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Practo posts flat revenue in FY23, losses down 58%
Entrackr
·
1y ago
Medial
Digital healthcare platform Practo saw a marginal dip in its scale in FY23, with a 3.2% decrease in revenue from operations compared to the previous year. However, the company managed to reduce its losses by 58%. Practo connects doctors with patients and offers ancillary services like telemedicine and pathology. The revenue breakup reveals that income from diagnostic and consulting services formed 50% of the total operating revenue. The company's overall expenditure was mainly driven by employee benefits, which accounted for 49% of the costs. Practo will need to adapt in a changing market to remain relevant.
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Tencent-backed Practo narrows losses in FY23, aims to accelerate revenue growth
VCCircle
·
1y ago
Medial
Tencent-backed Practo aims to accelerate revenue growth as it narrows losses in FY23. The digital healthcare platform is looking to increase its revenue by up to 44% while focusing on positive cash flow. Practo, based in Bengaluru, saw flattish revenue growth in the previous financial year.
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Exclusive: Healthcare startup Practo reduces workforce
Entrackr
·
1y ago
Medial
The digital healthcare platform Practo is now among the several startups that have conducted significant layoffs to cut costs and focus on profitability, according to three sources familiar with the details. “Practo has laid off over 20% of its workforce earlier this week,” said one of the sources requesting anonymity. Practo has also confirmed that it has let some staff go. However, the company did not disclose the total number of workforce impacted. Last year, Practo laid off 41 employees mostly from the engineering team part of the company’s continuous performance management and planning process, amid funding winter. Practo has raised a total of $179 million to date, including a $55 million Series D round led by China’s Tencent, and other existing investors, at around a $600-650 million valuation. According to the startup data intelligence platform, TheKredible, Sequoia Capital is the largest stakeholder in Practo with 33.8% shares, followed by Tencent and AIA Hong Kong, which command 9.9% and 6.6% stakes, respectively. Founded in 2008, Practo connects doctors with patients and offers several ancillary services such as telemedicine, pathology, and medicines. The platform claims to have 150,000 doctor partners, and around 1.7-1.8 million annual visitors to its platform. It is present across 720 cities, and 13,900 pin codes across 20 countries. Practo also claims to be profitable in the ongoing fiscal year. In FY23 the healthcare startup posted flat revenue at Rs 211 crore whereas its loss dwindled by 58% to Rs 99.4 crore during FY23.
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Fittr posts flat scale in FY24; losses trims 73%
Entrackr
·
6m ago
Medial
Fintrackr Fittr posts flat scale in FY24; losses trims 73% Fitness tech startup Fittr has encountered growth challenges, with its revenue remaining flat over the past three years. However, the losses for the Rainmatter Capital-backed company decreased substantially in the last fiscal year. Fittr’s revenue from operations saw a modest 3% decrease to Rs 85 crore in FY24, from Rs 87.5 crore in FY23, as per its consolidated financial statement sourced from the Registrar of Companies (RoC). Founded by Jitendra Chouksey, Sonal Singh, Jyoti Dabas, Rohit Chattopadhyay, and Bala Krishna Reddy, Fittr is a community-based health and online fitness marketplace. It creates customized workout plans based on fitness goals, equipment available, time available, and exercise style preferences. Revenue from fitness and wellness online services contributed the majority at Rs 80 crore, despite a 4.42% decline compared to 83.7 crore in FY23. New revenue streams like smart ring sales added Rs 80 lakh, while academic fees and other income sources contributed Rs 2.8 crore and Rs 1.4 crore, respectively. The company earned an additional Rs 1.3 crore from non-operating revenue which pushed its total revenue to Rs 86.3 crore in FY24. Fittr’s total expenses declined significantly by 26% to Rs 97 crore in FY24 from Rs 131 crore in FY23. The reduction was driven by a 36.2% cut in employee benefits (Rs 20.8 crore), a 65.8% reduction in advertising costs (Rs 8.4 crore), and a 30% decrease in other overheads (Rs 13.5 crore). Expenditure on consultants and study material, the largest cost component, remained stable at Rs 54.3 crore. With the controlled expenses across verticals, Fittr’s losses shrank by 73.5% to Rs 11 crore in FY24 from Rs 41.5 crore in FY23. Its ROCE and EBITDA margin stood at -38.89% and -10.66% respectively. Fittr’s expense-to-earning ratio stood at Rs 1.14. As of March 2024, the firm reported Rs 46.5 crore of current assets including Rs 27.8 crore of cash and bank balance. According to TheKredible, Fittr has secured a total funding of $17 million to date including a $3.5 million round led by Zerodha-backed venture fund Rainmatter. Surge, Dream Capital (now shut down), and Elysian Park are other notable investors of Fittr.
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Purple Style Labs posts Rs 372 Cr revenue in FY23, cuts losses
Entrackr
·
1y ago
Medial
Purple Style Labs, an omnichannel luxury fashion platform, experienced rapid growth with a revenue increase of over eight-fold in the last two fiscal years. Its revenue from operations reached Rs 372 crore in FY23, compared to Rs 44 crore in FY21. The Mumbai-based company also managed to narrow down its losses significantly in the fiscal year ending March 2023. Purple Style Labs primarily generates revenue from the sale of designer fashion and lifestyle products, with a significant contribution from its UK-based subsidiary. The company's expenses include material procurement, advertising and marketing, employee benefits, and other overheads. Despite the growth, Purple Style Labs still posted losses in FY23.
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LeadSquared losses mount 2.5X in FY23, revenue grows 32%
Entrackr
·
1y ago
Medial
SaaS platform LeadSquared saw a 2.5X increase in losses in FY23, despite a 32.6% growth in revenue from operations. The company provides sales, marketing, and onboarding automation solutions and its software services formed the majority of its operating revenue. LeadSquared counts Byju's, Dunzo, Practo, and others as its clients. Employee benefits accounted for a significant portion of the company's expenditure. The firm's losses stood at INR 161 crore in FY23, with a negative ROCE and EBITDA margin. LeadSquared faces stiff competition from global players like Salesforce.
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Practo cuts losses by 50% in FY23; aims to turn profitable in FY24
IndianStartupNews
·
1y ago
Medial
Telemedicine platform Practo has made significant progress in improving its financial performance for the fiscal year 2023 (FY23). The company managed to reduce its losses by over 50% and increase the revenue by 3%. Practo attributed this improvement to its focus on organic growth, new monetization models, and operational efficiencies. The B2B segment contributed to approximately 80% of the company's overall revenues. Practo aims to achieve profitability in FY24 and is planning to establish an offline presence through branded clinics. The company also highlighted the significant growth in online doctor consultations during the COVID-19 pandemic.
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Exotel posts flat scale in FY24; losses shrink 61%
Entrackr
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7m ago
Medial
Fintrackr All Stories Exotel posts flat scale in FY24; losses shrink 61% Exotel’s revenue from operations increased 5.7% to Rs 444 crore in FY24 from Rs 420 crore in FY23, its consolidated annual financial statements sourced from the Registrar of Companies show. Kunal Manchanada 26 Dec 2024 11:55 IST Follow Us New Update Bengaluru-based cloud telephony platform Exotel reported flat growth for the fiscal year ending March 2024. Despite stagnant revenue, the company significantly improved its financial health, narrowing losses by more than 60%. This improvement was driven by strategic cost-cutting measures, particularly in employee benefits and advertising expenses. Exotel’s revenue from operations increased 5.7% to Rs 444 crore in FY24 from Rs 420 crore in FY23, its consolidated annual financial statements sourced from the Registrar of Companies show. Exotel provides cloud-based voice and SMS contact center solutions, enabling businesses to manage customer engagement efficiently. Its primary revenue stream comes from offering internet-enabled cloud communication services. Exotel also makes money through software licensing, chatbot services, and sales of its products, including APIs, browser extensions, software development kits, and mobile applications. Exotel has not provided the income bifurcation of above mentioned- services. However, 14% of its business came from Southeast Asia, the Middle East, and Africa in FY24. The company also added Rs 16 crore mainly from interest on deposits and investments, tallying the overall revenue to Rs 460 crore in FY24, compared to Rs 447 crore in FY23. For the cloud-based voice and SMS contact center firm, the cost of telephone and postage formed 39% of its overall cost which increased 10.2% to Rs 195 crore in FY23. Exotel managed to keep its employee benefits in check, which saw a reduction of 24% in FY24 to Rs 186 crore, as compared to Rs 245 crore in FY23. It’s worth noting that Exotel went through layoff during FY24, reducing its workforce by 15%. Its decreased advertising, legal, payment gateway, traveling, information technology, and other overheads took the total expenditure to Rs 499 crore in FY24 from Rs 555 crore in FY23. See TheKredible for the detailed expense breakup. Despite the modest growth in scale, the company managed to control its expenditures, resulting in its losses shrinking by 60.6% to Rs 43 crore in FY24 from Rs 109 crore in FY23. According to Fintrackr, Exotel’s EBITDA losses stood at Rs 16 crore in FY24. Exotel’s expense-to-revenue ratio was recorded at Rs 1.12, with ROCE and EBITDA margins of -8.9% and -3.48%, respectively. According to the annual statements, its total current assets were registered at 379 crore, with cash and bank balances of Rs 206 crore as of March 2024. The company has raised over $100 million so far including a $40 million Series D round led by Steadview Capital in 2022. According to the startup data intelligence platform TheKredible, A91 Partners is the largest external stakeholder with a 25.7% stake followed by Blume Ventures. Exotel directly competes with Gupshup-owned Knowlarity, MyOperator, Ozonotel, and Tata Communications, and a few others. exotel Advertisment Disclaimer: Bareback Media has recently raised funding from a group of investors. Some of the investors may directly or indirectly be involved in a competing business or might be associated with other companies we might write about. This shall, however, not influence our reporting or coverage in any manner whatsoever. You may find a list of our investors here. Subscribe to our Newsletter! Be the first to get exclusive offers and the latest news Subscribe Now Related Articles LIVE ShopKirana struggles to scale in FY24, narrows losses by 30% LIVE LEAD hits Rs 350 Cr revenue milestone in FY24; cuts losses by 56% LIVE Simplilearn cuts losses by 56% in FY24, revenue growth stagnates LIVE Curefoods reports Rs 635 Cr income in FY24, halves losses LIVE Mintifi reports Rs 92 Cr PAT on Rs 384 Cr revenue in FY24 Read the Next Article
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OkCredit lost Rs 428 Cr to earn Rs 9 Cr since incorporation
Entrackr
·
1y ago
Medial
OkCredit, a digital ledger app for small and medium-sized businesses, has struggled to generate significant revenues despite receiving a $90 million investment from investors like Lightspeed and Tiger Global. The company reported an operating revenue of Rs 26 lakh in FY18 but failed to generate any revenue in FY19 and FY20. Its revenue from operations grew over 21 times to Rs 8.3 crore in FY23 but its outstanding losses reached Rs 428.5 crore. Employee benefit expenses were the largest cost center, accounting for 45.7% of total expenses. The company's losses decreased by 58% to Rs 47.7 crore in FY23.
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Oyo posts Rs 5,464 Cr income in FY23, loses 1287 Cr
Entrackr
·
1y ago
Medial
Oyo reported a revenue of Rs 5,464 crore in FY23, growing at a rate of 14.3% compared to the previous fiscal year. The company has narrowed down its losses by 33.7% to Rs 1,287 crore. A significant portion of Oyo's revenue (75%) comes from outside India, while domestic income accounts for 25%. The firm aims to achieve its first-ever profit in the second quarter of FY24. Oyo has raised over $3.4 billion in funding and its largest stakeholder is SoftBank with a 42.62% stake.
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Amazon Pay FY23 revenue growth remains flat at Rs 2,093 crore, losses down 13%
Economic Times
·
1y ago
Medial
Amazon Pay, the digital payments arm of Amazon, has reported flat revenue growth of Rs 2,093 crore for FY23. However, the company has managed to reduce its losses by 13%. It is evident that despite stagnant revenue, Amazon Pay is making efforts to improve its profitability.
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