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Quikr posts Rs 51 Cr revenue in FY23, losses shrink 62%

EntrackrEntrackr · 1y ago
Quikr posts Rs 51 Cr revenue in FY23, losses shrink 62%
Medial

Quikr, the online marketplace and classified platform, experienced a drop in scale from Rs 191 crore in FY19 to Rs 110 crore in FY20. This declining trend continued until FY22. The Bengaluru-based firm, however, has recently shown signs of stability and resilience with its revenue growing for the first time in the last three years in FY23. Additionally, the former unicorn also managed to bring down its losses by a significant margin during the period. Quikr’s revenue from operations marginally grew 4.7% to Rs 51.36 crore during the fiscal year ending March 2023 as compared to Rs 49.07 crore recorded in FY22, as per the company’s consolidated financial statements with the Registrar of Companies. Quikr made the majority of its revenue from lead referral fees followed by advertising, both verticals collectively contributed to around 90% of revenue in FY23. The remaining sum was collected via commissions, management consultancy services, business support, and other operating activities. The company also earned Rs 2 crore from interest and gains on other financial assets (non-operating income). Considering this, the total income of the company stood at Rs 53.38 crore in FY23. On the cost side, employee benefit was the largest cost expense for the company. Which however shrank 17% to Rs 41.5 crore in FY23 from Rs 50 crore in FY22. IT costs including web hosting and payment gateway also dwindled 43% to Rs 3.5 crore during the year from Rs 6.13 crore in FY22. The company also cut down its legal, promotional, and other expenses, akin to which, the overall expenditure dwarfed 27% to Rs 61.36 crore in FY23. The total expenditure was Rs 84 crore during the previous fiscal year. For a complete expense breakdown and year-on-year financial performance and more information about the company, visit TheKredible. The cost-cutting measures taken by the company during the year can also be seen in its bottom line which improved significantly. Quikr’s losses declined 62% to Rs 7.98 crore during FY23 in comparison to Rs 20.98 crore in FY22. Additionally, the company’s outstanding losses stand at Rs 3,077 crore at the end of FY23. Operating cashflows also turned green (positive) to Rs 2.57 crore in FY23 against Rs 29.23 crore (negative) in the previous year. The EBITDA margin and ROCE of the company strengthened to -3.52% and -3.87%, respectively during the period. On a unit level, Quikr spent Rs 1.19 to earn a rupee of operating revenue in FY23.

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Quikr posts first-ever profit in FY24 but left with only Rs 20 Cr in current assets

EntrackrEntrackr · 3m ago
Quikr posts first-ever profit in FY24 but left with only Rs 20 Cr in current assets
Medial

Quikr’s revenue from operations dropped 12% to Rs 45 crore in FY24 from Rs 51 crore in FY23, according to its consolidated financial statement sourced from the Registrar of Companies (RoC). Once one of India’s early unicorns, horizontal classifieds platform Quikr has experienced a consistent year-on-year decline in revenue and is now barely clinging to survival, operating at a drastically reduced scale. While the Bengaluru-based company reported a 12% drop in operating revenue, the silver lining is that it turned profitable for the first time, achieving a profit-to-revenue ratio of 1:22 in the fiscal year ending March 2024. Quikr’s revenue from operations dropped 12% to Rs 45 crore in FY24 from Rs 51 crore in FY23, according to its consolidated financial statement sourced from the Registrar of Companies (RoC). The bulk of Quikr’s revenue, accounting for 86% of total income, came from lead referral fees and advertising. Lead referral fees generated Rs 22 crore, while advertising services brought in Rs 17 crore. Commission and other service income contributed Rs 3 crore each. The firm earned an additional Rs 11 crore from provision write-backs and gains on financial assets, taking its total income to Rs 56 crore in FY24. On the expense side, employee benefit expenses remained the largest cost center, accounting for 69% of the expense. To the tune of scale, this cost was trimmed by 10% to Rs 37 crore. Interestingly, spending on advertising, while still relatively small, tripled to Rs 3 crore from Rs 1 crore in FY23. Depreciation and amortization expenses fell drastically from Rs 5 crore in FY23 to just Rs 15 lakh in FY24, significantly reducing non-cash expenses. Overall, Quikr managed to cut total costs by 11.5% to Rs 54 crore in FY24 from Rs 61 crore in the previous year. The company’s ability to bring down operating costs along with other revenue helped Quikr to gain profitability in FY24. The Tiger Global-backed firm recorded a profit of Rs 2 crore in contrast to Rs 8 crore loss in FY23. Its ROCE and EBITDA margin improved to 1.69% and 5.36%, respectively. Quikr spent Rs 1.20 to earn a rupee of operating revenue in FY24. As of March 2024, the Bengaluru-based firm reported current assets of Rs 20 crore for FY24, including Rs 2 crore in cash and bank balances. This marks an 80% drop from Rs 11 crore in FY23, raising concerns about liquidity, cash flow utilization, or a potential shift in capital deployment strategy. According to startup data intelligence platform TheKredible, Quikr has raised a total of $380 million in funding to date, which is a staggering 52 times its FY24 revenue. Its prominent backers include Warburg Pincus, Kinnevik, Tiger Global, and Matrix Partners India (now Z47). With most investors having written off their investments in the firm, the only question remaining now is if it can survive as some sort of sustainable business. While perhaps enriching for many personally, such a spectacular burnout does leave its mark on the ability to pivot to new realities, something Quikr consistently failed to do. For a firm that doubled down harder with even more money spent every time it faced a setback, the new reality is to use the collective experience of a decade and more to monetise, at however small a scale. And do it profitably. Will the present reserves be enough to turn it around for good? We wouldn’t count on it, the profits notwithstanding.

Drishti IAS posts Rs 405 Cr revenue and Rs 90 Cr PAT in FY24

EntrackrEntrackr · 7m ago
Drishti IAS posts Rs 405 Cr revenue and Rs 90 Cr PAT in FY24
Medial

Drishti IAS posts Rs 405 Cr revenue and Rs 90 Cr PAT in FY24 Offline coaching firm Drishti IAS Institute crossed Rs 400 crore of revenue during the previous fiscal year ended in March 2024. The profits for the Vikas Divyakirti-led firm touched Rs 90 crore in the same period. Drishti IAS’s revenue from operations increased by 30.6% year-on-year to Rs 405 crore in FY24 from Rs 310 crore in FY23. The Delhi-based company's revenue rose from Rs 40 crore in FY21 to Rs 119 crore in FY22, and further to Rs 310 crore in FY23. The 26-year-old educational platform mainly provides offline coaching for Civil Services Examination (CSE). Income from coaching services accounted for 94.8% of the total operating revenue, which increased by 37.6% to Rs 384 crore in FY24 from Rs 279 crore in FY23. The remaining income is generated from the sale of study materials, including pen drives, books, test papers, and other resources. Drishti IAS operates seven institutes, including two in Delhi, three in Uttar Pradesh, and one each in Jaipur and Indore. Its Mukherjee Nagar Institute is the largest revenue contributor, accounting for 58% of the total coaching income. Employee benefits and faculty charges constituted 40% of its overall cost, increasing by 41% to Rs 117 crore in FY24 from Rs 83 crore in FY23. Drishti IAS's advertising spending also jumped 3.4X to Rs 51 crore in FY24. Drishti IAS's overall expenditure increased to Rs 289 crore in FY24 from Rs 197 crore in FY23. Higher spending on employee benefits and advertising resulted in a modest 3.4% increase in net profits, which rose to Rs 90 crore in FY24 from Rs 87 crore in FY23. The company's ROCE and EBITDA margin were recorded at 55.7% and 33.73%, respectively, while the expense-to-revenue ratio stood at Re 0.71. As of March 2024, the company's total current assets were valued at Rs 88 crore, with cash and bank balances of Rs 54 crore.

Ripplr posts Rs 740 Cr gross revenue in FY23; controls losses

EntrackrEntrackr · 1y ago
Ripplr posts Rs 740 Cr gross revenue in FY23; controls losses
Medial

Ripplr, a tech distribution and logistics platform secured $40 million in May 2023. The substantial funding was driven by its impressive 2.7X growth during the fiscal year ended March 2023. Moreover, the Bengaluru-based company also managed to reduce its losses by 32% in the same period. Ripplr’s gross revenue increased 2.7X to Rs 740 crore in FY23 from Rs 275 crore in FY22, its annual financial statements filed with the Registrar of Companies show. The four-year-old Ripplr offers a plug-and-play distribution network as a service (DaaS) to digitize and manage brand operations. It services over 80,000 tier 2-based retailers having partnerships with FMCG brands like HUL, Britannia, ITC, Nestle, Mondelez, Colgate Reckitt Benckiser, Godrej, Dabur, and Nivea, among others. Goods sales accounted for 89% of Ripplr’s total gross revenue, which surged threefold to Rs 656 crore in FY23. Income from logistics and warehousing were other revenue drivers for Ripplr. See TheKredible for the complete revenue breakdown. Coming over to the cost sheet, the cost of material consumed comprised 77.5% of the overall expenditure. This cost surged 3X to Rs 624 crore in FY23 from Rs 203 crore in FY22. Its employee benefits, rent, transportation, legal, subcontractors, and other overheads took the overall expenditure to Rs 805 crore in FY23 from Rs 285 crore in FY22. View TheKredible for the complete expense breakup. The 2.7X growth and controlled expenditure helped the Fireside Ventures-backed company to reduce its losses by 32% to Rs 62 crore in FY23 from Rs 91 crore in FY22. It’s ROCE and EBITDA margin stood at -29% and -7.4% respectively. On a unit level, it spent Rs 1.09 to earn a rupee in FY23. FY22-FY23 FY22 FY23 EBITDA Margin -32% -7.4% Expense/₹ of Op Revenue ₹1.04 ₹1.09 ROCE -101% -29% Ripplr has raised over $50 million across rounds including its $40 million in a Series B round led by Fireside Ventures in May last year. According to the data intelligence platform TheKredible, 3One4 Capital is the largest external stakeholder with 17.87% followed byZephyr Peacock India and Sojitz Corporation. Focused on a critical if unloved area of the business, Ripplr’s offerings ensure that clients once onboarded stay for a long time. Considering the level of integration it offers with their distribution for instance with its DMS. That might mean longer sales cycles, but once in, a very sustainable model, intrinsically tied to the growth and well being of its clients. The current scale indicates the quality of headway it has made, which has clearly enthused its investors as well.

Amazon India logistics unit posts Rs 4,889 Cr income in FY24

EntrackrEntrackr · 9m ago
Amazon India logistics unit posts Rs 4,889 Cr income in FY24
Medial

Amazon Transportation Services reported a marginal growth in its revenue during the fiscal year ending March 2024. At the same time, the company reduced its losses by over 6% during the same period. AmazonTransport Services aka ATS’s revenue from operations grew 7.6% to Rs 4,888.9 crore in FY24 from Rs 4,543.3 crore in FY23, its standalone financial statement sourced from Tofler shows. Apart from operational income, ATS’s other income spiked 66% to Rs 57.3 crore in FY24 from Rs 34.5 crore in the previous fiscal year. This brought the total income for FY24 to Rs 4,946.2 crore. Amazon Transportation Services provides logistics and delivery solutions, supporting Amazon's e-commerce operations. Its services include order pickup, sorting, and last-mile delivery across India. It makes money via offering aforementioned services to Amazon India. The company’s total expenses excluding depreciation stood at Rs 4,690.8 crore in FY24 from Rs 4,310.2 crore in FY23, marking an 8.8% rise. Depreciation expenses, however, decreased by 10.2%, standing at Rs 313.7 crore for FY24, down from Rs 349.4 crore in FY23. Despite the growth in revenue, ATS managed to reduce its losses by 6.3% to Rs 80.3 crore in FY24 from Rs 85.7 crore in FY23. Its outstanding losses reached Rs 469.8 crore as of the end of FY24. Other equity components, including the share-based compensation reserve, increased 26% to Rs Rs 490.4 crore in the last fiscal year. While ATS’s parent company, Amazon Corporate Holdings continues to support its operations, the persistent losses indicate ongoing challenges in reaching profitability despite YoY revenue growth. In the past five years, Amazon India (through transport services) has expanded its partnership with Indian Railways, increasing from a single train in 2019 to over 120 trains by 2024, now covering 130 intercity routes across 91 cities.

Waycool posts Rs 1,251 Cr revenue and Rs 686 Cr loss in FY23

EntrackrEntrackr · 1y ago
Waycool posts Rs 1,251 Cr revenue and Rs 686 Cr loss in FY23
Medial

B2B food and agritech platform Waycool claims Rs 1,600 crore in revenue with the goal of operational break even in FY24. While the company is yet to release its financial statements for FY24, it recently disclosed its results for the fiscal year ending March 2023 after an 11-month delay. Entrackr has sifted through the firm’s regulatory filings to understand its financial health in FY23. Waycool’s revenue from operations grew by 62% to Rs 1,251 Crore in FY23 from Rs 772 Crore in FY22, its consolidated financial statements sourced from the Registrar of Companies show. The difference in the revenue figures for FY22 was due to the adoption of IND AS by the company. The firm reported Rs 927 crore revenue in FY22. Waycool is a full-stack supply chain player working with farmers and clients who source agricultural and dairy products from the company. The company has its 7 own consumer brands namely Madhuram, KitchenJi, DeziFresh, AllFresh and others. The collection from the sale of goods formed 98% of the total operating revenue which surged 60% to Rs 1,228 crore in FY23. Out of the total sale of goods, the finished goods ( the sale of its own brands) contributed 10% only while the rest of the sales came from traded goods. Income from commissions and cold storage management were some co-revenue drivers for Waycool. The company also added Rs 11 crore from interest on fixed deposits and non-current investments, tallying the overall income to Rs 1,262 crore in FY23. See TheKredible for the detailed revenue breakup. Since Waycool follows an inventory-led model, the cost of procurement of materials accounted for 61.51% of the total expenditure. In line with scale, this cost grew 58.2% to Rs 1,200 crore in FY23. The firm’s expenses on employee benefits, doubtful debts, advertising, transportation, and other overheads took its overall cost up by 71.3% to Rs 1,951 crore in FY23 from Rs 1,139 crore in FY22. Check TheKredible for the detailed expense breakdown. Note: We have excluded the expense of Rs 1,906 crore and 828 crore from FY23 and FY22 respectively which were incurred against the loss of fair value of the preference shares, the company’s spokesperson confirmed, after sending queries. Despite the decent scale, the company didn’t manage to control its costs, resulting in its losses surged by 89% to Rs 685 crore in FY23. The company spent Rs 1.56 to earn a rupee in FY23. FY22-FY23 FY22 FY23 EBITDA Margin -149.68% -199.66% Expense/₹ of Op Revenue ₹1.47 ₹1.56 ROCE N/A N/A While operational break-even might seem too ambitious in FY24 with these numbers, it is not impossible, considering Waycool is well past the investment stage now. However, the Chennai-based company has been struggling to find new investment and closed several initiatives in a bid to cut costs and extend the runway. According to sources, things aren’t looking great for Waycool and it would be exciting to watch whether it bounces back or wilts away on the lines of several promising venture-backed agritech startups.

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