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Games24x7 crosses Rs 2,000 Cr income in FY23; controls losses

EntrackrEntrackr · 1y ago
Games24x7 crosses Rs 2,000 Cr income in FY23; controls losses
Medial

Real money gaming platform Games24x7 has continued to grow its scale: their collection grew 70% year-on-year in FY23. The controlled spending on employee benefits and advertising helped the Mumbai-based firm keep its losses in check during the same period. Games24x7’s revenue from operations grew 70.1% to Rs 1,988 crore in FY23 from Rs 1,169 crore in FY22, its consolidated financial statements filed with the Registrar of Companies show. Games24x7 mainly runs RummyCircle and the fantasy sports platform, My11Circle. The platform fee deducted for joining tournaments or contests is the primary source of revenue for Games24x7 which accounted for 99% of the operating income. The rest of the operating revenue comes from selling virtual items in freemium games. The company also added Rs 35 crore from the interest and gain on current investment tallying the overall income to Rs 2,023 crore in FY23. For the gaming platform, advertisement and business promotion expenses accounted for 66% of the overall expenditure, which surged by 61.7% to Rs 1,421 crore in FY23 from Rs 879 crore in FY22. The firm’s burn on employee benefits, legal, traveling, training, recruitment, subscription membership, and other overheads took its overall expenditure up by 43.4% to Rs 2147 crore in FY23. The 70% growth in scale and controlled cost helped the firm’s losses go down to Rs 199 crore in FY23 from Rs 282 crore in FY22. Its ROCE and EBITDA margin improved to -18% and -4.6%, respectively. On a unit level, it spent Rs 1.08 to earn a rupee in FY23. FY22-FY23 FY22 FY23 EBITDA Margin -24% -4.6% Expense/₹ of Op Revenue ₹1.28 ₹1.08 ROCE -48% -18% Games 24×7 has raised over $107 million to date including its $75 million round led by Malabar Investment at a valuation of $2.5 billion. According to the startup data intelligence platform TheKredible, Tiger Global is the largest external stakeholder with 22.39%. In March, Games24x7’s My11Circle became the new fantasy sports official partner for IPL (Indian Premier League) for five years, outbidding its rival Dream11. Games24X7 also said that it has tripled its marketing investment this year. This will reflect in the company’s financial performance in FY25.

Livspace revenue crosses Rs 1,200 Cr in FY24; losses shrink by 48%

EntrackrEntrackr · 10m ago
Livspace revenue crosses Rs 1,200 Cr in FY24; losses shrink by 48%
Medial

After an 85% year-on-year growth in FY23, omnichannel home interior and renovation platform Livspace saw a modest 14.78% growth in scale during the fiscal year ending March 2024. The Singapore-headquartered firm, however, kept its losses in check during the same period. Livspace’s revenue from operations increased to Rs 1,185.7 crore (SGD 192.48 million) in FY24 from Rs 1,033 (SGD 167.7 million) crore in FY23, according to its group company’s consolidated annual financial statements in Singapore. Livspace allows homeowners to discover pre-designed rooms, kitchens, and storage areas on its platform. Revenue from its interior projects biz formed 94% of the overall revenue which increased 16.5% to Rs 1,110.65 crore in FY24 from Rs 953.32 crore in FY23. The Bengaluru-based company generated additional revenue of Rs 69 crore from the sale of products and allied contractual services in FY24. It also added Rs 48.4 crore in income, mainly from interest on fixed deposits, bringing the total income to Rs 1,234 crore in FY24, up from Rs 1,058 crore in FY23. For the home interior brand, the cost of sales, including project materials, inventories, and materials consumed, accounted for 35.6% of the overall expenditure. Despite a 14% surge, this cost remained steady at Rs 586.8 crore in FY24. Its employee benefits decreased by 16.1% to Rs 579 crore in FY24, which includes Rs 124 crore in ESOP expenses. Marketing, rent, brokerage, and technology expenses contributed to an overall expenditure of Rs 1,647.8 crore (SGD 267.5 million) in FY24, down from Rs 1,861.6 crore (SGD 302.2 million) in FY23. FY23-FY24 FY23 FY24 EBITDA Margin -69% -27% Expense/₹ of Op Revenue ₹1.80 ₹1.39 ROCE -98% -79.5% Modest growth in scale, along with controlled spending on employee benefits and marketing, helped Livspace reduce its losses by 48.48% to Rs 413.8 crore (SGD 67.1 million) in FY24, down from Rs 803.3 crore (SGD 130.4 million) in FY23. Its ROCE and EBITDA margins improved to -79.5% and -27%, respectively. On a unit level, Livspace spent Rs 1.39 to earn a rupee in FY24. Livspace is all set to shift its domicile to India from Singapore and the firm has also received approval from its board, according to the company’s founder Ramakant Sharma. It has plans to go public in the next 18-24 months. The company, for all its all out efforts to reduce losses without giving up on growth faces a tough challenge to sustain these efforts. More often than not, there is a point where cost cuts become counter productive, or worse make you wonder what you were doing with them in the first place. Livspace is on course to discover either of those two realities soon. *Currency converted from Indian rupees to Singapore dollars: SGD 1 = 61.6 rupees.

Ergos gross revenue crosses Rs 200 Cr in FY23; losses stagnant

EntrackrEntrackr · 1y ago
Ergos gross revenue crosses Rs 200 Cr in FY23; losses stagnant
Medial

Agritech platform Ergos has managed to grow its scale by two-thirds in the fiscal year ending March 2023 with sound economics as the Bengaluru-based company kept losses in check during the period. Ergos’ gross revenue grew 66% to Rs 224 crore in FY23 from Rs 135 crore in FY22, its annual financial statements (FY23) filed with the Registrar of Companies show. Ergos enables farmers to convert their grains into tradable assets, access credit against stored produce, and make better yields. It also provides harvest supply chain solutions by leveraging technology. The sale of commodities to the customer was the primary source of revenue for Ergos contributing to 96% of overall operating income. Wheat turned out to be the largest revenue driver followed by maize, paddy, and others. Rest of the revenue came from warehousing management fees. Visit TheKredible for a detailed revenue breakup. On the expenses side, procurement costs formed 64.8% of the overall expenditure which spiked 65% to Rs 211 crore in FY23. Other costs such as employee benefits, rent, professional, vehicle and traveling costs took its overall expenditure to Rs 249 crore in FY23 from Rs 160 crore in FY22. Head to TheKredible for a complete expense breakup. The decent growth in scale and effective cost mechanism helped Ergos to control its losses which stood at Rs 24 crore in FY23 as compared to Rs 23 crore in FY22. Its ROCE and EBITDA margin stood at -69% and -8.9% respectively. On a unit level, Ergos spent Rs 1.11 to earn a rupee in FY23. FY22-FY23 FY22 FY23 EBITDA Margin -16% -8.9% Expense/₹ of Op Revenue ₹1.19 ₹1.11 ROCE -44% -69% As of now, Ergos has raised around $32 million across several rounds and was last valued at around $55 million. According to the startup data intelligence platform TheKredible, Aavishkaar Capital is the largest stakeholder with 48% followed by Chiratae Ventures and CDC Group. Currently, its founder and chief executive officer Kishor Kumar Jha commands 11.84% of the company. Operating to provide farmers avenues beyond MSP procurement one assumes, Ergos ses to be on a good pitch to leverage inefficiencies in the supply chain. However, one has to wonder just how far and high the model can take the firm. Perhaps a move into other crops will follow once enough of a network and learnings have been built in.

Treebo crosses Rs 100 Cr revenue in FY24, outstanding losses climb to Rs 488 Cr

EntrackrEntrackr · 6m ago
Treebo crosses Rs 100 Cr revenue in FY24, outstanding losses climb to Rs 488 Cr
Medial

Treebo crosses Rs 100 Cr revenue in FY24, outstanding losses climb to Rs 488 Cr Treebo Hotels, a premium-budget hotel chain, crossed the Rs 100 crore revenue milestone in the fiscal year ending March 2024. Despite this growth, the Bengaluru-based company saw its losses rise by 17%, bringing total outstanding losses to Rs 488 crore. Treebo Hotels’s revenue from operations grew 22.5% to Rs 109 crore in FY24 from Rs 89 crore in FY23, its consolidated financial statements filed with the Registrar of Companies show. Income from accommodation services (taken on lease and managed properties) formed 95% of the total operating revenue which increased by 22.3% to Rs 104 crore in FY24 from Rs 85 crore in FY23. The rest of the income comes from the sale of products, and subscription services. The company also added Rs 7.22 crore as other income (non-operating) which tallied its overall revenue to Rs 116 crore in FY24 from Rs 94 crore in FY23. Treebo spent 41% of its overall expenditure on employee benefits which increased marginally by 7% to Rs 59 crore in FY24. Its cost and commission surged 70% and 48% to Rs 17 crore and Rs 43 crore in the previous fiscal year. Its cost of materials, legal, technology, traveling, and other overheads took the overall cost up by 22% to Rs 144 crore in FY24 from Rs 118 crore in FY23. The increased advertising and commission costs led Treebo to raise its losses by 16.7% to Rs 28 crore in FY24, compared to Rs 24 crore in FY23. Its ROCE and EBITDA margin stood at -540% and -18.1% respectively. On a unit level, it spent Rs 1.32 to earn a rupee in FY24. The company’s total current assets stood at Rs 34 crore with cash and bank balances of Rs 7 crore in the previous fiscal. According to startup data intelligence platform TheKredible, decade-old Treebo has secured Rs 566 crore (approximately $70 million) in funding from investors including Accor, Elevation Capital, Matrix Partners, and Bertelsmann. The company’s most recent major funding, amounting to $16 million, was raised in June 2021. Treebo competes directly with Bloom Hotels and FabHotels. In FY24, Bloom Hotels saw its operational revenue rise by 73.6% to Rs 250 crore, with a profit of Rs 14 crore. FabHotels recorded Rs 224 crore in operating revenue for FY23 but has not yet filed its FY24 annual report.

Power2SME gross revenue crosses 1,000 Cr in FY23; cuts losses

EntrackrEntrackr · 1y ago
Power2SME gross revenue crosses 1,000 Cr in FY23; cuts losses
Medial

B2B e-commerce platform Power2SME has demonstrated decent growth with better unit economics as reflected in its top and bottom lines in the fiscal year ending March 2023. While it managed a 50% growth in gross margin in FY23, the company also reduced losses by 9% as it slashed employee benefits among other costs. Power2SME’s gross revenue spiked to Rs 1,056 crore in FY23 from Rs 703 crore in FY22, its consolidated financial statements filed with the Registrar of Companies (RoC) show. Power2SME provides raw materials such as steel, chemicals, inks, paints, metals, polymers along with financial services to SMEs to fulfill their capital needs through its subsidiary entities. Income from the sale of goods contributed 99% of the total gross revenue whereas the rest of the collections came from interest and finance (operating). The company also made Rs 6 crore from interest on current and non-current investments (non-operating) which took its total revenue to Rs 1,063 crore in FY23. For the e-commerce platform, the cost of procurement comprised 93.4% of the total expenditure. Tracking the growth in scale, this cost grew by 49.6% to Rs 1,019 crore in FY23 from Rs 681 crore in FY22. Its employee benefits, insurance, legal/professional, advertising, finance, and other overheads took the overall expenditure to Rs 1,091 crore in FY23 from Rs 740 crore in FY22. View TheKredible for the complete expense breakdown. The decent acceleration and cost control enabled Power2SME to reduce its losses by 9% to Rs 28.5 crore in FY23. Its ROCE and EBITDA margin improved to -10% and -0.6% respectively. On a unit level, it spent Rs 1.03 to earn a rupee in FY23. FY22-FY23 FY22 FY23 EBITDA Margin -3% -0.6% Expense/₹ of Op Revenue ₹1.05 ₹1.03 ROCE -24% -10% Power2SME last raised its equity round of $36 million in January 2018 and has raised around $80 million to date. According to startup data intelligence platform TheKredible, Accel is the largest stakeholder with 26.1% followed by Kalaari Capital and Inventus Capital. Its co-founder and CEO Narayan Ramaswamy commands 12.17% of the company at the moment. With its last funding round in 2018, Power2Sme is certainly straining to deliver on its promise, and the current growth momentum should necessitate a round of funding soon. That it hasn’t yet gone for the most obvious growth hack, i.e., lending to its users is interesting, and might just be the next focus area yet. But the significant scale and operating breakeven suggests big things soon at the firm. We are betting you will find yourself back here soon enough to read an important update on the firm.

Progcap crosses Rs 150 Cr revenue in FY24, cuts losses

EntrackrEntrackr · 4m 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.

IntrCity crosses Rs 320 Cr income in FY24, nears break-even

EntrackrEntrackr · 6m ago
IntrCity crosses Rs 320 Cr income in FY24, nears break-even
Medial

Travel-tech platform IntrCity, which owns SmartBus and RailYatri, could not replicate its FY23 growth momentum in FY24. After achieving six-fold growth in FY23, the company recorded a modest 16% year-on-year revenue increase for the fiscal year ending March 2024. However, the Nandan Nilekani family trust-backed firm reduced its losses by over 52%, bringing them below Rs 10 crore in FY24. IntrCity's revenue from operations grew 15.9% to Rs 317.34 crore during FY24 as compared to Rs 273.9 crore in FY23, as per the company's consolidated financial statements with the Registrar of Companies. IntrCity operates web and mobile platforms for its brands, SmartBus and RailYatri. The flagship brand, IntrCity SmartBus, caters to long-distance bus routes across India, while RailYatri offers train travel services such as ticket booking and meal ordering. As per the filings, the majority of commission revenue came from the Indian Railway Catering and Tourism Corporation (IRCTC) during FY24. The company collected 93.8% of the revenue from bus operations which went up 16.9% to Rs 297.71 crore in FY24. It also earned Rs 18.08 crore from commission along with Rs 1.55 crore via advertisement services. Additionally, collection from interest and gain on financial assets (non-operating revenue) stood at Rs 3.38 crore. Including this, the company's overall revenue climbed to Rs 320.7 crore in FY24. On the expense side, the cost of revenue (direct cost for the distribution of services) accounted for 68.3% of the total expenditure. This cost grew 14.2% to Rs 225.8 crore in FY24 from Rs 197.8 crore in FY23. Operation and maintenance costs went up 9.3% to Rs 43.5 crore while spending on employee benefits remained almost flat at Rs 36.85 crore during the last fiscal year. The company incurred Rs 7.42 crore on advertisement and promotions and paid Rs 3.9 crore commission for catering and payment gateway services. In the end, IntrCity's expenses increased 9.7% to Rs 330.6 crore during FY24 in comparison to Rs 301.3 crore during FY23. On the back of controlled expenditure and double-digit growth in revenues, the firm managed to bring down its losses by 53.7% to Rs 9.9 crore in FY24. The losses were at Rs 21.4 crore in the previous fiscal year. Operating cash outflows of IntrCity also improved by 69.8% during the period and stood at Rs 6.1 crore. As of the last fiscal year, the firm's outstanding losses stood at Rs 242.5 crore. During FY24, the travel-tech platform managed to improve its EBITDA margin by 459 BPS to -2.08%. On a unit level, IntrCity spent Rs 1.04 to earn an operating revenue during the said period. IntrCity has Rs 17.4 crore in cash and bank balances while its total assets stood at Rs 41.2 crore for the fiscal year ended March 2024. As per the startup data intelligent platform TheKredible, IntrCity has raised over $50 million to date and was valued at around Rs 912 crore or $110 million in the latest funding round in February this year. Among online travel aggregator (OTA) platforms, MakeMyTrip is the largest player in terms of revenue. Ixigo, EaseMyTrip, Yatra, and Cleartrip are also the key players in the segment.

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