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ProcMart GMV zooms 3X to Rs 621 Cr in FY24; profit slips 56%

EntrackrEntrackr · 10m ago
ProcMart GMV zooms 3X to Rs 621 Cr in FY24; profit slips 56%
Medial

B2B procurement marketplace ProcMart has been growing at a scorching pace over the past two fiscal years, with its gross merchandise value (GMV) spiking 5X in FY23 and FY24 compared to FY22. In FY24, the company achieved 3X GMV growth, but its profit nosedived by 56.5% ProcMart’s gross revenue shot up over 200% to Rs 621.5 crore during the fiscal year ending March 2024 in comparison to Rs 206.07 crore in FY23, the company’s consolidated financial statements sourced from the Registrar of Companies (RoC) show. ProcMart is engaged in the trading business of industrial automation, electrical, mechanical, electronics, IT items, abrasive, fasteners, safety & security items, various tools & consumables. The sale of these products accounted for 98% of the total gross revenue in the last fiscal year. The company also provides business procurement assistance services which formed the remaining part of the GMV during the last fiscal year. Overall, the company generated Rs 624.3 crore in gross revenue including Rs 2.79 crore from interest and gains on financial assets. Moving forward, the cost of materials was found to be the largest burn and formed 93.4% of the total expenses. This cost ballooned 216.3% to Rs 582 crore in FY24. The company spent 3% of its total expenses on employee benefits which stood at Rs 19 crore during the same period. Further, expenses such as transportation, legal & professional, rent et al took over the company’s total cost by 205.6% to Rs 623.4 crore during FY24 from Rs 204 crore in FY23 For the complete expense breakdown, head to TheKredible. Despite accelerating scale, ProcMart barely finished staying in the green. The company’s profits slipped 56.5% to Rs 73 lakh in FY24 against Rs 1.68 crore in FY23. Its operating cash flows however turned positive at Rs 15.81 crore crore during the last fiscal year. FY23-FY24 FY23 FY24 EBITDA Margin 2.28% 1.33% Expense/₹ of Op Revenue ₹0.99 ₹1.00 ROCE 7.33% 5.45% As per TheKredible, the firm’s EBITDA margin and ROCE registered at 1.33% and 5.45%, respectively. On a unit level, ProcMart spent Re 1 to earn a rupee of operating revenue during the previous fiscal year. ProcMar has raised over $40 million in funding to date across three rounds. Its last funding round came in April this year where it raised $30 million funding co-led by Fundamentum and Edelweiss Discovery Fund. As per TheKredible, the company was valued at around Rs 724 crore or $88 million (post-money). The B2B procurement space has been a surprise winner with the storied success of multiple firms. There is however little doubt that margins are thin, prompting changes in the model to contract manufacturing, financing and more by players. ProcMart for now seems to be sticking to the plain vanilla procurement based model. As it scales up, it will be interesting to see if it sticks to the model, or finds its own way into a higher margin revenue stream. Until then, it will know that maintaining a strong growth rate will be the least expected of it.

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Lendingkart posts Rs 1,090 Cr revenue in FY24, profit slips

EntrackrEntrackr · 7m ago
Lendingkart posts Rs 1,090 Cr revenue in FY24, profit slips
Medial

Temasek’s Fullerton recently acquired the troubled fintech firm Lendingkart in a distress sale. The company’s valuation plummeted to around $100 million in the deal, down from its peak of $690 million. While the reasons behind this downfall may become clearer when the firm discloses its FY25 numbers, the company’s profit after tax (PAT) slipped 6% during the fiscal year ending March 2024. We will analyze the company’s expenses in detail in the second half of the story. For now, let’s focus on its revenue streams and their growth. Lendingkart’s revenue from operations increased by 36% to Rs 1,090 crore in FY24 from Rs 798 crore in FY23, its consolidated financial statement sourced from the Registrar of Companies (RoC) shows. Lendingkart is a non-banking finance company (NBFC) that provides working capital and business loans to SMEs across India. It offers loans with an average ticket size of Rs 5 lakh to Rs 6 lakh to MSMEs and has disbursed over Rs 18,700 crore to more than 300,000 businesses. Revenue from co-lending was the primary contributor, accounting for 54% of the operating revenue, which surged by 88% to Rs 591 crore in FY24. Revenue from interest on term loans shrank by 2.86% to Rs 407.81 crore FY24, while commission income spiked 34X to Rs 22.58 crore in FY24. It also made Rs 69.15 crore from other operating activities. The company generated another Rs 127 crore in FY24 from non operating activities which took its total revenue to Rs 1,217 crore in FY24. On the expense side, finance cost was the major factor, which increased by 16.82% to Rs 293.53 crore in FY24. Employee benefit expenses grew by 75.70% to Rs 199 crore while legal charges increased 58.25% to Rs 125.62 crore FY24. Overall, the firm’s total expenses spiked 49.4% to Rs 1,022.7 crore in FY24 from Rs 684.4 crore in FY23. Note: The company recorded Rs 171.67 crore in FY24 and Rs 67.12 crore in FY23 under impairment losses, these amounts have been excluded from the expense or profit calculations. The rising expenses on employee benefits took a toll on Lendingkart's profit which slipped by 6% to Rs 174.92 crore in FY24 from Rs 185.93 crore in FY23. Its ROCE and EBITDA margin stood at 23.33% and 44.39%, respectively. On a unit basis, the company spent Re 0.94 to earn a rupee in FY24. The Ahmedabad-based company reported Rs 768.5 crore in cash and bank balances and had a current asset of Rs 2,110 crore as of FY24. According to TheKredible, Lendingkart has raised a total of Rs 3,217 crore (approximately $452 million) in funding to date. Its leading investors include Temasek, Bertelsmann, Mayfield, and Saama Capital.

True Balance’s profit zooms over 2X to Rs 138 Cr in FY24

EntrackrEntrackr · 11m ago
True Balance’s profit zooms over 2X to Rs 138 Cr in FY24
Medial

True Balance, founded by South Korean entrepreneur Cheolwon Lee, started with a mobile and DTH recharge platform. However, the company’s business dynamics changed drastically after FY21 when it started lending (personal or short-term loans). This shift enabled the company to register over 74X growth in its scale in the past five fiscals as its revenue ballooned to Rs 667 crore in FY24 from Rs 8.95 crore in FY19. For context, the SoftBank-backed firm started lending in FY20 through third parties, and a year later it also got its own NBFC —True Balance. On a fiscal to fiscal basis, True Balance’s operating revenue grew 54.8% to Rs 667 crore in FY24 from Rs 431 crore in FY23, its consolidated financial statements sourced from Registrar of Companies show. True Balance’s personal loan platform usually targets borrowers who are neglected by banks and have no credit scores. The service and processing charges on the loans offered contributed 56% of the firm’s total operating revenue. This income spiked 63.2% to Rs 377 crore in FY24 from Rs 231 crore in FY23. Meanwhile, the income from interest stood at Rs 280 crore in FY24. The penalties on dues and non-operating incomes (interest from fixed and current investments) took True Balance’s overall revenue to Rs 673 crore in the fiscal year ending March 2024 from Rs 433 crore in FY23. See TheKredible for the detailed revenue breakup. For the cash loan firm, the bad debts (NPAs) and their provisions formed 36.2% of its overall cost which increased by 26.3% to Rs 202 crore in FY24 from Rs 160 crore in FY23. The fintech firm had written off the bad debts worth over Rs 114 crore while the rest were the provisions related to the bad debts in FY24. The firm’s spending on employee benefits, finance, advertising, information technology, technical, legal, and other overheads took its overall cost up by 51.4% to Rs 557 crore in FY24. Head to TheKredible for the detailed expense breakdown. Over 50% YoY growth helped True Balance to post a 2.3X jump in its net profits to Rs 138 crore in FY24 from Rs 59 crore in FY23. Its ROCE and EBITDA margins improved to 42.24% and 27.64%, respectively. On a unit level, the ten year-old firm spent Rs 0.84 to earn a rupee in FY24. FY23-FY24 FY23 FY24 EBITDA Margin 22.40% 27.64% Expense/₹ of Op Revenue ₹0.85 ₹0.84 ROCE 32.11% 42.24% According to TheKredible, True Balance has raised $140 million across equity and debt rounds including its $28 million led by SoftBank and Daesung Private Equity. The company raised its last round almost three years back. Looking at the numbers, one can’t help but wonder at not just the numbers, but the impressive balancing act True Balance must manage to stay below the radar of regulators and watchdogs including the RBI. With its short tenure, high interest and high processing charges True Balance tries to balance out its high margins with the promise of 24×7 service and higher risk appetite. But as the delinquency numbers indicate, it must be a high intensity gig, balancing out risks versus margins. Even as margins are winning for now, we still believe the risk of sudden regulatory heavy handedness is intrinsic to its otherwise impressive business. It is also at a stage where the other next stage of growth will be fueled by more debt than equity. Considering the large appetite it can be expected to have to maintain its growth momentum, it will be fascinating to see if it has a trick or two for that too up its sleeve.

Falca crosses Rs 350 Cr revenue in FY24, losses soar 3X

EntrackrEntrackr · 4m ago
Falca crosses Rs 350 Cr revenue in FY24, losses soar 3X
Medial

Falca crosses Rs 350 Cr revenue in FY24, losses soar 3X Full-stack agritech supply chain company Falca has demonstrated consistent growth in its gross merchandise value (GMV). The firm recorded a 65X increase in GMV over the past five fiscal years, with gross revenue rising to Rs 368 crore in FY25 from Rs 5.6 crore in FY20. On a year-on-year basis, Falca’s GMV increased by 27% to Rs 368 crore in FY24 from Rs 289 crore in FY23, its consolidated financial statement sourced from the Registrar of Companies (RoC) shows. Falca offers four key products catering to different aspects of the agricultural supply chain. Suggi supplies agricultural inputs such as seeds and pesticides through a network of physical stores. Samrat is a full-stack solution that provides advisory services, inputs, and market linkage. Siri functions as a trading platform, connecting large farmers, traders, and FPOs with buyers. Lastly, Sampoorna offers mobile and web applications to enhance farm yield and operational efficiency. The sale of these products and services was the sole source of revenue for Falca in the last fiscal year. Outpacing its year-on-year revenue growth, Falca's total expenses rose 30.2% to Rs 384 crore in FY24. The cost of materials remained the largest expense, making up 94% of total expenses. In line with the company's scale, material costs increased by 27%, reaching Rs 362 crore in FY24, up from Rs 284 crore in FY23. Falca’s employee benefit costs doubled to Rs 10 crore, and finance expenses spiked 50% to Rs 3 crore. Other expenses added another Rs 9 crore for the fiscal year ending March 2024. In the end, Falca’s net loss widened threefold to Rs 15 crore in FY24, compared to a Rs 5 crore loss in FY23. The company’s EBITDA margin further declined from -1% in FY23 to -3.14% in FY24. On a unit basis, the company spent Rs 1.04 to earn a single rupee in FY24. Falca’s cash and bank balances dropped by 50% to Rs 4 crore, while current assets declined significantly from Rs 53.5 crore to Rs 24.5 crore. According to startup data intelligence platform TheKredible, it has raised a total of approx $3 million of funding to date, having Kingston Smiler and Inflection Point Ventures as its lead investors.

CityMall hits Rs 450 Cr GMV in FY24 with steady losses

EntrackrEntrackr · 5m ago
CityMall hits Rs 450 Cr GMV in FY24 with steady losses
Medial

CityMall, a social e-commerce platform serving smaller cities and towns, recorded over 23% year-on-year growth for the fiscal year ending March 2024, with its gross revenue exceeding Rs 420 crore. CityMall’s gross revenue (GMV) increased to Rs 427 crore in FY24 from Rs 346.4 crore in FY23, according to its standalone financial statement sourced from the Registrar of Companies (RoC). CityMall sells lifestyle, grocery, and other essentials through a network of community resellers in tier II and III cities. Revenue from product sales accounted for 91.62% of the total operating revenue, which increased by 17.1% to Rs 391.5 crore in FY24. The remaining GMV came from logistics and marketing services, which stood at Rs 35.8 crore. CityMall also made an additional income of Rs 32 crore from interest on deposits and investments that brought its total income to Rs 459 crore in the last fiscal year, compared to Rs 378 crore in FY23. On the expense front, the cost of procurement of products was the largest cost center which rose 20.4% to Rs 390 crore in FY24. CityMall’s employee benefit expenses grew by 7.7% to Rs 91 crore, while transportation costs jumped 45.5% to Rs 56 crore. Overall, the Gurugram-based company’s total expenses increased by 17.7% to Rs 615.2 crore in FY24, compared to Rs 522.7 crore in FY23. In the end, losses for the Accel-backed firm increased by 10% to Rs 159 crore in FY24 from Rs 145 core in FY23. Its ROCE and EBITDA Margins stood at -36.18% and -30.34%, respectively. On a unit basis, the company spent Rs 1.44 to earn a rupee of operating revenue in FY24. The Gurugram-based company reported total current assets of Rs 427 crore at the end of FY24, including Rs 187 crore in cash and bank balance. CityMall has raised over $110 million in funding to date including its $75 million Series C led by Norwest in March 2022. According to the startup data intelligence platform TheKredible Elevation Capital is the largest external stakeholder followed by Accel and Jungle Ventures. DealShare, one of CityMall's closest competitors, saw a 75% decline in gross scale in FY24, while its losses decreased by 66% in the last fiscal.

Extramarks losses drop by 85% to Rs 48 Cr in FY24, revenue slips 37%

EntrackrEntrackr · 5m ago
Extramarks losses drop by 85% to Rs 48 Cr in FY24, revenue slips 37%
Medial

Edtech platform Extramarks has made a significant turnaround in its bottom line, reducing losses by over 85%—from Rs 330 crore in FY23 to Rs 48 crore in FY24. The firm's scale shrank by 37% during the fiscal year ending March 2024. Extramarks’ revenue from operations declined by 36.86% to Rs 233 crore in FY24 from Rs 369 crore in FY23, according to its consolidated financial statements sourced from the Registrar of Companies (RoC). Founded by Atul Kulshrestha, Extramarks provides learning solutions for schools, students, and teachers. It offers Smart Class Plus, a tool designed to modernize traditional teaching methods in schools. The company earns revenue from subscription-based services like live classes, test series, school partnerships, and corporate training, which grew 18.54% to Rs 179 crore in FY24. However, its one-time product sales, including learning tablets, test preparation kits, and study materials, declined 75.23% to Rs 54 crore. The largest cost component, employee benefit expenses, declined 39.75% to Rs 144 crore in FY24. This sharp reduction was driven by a downsized workforce, as the company laid off over 500 employees and reportedly shut down its consumer-facing vertical in September 2023. The cost of materials saw an even sharper decline of 78.57%, settling at Rs 34.5 crore. However, finance costs rose 71.43% to Rs 36 crore. Overall, total expenses decreased 46.4%, falling to Rs 372 crore in the last fiscal year from Rs 694 crore in FY23. Effective expense management helped Extramarks significantly cut its losses, with a net loss of Rs 48 crore in FY24, an 85.45% reduction from Rs 330 crore in FY23. The company also improved its ROCE to -24.19% and EBITDA margin to -11.63% in the last fiscal year. On a unit basis, Extramarks spent Rs 1.60 to earn a rupee of revenue in FY24. The Noida-based company reported current assets worth Rs 190 crore in FY24 including Rs 49 crore of cash and bank balance. According to startup data intelligence platform TheKredible, Extramarks has raised a total of $44 million in funding from Reliance Industries’ Infotel Group. While Infotel’s current stake in the firm could not be ascertained, it reportedly acquired a 38.5% stake in Extramarks in 2023.

NephroPlus posts Rs 566 Cr revenue and Rs 35 Cr profit in FY24

EntrackrEntrackr · 2m ago
NephroPlus posts Rs 566 Cr revenue and Rs 35 Cr profit in FY24
Medial

NephroPlus posts Rs 566 Cr revenue and Rs 35 Cr profit in FY24 Dialysis service provider NephroPlus reported a 29% year-on-year increase in operating revenue for the fiscal year ending March 2024. Significantly, the Hyderabad-based company turned profitable during the period, marking a notable recovery from a Rs 12 crore loss in FY23. NephroPlus’ operating revenue grew to Rs 566 crore in FY24 from Rs 438 crore in FY23, according to its consolidated financial statement sourced from the Registrar of Companies (RoC). NephroPlus runs over 275 dialysis centers in more than 170 cities in India and treats nearly 20,000 patients on a monthly basis. Revenue from these services accounted for 95% of the company’s income in FY24. On the expense side, the largest component of expenditure remained the cost of materials, which rose 19% to Rs 169 crore, accounting for over 31% of the total spend. Employee benefit expenses dropped slightly to Rs 91 crore from Rs 97 crore in FY23, while healthcare professional fees surged by 90% to Rs 59 crore. Hospital fees also increased to Rs 56 crore from Rs 48 crore, and other operational expenses climbed to Rs 166 crore. Overall, NephroPlus reported total costs rose 19.7% to Rs 541 crore in FY24. The strategic focus on cost discipline and improved margins helped NephroPlus post a net profit of Rs 35 crore in FY24, as compared to a net loss of Rs 12 crore a year earlier. Its ROCE and EBITDA margin improved to 9.40% and 18.96% respectively. On a unit basis, NephroPlus spent Rs 0.96 to earn a rupee of revenue in FY24. As of March 2024, the company reported current assets worth Rs 390 crore in FY24, out of which Rs 61 crore were in cash and bank balances. According to startup data intelligence platform TheKredible, NephroPlus has raised approximately $212 million in funding to date, having IFC and Besemer Venture Partners as its lead investors. The company’s co-founder and CEO Vikram Vuppala owns 11.6% of the company. Recently, NephroPlus acquired seven new dialysis clinics in the Philippines. The firm is also planning to start its clinics in Saudi Arabia later this year.

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