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Rare Rabbit nears Rs 650 Cr revenue in FY24, profit surges 2.3X

EntrackrEntrackr ยท 11m ago
Rare Rabbit nears Rs 650 Cr revenue in FY24, profit surges 2.3X
Medial

Rare Rabbit nears Rs 650 Cr revenue in FY24, profit surges 2.3X Premium fashion brand Rare Rabbit has been growing rapidly in recent years, with its revenue increasing by over 69% during the fiscal year ending March 2024. At the same time, the firmโ€™s profit surged 2.3 times, touching Rs 70 crore during the same period (FY24). Rare Rabbitโ€™s revenue from operations increased to Rs 637 crore in FY24 from Rs 376 crore in FY23, according to its financial statement sourced from the Registrar of Companies (RoC). Rare Rabbit is a men's fashion brand operated by The House of Rare. Founded in 2015, the brand offers a range of clothing including shirts, polos, T-shirts, trousers, and jackets. Product sales were the companyโ€™s primary source of revenue. The company earned Rs 5 crore from interest income, bringing its total income to Rs 642 crore in FY24. On the expense front, the major cost, material expenses increased by 53% to Rs 208.4 crore. Employee benefit expenses surged by 95% to Rs 78 crore while expense increased by 45% to Rs 93 crore. Rent and commission expenses also increased by 62% and 58%, respectively. Overall, Rare Rabbitโ€™s total expenses grew by 59.9% to Rs 542 crore in FY24, up from Rs 339 crore in FY23. Since Rare Rabbitโ€™s revenue growth outpaced its expenses, the companyโ€™s profit surged 2.3 times to Rs 75 crore in FY24 from Rs 32 crore in FY23. The EBITDA margin improved to 19% from 14.7%, while the return on capital employed (ROCE) increased to 52.15% in FY24 from 42.02% in the previous fiscal year. On a unit level, Rare Rabbit spent Rs 0.85 to earn a rupee in the last fiscal year. As of March 2024, the company held Rs 2 crore in cash and bank balances, with current assets totaling Rs 349.5 crore. According to TheKredible, Rare Rabbit has raised a total of approx $24 million of funding to date, which includes the recent Rs 50 crore funding round from its existing lead investor A91 Partners. Rare Rabbitโ€™s success and presence have practically crept up if you have been an ordinary industry watcher. The men's focused brand (their women's offering is called Rare is, and a children's planned offering will be Rare Ones) has gone about its work slowly but surely, not offering the permanent discounts that have been a feature of many others. The premium positioning seems to have worked eventually, placing the brand in a very strong position a decade after it launched. So will the House of Rare stay independent? We are betting it will, at least until after FY25 numbers, which could take the brand beyond the 1000 crore milestone. At that level, assuming it remains profitable, a unicorn valuation will be just one of the perks of staying rare.

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Snitch nears Rs 500 Cr revenue in FY25, stays close to breakeven

EntrackrEntrackr ยท 10d ago
Snitch nears Rs 500 Cr revenue in FY25, stays close to breakeven
Medial

Snitch nears Rs 500 Cr revenue in FY25, stays close to breakeven After clocking a sharp 2.3X growth in FY24, D2C menswear fashion brand Snitch sustained its momentum in FY25, doubled its scale, crossed the Rs 500 crore income mark and stayed close to breakeven. Snitchโ€™s revenue from operations surged to Rs 498 crore in FY25, compared to Rs 241 crore in FY24, according to its annual financial statements sourced from the Registrar of Companies (RoC). Founded in 2020 by Siddharth Dungarwal, Snitch sells trendy and affordable menโ€™s apparel and accessories through its website and app. Income from apparel and accessories remains the companyโ€™s sole revenue stream, although it has recently entered the quick commerce segment. On the expense side, procurement costs remained the largest cost centre, accounting for nearly 45% of total expenditure. With scale, procurement expenses more than doubled to Rs 230 crore in FY25. Employee benefit expenses stood at Rs 65 crore, while advertising and marketing costs rose to Rs 83 crore during the year. Rent, telephone charges, marketplace fees, and other overheads further pushed overall expenses to Rs 508 crore in FY25, up from Rs 236 crore in FY24. Despite the two-fold jump in scale, Snitch managed to keep losses under control, staying close to breakeven in FY25. This comes after the company had reported a profit of Rs 4 crore in FY24. Its ROCE and EBITDA margins stood at -5.8% and -1%, respectively, in FY25. On a unit economics basis, the company spent Rs 1.02 to earn every rupee of revenue during the year. As of FY25, Snitchโ€™s total current assets were recorded at Rs 226 crore. According to startup data intelligence platform TheKredible, Snitch has raised over $53 million to date, including a $40 million Series B round led by 360 ONE Asset in June last year. Snitch operates in an increasingly competitive D2C fashion market, competing with players such as The Souled Store, which reported a 36% growth in revenue to Rs 492 crore in FY25. It also goes up against Rare Rabbit, which recently raised $6 million from A91 Partners and is targeting Rs 1,000 crore in revenue, and Wrogn, which secured $9 million in funding in October last year from Aditya Birla Digital Fashion.

Exclusive: A91 Partners backs Rare Rabbit in new round

EntrackrEntrackr ยท 11m ago
Exclusive: A91 Partners backs Rare Rabbit in new round
Medial

New-age fashion brand House of Rare (Rare Rabbit) has secured Rs 50 crore (approximately $6 million) from its existing investor, A91 Partners. This fresh funding comes just seven months after its $18 million round. The board at House of Rare has passed a special resolution to allot 23,073 preference shares at an issue price of Rs 21,670 each to raise Rs 50 crore (approximately $6 million), its regulatory filing sourced from the Registrar of Companies shows. In January, the company raised its authorized share capital, citing the need for funds to support expansion and working capital requirements, according to a separate resolution. Following the fresh process, A91 Partners' stake in the company has been increased to 14.17% compared to 9.65% in its previous round. According to Entrackr's estimates, the funding came at a flat valuation of $279 million for the Bengaluru-based company. Rare Rabbit is a premium fashion brand known for its designer clothing for men and women. With a presence in over 100 stores across India, the brand also offers its collections through its online store. Rare Rabbit showcased a 69% revenue growth from Rs 376 crore in FY23 to Rs 636 crore in FY24. Moreover, the company's profits surged over 2X to Rs 74.6 crore in FY24, compared to Rs 32.2 crore in FY23. Rare Rabbit competes with brands like Souled Store, which raised around $30 million and achieved a revenue of Rs 355 crore in FY24. Its other competitors Snitch and WROGN also raised $13 million and $15 million in December 2023 and June respectively.

Healthkartโ€™s revenue nears Rs 1,400 Cr in FY25; profit triples

EntrackrEntrackr ยท 2m ago
Healthkartโ€™s revenue nears Rs 1,400 Cr in FY25; profit triples
Medial

Healthkartโ€™s revenue nears Rs 1,400 Cr in FY25; profit triples HealthKart, a nutrition and supplement e-commerce platform, recorded a 3X year-on-year jump in profit after turning profitable in FY24. The Gurugram-based companyโ€™s sharp profit growth was steered by strong sales momentum and a controlled cost structure. Healthkartโ€™s operating revenue grew 29% to Rs 1,313 crore in FY25 from Rs 1,021 crore in FY24, according to its consolidated financial statement sourced from the Registrar of Companies (RoC). HealthKart owns and manufactures eight nutritional brands including popular supplement brands like MuscleBlaze, The Protein Zone, TrueBasics, HKVitals, bGreen, Nouriza, and Gritzo. Sales of products formed 97% of total revenue which rose by 29% to Rs 1,277 crore in FY25. Collections from services also increased by 16% to Rs 36 crore. Notably, non-operating revenue increased to Rs 55 crore in the last fiscal year from Rs 48 crore in FY24. The cost of materials accounted for the largest share of the companyโ€™s expenditure at 49%. To the tune of scale, this cost rose 26% to Rs 623 crore in FY25 from Rs 495 crore in FY25. Advertising spend saw a sharper rise of 39% to Rs 263 crore, while commission expenses increased 22% to Rs 82 crore. In contrast, employee benefit costs declined 5% to Rs 115 crore. Overall, Healthkart managed to keep its cost growth below revenue expansion. Its total expenses rose 23% to Rs 1,273 crore in FY25 from Rs 1,032 crore in FY24. The companyโ€™s profit surged over 3X to Rs 120 crore in FY25, while its ROCE and EBITDA margin improved to 5.45% and 6.02%, respectively. On a unit basis, Healthkart spent Re 0.97 to earn a rupee of operating revenue in FY25, compared to Rs 1.01 in FY24. As of FY25, its current assets stood at Rs 971 crore including Rs 73 crore in cash and bank balances. According to startup data intelligence platform TheKredible, Healthkart has raised a total of $382 million of funding till date, having Peak XV Partners, Temasek and Sofina as its lead investors. The companyโ€™s founder and CEO, Sameer Maheshwari owns 12% of the company.

The Souled Store nears Rs 500 Cr revenue in FY25; profits decline 38%

EntrackrEntrackr ยท 1m ago
The Souled Store nears Rs 500 Cr revenue in FY25; profits decline 38%
Medial

The Souled Store nears Rs 500 Cr revenue in FY25; profits decline 38% After recording over 50% year on year growth in FY24, direct to consumer pop culture brand The Souled Store maintained its growth pace in FY25 and posted a 37% rise in operating revenue. However, profitability slipped marginally during the year as costs increased. The Souled Storeโ€™s revenue from operations grew to Rs 492 crore in FY25 from Rs 360 crore in FY24, according to its annual financial statements sourced from the Registrar of Companies RoC. Founded in 2014, The Souled Store designs, manufactures, and sells pop culture inspired apparel, drawing from themes across superheroes, movies, and television shows. Over the years, the company has expanded its product portfolio to include footwear, books, mobile covers, notebooks, mugs, and other lifestyle merchandise, sold through both online and offline channels. Income from the sale of products across physical stores and online platforms accounted for 98.5% of the companyโ€™s operating revenue and rose 36.8% to Rs 485 crore in FY25. The remaining operating income was derived from membership fees. On the cost side, procurement remained the largest expense for the brand and accounted for a significant portion of total expenditure. With the company scaling its operations, procurement costs increased 40.8% year on year to Rs 210 crore in FY25. Employee benefit expenses and marketing spends stood at Rs 54 crore and Rs 57 crore respectively during the year. Marketplace commissions, rent, transportation, and other overheads further pushed total expenditure up by 36% to Rs 487 crore in FY25 compared to Rs 358 crore in FY24. Despite posting healthy top line growth, rising costs particularly higher employee benefits and marketing spends impacted profitability. As a result, profit declined by 37.6% to Rs 11 crore in FY25 from Rs 17.67 crore in FY24. From a margin perspective, The Souled Store reported positive ROCE and EBITDA margins of 7% and 9.7% respectively. On a unit economics basis, the company spent Rs 0.99 to earn every rupee of operating revenue during FY25. The Souled Store has raised nearly $30 million in funding to date. This includes a $16 million round led by Xponentia Capital in 2023 and a $10 million round led by Elevation Capital in 2021. According to startup data intelligence platform TheKredible, Elevation Capital remains the companyโ€™s largest external stakeholder followed by Xponentia Capital. Within the wider competitive set, The Souled Store faces competition from brands like Rare Rabbit, which posted Rs 636 crore in revenue with a Rs 76 crore profit in FY24 and has not yet filed for FY25. Bewakoof reported revenue of Rs 173 crore in FY25, while Virat Kohli-backed Wrogn recorded a 9% year on year decline in revenue to Rs 223 crore in FY25. The drop in friction in the manufacturing and distribution chain, an outcome of the efficiencies that have crept in over the past few years, means competition can come from pretty much anywhere now, from Instagram influencers to pop up stores that can deliver products at the same or even lower cost. This places a special premium on getting the ideas right, sourcing right, and building the buzz to sustain sales enough to pay for the duds. Innovations like collectibles will matter at some stage, as will the ability to strike and protect interesting licensing deals.

Rare Rabbit raises $18 Mn from A91 Partners, Zerodha foundersโ€™ fund, others

EntrackrEntrackr ยท 1y ago
Rare Rabbit raises $18 Mn from A91 Partners, Zerodha foundersโ€™ fund, others
Medial

New-age fashion brand Rare Rabbit has raised Rs 150 crore (approximately $18 million) in primary capital led by A91 Partners. This is the maiden institutional investment for a Bengaluru-based company since its inception in 2015. The board at Rare Rabbit has passed a special resolution to issue 69,230 compulsory convertible preference shares at an issue price of Rs 21,670 each to raise Rs 150 crore, its regulatory filings accessed from the Registrar of Companies show. A91 Partners led the round with Rs 102 crore while Zerodhaโ€™s founders NKSquared injected Rs 29 crore. Gruhas Proptech, Ravi Modi Family Trust, and Vendant Modi cumulatively participated with Rs 18.92 crore during the investment. As per TheKredibleโ€™s estimates, the company has been valued at around Rs 2,350 crore or $283 million post-allotment. Following the fresh proceeds, the A91 emerging fund will hold 9.65% of the capital while NKSquared and Ravi Modi Family Trust will get 4.15% and 2.13% of the stake in the company, the filing further added. This appears to be a part of a larger round as Rare Rabbit was in talks to raise Rs 500 crore led by A91 partners. Inc42 reported the development first. Rare Rabbit is a high-end fashion brand specializing in designer clothing for men and women. The brand operates more than 100 stores across India and offers collections through its online store. Rare Rabbit demonstrated rapid growth, which is evident from its revenue that scaled 72.3% to Rs 381 crore in FY23 with a positive bottom line of Rs 32 crore in FY23. The company reportedly clocked a revenue of Rs 600 crore in FY24. Rare Rabbit competes with brands like Souled Store, which raised around $29 million and achieved a revenue of Rs 235 crore in FY23. Its other competitors Snitch and WROGN also raised $13 million and $15 million in December 2023 and June respectively. In the past couple of months, a clutch of fashion and apparel brands have raised their maiden institutional round. In May, A91 Partners led a $21 million round in TechnoSport whereas Libas raised $18 million led by ICICI Ventureโ€™s fund.

Exclusive: OfBusiness revenue nears Rs 20,000 Cr in FY24; profits crosses Rs 600 Cr

EntrackrEntrackr ยท 1y ago
Exclusive: OfBusiness revenue nears Rs 20,000 Cr in FY24; profits crosses Rs 600 Cr
Medial

Following a 2X jump in scale during FY23, industrial goods and services procurement platform OfBusiness continued its growth run as its revenue grew by 25.8% in the fiscal year ending March 2024. At the same time, the firmโ€™s profit spiked by 30% and crossed the Rs 600 crore mark. OfBusinessโ€™ revenue grew to Rs 19,296 crore in FY24 from 15,343 crore in FY23, according to the companyโ€™s consolidated financial documents reviewed by Entrackr. The sale of industrial goods (raw materials) and revenue from financial services offered to the buyers on their platforms were the primary sources of operating revenue for OfBusiness in FY24. The company also made Rs 232 crore from interest and other financial activities, tallying the overall revenue to Rs 19,529 crore in FY24. Being a goods and service procurement platform, the purchase of industrial goods and raw materials including construction materials, chemicals, and produce emerged as the largest cost centers, forming 88.5% of OfBusinessโ€™ total expenses during FY24. In the line of scale, this cost increased by 21% to Rs 16,543 crore in FY24. The firmโ€™s burn on employee benefits, finance, legal, conveyance, advertising, and other overheads took its overall cost up by 24.3% to Rs 18,696 crore in FY24 from Rs 15,037 crore in FY23. Note: OfBusinessโ€™ ESOP-related expenses for this year stood at Rs 32 Cr in FY24 which is similar to last year. The decent growth in scale and controlled expenditure helped OfBusiness to post a 30.2% increase in its profits to Rs 603 crore in FY24. Its ROCE and EBITDA margin improved to 12.33% and 7.44% respectively. On a unit level, OfBusiness spent Rs 0.97 to earn a rupee in FY24. FY23-FY24 FY23 FY24 EBITDA Margin 6.30% 7.44% Expense/โ‚น of Op Revenue โ‚น0.98 โ‚น0.97 ROCE 9.28 12.23 OfBusiness has raised around $800 million including its $325 million Series G round in December 2021 where it was valued at $5 billion. According to the startup data intelligence platform TheKredible, Alpha Wave is the largest external stakeholder with 19.16% followed by Creation Investment and Matrix Partners. OfBusiness competes with Zetwerk, Infra.market, and Moglix. Zetwerk recorded Rs 11,449 crore GMV in FY23 while Infra. Market and Moglixโ€™s gross revenue stood at 11,846 crore and Rs 4,500 crore respectively in the same period (FY23).

PaisaWapas revenue nears Rs 70 Cr in FY24, remains profitable

EntrackrEntrackr ยท 11m ago
PaisaWapas revenue nears Rs 70 Cr in FY24, remains profitable
Medial

Fintrackr All Stories PaisaWapas revenue nears Rs 70 Cr in FY24, remains profitable Cashback and coupons app PaisaWapas has managed steady growth as its revenue from operations grew 24% year-on-year for the fiscal year ending March 2024. Moreover, the Bengaluru-based company also increased its profit by around 17% during the same period. PaisaWapasโ€™ revenue from operations grew by 24% to Rs 68.7 crore in FY24 from Rs 55.5 crore in FY23, its financial statements sourced from the Registrar of Companies (RoC) show. PaisaWapas operates as a cashback and deals platform, linking shoppers with e-commerce partners. It generates revenue through affiliate commissions, sharing a portion as cashback with users, and also earns from promotions and s. Revenue from these services surged 25.8% to Rs 66.7 crore in FY24, contributing 97% of the operating revenue in FY24. However, revenue from the sale of goods increased marginally by 35.4% to Rs 1.53 crore. The company also generated Rs 30 lakh from other income sources, pushing its total income to Rs 69 crore in the last fiscal year. Cashback to users remained the largest expense category, decreasing 14.6% to Rs 19.5 crore. Meanwhile, payouts to users increased 2.2X to Rs 15.5 crore. Advertising costs rose 95.1% to Rs 16 crore, indicating a focus on customer acquisition and engagement. Employee benefit expenses grew 41.1% to Rs 5.22 crore. Overall, total expenses increased 25% to Rs 64.4 crore, up from Rs 51.5 crore in FY23. PaisaWapas increased its profit by 16.7% to Rs 3.5 crore from Rs 3 crore in FY23. The firm recorded an EBITDA of Rs 4.86 crore, with an EBITDA margin of 7.04% and a Return on Capital Employed (ROCE) of 41.5%. The Bengaluru-based platform reported current assets of Rs 22 crore as of March 2024, while cash and bank balances rose 75% to Rs 7 crore. According to TheKredible, PaisaWapas has raised a total of $46K in funding to date. Vividhity Ventures is the lead investor, holding 2% of the companyโ€™s stake. Meanwhile, PaisaWapasโ€™ founders, Shankar Singh and Ashish Kumar, collectively own 94% of the company. PaisaWapas competes against the companies such as CashKaro, CouponDunia, GoPaisa and GrabOn, among several others.

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