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Pep Technologies cuts losses 81% in FY25; Hyphen drives growth, mCaffeine stalls

EntrackrEntrackr · 11d ago
Pep Technologies cuts losses 81% in FY25; Hyphen drives growth, mCaffeine stalls
Medial

Fintrackr All Stories Pep Technologies cuts losses 81% in FY25; Hyphen drives growth, mCaffeine stalls mCaffeine’s parent reported 23% growth in FY25, along with an 81% reduction in losses. However, a closer look at its consolidated balance sheet indicates flat growth for mCaffeine. mCaffeine’s parent reported 23% year-on-year growth in the fiscal year ending March 2025, along with an 81% reduction in losses. However, a closer look at its consolidated balance sheet indicates flat growth for mCaffeine, while its other brand, Hyphen, grew over 6.5X and crossed the Rs 50 crore mark during the last fiscal year. Pep Technologies, the parent company, recorded a 23% increase in operating revenue to Rs 237.5 crore in FY25 from Rs 193 crore in FY24, according to its financial statements sourced from the RoC. While the firm did not disclose a brand-wise revenue breakdown, Hyphen’s operating entity, Kreative Beauty, reported Rs 50 crore in FY25. Excluding this, mCaffeine’s revenue remained largely flat at Rs 187.5 crore in FY25. The revenue break-up for mCaffeine could not be ascertained, as the company did not report standalone financial statements for the brand. mCaffeine offers caffeine-based skincare and haircare, while Hyphen focuses on clean, vegan skincare with multi-benefit products. Both brands sell online through marketplaces as well as their own platforms. Sale of its products was the sole source of operating revenue for Pep Technologies. The Powai-based company also earned Rs 1.5 crore from interest income that took its total income to Rs 239 crore in FY25. The firm’s largest expense head, advertising, declined by 13.5% to Rs 96 crore in FY25 from Rs 111 crore in FY24. This cost accounted for 38% of the total cost. Cost of materials increased by 6.5% to Rs 66 crore, while employee benefit expenses fell 29.9% to Rs 27 crore. Warehousing costs also decreased by 7.4% to Rs 31.5 crore while commission cost rose 22.2% to Rs 11 crore. Overall, mCaffeine reduced its total expenses by 13% to Rs 252 crore in FY25 from Rs 290 crore in FY24. The combination of revenue growth and tighter cost control helped the firm narrow its losses by 81% to Rs 18 crore in FY25 from Rs 93 crore in FY24. Its ROCE and EBITDA margin improved to -130.71% and -7.54% respectively. On a unit basis, Pep Technologies spent Rs 1.06 to earn a rupee during the fiscal year, compared to Rs 1.50 in FY24. The firm reported current assets of Rs 111 crore, including Rs 29.5 crore in cash and bank balances in FY25. mCaffeine’s parent Pep Technologies has raised nearly $50 million of funding till date, having Amicus Capital as the largest external shareholder, followed by RPSG Ventures and Paragon Partners. The contrast within the portfolio stands out. While mCaffeine appears to have reached a phase of limited growth, Hyphen is emerging as the key driver of momentum. This shift suggests a gradual rebalancing of focus within the company’s brand mix. For Pep Technologies, the challenge now is twofold: sustaining Hyphen’s trajectory while finding ways to revive growth in mCaffeine. Over time, capital allocation, marketing focus, and product innovation may increasingly tilt toward the faster-growing brand. The firm’s broader direction will likely depend on how effectively it manages this transition without diluting the identity or positioning of either brand.

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Hyphen’s INR 100 Cr Milestone: How D2C Brand Built A Winning Formula With mCaffeine’s Playbook

Inc42Inc42 · 1y ago
Hyphen’s INR 100 Cr Milestone: How D2C Brand Built A Winning Formula With mCaffeine’s Playbook
Medial

India's beauty and personal care (BPC) brands are experiencing rapid growth due to consumer trust, investor interest, and product innovation. It is predicted that the Indian BPC market will have the highest compound annual growth rate (CAGR) of 10% from 2022 to 2027, surpassing China and the US. By 2027, India could account for approximately 5% of the global BPC market, reaching $30 billion from $19 billion in 2022. Hyphen, a new brand launched by mCaffeine, has seen success in its first months, with plans for operational profitability by FY26 and revenue targets of INR 200 crore. BPC startups in India have raised over $1 billion in funding between 2014 and H1 2024.

SilverPush growth stalls in FY25; slips into red with Rs 18 Cr loss

EntrackrEntrackr · 6m ago
SilverPush growth stalls in FY25; slips into red with Rs 18 Cr loss
Medial

SilverPush couldn’t replicate its FY24 growth momentum in FY25, with revenue posting barely double-digit growth compared to nearly 120% year-on-year growth in FY24. Importantly, the company reported a loss of over Rs 17 crore in 2025. Marketing technology platform SilverPush couldn’t replicate its FY24 growth momentum in FY25, with revenue posting barely double-digit growth compared to nearly 120% year-on-year growth in the previous fiscal (FY24). Importantly, the company slipped into the red, reporting a loss of over Rs 17 crore in the fiscal year ending March 2025. SilverPush’s revenue increased 11% to Rs 386 crore in FY25, as compared to Rs 347 crore in FY24, according to the company's provisional financial statement reviewed by Entrackr. Silverpush provides AI-powered advertising solutions including contextual advertising, audience targeting, and ad measurement solutions. It also allows businesses to track the performance of their ads. The firm hasn’t given its revenue break up across business segments and geographies. On the expense side, cost of sales which includes cloud infrastructure, data and media costs accounted for 63% of the total expense at Rs 233 crore in FY25. Employee benefit expense accounted for 21% of the total expense at Rs 77 crore in FY25. Other expenses such as finance cost, depreciation and other operating expenses contributed another Rs 58 crore. Overall, the company’s total expense stood at Rs 368 crore in FY25. Unlike FY24, when the firm posted a profit of Rs 6 crore, SilverPush slipped into the red, recording a loss of Rs 17.6 crore in FY25. Its EBITDA stood at -Rs 9.45 crore with an EBITDA margin of -2.5%. The Gurugram-based company reported current assets worth Rs 175 crore at the end of FY25 (March 2025), including Rs 49 crore in cash and bank balances. According to the filings, the firm is projected to cross the Rs 500 crore revenue mark in FY26 while regaining profitability of around Rs 19 crore. While that may yet happen, there is little doubt that digital advertising is facing a moment of truth. Be it AI cutting into page views of sites and apps, or more and more sophisticated ways to skip ads, firms are approaching the medium in a whole new way. Including cutting back when they don't sense a receptive market. At the premium end, e-commerce sites are shaving off significant advertising budgets as well, leaving firms like Silver push with a tough market. Though its focus on video is supposed to insulate it somewhat, the segment does have intense competition that will keep eating away margins. The recent GST cuts might just provide Silver push the fillip it needed to get back into the black, but keep an eye on the growth numbers going forward.

Smartworks cuts losses by 81% in Q2 FY26; posts Rs 425 Cr revenue

EntrackrEntrackr · 4m ago
Smartworks cuts losses by 81% in Q2 FY26; posts Rs 425 Cr revenue
Medial

Smartworks cuts losses by 81% in Q2 FY26; posts Rs 425 Cr revenue Managed office space provider Smartworks has posted its quarterly results for the second quarter of the ongoing fiscal year. The firm recorded a sharp 81% cut in losses during Q2 FY26 alongside double-digit revenue growth. Smartworks’ revenue from operations rose 21% year-on-year to Rs 425 crore in the quarter ending September 2025 from Rs 350 crore in Q2 FY25, according to its unaudited consolidated financial statements filed with the National Stock Exchange (NSE). Smartworks generated most of its revenue from developing, designing, and licensing serviced office spaces and fit-out services, with additional income from other ancillary offerings. It also booked Rs 16 crore from non-operating activities, pushing total income to Rs 441 crore in the quarter, compared to Rs 361 crore in Q2FY25. On a half-yearly basis, revenue was up nearly 21% to Rs 804 crore in H1 FY26 from Rs 664 crore in H1 FY25. On the cost front, depreciation remained the largest expense at Rs 198 crore, followed by operating expenses of Rs 122 crore. Finance costs, employee benefits, and marketing took the total expenditure to Rs 445 crore, compared to Rs 382 crore in the same quarter last year. The decent growth in scale and cost control mechanisms helped the firm narrow its net loss to Rs 3 crore in Q2 FY26 from Rs 16 crore a year ago. For the six months ended September 2025, its losses were down by 82% to Rs 7 crore in H1 FY26 from Rs 39 crore in H1 FY25. Smartworks listed on the NSE earlier this year at Rs 435 per share, a 7% premium to its IPO price of Rs 407. The stock closed today at Rs 596, valuing the company at Rs 6,818 crore (approximately $769 million). Smartworks competes with Awfis, which went public in May 2024 and currently trades at Rs 595. Awfis posted Rs 355 crore in revenue and Rs 10 crore in net profit in Q1 FY26. The company is yet to file its return for the second quarter.

mCaffeine’s revenue declines to Rs 193 Cr in FY24

EntrackrEntrackr · 1y ago
mCaffeine’s revenue declines to Rs 193 Cr in FY24
Medial

Personal care and beauty brand mCaffeine consistently grew its revenue year-on-year until FY23, rising from Rs 40 crore in FY20 to Rs 205 crore in FY23. However, the company’s scale declined by 6% in the last fiscal year due to a decrease in the sales of caffeinated beauty products. mCaffeine’s revenue from operations decreased to Rs 193 crore in FY24 from Rs 205.3 crore in FY23, its annual financial statement filed sourced from the Registrar of Companies (RoC) shows. The dip in sales in FY24 comes as a surprise, as the firm’s co-founder and chief executive, Tarun Sharma, had claimed that mCaffeine would achieve a 50% increase in sales during the last fiscal, with profitability in sight for FY25. mCaffeine is a personal care brand specializing in caffeine-infused skincare and haircare products. The brand sells primarily online through e-commerce platforms and its own website. Sale of its products was the sole source of operating revenue for mCaffeine which decreased 6% to Rs 193 crore in FY24. The Powai-based company also earned Rs 8.9 crore from interest income that took its total income to Rs 201.9 crore in the fiscal year ending March 2024. Advertising costs dominated the expense sheet but decreased by 11.8% to Rs 106.17 crore in FY24 from Rs 120 crore in FY23. Employee benefit also dipped 2.8% to Rs 38.54 crore. Meanwhile, the costs of materials increased 12.5% and stood at Rs 67.67 crore. In the end, its total expense decreased marginally to Rs 287.33 crore in the last fiscal year. Akin to its scale, mCaffeine’s losses decreased by 6.8% to Rs 85.41 crore in FY24 from Rs 91.6 crore in FY23. Its ROCE and EBITDA margin stood at -240.19% and -40.42%, respectively. On a unit basis, the company spent Rs 1.49 to earn a rupee of operating revenue in FY24. The Mumbai-based company reported cash and bank balances of Rs 32 crore and current assets of Rs 108.9 crore in FY24. According to startup data intelligence platform TheKredible, mCaffeine has raised Rs around Rs 337 crore in total funding and was last valued at Rs 1,000 crore. With over 12% stake, Amicus Capital is the largest external shareholder, followed by RPSG Ventures and Paragon Partners. mCaffeine has been seeking additional funding for over a year, but the firm has not attracted interest from new or existing investors. As a result, mCaffeine is reportedly exploring acquisition opportunities due to its unsuccessful fundraising efforts. mCaffeine's competitor, Wow Skin also saw a 9.5% drop in revenue during FY24, while Minimalist achieved a 90% increase in its scale to Rs 347 crore in FY24, along with profitability. MamaEarth, now a publicly listed company, witnessed a decline in revenue in Q2 FY25. mCaffeine’s troubles were not unexpected, even if the brakes on growth are a function of its efforts to extend the runway. We have highlighted the issue with high advertising costs and lack of flagship products before, and FY24 has simply delivered proof. mCaffeine clearly faces challenges that a caffeine shot looks unlikely to solve.

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