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Peak XV-backed Wakefit reports Rs 66 Cr EBITDA in FY24

EntrackrEntrackr · 11m ago
Peak XV-backed Wakefit reports Rs 66 Cr EBITDA in FY24
Medial

Home furniture and sleep solutions company Wakefit continued its growth trajectory with a 21% year-on-year increase in operating revenue during the fiscal year ending March 2024. Notably, the Peak XV-backed company reduced its losses by 90% and achieved EBITDA positivity with Rs 65.9 crore during the same period. Wakefit’s revenue from operations increased to Rs 986.4 crore in FY24, as compared to Rs 812.6 crore in the previous fiscal year, its financial statement filed with the Registrar of Companies (RoC) shows. Wakefit's revenue was predominantly driven by the sale of products, which increased 21.47% and accounted for Rs 967.86 crore in FY24. Income from scrap sales and other minor sources also rose by 16.73% to Rs 18.49 crore during the said fiscal year. The firm’s income from interest on bank deposits surged 5.8X to Rs 19.38 crore, pushing its total revenue to Rs 1,017.33 crore in FY24. The cost of materials remained the largest expense at Rs 465 crore, contributing 45.04% of total costs. Employee benefit expenses grew by 27.3% to Rs 134.63 crore. Courier and delivery charges increased by 24.8% to Rs 82.19 crore, while advertising expenses dropped by 19.3% to Rs 77.36 crore. Other expenses added another Rs 273.2 crore in FY24. The firm’s total expenses rose by 6.9% to Rs 1,032.4 crore in FY24. In the end, Wakefit managed to decline its losses by 90% to Rs 15 crore from Rs 145 crore in FY23. Despite losses, the Bengaluru-based company achieved positive EBITDA at Rs 65.9 crore in FY24. Its ROCE and EBITDA margins improved to 0.29% and 6.48%, respectively. On a unit basis, Wakefit spent Rs 1.05 to earn a rupee of operating revenue in FY24. Its current assets grew significantly to Rs 574 crore, while its cash and bank balances were recorded at Rs 17.21 crore in FY24. According to TheKredible, Wakefit has raised a total of $105.5 million to date. Its leading investors include Peak XV Partners, Verlinvest, and SIG.

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Wakefit targets to raise Rs 1,500-2,000 Cr from IPO: Report

EntrackrEntrackr · 7m ago
Wakefit targets to raise Rs 1,500-2,000 Cr from IPO: Report
Medial

Wakefit targets to raise Rs 1,500-2,000 Cr from IPO: Report Home furniture and sleep solutions company Wakefit has selected three investment banks to help with its plans to go public. According to a Moneycontrol report, the company has chosen Axis Capital, IIFL Capital Services, and Nomura to guide its initial public offering (IPO). Wakefit is expected to file draft papers for the IPO in the coming months. As per the report, the company aims to raise between Rs 1,500 crore and Rs 2,000 crore ($200 million). It has not yet decided how much will be raised through new shares and how much will be sold by current investors. So far, Wakefit has raised more than $100 million (around Rs 850 crore) from investors such as Peak XV Partners, Paramark Ventures from South Korea, and Verlinvest from Europe. Some of these early investors may sell their shares in the IPO. Wakefit started as a mattress company but later began selling other furniture like beds, tables, and chairs. As per TheKredible, Wakefit’s revenue from operations increased by 21% to Rs 986.4 crore in FY24, as compared to Rs 812.6 crore in the previous fiscal year. The firm managed to control its losses by 90% to Rs 15 crore from Rs 145 crore in FY23. Wakefit competes with companies like SleepyCat, Duroflex, Pepperfry, IKEA, and Woodenstreet in India’s furniture and sleep product market.

Yubi records Rs 660 Cr revenue in FY25; adjusted EBITDA improves 55%

EntrackrEntrackr · 22d ago
Yubi records Rs 660 Cr revenue in FY25; adjusted EBITDA improves 55%
Medial

Yubi records Rs 660 Cr revenue in FY25; adjusted EBITDA improves 55% Fintech company Yubi (formerly CredAvenue) saw a 36% year-on-year growth in operating revenue in FY25 and improved its profitability metrics. Significantly, the Chennai-based company reduced its adjusted EBITDA losses by 55% in the fiscal year ended March 2025. According to its consolidated annual financial statements sourced from the Registrar of Companies (RoC), Yubi’s revenue from operations rose to Rs 660 crore in FY25 from Rs 484 crore in FY24. Yubi operates as a debt marketplace and infrastructure platform, connecting enterprises with banks and NBFCs for term loans, working capital, and other debt products. Transaction fees from successful loan closures remained the major revenue driver, contributing 48% of total operating revenue, which surged 55% to Rs 318 crore in FY25. Other income streams included platform services of Rs 98 crore, collection services of Rs 181 crore, and corporate database services of Rs 66 crore. The Peak XV Partners-backed company also earned Rs 53 crore from bank deposits and interest income, taking its total income to Rs 713 crore in FY25, up from Rs 562 crore in FY24. With respect to expenses, employee benefits continued to be the largest cost component, forming around 40% of total expenditure, and rose to Rs 439 crore in FY25. This includes a non-cash ESOP expense of Rs 160 crore. Yubi’s information technology costs and sales & marketing expenses stood at Rs 103 crore and Rs 32 crore, respectively. The debt marketplace’s total expenditure increased to Rs 1,116 crore in FY25, compared to Rs 939 crore in FY24. Consequently, Yubi reported a net loss of Rs 416 crore for the fiscal year. However, after excluding non-cash items such as ESOP costs, depreciation, and loss of net fair value changes, its adjusted EBITDA improved by 55%, narrowing to Rs 68.83 crore in FY25 from Rs 155 crore in FY24. Operationally, Yubi claims its lending platform facilitates nearly 80,000 loan transactions daily. The company’s MENA region’s business grew 200% during the year, and it is now expanding into Southeast Asia while preparing to enter the U.S. market in the coming year. To date, Yubi has raised over $250 million, including a $135 million Series B round that brought it to unicorn status. The company counts Vivitri Capital, Peak XV Partners, TVS Capital, Lightspeed, B Capital, Lightrock, Insight Luxembourg, and others among its investors.

Wakefit posts Rs 1,274 Cr revenue in FY25; losses widen

EntrackrEntrackr · 10d ago
Wakefit posts Rs 1,274 Cr revenue in FY25; losses widen
Medial

Home and sleep solutions brand Wakefit recorded nearly 30% year-on-year growth during the fiscal year ending March 2025. However, its net losses doubled in the same period even as it gears up for its IPO. Wakefit’s revenue from operations rose to Rs 1,274 crore in FY25 from Rs 986 crore in FY24, according to its annual financial statements filed with the Registrar of Companies (RoC). Founded in 2016, Wakefit operates as a direct-to-consumer (D2C) brand offering sleep and home solutions, including mattresses, pillows, furniture, and home improvement products. These are sold through its website, offline stores, and third-party marketplaces. Revenue from product sales forms the company’s sole source of operating income. The firm also earned Rs 31 crore from interest on deposits and profit from the sale of investments, taking its total income to Rs 1,305 crore in FY25, up from Rs 1,017 crore in FY24. The cost of materials consumed accounted for 43% of total expenses, which increased to Rs 573 crore in FY25. Employee benefit expenses grew 23% to Rs 166 crore, while legal, advertising, IT, postage, and other overheads pushed total expenditure up 29.8% to Rs 1,340 crore. The increase in advertising, postage, and employee costs widened Wakefit’s net loss to Rs 35 crore, against Rs 15 crore in FY24. Despite this, the company remained EBITDA positive at Rs 59.5 crore during the year. Its ROCE and EBITDA margin stood at 4.67% and -5%, respectively. By the end of FY25, Wakefit’s total current assets were valued at Rs 537 crore, while it spent Rs 1.05 to earn a rupee of operating revenue. Last month, the company received SEBI approval for its IPO, which includes a fresh equity issue of Rs 468.2 crore and an offer for sale (OFS) of 5.84 crore shares by promoters and existing investors. Founders Ankit Garg and Chaitanya Ramalingegowda, along with investors such as Peak XV, Verlinvest, Investcorp, Redwood Trust, SAI Global, and Paramark, are expected to partially offload their holdings through the public issue.

Akumentis Healthcare posts Rs 66 Cr profit in FY25, revenue grows 9%

EntrackrEntrackr · 1m ago
Akumentis Healthcare posts Rs 66 Cr profit in FY25, revenue grows 9%
Medial

Akumentis Healthcare, a pharmaceutical company, reported a profit of Rs 66 crore in the fiscal year ending March 2025, marking a 16.8% increase compared to FY24. The company achieved this growth on the back of consistent revenue and controlled operating costs. Akumentis’ revenue from operations grew by 9% to Rs 433.5 crore in FY25 from Rs 398 crore in FY24, according to its financial statement sourced from the Registrar of Companies (RoC). Akumentis Healthcare operates on a branded formulations model, focusing on prescription-driven pharmaceuticals across therapeutic areas such as cardiology, dermatology, orthopedics, and gynecology. Sale of the products was the sole source of revenue. On the expense side, the cost of materials rose by 7.6% to Rs 113 crore in FY25 from Rs 105 crore in FY24. Employee benefit expenses increased by 8% to Rs 132 crore, while advertising expenses remained flat at Rs 39 crore. Travelling expenses rose 7% to Rs 30 crore, whereas legal and professional fees surged 25% to Rs 20 crore during the year. Overall, Akumentis’ total expenses grew nearly 9% to Rs 361.5 crore in FY25 from Rs 333 crore in FY24. The combination of steady top-line growth and measured spending helped the company expand profitability. Akumentis’ profit rose by 17% to Rs 66 crore in FY25 from Rs 56.5 crore in FY24. Its ROCE and EBITDA margin stood at 43.70% and 19.91% respectively. On a unit level, the company spent Rs 0.83 to earn a rupee during FY25. The company recorded current assets worth Rs 167 crore in FY25, including Rs 92 crore in cash and bank balances. According to TheKredible, Akumentis has raised a total of $19 million of funding till date, with Peak XV Partners as its lead investor.

Paper Boat posts Rs 668 Cr revenue in FY25; narrows losses by 24%

EntrackrEntrackr · 1m ago
Paper Boat posts Rs 668 Cr revenue in FY25; narrows losses by 24%
Medial

Paper Boat posts Rs 668 Cr revenue in FY25; narrows losses by 24% Hector Beverages Pvt Ltd, maker of Paper Boat drinks, saw steady growth in FY25, with a 16% year-on-year rise in operating scale and a 24% reduction in losses to under Rs 50 crore. Hector Beverages Pvt Ltd, maker of Paper Boat drinks, pursued steady growth in the fiscal year ending March 2025. The company recorded a modest 16% year-on-year increase in operating scale in the last fiscal year, while narrowing its losses by 24% to below Rs 50 crore. Paper Boat’s operating revenue rose to Rs 668.28 crore in FY25 from Rs 574.48 crore in FY24, its financial statements sourced from the Registrar of Companies (RoC) shows. Founded by former Coca-Cola executives Neeraj Kakkar and Niraj Biyani, Paperboat offers packaged juices, coconut water, traditional Indian snacks, and dry fruits. Products traded through third-party manufacturers contributed 66% of its operating revenue. Collection from this spiked 45% to Rs 441.43 crore in FY25 from Rs 304.32 crore in FY24. In contrast, revenue from its own manufactured products, which made up 33.78% of the total, declined 16% to Rs 225.72 crore during the fiscal year. Paper Boat also earned a non-operating income of Rs 14.2 crore, mainly from interest on bank deposits, taking its total income to Rs 682.44 crore. On the expense side, the cost of materials remained the largest component, which accounted for 62% of total expenses at Rs 444 crore in FY25. Employee benefit expenses rose 32% to Rs 90.35 crore, while selling and distribution costs stood at Rs 58.47 crore, and depreciation, travel, and other overheads pushed overall expenses to Rs 716.53 crore. The Peak XV-backed company cut its losses by 24% to Rs 48.25 crore in FY25, with ROCE at -14% and EBITDA margin at -3.86%. On a unit basis, it spent Rs 1.07 to earn a rupee of operating revenue in FY25. As of March 2025, the company’s current assets stood at Rs 276.17 crore, including cash and bank balances of Rs 42.39 crore. According to startup data intelligence platform TheKredible, Paperboat has raised $143 million to date from investors including GIC, Peak XV, Sofina Ventures, and A91 Partners. GIC holds a 25% stake in the company, while Sofina and Peak XV each own over 18%.

Exclusive: Wakefit to convert into public company; appoints independent directors

EntrackrEntrackr · 5m ago
Exclusive: Wakefit to convert into public company; appoints independent directors
Medial

Wakefit, a home and sleep solutions brand, is all set to convert into a public company, marking a key milestone ahead of its planned initial public offering (IPO). According to regulatory filings, the company’s board approved a resolution to change its name from Wakefit Innovations Private Limited to Wakefit Innovations Limited. The conversion aligns with its plans to debut on Indian stock exchanges soon. As per media reports, Wakefit is preparing to file its draft red herring prospectus (DRHP) in the coming months and is eyeing to raise Rs 1,500–2,000 crore (approximately $200 million) through the public issue. In line with regulatory requirements, the company has also appointed Sudeep Nagar, Sandhya Pottigari, Aridam Paul, Gunender Kapur, and Alok Chandra Misra as independent directors to strengthen its board and governance structure as it transitions into a listed entity. Founded in 2016 by Ankit Garg and Chaitanya Ramalingegowda, Wakefit started as a direct-to-consumer (D2C) mattress brand and has since evolved into a broader home solutions company, offering furniture, decor, and interior design services. Its vertically integrated operations—from manufacturing to delivery—have helped it scale quickly in a highly competitive market. According to startup data intelligence platform TheKredible, Wakefit’s revenue from operations rose 21% to Rs 986.4 crore in FY24 from Rs 812.6 crore in FY23. The company also significantly narrowed its losses by nearly 90% to Rs 15 crore in FY24 from Rs 145 crore a year earlier. Wakefit has raised over $100 million (around Rs 850 crore) to date from investors such as Peak XV Partners, Verlinvest, and South Korea-based Paramark Ventures. Some of these investors are expected to partially exit through the IPO. The company competes with a mix of traditional and new-age players in India’s furniture and sleep products market, including IKEA, Pepperfry, Duroflex, SleepyCat, and WoodenStreet.

Progcap crosses Rs 150 Cr revenue in FY24, cuts losses

EntrackrEntrackr · 8m ago
Progcap crosses Rs 150 Cr revenue in FY24, cuts losses
Medial

Progcap crosses Rs 150 Cr revenue in FY24, cuts losses Peak XV and Tiger Global-backed fintech firm Progcap has scaled more than 5X in the last two fiscal years, from Rs 26 crore in FY22 to Rs 139 crore in FY24. The firm also managed to reduce its losses in the same period. Progcap’s revenue from operations nearly doubled to Rs 139 crore in FY24 from Rs 71 crore in FY23, its consolidated financial statement sourced from the Registrar of Companies (RoC) shows. Progcap facilitates debt capital for underserved micro and small businesses. The fintech platform digitizes supply chains and facilitates access to finance for last mile retailers. Revenue from these services was the sole source of income for the company. Progcap made an additional Rs 20 crore from interest on deposits and gains on current investments which pushed its total income to Rs 159 crore in FY24 from Rs 102 crore in FY23. On the expense side, employee benefit costs remained the largest expenditure, accounting for 61% of the total expense, to the tune of scale. This cost grew by 15% to Rs 124 crore in FY24. The firm’s finance costs surged sharply to Rs 22.5 crore from just Rs 1 crore in FY23. Other major expenses included collection deficiency charges (Rs 9.5 crore), travel expenses (Rs 6 crore), and miscellaneous costs. Overall, the company’s total expenses grew by 36% to Rs 203 crore in FY24 from Rs 149 crore in the preceding fiscal year. Progcap managed to cut its losses by 6% to Rs 46 crore in FY24 from Rs 49 crore in FY23. Its ROCE and EBITDA Margin improved to -2.96% and -11.32% respectively. On a unit basis, the company spent Rs 1.46 to earn a rupee of operating revenue in FY24. The Delhi-based firm reported current assets worth Rs 1,321 crore which include Rs 163 crore of cash and bank balance in FY24. According to TheKredible, Progcap has raised a total of approx $112 million in funding to date, having Tiger Global, Peak XV, Creation Investments, and GrowX Ventures as its lead investors. Progcap’s co-founders, Pallavi Shrivastava and Himanshu Chandra, collectively hold a 23.41% stake in the company.

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

EntrackrEntrackr · 9m 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.

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