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Physis Capital crosses Rs 200 Cr in funding

EntrackrEntrackr · 29d ago
Physis Capital crosses Rs 200 Cr in funding
Medial

Physis Capital crosses Rs 200 Cr in funding Physis Capital, the growth-stage venture fund launched by Vinay Bansal, Ankur Mittal, and Mitesh Shah of Inflection Point Ventures, has raised over Rs 200 crore ($23 million) in its ongoing fundraise. According to the company, the final close is expected within the next 6 to 9 months. The fund focuses on tech-driven startups from Pre-Series A to Series B and aims to build a concentrated portfolio of 15–20 companies. It will invest $1–1.5 million initially, with follow-on cheques of $1–4 million for high-performing portfolio companies. Physis Capital has already backed three startups Ben & Gaws, CTPL, and STAGE and has 8 more deals in the pipeline, with 3–4 expected to close in the next two quarters. The fund has seen participation from leading institutions and family offices including SUD Life, Haldiram’s Family Office, Lotus Holdings, and Narayana Nethralaya. “With strong support from marquee investors and a clear focus on founder-first investing, Physis Capital is well-positioned to back the next wave of high-impact startups in India. We are on track to build a portfolio of over 15 companies by the first half of next year,” said Vinay Bansal, General Partner, Physis Capital. In March 2022, angel investment platform Inflection Point Ventures (IPV) had announced the launch of its $50 million new fund Physis Capital with a green shoe option of another $25 million. Later in May 2023, Physis Capital announced its first close of CAT II $50 million fund.

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Physis Capital marks second investment of Rs 5 Cr in CTPL

EntrackrEntrackr · 8m ago
Physis Capital marks second investment of Rs 5 Cr in CTPL
Medial

Admissions as a service platform Creanovation Technologies Pvt. Ltd (CTPL) has raised Rs 5 crore from growth-stage focused Physis Capital. This is the second investment by the $50 million fund. Earlier this year, the fund invested in Ben & Gaws. Founded by Bikash Sahoo, CTPL features customizable workflows, CRM-driven lead management, and AI-powered decision-making for more efficient admissions. Beyond admissions, CTPL’s NextGen Academy offers industry-collaborative courses to prepare students for the future job market. It helps educational institutions increase revenue and improve overall efficiency. The Gurugram-based startup claims to have doubled its revenue year on year for the past three years, while remaining profitable and is set to enter international markets this year. CTPL has raised a total of $4 million in a mix of dilutive and non-dilutive capital in this round. Physis Capital, the venture capital fund established by the team behind Inflection Point Ventures (IPV), is known for investing in companies like Bharat Pe, Blusmart, VideoVerse, Milkbasket, Samosa Party, Stage, and Otipy. It targets startups from pre-Series A to Series B.

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.

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.

Glance crosses Rs 600 Cr revenue in FY24 with improved economics

EntrackrEntrackr · 7m ago
Glance crosses Rs 600 Cr revenue in FY24 with improved economics
Medial

Consumer technology company Glance has demonstrated impressive financial performance over the past two fiscal years (FY23 and FY24) registering a 3.4X growth from Rs 178 crore or $22 million in FY22 to Rs 614 crore or $73.1 million during the fiscal year ending March 2024. Glance’s revenue from operations grew 89% year-on-year to Rs 614 crore in FY24 from Rs 325 crore in FY23, according to its consolidated financial statements filed by the group’s holding entity in Singapore. Launched in 2019, Glance which is part of InMobi's ecosystem, is known for its AI-powered smart lock screen platform that transforms the way users engage with their smartphones. It has a user base of over 300 million. It brings together other consumer platforms like Roposo (shoppertainment) and Nostra (gaming) Advertising services contributed 54.7% of total revenue, growing by 35.7% to Rs 336 crore in FY24 from Rs 248 crore in FY23. Revenue from the commerce (shoppertainment) segment stood at Rs 254 crore. Glance also earned Rs 15.9 crore from financial income (interest) which tallied the overall revenue to Rs 640 crore in FY24. Like many technology startups, employee benefits were the largest cost driver for Glance, accounting for 28.28% of its total expenses. This cost saw a marginal increase, rising to Rs 444 crore in FY24 from Rs 424 crore in FY23. It includes Rs 71.4 crore as ESOP cost. Glance’s shipping, marketing/selling, and infrastructure costs stood at Rs 200 crore, Rs 436 crore and Rs 201 crore, respectively. Software, publisher, legal, and travel are some other overheads that took the overall burn to Rs 1,569 crore in FY24 from Rs 1,448 crore in FY23. The decent scale and controlled expenditure helped Glance to reduce its losses by 15% to Rs 929 crore in FY24 from Rs 1,094 crore in FY23. Notably, this marks the first fiscal year in which the company narrowed losses. Its ROCE and EBITDA margin stood at -1191% and 134.9% respectively. On a unit level, it spent Rs 2.55 to earn a rupee in FY24. Glace has raised around $390 million and was valued at $1.6 billion in its last round of $200 million led by the Jio Platform in 2022. According to the startup data intelligence platform TheKredible, Jio Platform is the largest external stakeholder with 20.27% followed by Google which owns 10.13%. Its parent company InMobi commands 50.45% of the company. Glance’s current assets stood at Rs 428 crore. As per the Fintrackr estimates, its enterprise value to revenue multiple was 21.8X.

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.

Bakingo crosses Rs 200 Cr revenue in FY24 with marginal losses

EntrackrEntrackr · 6m ago
Bakingo crosses Rs 200 Cr revenue in FY24 with marginal losses
Medial

Fintrackr All Stories Bakingo crosses Rs 200 Cr revenue in FY24 with marginal losses Online bakery brand Bakingo recorded a 43% year-on-year growth during the last fiscal year ending March 2024. However, in pursuit of expansion, the losses for the Gurugram-based company increased marginally in the same period. Bakingo’s revenue from operations grew by 43% to Rs 208.7 crore in FY24, compared to Rs 145.7 crore in FY23, its consolidated financial statements sourced from the Registrar of Companies (RoC) show. Founded by Himanshu Chawla, Shrey Sehgal, and Suman Patra, Bakingo offers a variety of cakes and desserts, including its signature Cheesecake, Gourmet Cakes, Jar Cakes, and over 100 SKUs. The sale of these products was the only source of revenue for Bakingo. For the bakery firm, the cost of product procurement accounted for 42.2% of its overall expenditure. To the tune of scale, this cost increased 43% to Rs 90 crore in FY24. Its employee benefit grew by 40% to Rs 31.6 crore, while advertising expenses rose by 38% to Rs 27.7 crore. Platform commission fees also saw a jump of 65% to Rs 26.2 crore. Overall, Bakingo’s total expenses rose by 46% to Rs 213.8 crore in FY24 from Rs 146.3 crore in FY23. The surge in employee benefits, advertising, and procurement costs outpaced the revenue growth, resulting in its losses to increase to Rs 5.3 crore in FY24. Its ROCE and EBITDA margin stood at -6.05% and -0.98% respectively. Bakingo’s expense-to-revenue ratio was recorded at Rs 1.02 with total current assets of Rs 96.5 crore during FY24. Bakingo has raised $16 million (Rs 130 crore) to date, which was its maiden round led by Faering Capital last year at a valuation of Rs 571 crore. According to Fintrackr’s estimates, its enterprise value to revenue multiple stood at 2.7X. The growth in the last year seems to be an outcome of being able to optimise operations to a higher level. In a discretionary category with very high competition, we believe Bakingo still has work to do on the brand, quality perception and distribution to keep growing. For now, it seems to be simply a branded offering for those looking to buy from one, rather than the neighborhood shop or bakery. Signature offerings, better word of mouth, and perhaps even packaging are all gaps that need work.

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