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Razorpay posts Rs 2,279 Cr revenue in FY23; bottom line remains stagnant

EntrackrEntrackr · 1y ago
Razorpay posts Rs 2,279 Cr revenue in FY23; bottom line remains stagnant
Medial

Razorpay demonstrated significant growth in the last two fiscal years, rising 2.7X from Rs 841 crore in FY21 to Rs 2,279 crore in FY23. Despite the growth, the bottom line of the company remained stagnant in FY23. Razorpay’s revenue from operations increased 53.88% to Rs 2,279 crore in FY23 from Rs 1,4812 crore in FY22, its consolidated financial statements sourced from the Registrar of Companies show. Razorpay collaborates directly with banks and payment card networks, alleviating its merchants from the burden of handling the intricate systems, regulations, and prerequisites of the payment industry. The fees paid by merchants for making the transactions are the primary source of revenue for Razorpay. The company also earned Rs 14 crore from interest and gain on financial assets (non-operating) which tallied its total income to Rs 2,293 crore in FY23. Expense Breakdown Total ₹ 1476 Cr https://thekredible.com/company/razorpay/financials View Full Data To access complete data, visithttps://thekredible.com/company/razorpay/financials Total ₹ 2283 Cr https://thekredible.com/company/razorpay/financials View Full Data To access complete data, visithttps://thekredible.com/company/razorpay/financials Employee benefit Employee benefit Advertising promotional Advertising promotional Legal professional Legal professional Finance costs Finance costs Hosting and banking partners and others To check complete Expense Breakdown visit thekredible.com View full data Its employee benefits emerged as the largest cost center forming 28% of the overall expenditure. This cost rose 71% to Rs 638 crore in FY23 from Rs 373 crore in FY22. This includes Rs 65 crore as ESOP costs which were settled in equity (non-cash). Its banking partners channel, server, advertising cum promotional, legal, finance and other overheads took the total expenditure up by 54.67% to Rs 2283 crore in FY23 from Rs 1476 crore in FY22. The substantial increase in employee benefits resulted in the company’s profits stabilizing at Rs 7.2 crore in FY23 which stood at Rs Rs 7.3 crore in FY22. Its ROCE and EBITDA registered at 2% and 2.5% respectively. On a unit level, it spent Re 1 to earn a rupee in FY23. FY22-FY23 FY22 FY23 EBITDA Margin 3% 2.5% Expense/₹ of Op Revenue ₹1 ₹1 ROCE 3% 2% The company has raised over $800 million across rounds and was valued at around $7 billion in its last round. It competes with Cashfree which posted a revenue of Rs 614 crore in FY23, and PayU which reported a scale of $400 million in the previous fiscal (FY23). The coming months are going to be crucial for the payment gateway and neo-banking platform. In December 2023, Razorpay along with a few other companies received the final payment aggregator (PA) license. This finally enables the company to move their business forward by onboarding new customers. Moreover, the company recently announced that it has achieved an annualized total payment volume (TPV) of $150 billion. “Over the last year, the brand witnessed significant growth via industry-first innovations, strategic acquisitions, and expansion of its footprint in the Southeast Asia region,” the company said in a press release. Also, Razorpay is in the process of moving its domicile to India. According to co-founder and chief executive officer Harshil Mathur, the process is expected to conclude in the next six to 12 months. Razorpay also plans to go for an IPO after a couple of years.

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BillDesk records Rs 2,678 Cr revenue in FY23; profits fall 5%

EntrackrEntrackr · 1y ago
BillDesk records Rs 2,678 Cr revenue in FY23; profits fall 5%
Medial

B2B fintech company BillDesk seems to have lost its momentum in the past couple of years as it fell short of securing a double-digit growth in FY23. Moreover, profits also reduced 5.1% in the fiscal year ending March 2023. BillDesk’s revenue from operations grew 9.6% to Rs 2,678 crore during FY23, as per the company’s consolidated financial statements with the Registrar of Companies. BillDesk charges fees for the processing and settlement services of electronic transactions — and collections from these services accounted for more than 70% of the total operating revenue in FY23. It also generated a significant part ~10% of its revenue from loyalty programs for its clients while the remaining part came from the sale of products (PINS and e-top-up subscriptions) and other operating activities during the last fiscal year. Furthermore, it also earned Rs 87.15 crore via interest and gain on financial assets (non-operating income), taking the overall revenue to Rs 2,765 crore in FY23. As per the startup intelligence platform TheKredible, BillDesk spent the most on technical services (bank fees and service charges) which formed 83.8% of the total expenditure. This cost went up 9.3% to Rs 2,146 crore during FY23 from Rs 1,963.6 crore in FY22. Employee benefits expenses increased 35.4% to Rs 245 crore during the last fiscal year from Rs 181 crore in FY22. The company’s burn on data, communication, legal, and information technology catalyzed its total expenses by 11.6% to Rs 2,561 crore in FY23. Head to TheKredible for the complete expense breakdown. Coming to the bottom line of the company, its profits shrank marginally (5.1%) to Rs 141.91 crore in FY23 against Rs 149.6 crore in FY22. Followed by the rising expenses and reconciliation in profits, BillDesk’s operating cash flows turned negative to Rs -121.63 crore in FY23. In FY22, it recorded a positive cash flow of Rs 39.83 crore. On a unit level, BillDesk spent Re 0.96 to earn a rupee of operating revenue during FY23. The company’s EBITDA margin and ROCE also worsened to 9.23% and 7.75% during the same period. FY22-FY23 FY22 FY23 EBITDA Margin 10.21% 9.23% Expense/₹ of Op Revenue ₹0.94 ₹0.96 ROCE 8.81% 7.75% BillDesk competes with Razorpay, Infibeam Avenues, and PayU among other payment gateways. Razorpay saw a 54% growth in scale to Rs 2,279 crore in FY23 along with Rs 7.2 crore profit whereas Infibeam Avenues posted Rs 1,962 crore revenue and Rs 136 crore profit during FY23. In October 2022, PayU called off BillDesk’s acquisition after 14 months of signing the agreement due to the non-fulfillment of certain conditions. It would have been one of the biggest deals in India’s fintech space.

BillDesk records Rs 2,678 Cr revenue in FY23; profits fall 5%

EntrackrEntrackr · 1y ago
BillDesk records Rs 2,678 Cr revenue in FY23; profits fall 5%
Medial

B2B fintech company BillDesk seems to have lost its momentum in the past couple of years as it fell short of securing a double-digit growth in FY23. Moreover, profits also reduced 5.1% in the fiscal year ending March 2023. BillDesk’s revenue from operations grew 9.6% to Rs 2,678 crore during FY23, as per the company’s consolidated financial statements with the Registrar of Companies. BillDesk charges fees for the processing and settlement services of electronic transactions — and collections from these services accounted for more than 70% of the total operating revenue in FY23. It also generated a significant part ~10% of its revenue from loyalty programs for its clients while the remaining part came from the sale of products (PINS and e-top-up subscriptions) and other operating activities during the last fiscal year. Furthermore, it also earned Rs 87.15 crore via interest and gain on financial assets (non-operating income), taking the overall revenue to Rs 2,765 crore in FY23. As per the startup intelligence platform TheKredible, BillDesk spent the most on technical services (bank fees and service charges) which formed 83.8% of the total expenditure. This cost went up 9.3% to Rs 2,146 crore during FY23 from Rs 1,963.6 crore in FY22. Employee benefits expenses increased 35.4% to Rs 245 crore during the last fiscal year from Rs 181 crore in FY22. The company’s burn on data, communication, legal, and information technology catalyzed its total expenses by 11.6% to Rs 2,561 crore in FY23. Head to TheKredible for the complete expense breakdown. Coming to the bottom line of the company, its profits shrank marginally (5.1%) to Rs 141.91 crore in FY23 against Rs 149.6 crore in FY22. Followed by the rising expenses and reconciliation in profits, BillDesk’s operating cash flows turned negative to Rs -121.63 crore in FY23. In FY22, it recorded a positive cash flow of Rs 39.83 crore. On a unit level, BillDesk spent Re 0.96 to earn a rupee of operating revenue during FY23. The company’s EBITDA margin and ROCE also worsened to 9.23% and 7.75% during the same period. FY22-FY23 FY22 FY23 EBITDA Margin 10.21% 9.23% Expense/₹ of Op Revenue ₹0.94 ₹0.96 ROCE 8.81% 7.75% BillDesk competes with Razorpay, Infibeam Avenues, and PayU among other payment gateways. Razorpay saw a 54% growth in scale to Rs 2,279 crore in FY23 along with Rs 7.2 crore profit whereas Infibeam Avenues posted Rs 1,962 crore revenue and Rs 136 crore profit during FY23. In October 2022, PayU called off BillDesk’s acquisition after 14 months of signing the agreement due to the non-fulfillment of certain conditions. It would have been one of the biggest deals in India’s fintech space.

Amazon India marketplace posts Rs 588 Cr adjusted EBITDA in FY24

EntrackrEntrackr · 9m ago
Amazon India marketplace posts Rs 588 Cr adjusted EBITDA in FY24
Medial

Amazon India’s marketplace revenue has continued to outpace Flipkart Marketplaces, with collections from its platform and related services crossing the Rs 25,000 crore mark and registering an adjusted EBITDA of Rs 588.6 crore in FY24. However, Flipkart’s top-line growth was significantly higher than that of Amazon Seller Services during the fiscal year ending March 2024. Amazon India’s revenue from operations grew 14.5% to Rs 25,406 crore in FY24 in contrast to Rs 22,198 crore booked in FY23, its standalone financial statements filed with the Registrar of Companies show. The entity generated 82.4% of the revenue from marketplace services while the remaining came from the services rendered to related parties including platform services, marketing, and royalty revenues. The firm also generated a non-operating income worth Rs 186.8 crore, pushing the overall revenue to Rs 25,592.8 crore in FY24. Amazon Seller Services is engaged in marketplace and marketing support services. Its ultimate holding company is Amazon.com, Inc., which is based in the United States of America. Moving over to the spending, delivery charges were the largest cost element forming 25.8% of the total expenses. The cost went up 9.1% to Rs 7,487.9 crore in FY24 from Rs 6,863.1 crore in FY23. Sales promotion and legal cum professional costs were the other two significant elements which formed around 12% each and stood at Rs 3,586.1 crore and Rs 3,530.2 crore, respectively, in FY24. During the year, Amazon Seller Services spent Rs 2,771.2 crore on employee benefits which also include share-based payments (ESOP cost) of Rs 682.7 crore. Amazon India marketplace arm’s total expenses increased 6.5% to Rs 29,062.3 crore during FY24 from Rs 27,283.6 crore in FY23. In the end, the company managed to control its losses by 28.5% to Rs 3,469.5 crore in FY24 as compared to Rs 4,854.1 crore in FY23. Its operating cash flows also turned positive to Rs 724.1 crore during the last fiscal year against Rs -1,542.1 crore in FY23. It is worth noting that the company reported an EBITDA loss of Rs 94.1 crore in FY24, excluding the ESOP cost (non-cash expenses), the company turned profitable on the operational level with an adjusted EBITDA of Rs 588.6 crore during the year. The highlights of the improved bottom line can also be seen in the EBITDA margin which strengthened to -0.37%. On a unit level, Amazon’s Indian entity spent Rs 1.14 to earn a rupee of operating revenue in FY24. The entity’s rival, Flipkart's marketplace arm reported Rs 17,907 crore in revenue with 21% YoY growth while the company’s losses shrank over 40% to Rs 2,358 crore in FY24.

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.

Akumentis Healthcare income crosses Rs 400 Cr in FY24; posts Rs 57 Cr profit

EntrackrEntrackr · 1y ago
Akumentis Healthcare income crosses Rs 400 Cr in FY24; posts Rs 57 Cr profit
Medial

Pharmaceutical company Akumentis Healthcare has reported a flat scale during the last fiscal year ending March 2024. However, the controlled cost mechanism helped the Thane-based firm to improve its margins and bottom line during the same period. Akumentis Healthcare saw a modest 2.8% increase in its scale to Rs 398 crore in FY24 from Rs 387 crore in FY23, its standalone financial statements filed with the Registrar of Companies show. *Note: Akumentis Healthcare is a wholly-owned subsidiary of Akum Drugs and Pharma Ltd which recorded a 14.3% increase in revenue to Rs 4,178 crore in FY24 from Rs 3,655 crore in FY23. Founded in 2010, Akumentis Healthcare provides medicinal products including creams and medicines across dermatology, orthopedics, gynecology, critical care, cardiovascular, diabetes, and pediatrics. The sale of these products was the sole source of revenue for the company. Akumentis made Rs 10 crore from interest and other miscellaneous sources tallying its overall income to Rs 409 crore in FY24. When it comes to burn, around 36.6% (Rs 122 crore) of its total burn went to employee benefits while cost of material consumed 31.5% (Rs 105 crore) of the overall expenditure in FY24. Its marketing (advertising cum promotion), commission paid to selling agents, traveling, legal and other overheads took Akumentis’ total expenditure to Rs 333 crore in FY24 from Rs 340 crore in FY23. Check TheKredible for more details. The controlled spending on employee benefits and related expenses helped Akumentis Healthcare increase its margins. As a result, the firm’s profit spiked 62.9% to Rs 57 crore in FY24 from Rs 35 crore in FY23. Its ROCE and EBITDA margin improved to 57.46% and 62.90%, respectively. On a unit level, Akumentis spent Rs 0.84 to earn a rupee. FY23-FY24 FY23 FY24 EBITDA Margin 19.26% 62.90% Expense/₹ of Op Revenue ₹0.88 ₹0.84 ROCE 65.38 57.46 Rajaram Samant, who was the co-founder and chief executive officer of Akumentis Healthcare for nearly 10 years, left the company in February 2020. Samant had previously worked at three large public companies: Ranbaxy, Emcure and Wanbury. In 2015, Peak XV had led a $19 million round in Akumentis.

KaarTech posts Rs 359 Cr revenue in FY23; remains profitable

EntrackrEntrackr · 1y ago
KaarTech posts Rs 359 Cr revenue in FY23; remains profitable
Medial

Digital transformation consulting firm KaarTech raised $30 million in July 2023 and the sizable funding helped the company to hack 56% growth in its topline in FY23. However its profit remained stagnant in the same period due to a sharp rise in its employee benefit costs. While the external capital helped the firm to register 56% growth in its topline in FY23, its profit remained stagnant in the same period. Kaar Technologies’s revenue from operations spiked to Rs 359 crore in FY23 from Rs 230 crore in FY22, its consolidated financial statements filed with the Registrar of Companies show. Founded in 2006 by Maran Nagarajan, Ratnakumar N, Selvakumaran M, and George Guardian, the company specializes in SAP and S/4 HANA implementation and offers consultation, implementation, and support of SAP-based enterprise software solutions to enterprises. Income from IT services comprising software development services, support services, and maintenance were the primary sources of revenue for KaarTech. The firm’s 97% of the revenue came from exports mainly from Saudi Arabia, Qatar, Oman, UAE, and other overseas markets. Similar to other product & service oriented tech companies, its employee benefits accounted for 71% of the overall expenditure. This cost surged by 81.3% to Rs 243 crore in FY23 from Rs 134 crore in FY22. The firm’s legal professional, rent, website maintenance and development, marketing and other overheads catalyzed its overall expenditure by 65% to Rs 340 crore in FY23 from Rs 206 crore in FY22. See TheKredible for the detailed expense breakup. The 80% surge in employee benefits impacted its profit which remained constant at Rs 22 crore in FY23. Its ROCE and EBITDA margin stood at 28% and 11.5%, respectively. On a unit level, Karr Technology spent Rs 0.95 to earn a rupee of operating income in FY23. KaarTechnology has raised $35 million across rounds including its $30 million led by A91 partners in July last year. According to the startup data intelligence platform TheKredible, its co-founders Maran Nagarajan, Selva Kumaran, Chandrasekaran Venugopal, V. Chandrasekaran and Guardian George cumulatively command 78.25% of the company. FY22-FY23 FY22 FY23 EBITDA Margin 15% 11.5% Expense/₹ of Op Revenue ₹0.90 ₹0.95 ROCE 31% 28% KaarTechnology stands out for the obvious-its strength in West Asia, and the EU rather than the North America and EU combination that powers most IT firms. While the fund raise was meant to correct that imbalance with a stronger push into North America, it does leave the firm with a lot to aim for. It should also explain the sharp rise in employee costs and more, as it prepares for its US push. At its current size, it is probably still some way off from acquiring true scale that could take it all the way to a successful IPO, but chances are, the firm will get there soon.

RailYatri posts Rs 274 Cr revenue in FY23; losses shrink 58%

EntrackrEntrackr · 1y ago
RailYatri posts Rs 274 Cr revenue in FY23; losses shrink 58%
Medial

Train ticketing platform RailYatri has demonstrated strong financial health in the past couple of years. The growth can be witnessed from its topline which inched close to touching the Rs 300 crore mark. Along with this, the Noida-based company also managed to bring down its losses during FY23. RailYatri’s revenue from operations grew 2.3X to Rs 273.73 crore during the fiscal year ending March 2023 as compared with Rs 117.21 crore in FY22, as per the company’s consolidated financial statements with the Registrar of Companies. Founded in 2014, RailYatri offers train ticket information along with intercity bus service — IntrCity SmartBus which runs on routes such as Delhi–Lucknow, Delhi–Kanpur, Mumbai–Pune, Bengaluru–Hyderabad, and Chennai–Coimbatore among others. RailYatri has also launched a ‘flexi-ticket’ feature that allows users to make last-minute changes to their plans when finding a reservation on trains isn’t available. Co-founded by Kapil Raizada, Manish Rathi, and Sachin Saxena, the company made 93% of its revenue via roadway operations while the remaining part came from erectioning commissioning, and advertising publicity. It also made around Rs 6 crore via interest and gains on financial assets during the year which took its topline to Rs 279.75 crore at the end of FY23. RailYatri spent 11% of its expenses on employee benefits during the period. This cost went up 26.7% to Rs 32.9 crore during FY23 from Rs 25.97 crore in FY22. This cost also includes expenses on the employee stock option scheme and employee stock purchase plan worth Rs 24 lakh and Rs 3.71 crore in FY23 and FY22, respectively. Advertisement & promotional costs declined 21.8% to Rs 6.4 crore whereas Information technology expenses grew to Rs 1.82 crore during FY23. Notably, RailYatri booked Rs 242 crore of its expenditure under miscellaneous expenses which is likely to include outsourced support, cashback & discounts, and other operational and admin expenses during FY23. In total, the overall expenditure surged 83.4% to Rs 298 crore during FY23 from Rs 162.5 crore in FY22. Head to TheKredible for a complete expense breakdown and year-on-year financial performance of the company. Despite rising expenses, the company managed to control its bottom line by 58.5% during the year. Its losses shrank to Rs 18.2 crore in FY23 from Rs 43.87 crore in FY22. Also read: Decoding the financial performance of India’s top OTA players The stability of operations can also be witnessed from its operating cash outflows which improved by 45% to Rs 19.96 crore in FY23. Amid an improved financial performance, the EBITDA margin and ROCE of the company also strengthened to -5.55% and 13808.33%, respectively, during the year. On a unit level, RailYatri spent Rs 1.09 to earn a rupee of operating revenue in FY23. FY22-FY23 FY22 FY23 EBITDA Margin -35.96% -5.55% Expense/₹ of Op Revenue ₹1.39 ₹1.09 ROCE -475.11% 13808.33% As per the startup intelligence platform TheKredible, RailYatri has raised over $50 million to date. A few days back, it raised $3.44 million in a mix of equity and debt funding round led by Mirabilis Investment Trust. Entrackr exclusively reported this development.

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