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Razorpay acquires majority stake in POP with $30 Mn investment

EntrackrEntrackr · 4m ago
Razorpay acquires majority stake in POP with $30 Mn investment
Medial

Razorpay acquires majority stake in POP with $30 Mn investment Rewards-first UPI payments app POP has raised $30 million from Razorpay to grow its payments and commerce platform. With this, Razorpay has acquired a majority stake in the Bengaluru-based startup. While POP did not share further transaction details, it will operate as a separate entity. Earlier in June last year, POP had raised $2.4 million in its seed funding round led by India Quotient and a few prominent angel investors. The fresh proceeds will be used to improve its products, grow its merchant base, and enhance its rewards program. POP started its UPI platform in June 2024. It claims to have crossed 6 lakh daily transactions and 1 million unique monthly transactions within the first year. According to the company, it fulfilled 2 lakh orders and issued over 40,000 RuPay credit cards in collaboration with Yes Bank. POP’s main feature is POPcoins, a multi-brand rewards currency that consumers earn when making payments or shopping on the platform. These POPcoins can be redeemed across POP’s extensive merchant network, offering users flexible and valuable incentives. Razorpay’s investment in POP expands its services into loyalty, engagement, and commerce. POP’s payments and rewards ecosystem lets merchants reward transactions and payments directly. Previously in September 2022, Razorpay acquired PoshVine to add loyalty and rewards to its payments stack. POP will help Razorpay serve merchants by offering payments, loyalty, and engagement services in a single platform. The development follows Razorpay’s recent announcement to shift its domicile back to India from the US. While the company has no immediate plans for a public listing, it has completed key regulatory steps, including its transition into a public limited company and securing approval for the merger of Razorpay Inc. with Razorpay India. Razorpay stands out as one of the few profitable unicorns in the fintech space, having reported revenue of Rs 2,068 crore and a profit of Rs 35 crore in FY24. The company is yet to announce its FY25 results.

Unpacking Oyo profitability and its financial position in FY24

EntrackrEntrackr · 1y ago
Unpacking Oyo profitability and its financial position in FY24
Medial

IPO bound Hospitality firm Oyo reported steady revenues during the fiscal year ending March 2024, but the SoftBank-backed company made a turnaround as far as bottomline is concerned. Oyo has posted Rs 230 crore profit in the last fiscal year as compared to Rs 1,286 crore losses in FY23. Oyo’s revenue from operations declined 1.4% to Rs 5,389 crore in FY24 from Rs 5,464 crore in FY23, its consolidated annual report shows. Income from the sale of accommodation services formed 63.8% of the total operating revenue which decreased by 7.3% to Rs 3,441 crore in FY24. Income from commission and bookings brought Rs 1,344 crore to the firm’s coffers. The sale of tour packages, events, cancellation income, and insurance services fees were other revenue drivers for Oyo. The Gurugram-based company also made Rs 153 crore from interest on fixed deposits and gain in foreign exchange difference which took its overall revenue to Rs 5,542 crore in FY24 from Rs 5,602 crore in FY23. See TheKredible for the detailed revenue breakup The cost of its lease rental and service component lease accounted for 50% of its overall cost which declined 8% to Rs 2,885 crore in FY24. This payment was made to hotel owners that includes lease rent and services such as housekeeping, electricity, and maintenance among others. The company’s burn on salaries and other employee benefit schemes nosedived 52% to Rs 744 crore in FY24, primarily due to a reduction in ESOP costs, which fell to Rs 107 crore in FY24 from Rs 363 crore in FY23. Oyo paid Rs 844 crore (around $100 million) in interest during FY24 on the $660 million term loan it secured from various lenders in FY22. Its advertising, commissions, brokerage, legal, IT, and other overheads catalyzed its total expenditure to Rs 5,726 crore in FY24. See TheKredible for the complete expense breakdown Despite the flat revenue, Oyo’s cost-control approach and Rs 453 crore income from exceptional items (mostly a fair value gain of Rs 240 crore on the acquisition of OYO Hotels Cayman and Reversal of financial liability of Rs 249 crore) led Oyo to turn profitable with Rs 239 crore in FY24 as compared to a loss of Rs 1,286 crore in FY23. FY23-FY24 FY23 FY24 EBITDA Margin -4.23% 15.52% Expense/₹ of Op Revenue ₹1.24 ₹1.06 ROCE -8.60% 13.40% With the improved bottom line, Oyo’s ROCE rose to 13.4%, and EBITDA to 15.5%. On a unit level, it spent Rs 1.06 to earn a rupee in FY24. Meanwhile, Oyo has managed to raise $175 million in two tranches of which $100 million was pumped in by the company’s founder Ritesh Agarwal.

Sachin Bansal's Navi Finserv quadruples standalone PAT in FY24 after subsidiary sale

YourStoryYourStory · 1y ago
Sachin Bansal's Navi Finserv quadruples standalone PAT in FY24 after subsidiary sale
Medial

- Navi Finserv Limited (NFL) reports strong standalone revenue growth of 48.57% in fiscal year 2024 (FY24), reaching Rs 1,906 crore. - On a consolidated basis, NFL's revenue declined by 6.5%, mainly due to divesting its stake in Chaitanya India Fin Credit (CIFCPL) in FY23. - NFL's standalone net profit nearly quadrupled to Rs 668.82 crore in FY24, while the consolidated net profit more than doubled to Rs 545.07 crore. - Total expenses increased by 48.4% on a standalone basis, driven by a significant rise in employee benefit costs. - NFL disbursed Rs 3,097.82 crore under co-lending agreements in FY24 and closed a $38 million personal loans securitisation deal with JP Morgan.

Oziva records flat growth under Hindustan Unilever in FY24

EntrackrEntrackr · 1y ago
Oziva records flat growth under Hindustan Unilever in FY24
Medial

D2C nutrition brand Oziva, which was acquired by FMCG giant Hindustan Unilever (HUL) in 2022, posted a flat scale during the fiscal year ending March 2024. Following a 20% decline in sales during FY23, the D2C nutrition brand posted a flat scale with a modest 4% increase to Rs 104 crore in FY24, the annual report of its parent company HUL shows. HUL said that Oziva recorded Rs 44 crore loss in the last fiscal year. In FY23, the firm registered a net profit of Rs 58.8 crore due to one-time gain of Rs 95.5 crore. However, if we exclude that other income, its losses stood at Rs 45.8 crore in FY23. This implies, Oziva’s scale and loss remained flat in the last financial year (FY24). It’s worth noting that it is the first full fiscal year for Oziva under Hindustan Unilever. The six-year-old D2C firm sells plant-based nutrition products for health, skin, hair, and general wellness. The sale of health and nutrition products was the sole revenue driver for the company. The company has raised around $17 million to date with the backing of Matrix Partners, Eight Road Ventures, and Stride Ventures. In December 2022, HUL acquired 51% stake in Oziva with the first tranche at a cash consideration of Rs 264.28 crore ($32 million). As per the annual report, Oziva was valued at Rs 361 crore ($43.5 million) using the multi-period excess earnings method. At the same time, HUL also acquired 19.8% of the stake in Wellbeing Nutrition for a cash consideration of Rs 70 crore. Founded by Avnish Chhabria, Wellbeing Nutrition is a whole-food nutrition company that uses plant-based ingredients to deliver wellness to individuals. The company is yet to disclose its FY24 results.

Pine Labs India posts Rs 1,384 Cr revenue in FY24; losses jump 3X

EntrackrEntrackr · 1y ago
Pine Labs India posts Rs 1,384 Cr revenue in FY24; losses jump 3X
Medial

The Indian unit of merchant commerce and payments platform Pine Labs has reported flat revenue in the fiscal year ending March 2024. However, the Delhi-based firm’s losses swelled 3X in this period. Pine Labs’s operating revenue increased modestly by 2.8% to Rs 1,317 crore in FY24 from Rs 1,281 crore in FY23, its annual financial statements sourced from the Registrar of Companies show. Caveat: Pine Labs is registered in Singapore and has not yet submitted its FY24 results there. Based on the previous fiscal year’s report, the parent entity is expected to post approximately Rs 400 crore more or over Rs 1,700 crore in operating revenue in the last fiscal year. As for the revenue channels of Pine Labs’ Indian entity, income from transaction processing and settlement was the main contributor, accounting for 61% of total operating revenue, which rose a modest 1.5% to Rs 805 crore in FY24. Income from digitization and services provided at petroleum outlets amounted to Rs 67 crore during the same period. Pine Labs also offers gifting solutions through Qwikcilver, Pine Perks, and Google Wallet. Income from this segment declined by 44.5% to Rs 111 crore in FY24. Revenue from device sales, plastic cards, and other miscellaneous sources brought the total revenue to Rs 1,384 crore during the last fiscal year, compared to Rs 1,328 crore in FY23. In terms of cost breakdown, Pine Labs allocated 38.5% of its total expenditure to employee benefits, which grew by 3% to Rs 625 crore in FY24, including Rs 58 crore in non-cash ESOP expenses. Legal and professional fees were the next largest expense category. Other significant costs included materials, travel, advertising, e-commerce site listings, database communication, and repairs, bringing total expenditures up by 15.8% to Rs 1,624 crore in FY24. FY23-FY24 FY23 FY24 EBITDA Margin 14.91% 10.55% Expense/₹ of Op Revenue ₹1.09 ₹1.23 ROCE -1.65% -7.87% The modest growth in scale, combined with a nearly 16% rise in expenditure, led Pine Labs to report a more than threefold increase in losses, reaching Rs 187 crore in FY24 compared to Rs 56 crore in FY23. Its ROCE and EBITDA margin stood at -7.87% and 10.55%, respectively. On a per-unit basis, Pine Labs spent Rs 1.23 to earn a rupee in FY24. Pine Labs recently received approval from a Singapore court to relocate its domicile to India. It also obtained initial approval from the National Company Law Tribunal to merge its entities in India and Singapore. Pine Labs has been pursuing an initial public offering (IPO) for several years. Last year, the company appointed bankers for a U.S. IPO, but the attempt did not materialize. While the firm has not yet confirmed a listing timeline, it is likely to debut on one of the Indian stock exchanges sometime in the next fiscal year (FY26).

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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