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Probo turns profitable as it posts 32X growth in FY23

EntrackrEntrackr · 1y ago
Probo turns profitable as it posts 32X growth in FY23
Medial

Event-based trading platform Probo registered hyper-growth in the last fiscal year with its operating scale blowing up 32X in FY23. Significantly, the Peak XV-backed firm also turned profitable for the first time during the said period. Probo’s revenue from operations skyrocketed to Rs 86.37 crore in FY23 from Rs 2.66 crore in FY22, according to its annual financial statements filed with the Registrar of Companies (RoC). Founded by Sachin Gupta and Ashish Garg in 2019, Probo is an event trading platform that allows users to trade their opinions on future events in various categories such as cricket, politics, football, finance, entertainment, and startups among others. Platform fees received from the users for participating in the contest were the primary source of income, accounting for 96% of the total operating revenue in the last fiscal year. Collection from this segment grew 34.2X to Rs 83 crore in FY23. Its allied services and interest income on long-term investments (non-operating activities) tallied Probo’s total revenue to Rs 93.83 crore in FY23 from Rs 3.97 crore in FY22. It’s worth noting that this income didn’t fall under the new General Service Tax (GST) structure which mandates a charge of 28% GST on deposits. The new taxation regime is slated to eat up a significant margin of companies like Probo, MPL, and Dream11, among many others. Moving to the cost sheet, its advertising cum promotional cost formed around 52.75% of the total expenses which shot up 2.3X to Rs 52 crore in FY23. Probo also saw a 3.6X surge in its employee benefits. The firm’s burn on information technology, legal/professional, conveyance, and other overheads led its overall expenditure up by 2.8X to Rs 98.67 crore in FY23 from Rs 34.4 crore in FY22. Head to TheKredible for a detailed expense breakup. Expense Breakdown Total ₹ 34.4 Cr https://thekredible.com/company/probo/financials View Full Data To access complete data, visithttps://thekredible.com/company/probo/financials Total ₹ 98.67 Cr https://thekredible.com/company/probo/financials View Full Data To access complete data, visithttps://thekredible.com/company/probo/financials Advertising and Promotional expenses Employee Benefit Information technology expenses Legal professional charges Miscellaneous expenses Others To check complete Expense Breakdown visit thekredible.com View full data The multifold scale and controlled expenditure helped Probo to turnaround its fundamentals and register a profit of Rs 3.71 crore in FY23 as compared to Rs 30.43 crore loss in FY22. Its ROCE and EBITDA margin recorded at -2% and -4.6% respectively. On a unit level, it spent Rs 1.14 to earn a rupee in FY23. Probo has raised around $18-20 million across several rounds. According to the startup data intelligence platform TheKredible, Peak XV is the largest external stakeholder with 21.72% followed by Elevation Capital and The Fundamentum Partnership. Its co-founders Gupta and Garg cumulatively command 45.5% stake in the company. FY22-FY23 FY22 FY23 EBITDA Margin -761% -4.6% Expense/₹ of Op Revenue ₹12.93 ₹1.14 ROCE -17% -2% The ‘prediction’ business remains a very young, although promising avenue for growth in India. As the market evolves, expect the industry to change too, creating many winners and losers, somewhat like their users like to predict. For Probo, the experience it has already acquired along with a user base, besides the obvious advantage of low to zero burn now, positions the firm very well to build on this base.

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Traya posts 236 Cr revenue in FY24; turns profitable

EntrackrEntrackr · 1y ago
Traya posts 236 Cr revenue in FY24; turns profitable
Medial

Traya recorded over threefold year-on-year growth, with its revenue crossing Rs 230 crore during the previous fiscal year ending March 2024. Moreover, with this pace, the Mumbai-based company became profitable in the same period. Traya’s revenue from operations surged 3.8X to Rs 236 crore in FY24 from Rs 61 crore in FY23, its annual financial statements sourced from the Registrar of Companies show. Established in 2019, Traya focuses on addressing hair loss at its core by identifying the underlying causes. It provides personalized hair solutions and guidance from a team of experienced hair coaches and physicians. Income from product sales accounted for 99.36% of Traya's total operating revenue, which rose to Rs 234.5 crore in FY24, up from Rs 61 crore in FY23. The rest income came from courier services and doctor consultation fees. Moving on to the expense part, marketing and sales accounted for 43% of the overall expenditure. This cost grew twofold to Rs 98 crore in FY24 from Rs 51 crore in FY23. To the tune of scale, the cost of procurement of materials surged 3.6X to Rs 54 crore in FY24. Traya’s employee benefits also saw a 4X surge to Rs 36 crore in FY23. Other overheads including freight, legal, and travelling increased the overall cost by 154% to Rs 229 crore in FY23 from Rs 90 crore in FY23. The 3.8X growth in scale enabled Traya to achieve a notable profit of Rs 9 crore in FY24, a stark contrast to the Rs 28 crore loss in FY23. Its ROCE and EBITDA margin improved to 8.7% and 5.04%, respectively. On a unit basis, the company spent Rs 0.97 to earn a rupee in FY24. Traya's total current assets recorded at Rs 159 crore, with a cash balance of Rs 85 crore at the end of the previous fiscal year. According to startup-data intelligence platform TheKredible, Traya has raised approximately Rs 96 crore to date, including Rs 75 crore in funding from Xponentia Capital in April this year. The company counts notable investors such as Fireside Ventures, Kae Capital, Xponentia Capital, and Whiteboard Capital.

Probo posts Rs 459 Cr revenue and Rs 92 Cr profit in FY24

EntrackrEntrackr · 11m ago
Probo posts Rs 459 Cr revenue and Rs 92 Cr profit in FY24
Medial

Probo’s revenue from operations surged to Rs 459 crore in FY24 from Rs 86 crore in FY23, according to its consolidated annual financial statements sourced from the Registrar of Companies (RoC). Founded by Sachin Gupta and Ashish Garg in 2019, Probo is an event trading platform that allows users to trade their opinions on future events in various categories, such as cricket, football, finance, entertainment, and startups, among others. The primary revenue source for Probo was platform fees collected from users for contest participation, accounting for 97.8% of the total collection. This income grew 5.4X to Rs 449 crore during the last fiscal year. Income from allied services and other sources, including interest income from current investments, brought Probo’s total income to Rs 474 crore during the last fiscal year. Advertising and promotion accounted for 77% of Probo’s total expenses, soaring 5.2X to Rs 271 crore in FY24 from Rs 52 crore in FY23. Meanwhile, employee benefit expenses grew by 27% to Rs 28 crore in FY24. Information technology, platform integration, legal, traveling, and other overheads took the overall cost up by 3.5X to Rs 351 crore in FY24. The combination of strong revenue growth and controlled costs enabled Probo’s net profit to surge 25X, to Rs 92 crore in FY24, up from Rs 3.7 crore in FY23. The Peak XV-backed firm spent Re 0.76 to earn a rupee during the fiscal year ending March 2024. Probo’s return on capital employed (ROCE) rose to 42.6%, while its EBITDA margin improved to 26.1%. By the end of FY24, the company's total current assets stood at Rs 274 crore, with cash and bank balances amounting to Rs 169 crore. Probo has raised around $28 million across several rounds. According to the startup data intelligence platform TheKredible, Peak XV is the largest external stakeholder, with 21.72%, followed by Elevation Capital and The Fundamentum Partnership. Probo is on to a good thing as long as it can keep growing its flock, especially its core user base. It’s clearly doing it right, going by the sharp rise in metrics across the board.

Amagi posts Rs 705 Cr revenue in H1 FY26; turns profitable

EntrackrEntrackr · 8d ago
Amagi posts Rs 705 Cr revenue in H1 FY26; turns profitable
Medial

Fintrackr All Stories Amagi posts Rs 705 Cr revenue in H1 FY26; turns profitable Bengaluru-based SaaS firm Amagi's financials show that the company turned profitable in the first half of FY26, aided by strong revenue growth and improving cost efficiency. Amagi’s operating revenue grew 34.5% to Rs 705 crore in H1 FY26 from Rs 524 crore in H1 FY25, according to its financial statements included in the Red herring prospectus (RHP). The company derives the bulk of its revenue from distribution and payout services, which contributed nearly 98% of operating revenue. Income from this segment rose 36% to Rs 690 crore during the period. Revenue from AdPlus remained largely flat at Rs 15 crore. Including other income of Rs 29 crore, Amagi’s total income increased to Rs 734 crore in H1 FY26 from Rs 551 crore in H1 FY25. Employee benefit expenses, the largest cost component, rose 12.5% to Rs 386 crore and accounted for over 53% of total expenditure. Communication costs increased 32.5% to Rs 216 crore, forming nearly 30% of overall expenses. Other overheads such as legal and professional charges declined to Rs 27 crore, while travel and other expenses together added Rs 71 crore during the period. Overall, total expenses increased at a slower pace of 18.2% to Rs 722 crore in H1 FY26 from Rs 611 crore in H1 FY25. With Amagi’s revenue outpacing the expense growth, it turned profitable in the first half of FY26 and posted a profit of Rs 6.5 crore in H1 FY26, as compared to a loss of Rs 66 crore in H1 FY25. As of September 2025, the Bengaluru-based firm reported cash and bank balances of Rs 397 crore, while its current assets stood at Rs 1,177 crore.

Leegality turns profitable with 87% revenue growth in FY24

EntrackrEntrackr · 1y ago
Leegality turns profitable with 87% revenue growth in FY24
Medial

Document infrastructure platform Leegality maintained its growth trajectory in the fiscal year ending March 2024. After achieving 100% revenue growth in FY23, the IIFL Fintech Fund-backed company reported an 87% spike in scale in the latest fiscal year. Leegality’s revenue from operations jumped to Rs 62 crore in FY24, as per its financial statement filed with the Registrar of Companies. Leegality enables businesses to digitally transform document logistics, eliminating physical paperwork in the lending ecosystem by providing digital infrastructure, including eSign and eStamping solutions. The sale of these services was the only source of collection for the firm in FY24. Leegality additionally earned Rs 4.2 crore from interest on bank deposits, bringing its total income to Rs 66.41 crore in FY24, a substantial increase from Rs 35.51 crore in FY23. Looking at expenses, employee benefit was the major contributor, accounting for 56% of total costs, increasing by 62.5% to Rs 36.4 crore in FY24 from Rs 22.4 crore in FY23. E-Sign Charges made up 15% of total expenses, rising 2.3 times to Rs 9.5 crore.Tech infrastructure formed 10% of expenses, growing by 55% to Rs 6.6 crore. Other costs, including stamp processing, advertising, and legal fees, brought total expenses to Rs 65 crore during the last fiscal year, reflecting a 66% increase from Rs 39 crore in FY23. With significant revenue growth, Leegality turned profitable in FY24, reporting a profit of Rs 1.11 crore, compared to a loss of Rs 3.5 crore in FY23. Its ROCE and EBITDA margin stood at -2.75% and 3.33%, respectively. On a unit-basis level, the company spent Rs 1.04 to earn each rupee of operating revenue in FY24. FY23-FY24 FY23 FY24 EBITDA Margin -8.53% 3.33% Expense/₹ of Op Revenue ₹1.18 ₹1.04 ROCE -7.49% 2.75% Even though it operates in a fairly competitive space, Leegality’s turn to profitability indicates the ‘sensible’ economics within the segment. Even as more and more transactions and the documentation required are being digitised, the scope of work for Leegality and its peers will only increase, providing a clear pathway to growth. The only risk we can see is any government backed alternative like say, Digilocker which expands services to overlap with what these offer.

Shadowfax posts Rs 1,885 Cr revenue in FY24, turns EBITDA profitable

EntrackrEntrackr · 1y ago
Shadowfax posts Rs 1,885 Cr revenue in FY24, turns EBITDA profitable
Medial

Shadowfax, one of India's leading new-age logistics and delivery platforms, delivered a strong financial performance in FY24, reducing its losses by 90%. Simultaneously, the company recorded over 33% year-on-year growth in operating revenue, and turned EBITDA positive with Rs 23 crore for the fiscal year ending March 2024. The Flipkart-backed firm’s revenue from operations spiked to Rs 1,884.8 crore in the last fiscal year, from Rs 1,415 crore in FY23, as per its annual financial statements filed with the Registrar of Companies. Shadowfax claims to provide 3PL logistics (third party logistics) to e-commerce and D2C firms across 2,500 cities and 18,000 pin codes in the country. The sale of logistics and delivery services are the only source of revenue for Shadowfax. Co-founder and chief executive Abhishek Bansal attributed the company’s sustainable growth in FY24 to its focus on value-added services, including reverse logistics, same-day delivery, and quick commerce offered through its Flash service. “While most logistics companies have chosen to focus on a single service and transition into B2B, Shadowfax has remained in the B2C space. Quick commerce gives us an edge, as we are the only 3PL offering these services,” said Abhishek Bansal, co-founder and CEO of Shadowfax, in a telephonic conversation with Entrackr. The company also generated Rs 11.6 crore from non-operating activities, contributing to a total income of Rs 1,896.4 crore in FY24. On the expense side, transportation and distribution (delivery partners) expenses accounted for the bulk of costs, surging 24.7% to Rs 966.2 crore in FY24. This cost represents 50.63% of total expenses during the last fiscal year. Vehicle running costs increased by 35.8% to Rs 394.5 crore, while costs related to lost shipments rose by 39.7% to Rs 94.6 crore. Employee benefit expenses marginally declined to Rs 211.5 crore, constituting 11.08% of total expenses, whereas other costs added another Rs 241.5 crore. Overall, the Bengaluru-based firm’s total expenses rose by 21.9% to Rs 1,908.3 crore in FY24. By the end of FY24, the company's net loss declined by 92% to Rs 11.8 crore, compared to Rs 142.6 crore in FY23. Shadowfax also achieved a positive EBITDA of Rs 23 crore in the last fiscal. Its ROCE and EBITDA margin stood at -1.06% and 1.21%, respectively. On a unit basis, Shadowfax spent Rs 1.01 to earn a rupee of operating income in the last fiscal year. The company’s assets nearly doubled, rising to Rs 619.5 crore in FY24 from Rs 320.8 crore in FY23. Its cash and bank balance at the end of FY24 stood at Rs 102.8 crore. Just before FY24 ended, Shadowfax scooped up $100 million Series E round led by TPG NewQuest. Recently, Uber has partnered with Shadowfax to integrate its two-wheeler fleet with UberMoto, allowing Shadowfax to offer bike-taxi services during lean hours. Reports indicate that the Bansal-led company is gearing up to launch its initial public offering (IPO). It will join industry peers like Delhivery and Blackbuck, which are already listed on the stock exchange, while another player, Ecom Express, has also secured SEBI approval for its IPO. Shadowfax has emerged as the fastest-growing logistics company in India, evident from its performance relative to competitors. Ecom Express recorded a modest 2.3% growth, reporting flat revenue of Rs 2,607 crore in FY24. Meanwhile, listed competitor Delhivery posted 12.7% year-on-year revenue growth in the last fiscal year.

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