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Enkash’s revenue nosedives 77% in FY25, halves losses

EntrackrEntrackr · 18d ago
Enkash’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. Enkash’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, Enkash’s total income stood at Rs 77 crore in FY25 as compared to Rs 308 crore in FY24. The company’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 · 2m 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. PharmEasy’s operating revenue increased 3.7% to Rs 5,872 crore in FY25 from Rs 5,664 crore in FY24, according to the company’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. PharmEasy’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 company’s overall expenses also remained flat at Rs 7,208.5 crore in FY25. While the company’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. PharmEasy’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 Pai’s MEMG, Prosus, and Temasek, among others.

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

EntrackrEntrackr · 8m 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 Green’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 firm’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 Recykal’s scale dips in FY24; losses spike 31%

EntrackrEntrackr · 8m ago
Morgan Stanley-backed Recykal’s scale dips in FY24; losses spike 31%
Medial

Morgan Stanley-backed Recykal’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 company’s losses spiked 31% in the same period. Recykal’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.

Info Edge crosses Rs 2,500 Cr revenue and Rs 500 Cr profit threshold in FY24

EntrackrEntrackr · 1y ago
Info Edge crosses Rs 2,500 Cr revenue and Rs 500 Cr profit threshold in FY24
Medial

Info Edge, the parent company of Naukri and 99acres, published its financial statements on Thursday. The consolidated figures showcased a modest 8% increase in revenue for FY24. However, the company made a turnaround in its bottom line, transitioning from a loss of Rs 70 crore in FY23 to a profit of Rs 594 crore in FY24. Info Edge’s revenue from operations grew 8% to Rs 2,536 crore in FY24 from Rs 2,345 crore in FY23, its consolidated financial statements disclosed with the stock exchange shows. Meanwhile, the company posted a 4.8% increase in revenue to Rs 657 crore in Q4 FY24 from Rs 627 crore in Q3 FY24. The Sanjeev Bikchandani-led firm operates through different segments. Income from Naukari.com and related portals formed 74.1% of its total revenue which increased 7.49% to Rs 1,880 crore in FY24. Its other segment 99acres saw a 23.6% growth to Rs 351 crore in FY24. Jeevansathi and Shiksha combined participated with Rs 305 crore of revenue during FY24. Info Edge made Rs 414 crore from non-operating activities tallying its total revenue to Rs 2,950 crore in FY24. Akin to other internet companies, its employee benefits accounted for 61% of its total expenditure which grew only 2.83% to Rs 1,128 crore in FY24 from Rs 1,097 crore in FY22. Info Edge’s network/internet, advertising cum promotional, legal, traveling and other overheads push the total expenditure to Rs 1830 crore in FY23 from Rs 1,858 crore in FY23. Note 1: The company recorded exceptional items of Rs 110 crore and Rs 509 crore in FY24 and FY23 respectively due to the decrease in the carrying value of investments. This was the primary reason for the significant loss posted in FY23. Note 2: The company has 15 joint ventures including Makesense, Happily Unmarried’s Ustraa (now acquired by VLCC), Shopkirana, Juno, Sploot and others during FY24. Info Edge recorded a share loss of Rs 131 crore and 231 crore in FY24 and FY23 respectively in its joint ventures which also makes a part of its consolidated figures and reflects losses in the financial statements. At the end, Indo Edge posted a net profit of Rs 594 crore in FY24 where the figures stood at a loss of Rs 70 crore in FY23 (refer note 1 and 2). On a unit level, it spent Rs 0.72 to earn a rupee in FY23.

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