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Reliance Jio introduces new ’true unlimited upgrade’ add-on plans amid customer backlash over tariff hikes | Mint

LivemintLivemint · 1y ago
Reliance Jio introduces new ’true unlimited upgrade’ add-on plans amid customer backlash over tariff hikes | Mint
Medial

Reliance Jio has introduced three new "True Unlimited Upgrade" add-on plans in response to customer dissatisfaction over recent tariff hikes. These plans provide unlimited 5G connectivity but only for users with 5G-compatible devices connected to the Jio True 5G network. The new add-on plans come after popular prepaid plans were scrapped, causing complaints. Only users with plans offering 2GB of data per day or more will be eligible for unlimited 5G data, while plans with 1.5GB data per day or less will have data limits. The recent tariff hike by Reliance Jio and other telecom providers has led to price increases up to 25% on all prepaid, postpaid, and data plans.

Microsoft revamps AI Copilot with new voice, reasoning capabilities

Economic TimesEconomic Times · 9m ago
Microsoft revamps AI Copilot with new voice, reasoning capabilities
Medial

- Microsoft has updated its Copilot AI assistant, giving it a more amiable voice and the ability to analyze web pages for users. - The company has assembled a team of creative directors, including psychologists and novelists, to refine the tone and style of Copilot. - Copilot can provide recommendations for housewarming gifts and other queries, such as suggesting Italian (olive) oils as a popular choice. - Microsoft hopes to make a bigger impact in the consumer market with Copilot, which launched last year alongside competitors like OpenAI's ChatGPT and Google's Gemini. - Copilot Pro subscribers can test the "Think Deeper" feature that reasons through choices, while the "Copilot Vision" feature allows users to talk about what they see in a Microsoft Edge browser. - In the future, Copilot may learn context from users' Word documents, Windows desktops, and even gaming consoles with permission.

Oxyzo posts Rs 903 Cr revenue and Rs 291 Cr PAT in FY24

EntrackrEntrackr · 1y ago
Oxyzo posts Rs 903 Cr revenue and Rs 291 Cr PAT in FY24
Medial

B2B fintech unicorn Oxyzo Financial Services recorded 58.4% year-on-year growth during the fiscal year ended March 2024. At the same time, the profits of the Tiger Global-backed company spiked 47% and neared the Rs 300 crore threshold. Oxyzo’s revenue from operations increased to Rs 903 crore in FY24 from Rs 570 crore in FY23, according to the company’s consolidated financial statement reviewed by Entrackr. Oxyzo is the lending arm of industrial goods and services procurement platform OfBusiness which provides credit solutions and loans to small and medium enterprises (SMEs) and startups. Interest received from the disbursement of loans formed 96% of the total operating revenue which increased 61.3% to Rs 866 crore in FY24. The rest of the income came from fees and commissions which grew 50% to Rs 36 crore in FY24. Finance cost became the largest cost center for Oxyzo, forming 61.67% of its overall expenditure. These expenses surged 73.2% to Rs 317 crore in FY24. Oxyzo’s employee benefits also saw a growth of 48.7% during FY24. The firm’s burn on legal cum professional, advertising, technology, and other overheads pushed its total expenditure up by 66.3% to Rs 514 crore in FY24 from Rs 309 crore in FY23. The notable scale and controlled cost helped Oxyzo post a 47% increase in its PAT (profits after tax) to Rs 291 crore in FY24 from Rs 198 crore in FY23. On a unit level, it spent Rs 0.57 to earn a rupee in FY24. Oxyzo claims that it ended FY24 with an approximately Rs 2,600 crore of net worth with post tax return of assets (RoA) of 4.5% and a gross non-performing assets (NPA) of 1.02%. In addition to scaling its balance sheet, the company will continue to invest and grow its debt capital markets platforms for its enterprise clients. FY23-FY24 FY23 FY24 EBITDA Margin 46% 43.4% Expense/₹ of Op Revenue ₹0.54 ₹0.57 ROCE 11% 15% Oxyzo has raised around $200 million in 2022 and entered the unicorn club after its Series A round led by Alpha Wave and Tiger Global. As per the startup data intelligence platform TheKredible, OFB group including promoters holds 74.5% while Alpha Wave is the largest external stakeholder with 7.4% followed by Tiger Global. Like its parent firm, Oxyzo has been quick to latch on to a relevant and profitable service in the B2B market it serves. The rising profitability places it very well to meet its ambitious goal for the debt capital markets platform. It’s the kind of virtuous cycle that investors love, and it should be no surprise to see a spike in valuations here soon.

D2C brand Minimalist posts Rs 350 Cr revenue in FY24, profits double

EntrackrEntrackr · 9m ago
D2C brand Minimalist posts Rs 350 Cr revenue in FY24, profits double
Medial

Minimalist continues to be one of the strongest stories, and the fastest-growing direct-to-consumer brands in India, with the Jaipur-based startup touching the Rs 350 crore revenue mark. This is a notable 89% year-on-year growth in FY24. Additionally, the four-year-old firm doubled its profit in the last fiscal year. Minimalist’s revenue from operations surged to Rs 347 crore in FY24, up from Rs 184 crore in FY23, according to its consolidated financial statements sourced from the Registrar of Companies. The company also earned Rs 2.16 crore from non-operating activities, bringing its total revenue to Rs 349.56 crore in FY24. Founded by serial entrepreneurs Mohit and Rahul Yadav, Minimalist is a skin and hair care brand offering products such as serums, toners, and moisturizers. The sale of these products was the sole source of revenue for the brand in the last fiscal year. Minimalist retails through its own website, as well as third-party e-commerce platforms like Amazon, Nykaa, and Flipkart, among others. Like many other D2C skincare and beauty brands, Minimalist allocated a significant portion of its expenditures—35%—to advertising and promotion. These costs nearly doubled, rising to Rs 117 crore in FY24 from Rs 65 crore in FY23. In line with its revenue growth, the cost of materials consumed spiked by 88.1%, reaching Rs 94 crore in FY24 compared to Rs 50 crore in FY23. Additionally, expenses related to employee benefits, distribution (commissions to marketplaces), and transportation surged, contributing to an 84.1% increase in the company’s total costs, which rose to Rs 331 crore in the fiscal year ending March 2024 from Rs 180 crore in FY23. Despite increasing marketing costs, Minimalist achieved over two-fold growth in profits, reaching Rs 10.83 crore in FY24, up from Rs 5 crore in FY23. According to startup data intelligence platform TheKredible, its EBITDA margin and return on capital employed (ROCE) stood at 4% and 9%, respectively. On a per-unit basis, the startup spent Re 0.95 to earn a rupee of operating revenue in the last fiscal year (FY24). Minimalist has raised around $17 million to date, including its Series A round led by Peak XV (formerly Sequoia Capital), which holds a 27.9% stake as the largest external shareholder. Its co-founders, Mohit and Rahul Yadav, together control 62% of the company, as per TheKredible. The startup was last valued at a relatively conservative Rs 565 crore ($75 million), which is approximately 1.6 times its revenue of Rs 347 crore in FY24. As of March 2024, Minimalist had a cash and bank balance of Rs 30.27 crore. While having a focused portfolio we see that in FY24, the firm’s focus has shifted to skincare, from haircare earlier. It’s also time for a fresh fund raise or cost control, which might impact growth going forward. Will a fund raise lead to margin erosion as we have invariably observed? It remains to be seen, although going by Minimalist’s past record it does seem likely that the firm will surprise yet.

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