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Pepperfry’s FY23 loss narrows marginally to INR 188 Cr, sales up by 10%

Inc42 · 1y ago

Pepperfry’s FY23 loss narrows marginally to INR 188 Cr, sales up by 10%

Pepperfry, an ecommerce furniture startup, has reported a minor decrease in its net loss for the financial year ended March 31, 2023. The company's net loss narrowed by 3% to INR 187.6 crore in FY23, compared to INR 194 crore in the previous fiscal year. Despite the decrease in net loss, Pepperfry's operating revenue increased by 10% to INR 272.3 crore, with its primary source of revenue being the commission earned from connecting customers with merchants on its platform. The startup has been preparing for its upcoming IPO.

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Ola Cabs parent ANI Tech’s FY23 revenue crosses INR 2,500 Cr mark, loss declines to INR 772 Cr

Inc42 · 1y ago

Ola Cabs parent ANI Tech’s FY23 revenue crosses INR 2,500 Cr mark, loss declines to INR 772 Cr

Ola Financial Services recorded a net loss of INR 54.6 Cr in FY23, compared to a profit of INR 8.6 Cr in FY22. Ola's parent company, ANI Technologies, reduced its consolidated net loss by 49.2% to INR 772.2 Cr in FY23. Ola's sales increased by 63% to INR 1,987.5 Cr, while its net loss decreased by 64.8% to INR 1,082.5 Cr in FY23. Ola's rival, Uber India, saw its net sales rise by 54% to INR 2,666.1 Cr in FY23, with a loss of INR 311.3 Cr. Ola Electric is also planning an IPO to raise funds.

LEAD Schools’ FY23 Loss Narrows 18.5% to INR 322 Cr

Inc42 · 1y ago

LEAD Schools’ FY23 Loss Narrows 18.5% to INR 322 Cr

Mumbai-based edtech startup LEAD School reported a net loss of INR 321.9 crore ($42.5 million) for the financial year 2022-23, an 18.5% decrease from the INR 395.3 crore loss it posted in the previous fiscal year. The company's operating revenue more than doubled to INR 273.1 crore from INR 132.3 crore. LEAD School, backed by WestBridge Capital, attributed the reduction in losses to cost-cutting measures, stating that it reduced its cash burn by 60-70% in FY23 compared to the previous year. Employee expenses continued to be the biggest expenditure for the startup, which laid off over 160 employees during the year.

InsuranceDekho’s Net Loss Narrows 29% To INR 51.5 Cr In FY23

Inc42 · 1y ago

InsuranceDekho’s Net Loss Narrows 29% To INR 51.5 Cr In FY23

InsuranceDekho, the insurance arm of CarDekho, has reported a 29% decrease in net loss for FY23. The company's operating revenue doubled to INR 96.4 Cr, contributing to this improvement. Total expenses increased by 25% to INR 151.8 Cr, with employee benefits being the largest expenditure. InsuranceDekho aims to break even by the end of the next financial year.

IPO-Bound PayMate’s FY23 Loss Narrows Marginally To INR 55.7 Cr

Inc42 · 1y ago

IPO-Bound PayMate’s FY23 Loss Narrows Marginally To INR 55.7 Cr

IPO-bound B2B payments solutions provider PayMate reported a marginal decrease in net loss for FY23, narrowing it down by 3.5% to INR 55.7 Cr compared to the previous year. PayMate's operating revenue increased by 11.7% to INR 1,350.1 Cr in FY23. The company witnessed a surge in adoption by customers, with a growth of 84.53% compared to FY22. PayMate is expanding its presence in Central Europe, Middle East, and Africa (CEMEA) and the Asia-Pacific (APAC) regions. It is yet to refile its draft papers for IPO.

IPO-bound Awfis’ net loss narrows to INR 46.6 Cr in FY23

Inc42 · 1y ago

IPO-bound Awfis’ net loss narrows to INR 46.6 Cr in FY23

IPO-bound coworking space provider Awfis reported a net loss of INR 46.6 Cr in the financial year 2022-23 (FY23), a decline of over 18% compared to the previous year. The company's revenue from contracts with customers grew by 112% YoY to INR 545.3 Cr in FY23. Awfis plans to raise INR 160 Cr through a fresh issue of shares during its IPO and is experiencing increased demand for flexible workspaces due to the COVID-19 pandemic. However, the company faces rising expenses, including finance costs and employee benefit expenses.

DailyHunt parent VerSe innovation spent INR 2.5 to earn every rupee In FY23

Inc42 · 1y ago

DailyHunt parent VerSe innovation spent INR 2.5 to earn every rupee In FY23

VerSe Innovation, the parent company of DailyHunt and Josh, reported a net loss of INR 1,909.7 Cr in FY23, a 25% reduction from the previous fiscal year. The company's operating revenue soared 51% to INR 1,456.5 Cr in FY23. Total expenditure marginally increased to INR 3,716 Cr in FY23. Cost of services accounted for 71% of the total expenditure, while employee benefit expenses rose by 11% to INR 811.4 Cr. VerSe Innovation spent INR 2.55 to earn every rupee from operations in FY23.

Purplle’s FY23 sales inch closer to INR 500 Cr mark, loss widens to INR 230 Cr

Inc42 · 1y ago

Purplle’s FY23 sales inch closer to INR 500 Cr mark, loss widens to INR 230 Cr

Beauty ecommerce marketplace Purplle saw a significant increase in its operating revenue, reaching INR 474.9 crore in FY23, up by 116% from FY22. However, the startup's net loss also grew by 13% to INR 230 crore during the same period. The company's EBITDA margin improved to -41.56% from -84.9% in the previous fiscal year. Purplle earns revenue through product sales, advertising, and other sources, with revenue from the sale of its products accounting for 51% of its operating revenue.

CashKaro Narrows Its Loss 25% YoY In FY23, Crosses INR 250 Cr Revenue Mark

Inc42 · 1y ago

CashKaro Narrows Its Loss 25% YoY In FY23, Crosses INR 250 Cr Revenue Mark

Coupons and cashback app CashKaro reported a 25% decrease in net loss for FY23, narrowing it to INR 11.1 Cr from INR 14.8 Cr in FY22. The company saw a 15% YoY increase in operating revenue to INR 248.6 Cr, primarily driven by platform services and the sale of e-vouchers. CashKaro's total expenses rose 13% to INR 262.8 Cr, with cashback expenses comprising the largest chunk. The company also raised INR 130 Cr in Series C funding and surpassed 20 million users.

Ola Electric clocks INR 1,242.7 Cr in Q1 FY24 sales, Nearly 50% of FY23 revenue

Inc42 · 1y ago

Ola Electric clocks INR 1,242.7 Cr in Q1 FY24 sales, Nearly 50% of FY23 revenue

Ola Electric has filed for an IPO to raise INR 5,500 Cr by issuing new shares. The startup's sales in the first three months of FY24 reached INR 1,242.7 Cr, almost half of the revenue reported in FY23. Ola Electric's primary source of revenue comes from two-wheeler sales. The company reported a net loss of INR 268 Cr in Q1 of FY24 and a net loss of INR 1,471.6 Cr in FY23. Its major expenditure is on procurement, which accounted for 76% of total expenses in Q1 of FY24. Ola Electric competes with Ather, Bounce Infinity, Hero, Revolt, TVS, Okinawa, among others.

IPO-bound Ola Electric’s FY23 net loss almost doubles to INR 1,472 Cr on surge in expenses

Inc42 · 1y ago

IPO-bound Ola Electric’s FY23 net loss almost doubles to INR 1,472 Cr on surge in expenses

Ola Electric, led by Bhavish Aggarwal, saw its net loss almost double to INR 1,472 Cr in FY23 due to increased expenses. The company reported an EBITDA loss of INR 1,318 Cr in FY23 and targets EBITDA profitability of INR 803 Cr in FY25. Despite the losses, Ola Electric's consolidated revenue surged by 510% to INR 2,782 Cr in FY23. The startup aims to raise $700 Mn through its IPO and achieve a market capitalization of $10 Bn. Ola Electric retained the top spot in electric two-wheeler registrations, with over 27,000 units registered in November.

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