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Enkashโ€™s revenue nosedives 77% in FY25, halves losses

EntrackrEntrackr ยท 4m ago
Enkashโ€™s revenue nosedives 77% in FY25, halves losses
Medial

Enkash saw its revenue plunge 77% in the fiscal year ending March 2025 due to a sharp fall in service income. However, the Mayfield-backed firm managed to cut its loss by more than half during the said fiscal year. Enkashโ€™s operating revenue fell to Rs 71 crore in FY25 from Rs 304 crore in FY24, according to its consolidated financial statements filed with the Registrar of Companies (RoC). Enkash offers virtual corporate credit cards, expense management software, and other financial services to help SMEs manage their cash flows and expenses efficiently. The firm derives the majority of its revenue from this service, which dropped by 77% to Rs 68 crore in the last fiscal year from Rs 299 crore a year ago. Income from fees and services also slipped 40% to Rs 3 crore during the period. Including non-operating income of Rs 6 crore, Enkashโ€™s total income stood at Rs 77 crore in FY25 as compared to Rs 308 crore in FY24. The companyโ€™s total costs declined 73% to Rs 94 crore in FY25 from Rs 345 crore in FY24. Gift cards purchased formed the largest cost center, contributing nearly 66% of the overall expenses. This expense category fell 73% to Rs 62 crore in FY25 from Rs 233 crore in FY24. Employee benefit costs shrank 44% to Rs 23.5 crore in FY25 from Rs 42 crore in FY24, while other expenses dropped steeply by 89% to Rs 7.5 crore. Despite the drastic revenue fall, Enkash managed to cut down its losses with the help of reduced expenses. The company controlled its loss by 54% to Rs 17 crore in FY25 from Rs 37 crore in FY24. Its ROCE and EBITDA margin stood at -37.70% and -32.25%, respectively. On a unit level, Enkash spent Rs 1.32 to earn a rupee of operating revenue during FY25, compared to Rs 1.13 in FY24. The company had cash and bank balances of Rs 25 crore at the end of March 2025, while its current assets were recorded at Rs 68 crore. According to startup data intelligence platform TheKredible, Enkash has raised a total of $23.5 million of funding till date, having Ascent Capital, Axilor Ventures, and Mayfield as its lead investors. Its founder Yadvendra Tyagi owns 10.28% of the company.

PharmEasy reports Rs 5,872 Cr revenue in FY25; burn remains flat

EntrackrEntrackr ยท 6m ago
PharmEasy reports Rs 5,872 Cr revenue in FY25; burn remains flat
Medial

PharmEasy reports Rs 5,872 Cr revenue in FY25; burn remains flat API Holdings, the parent of e-pharmacy and diagnostics brand PharmEasy, reported flat revenue in the fiscal year ending March 2025. However, the Mumbai-based company has cut losses by 38% due to a sharp reduction in finance and depreciation costs during the last fiscal year. PharmEasyโ€™s operating revenue increased 3.7% to Rs 5,872 crore in FY25 from Rs 5,664 crore in FY24, according to the companyโ€™s financial statements reviewed by Entrackr. PharmEasy offers pharmaceutical products, along with diagnostic services and teleconsultations, through its mobile and web apps. PharmEasy derived about 87% of its operating revenue, or Rs 5,097.5 crore, from the sale of pharmaceutical and cosmetic products, while the remainder came from services such as diagnostics, teleconsultations, delivery, warehousing, and commissions from facilitating pathological tests. The firm also earned Rs 108 crore in non-operating income from interest and asset gains, taking its total revenue to Rs 5,898 crore in FY25. On the expenses side, the cost of materials remains the largest cost centre constituting 67.2% of the total expenditure to Rs 4,844 crore in FY25. PharmEasyโ€™s employee benefit expenses went up by 30% to Rs 908.4 crore in the last fiscal year as compared to Rs 700 crore in FY24. Meanwhile, finance costs also went down 30% to Rs 506 crore while the depreciation and amortization expenses declined 21.7% to Rs 168.9 crore during the year. Contractual payment for delivery associates was another significant cost at Rs 90 crore. Other expenses include legal, professional, sales promotion, and marketing. The companyโ€™s overall expenses also remained flat at Rs 7,208.5 crore in FY25. While the companyโ€™s revenue and expenses remained largely unchanged in FY25, a reduction in exceptional items such as early redemption charges on non-convertible debentures, goodwill impairment and others helped narrow its losses by 38% to Rs 1,572.3 crore compared to Rs 2,533.5 crore in FY24. PharmEasyโ€™s EBITDA (loss) stood at Rs 553.5 crore while its ROCE and EBITDA margin improved marginally to -13.9% and -15.71%, respectively. On a unit level, Pharmeasy spent Rs 1.23 to earn a rupee of revenue during the fiscal year ending March 2025. Thyrocare, a diagnostic and preventive healthcare service provider, in which Pharmeasy acquired a majority stake in June 2021, posted Rs 687.5 crore in FY25, a 20% increase compared to Rs 571.88 crore in FY24. During the same period, its profit also grew by 30% to Rs 90.75 crore. Earlier this year, PharmEasy cofounders Dharmil Sheth, Dhaval Shah, and Hardik Dedhia stepped back from the company, while the fourth cofounder Siddharth Shah exited last month. The parent entity API Holdings has now appointed Rahul Guha, who also serves as the MD and CEO of Thyrocare, as its new MD and CEO. According to the startup data intelligence platform TheKredible, PharmEasy has raised around $1.1 billion to date from Ranjan Paiโ€™s MEMG, Prosus, and Temasek, among others.

Kinetic Green's losses balloon 11X in FY24, revenue dips 3%

EntrackrEntrackr ยท 1y ago
Kinetic Green's losses balloon 11X in FY24, revenue dips 3%
Medial

Kinetic Green's losses balloon 11X in FY24, revenue dips 3% Electric vehicle manufacturer Kinetic Green faced significant financial strain in FY24, with losses increasing 11X. Meanwhile, the Greater Pacific Capital-backed company's revenue declined by 3% year-on-year. Kinetic Greenโ€™s revenue from operations decreased to Rs 291 crore in FY24 from Rs 301 crore in FY23, its consolidated financial statement from the Registrar of Companies (RoC) shows. Kinetic Green manufactures electric vehicles, including two and three-wheelers such as electric scooters, rickshaws, cycles, and buggies. Collections from the sale of electric vehicles were the sole source of revenue for Kinetic Green for the fiscal year ending March 2024. The cost of procurement remains the largest cost center for Kinetic Green, forming 62% of the overall expenditure. To the tune of scale, this cost dipped by 5.4% to Rs 229 crore in FY24 from Rs 242 crore in FY23. The firmโ€™s advertising cost spiked 8.2X to Rs 58 crore while its employee benefits saw a surge of 52.4% during the previous fiscal. Its finance, transportation, legal, travel, and other overheads increased the total expenditure by 19% to Rs 369 crore in FY24 from Rs 310 crore in FY23. The 8X surge in advertising and a sharp rise in employee benefits led Kinetic Green to widen its losses by 11X to Rs 77 crore in FY24, compared to Rs 7 crore in FY23. Its EBITDA margins stood at -20.55% while the company spent Rs 1.27 to earn a rupee of operating revenue in FY24. By the end of FY24, the Pune-based firm reported current assets worth Rs 169 crore including Rs 2.3 crore of cash and bank balance. Kinetic Green has raised a total of $27 million of funding to date, including a $25 million round from Greater Pacific Capital. According to the startup data intelligence platform TheKredible, Greater Pacific Capital is the largest external stakeholder with 5.6%. Its co-founders Sulajia Firodia Motwani and Ritesh Ramesh Mantri cumulatively hold 91.7% of the company.

Morgan Stanley-backed Recykalโ€™s scale dips in FY24; losses spike 31%

EntrackrEntrackr ยท 1y ago
Morgan Stanley-backed Recykalโ€™s scale dips in FY24; losses spike 31%
Medial

Morgan Stanley-backed Recykalโ€™s scale dips in FY24; losses spike 31% While Recykal, a B2B waste management marketplace, achieved 4X year-on-year growth in FY23, the firm could not maintain the same momentum in FY24, with its gross revenue declining by nearly 5%. Moreover, the companyโ€™s losses spiked 31% in the same period. Recykalโ€™s gross revenue declined by 4.4% to Rs 712 crore in FY24 from Rs 745 crore in FY23, its consolidated financial statements sourced from the Registrar of Companies show. Founded in 2016, Recykal offers digital solutions for waste management, assisting businesses in meeting EPR targets, sourcing recyclables, and tracking industrial waste. Its services include EPR certificates, plastic neutrality, ITAD, a digital marketplace, and circularity solutions. Gross collections from scrap and waste sales contributed 85% of the gross revenue, which declined 7.4% year-on-year to Rs 608 crore in FY24 from Rs 657 crore in FY23. The remaining revenue was generated from the sale of sustainability services, including EPR certificates. Recykal also added Rs 6 crore interest on deposits and gain on the sale of current investments which tallied the overall income to Rs 718 crore in the last fiscal year, from Rs 748 crore in FY23. For the waste management firm, scrap and waste procurement remained the largest cost center, making up 89.5% of total expenses. With a slight decline in scale, this cost decreased by 3.6% to Rs 673 crore in FY24. Employee benefits surged by 43.3% to Rs 43 crore in FY24, including Rs 3.2 crore in ESOP costs (non-cash). Provisions for doubtful debts, legal expenses, rent, communication, logistics, and other overheads drove total expenditure to Rs 752 crore in FY24. The decline in scale led Recykal to record a 30.8% increase in losses, standing at Rs 34 crore in FY24, up from Rs 26 crore in FY23. Its Return on Capital Employed (ROCE) stood at -15.66%, while its EBITDA margin was -4.04%, with an expense-to-revenue ratio of Rs 1.06. By the end of FY24, Recykal reported total current assets of Rs 317 crore, including Rs 70 crore in cash and bank balances. Recykal has raised over $38 million to date including its $13 million round led by 360 ONE Asset Management. According to the startup data intelligence platform TheKredible, Morgan Stanley is the largest external stakeholder followed by 360 One Asset Management.

Aakash losses before exceptional items and tax jump 5X in FY25; revenue dips

EntrackrEntrackr ยท 6d ago
Aakash losses before exceptional items and tax jump 5X in FY25; revenue dips
Medial

Fintrackr All Stories Aakash losses before exceptional items and tax jump 5X in FY25; revenue dips Aakash faced a turbulent phase over the past couple of years amid leadership exits, restructuring, and the fallout from the financial crisis at its former parent Byjuโ€™s, leading to a 16.7% revenue decline while losses surged 4.8X. Kunal Manchanada 11 Mar 2026 14:36 IST Follow UsNew UpdateAakash Educational Services Ltd (AESL) has gone through a turbulent phase over the past couple of years due to leadership exits, restructuring efforts, and the broader fallout from the financial crisis at its former parent company, Byjuโ€™s. This turmoil led to a 16.7% decline in revenue, while losses before tax and exceptional items surged 4.8 times during the period.Aakashโ€™s revenue from operations declined to Rs 2,032 crore in FY25 from Rs 2,438 crore in FY24, according to its consolidated financial statements sourced from the Registrar of Companies.Aakash primarily operates through two revenue streams, coaching and franchisee operations. The coaching segment accounted for 96% of the total operating revenue, generated from classroom programmes offered at company-owned centres. Income from this segment declined by 16.7% to Rs 1,951 crore in FY25, compared to Rs 2,341 crore in FY24.On the other hand, its franchisee model, which comprises fees and revenue sharing arrangements from partner run centres operating under the Aakash brand across different cities, also declined. Revenue from this segment fell 15.6% to Rs 81 crore in FY25 from Rs 96 crore in FY24.The company also added Rs 53 crore of other income, which tallied its overall revenue to Rs 2085 crore in the last fiscal year.As its scale declined during the year, Aakash managed to trim its overall expenses by 6.1% to Rs 2,378 crore in FY25 from Rs 2,532 crore in FY24.The decline in costs was primarily led by lower employee benefit expenses, which fell 5.6% to Rs 1,331 crore. Its advertising and promotional spending also dropped by 3.7% to Rs 157 crore, while the cost of materials, primarily study materials saw a sharper decline of 25.6% to Rs 67 crore in FY25.However, the 5.6% reduction in expenses was not enough to offset the 16.7% decline in revenue, which resulted in its losses before tax and exceptional items to surge 4.8X to Rs 293 crore in FY25.Notably, the companyโ€™s reported net loss figures were significantly impacted by deferred tax adjustments in FY25, when Aakash reported a net loss of Rs 221 crore. In contrast, the companyโ€™s losses had ballooned to Rs 2,443 crore in FY24. This was due to a series of exceptional charges, including a Rs 1,079 crore provision following an NCLT order, Rs 100 crore related to the cancellation of a services agreement with its parent company, and Rs 1,363 crore towards interest payments on debentures after default and early repayment demand.To avoid confusion caused by these one-off items, which are not directly related to the firmโ€™s core ops, we have considered losses before tax and exceptional items to present a clearer view of its operating performance.By the end of FY25, Aakash spent Rs 1.17 to earn a rupee of operating revenue. During the year, its ROCE and EBITDA margins stood at -52.54% and 1.92%, respectively. It reported total current assets of Rs 341 crore at the end of FY25, including cash and bank balances of Rs 72 crore.Since FY25, Aakash has seen a series of developments linked to its proposed rights issue. The Supreme Court recently backed the NCLAT order allowing the company to proceed with an extraordinary general meeting (EGM) for the rights issue. The company was reportedly on the way to fresh funding, with Ranjan Paiโ€™s family office committing to infuse Rs 250 crore into the coaching chain. It remains to be seen whether these developments will help stabilize the company and restore its growth momentum in the coming years.

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