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

EntrackrEntrackr · 5m 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 firm’s profit surged 2.3 times, touching Rs 70 crore during the same period (FY24). Rare Rabbit’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 company’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 Rabbit’s total expenses grew by 59.9% to Rs 542 crore in FY24, up from Rs 339 crore in FY23. Since Rare Rabbit’s revenue growth outpaced its expenses, the company’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 Rabbit’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.

Exclusive: A91 Partners backs Rare Rabbit in new round

EntrackrEntrackr · 5m 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.

Rare Rabbit raises $18 Mn from A91 Partners, Zerodha founders’ fund, others

EntrackrEntrackr · 1y ago
Rare Rabbit raises $18 Mn from A91 Partners, Zerodha founders’ 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 Zerodha’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 TheKredible’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 Venture’s fund.

Blackbuck posts Rs 41 Cr PBT in Q4 FY25, revenue grows 31%

EntrackrEntrackr · 1m ago
Blackbuck posts Rs 41 Cr PBT in Q4 FY25, revenue grows 31%
Medial

Blackbuck posts Rs 41 Cr PBT in Q4 FY25, revenue grows 31% Blackbuck's revenue from operations grew to Rs 122 crore in Q4 FY25 from Rs 93 crore in Q4 FY24, its financial statements sourced from the National Stock Exchange show. Online trucking platform Blackbuck has released its quarterly report for the financial year ending March 2025. The Bengaluru-based company reported a 31% year-on-year growth in scale in Q4 FY25 and turned profitable, posting a profit before tax (PBT) of Rs 41 crore in the quarter. For the full fiscal year (FY25), Blackbuck’s operating revenue increased 44% to Rs 427 crore in FY25 from Rs 297 crore in FY24. Revenue from its truck operator services was the primary source of revenue, accounting for 98% of total operating revenue. The company also made Rs 15 crore from interest income which took its overall revenue to Rs 137 crore in Q4 FY25, compared to Rs 99 crore in Q4 FY24. For the full fiscal year, the firm’s total revenue stood at Rs 462 crore in FY25. Looking at the expenses, the employee benefit cost accounted for 35% of the overall expenditure which fell 74% year-on-year to Rs 33 crore in Q4 FY25 from Rs 128 crore in Q4 FY24. Depreciation and other operating expenses were key overheads that drove total expenditure to Rs 95 crore in Q4 FY25, compared to Rs 187 crore in the same quarter last year. For the fiscal year ending March 2025, the firm’s total expenses fell to Rs 371 crore as compared to Rs 483 crore in FY24. Blackbuck booked profit before tax of Rs 41 crore in Q4 FY25, as compared to a loss of Rs 87 crore in Q4 FY24. Meanwhile, for the full fiscal year ended March 2025, the company remained at a loss of Rs 283 crore (before tax), 69% more than Rs 167 crore in FY24. Blackbuck debuted on the stock exchange at Rs 208.90 and is now trading at Rs 459 on May 27, bringing its total market capitalization to Rs 8,180 crore.

Ather Energy posts Rs 676 Cr revenue in Q4 FY25, narrows losses by 17%

EntrackrEntrackr · 2m ago
Ather Energy posts Rs 676 Cr revenue in Q4 FY25, narrows losses by 17%
Medial

Electric two-wheeler maker Ather Energy has announced its financial results for the fourth quarter of FY25. The company reported a 29% year-on-year jump in its operating revenue compared to Q4 FY24. Ather’s revenue from operations increased by 29% to Rs 676 crore in Q4 FY25, from Rs 523 crore in Q4 FY24, according to its consolidated quarterly report sourced from the National Stock Exchange (NSE). For the full fiscal year (FY25), Ather Energy’s operating revenue increased 29% to Rs 2,255 crore in FY25 from Rs 1,754 crore in FY24. The company’s cost of materials, driven primarily by battery and component procurement, increased by nearly 16% to Rs 564 crore in Q4 FY25 from Rs 488 crore in the same period last year. Employee benefit expenses saw a decline of 29% YoY to Rs 109 crore in Q4 FY25 compared to Rs 154 crore in Q4 FY24. Depreciation and amortization costs rose 18% to Rs 45 crore, while other operational costs jumped nearly 47% to Rs 204 crore. Overall, Ather’s total expenditure grew 13% to Rs 922 crore in Q4 FY25, up from Rs 819 crore in Q4 FY24. For the full financial year ending March 2025, total expenses rose to Rs 3,117 crore as against Rs 2,674 crore in FY24. As a result, the company’s net losses reduced by 17% to Rs 234 crore in Q4 FY25 from Rs 283 crore in Q4 FY24. On a fiscal basis, its net losses came down 23% to Rs 812 crore in FY25 from Rs 1,060 crore in FY24. Ather Energy made its stock market debut on May 6, 2025, listing at Rs 328 per share on the NSE—2.18% above its issue price of Rs 321. However, the stock closed the day at Rs 300. On Monday, it rose 2.8% to trade at Rs 308.7 before market close, bringing its total market capitalization to Rs 11,497 crore ($1.34 billion). Ather's competitor Ola Electric, which saw a nearly 20% decline in operating revenue during Q3 FY25, has yet to file Q4 results.

Exclusive: KreditBee’s NBFC arm posts Rs 200 Cr profit in FY24

EntrackrEntrackr · 10m ago
Exclusive: KreditBee’s NBFC arm posts Rs 200 Cr profit in FY24
Medial

KreditBee’s non-banking financial corporation (NBFC) arm, Krazybee, demonstrated notable growth in the fiscal year ending March 2024 (FY24), nearly doubling its revenue and tripling its profit. Krazybee’s revenues rose to Rs 1,399 crore in FY24 from Rs 717 crore in FY23, according to its standalone annual financial statement sourced by Entrackr. Krazybee, which facilitates personal loans through both its own and third-party NBFCs and banks, saw its interest income surge 2.5X to Rs 1,225.83 crore in FY24. Income from fees and commissions contributed an additional Rs 169 crore, bringing the firm’s total revenue to Rs 1,400 crore in FY24. On the expense side, Krazybee’s total expenses spiked by 80%, rising to Rs 1,132 crore in FY24 from Rs 630 crore in FY23. The amortized cost of loans accounted for 38% of the total expenses, increasing by 74% to Rs 432 crore. Finance costs grew by 43% to Rs 235 crore in the same period. One of the most notable expense shifts was the five-fold increase in employee benefit costs, which jumped to Rs 188 crore in FY24. In contrast, commissions and fees paid to other platforms saw a 24% decline. The 95% jump in scale and controlled expenditure helped Krazybee to multiply its profit by 3X to Rs 200 crore in FY24 from Rs 65 crore in FY23. The company’s Return on Capital Employed (ROCE) improved to 10.5%, while its EBITDA margin stood at 36%. On a unit level, Krazybee NBFC spent Rs 0.81 to earn a rupee of operating revenue in FY24. KreditBee has raised approximately $410 million across various funding rounds. According to startup data platform TheKredible, Premji Invest and Newquest Capital are the largest external stakeholders, followed by Alpine Capital, Motilal Oswal Group, and others. fy_table title =”FY23-FY24″ logo=”https://entrackr.com/storage/2024/09/Krazybee.png” chart_item=”FY23,FY24″ data=”EBITDA Margin,35%,36%:Expense/₹ of Op Revenue,₹0.88,₹0.81:ROCE,9%,10.5%”] KreditBee was valued at around $700 million during its latest tranche in March. The company is also planning to shift its domicile to India from Singapore. The reverse flip will smoothen it’s road to initial public offering (IPO). Entrackr exclusively reported the development in April.

MobiKwik posts Rs 875 Cr revenue and Rs 14 Cr profit in FY24

EntrackrEntrackr · 11m ago
MobiKwik posts Rs 875 Cr revenue and Rs 14 Cr profit in FY24
Medial

IPO bound MobiKwik made a strong comeback in the fiscal year ending March 2024, with its revenue surging by over 62%. The fintech firm also achieved profitability during FY24, recovering from an Rs 84 crore loss in FY23. That should do no harm at all to its IPO prospects. MobiKwik’s revenue from operations grew to Rs 875 crore in FY24 from Rs 539 crore in FY23, its consolidated annual financial results sourced from the Registrar of Companies (RoC) shows. Income from the commission on recharge, processing, and interest income on servicing loans, payment gateways, and technologies platforms were the primary sources of revenue for MobiKwik in FY24. In the last fiscal year (FY24), the company expanded its loan offerings through lending partners, resulting in a 3X increase in its lending operational cost to Rs 270 crore as compared to Rs 69 crore in FY23. Its payment gateway also grew 18.4% to Rs 201 crore in FY24. The employee benefits, legal, advertising cum promotional, technology and other overheads pushed the total cost up by 36.4% to Rs 876 crore in FY24 from Rs 642 crore in FY23. See TheKredible for the detailed expense breakup. More than 60% jump in scale and controlled expenditure led MobiKwik to turn black with Rs 14 crore in the last fiscal year as compared to Rs 84 crore loss in FY23. Its ROCE and EBITDA margins improved to 15.21% and 4.16% respectively. On a unit level, it spent Rs 1 to earn a rupee in FY24. In January this year, MobiKwik filed its draft red herring prospectus (DRHP) with the market regulator SEBI to raise Rs 700 crore from its IPO. The firm also reported profitability during the first half of FY24 with Rs 9.5 crore PAT and an operating revenue of Rs 381 crore. This is the second attempt by MobiKwik to go public as the Gurugram-based firm filed its first DRHP in July 2021. However, the firm later abandoned public listing citing weak market conditions. It’s worth highlighting that the firm is looking to raise less than half of what it aimed at from the previous attempt to go public. After filing DRHP, the company also raised Rs 50 crore ($6 million) in debt from BlackSoil Capital. After being overshadowed by Paytm and its storied investors, MobiKwik has done well to achieve profitability well before Paytm is expected to. The firm has often looked to plough a lonely path, sticking to its core offerings even as peers ventured into multiple segments. Now, it has the benefit of legacy as well as a strong balance sheet to build on, something it seems well prepared for, as the founders remain committed to the firm’s future as well. With an IPO finally in sight, the small debt fund raise can also be seen as a sign of confidence and conviction in going through with the IPO process this time.

AlgoBulls posts 4.4X revenue jump in FY24, swings to positive EBITDA

EntrackrEntrackr · 3m ago
AlgoBulls posts 4.4X revenue jump in FY24, swings to positive EBITDA
Medial

AlgoBulls posts 4.4X revenue jump in FY24, swings to positive EBITDA Algorithmic trading-focused fintech startup AlgoBulls demonstrated hyper-growth during the fiscal year ending March 2024, while keeping tight control on expenses—with losses rising by only 50%. AlgoBulls’ revenue from operations surged to Rs 238 crore in FY24 from Rs 54.5 crore in FY23, according to its consolidated financial statement sourced from the Registrar of Companies (RoC). AlgoBulls is an AI-backed algorithmic trading platform that offers tools enabling traders to automate their strategies. It allows users to either build custom strategies or choose from a range of pre-built options—revenue from these services accounted for 99% of its total revenue. On the expense side, the company’s cost of materials—its largest expenditure—surged 4.5X to Rs 236 crore in FY24, accounting for nearly 98% of total expenses. Employee benefit expenses doubled to Rs 3 crore, while other overheads, including operational and administrative costs, amounted to Rs 2 crore for the year. Overall, the firm’s total expenses jumped 4.3X to Rs 241 crore in FY24 from Rs 56 crore in FY23. AlgoBulls’ net loss increased by 50% to Rs 3 crore in the last fiscal year. However, it reported a positive EBITDA of Rs 1 crore, with an improved EBITDA margin of 0.42%, while its return on capital employed (ROCE) stood at -35%. At a unit level, AlgoBulls spent Rs 1.01 to earn a rupee. As of March 2024, the company reported Rs 9 crore of current assets which includes Rs 2 crore of cash and bank balance. According to TheKredible, AlgoBulls has raised a total of $2.5 million in funding to date, including a $2 million round from lead investor Venture Catalysts, which holds a 2% stake in the company. Meanwhile, the company’s founders—Pushpak Dagade, Jimmit Patel, and Suraj Bathija—collectively own 66.66% of the company.

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