackrEntrackr · 4m ago
Shraeyansh Thakur resigns from Peak XV after a decade
Medial

Shraeyansh Thakur resigns from Peak XV after a decade During his tenure at Peak XV, he was board member and observer for startups like Atlys, Meesho, Cars24, ApnaMart, Unacademy, Zetwerk, Urban Piper, Bijnis, among others. Shraeyansh Thakur, an investor at Peak XV Partners, has resigned after nearly 10 years at the venture capital firm, sources told Entrackr. This marks the fifth high-profile exit from Peak XV in the past year. “Shraeyansh Thakur has decided to quit the firm and is likely to launch his own venture soon,” said one of the sources requesting anonymity. Queries sent to Peak XV and Thakur did not elicit any response until publication of the story. "After an incredible 9+ years at Peak XV / Sequoia India, I have decided to embark on a new entrepreneurial journey. The next 10 years are going to be India’s golden digital decade and our founders now have true belief to create the world’s best companies from India," said Thakur in a Linkedin post. Last month, Peak XV’s managing partners, Shailesh Lakhani and Abheek Anand, stepped down after serving for more than a decade. Prior to that, Anandamoy Roychowdhary, a partner at Peak XV's Surge, departed after over 11 years at the firm, while Piyush Gupta, then Managing Director, left after seven years to launch his secondary-focused fund, Kenro Capital. Meanwhile, Rishen Kapoor, co-founder and CEO of SaaS startup Toplyne, has returned to Peak XV Partners after his three-and-a-half-year-old venture shut down. In October last year, Peak XV reduced its $2.85 billion fund by 16% as part of a strategic shift towards investing in a more measured manner amid elevated valuations in the Indian market. This development came a year after Sequoia Capital rebranded as Peak XV.

Probo posts Rs 459 Cr revenue and Rs 92 Cr profit in FY24

EntrackrEntrackr · 5m ago
Probo posts Rs 459 Cr revenue and Rs 92 Cr profit in FY24
Medial

Probo’s revenue from operations surged to Rs 459 crore in FY24 from Rs 86 crore in FY23, according to its consolidated annual financial statements sourced from the Registrar of Companies (RoC). Founded by Sachin Gupta and Ashish Garg in 2019, Probo is an event trading platform that allows users to trade their opinions on future events in various categories, such as cricket, football, finance, entertainment, and startups, among others. The primary revenue source for Probo was platform fees collected from users for contest participation, accounting for 97.8% of the total collection. This income grew 5.4X to Rs 449 crore during the last fiscal year. Income from allied services and other sources, including interest income from current investments, brought Probo’s total income to Rs 474 crore during the last fiscal year. Advertising and promotion accounted for 77% of Probo’s total expenses, soaring 5.2X to Rs 271 crore in FY24 from Rs 52 crore in FY23. Meanwhile, employee benefit expenses grew by 27% to Rs 28 crore in FY24. Information technology, platform integration, legal, traveling, and other overheads took the overall cost up by 3.5X to Rs 351 crore in FY24. The combination of strong revenue growth and controlled costs enabled Probo’s net profit to surge 25X, to Rs 92 crore in FY24, up from Rs 3.7 crore in FY23. The Peak XV-backed firm spent Re 0.76 to earn a rupee during the fiscal year ending March 2024. Probo’s return on capital employed (ROCE) rose to 42.6%, while its EBITDA margin improved to 26.1%. By the end of FY24, the company's total current assets stood at Rs 274 crore, with cash and bank balances amounting to Rs 169 crore. Probo has raised around $28 million across several rounds. According to the startup data intelligence platform TheKredible, Peak XV is the largest external stakeholder, with 21.72%, followed by Elevation Capital and The Fundamentum Partnership. Probo is on to a good thing as long as it can keep growing its flock, especially its core user base. It’s clearly doing it right, going by the sharp rise in metrics across the board.

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