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Reliance’s workforce drops by 42,052 in FY24, retail leads the way | Mint
Livemint
·
1y ago
Medial
Reliance Industries, led by Mukesh Ambani, witnessed a decline in its workforce by 42,052 employees in FY24. However, the company stated that voluntary separations were lower compared to the previous year. Reliance Retail accounted for the majority of the reduced headcount. The company highlighted the challenge of finding trained manpower to support growth in its retail arm. The report also mentioned a shift towards commission-based job roles in the workforce of Jio, the telecom division of Reliance. The conglomerate hired 1.71 lakh new employees, and over half of the workforce was below the age of 30.
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Related News
'Why is this quiet news?' asks Anupam Mittal on Reliance laying off 42,000 employees
Twitter
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12m ago
Medial
Anupam Mittal asked why Reliance Industries laying off over 42,000 employees is a "quiet news". He wrote on X, "[This] should be raising serious alarm bells across the economic & political circles." Reliance revealed that it reduced its workforce by 11% in financial year 2023-24 in its latest annual report. Reliance Retail alone accounted for 38,029 of 42,052 fewer employees.
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Reliance Retail aims to double business in 4 yrs, enters luxury jewellery market | Mint
Livemint
·
11m ago
Medial
Reliance Retail, India's largest retailer, aims to double its sales over the next few years by expanding into verticals such as grocery and lifestyle, according to Isha Ambani, the executive director of Reliance Retail Ventures. The company also plans to enter the luxury jewellery market, potentially competing with top global brands. Reliance Retail saw strong revenue growth in FY24, adding 1,840 stores and achieving a valuation of $100 billion. The company's growth is driven by its focus on smaller towns and the development of premium formats in larger cities.
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Awfis's first annual report highlights strong growth and efficiency gains for the company
YourStory
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11m ago
Medial
Awfis, the workspace provider, has witnessed a significant increase in its stock market value since its debut in May. The company's annual report reveals positive trends, including a 55.77% increase in revenue from operations and a halving of losses in FY24. Awfis follows an asset-light managed aggregation model, which allows them to share capital expenditure with the office space owners, improving resilience during market downturns. However, this model leads to lower EBITDA margins compared to competitors. Awfis currently operates in 181 office spaces, serving 2,459 clients with a workforce of 3,498 employees.
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Snapdeal records Rs 384 Cr revenue in FY24, adjusted EBITDA loss drops by 88%
Entrackr
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7m ago
Medial
Snapdeal records Rs 384 Cr revenue in FY24, adjusted EBITDA loss drops by 88% E-commerce marketplace Snapdeal delivered steady financial results in FY24 as its revenue from operations increased by 2.1%, rising to Rs 379.76 crore in FY24. The company’s cost-reduction measures led to its adjusted EBITDA loss dropping by 88% from Rs 144 crore in FY23 to Rs 16 crore in FY24. It also improved its operating cash flows during the last fiscal year. Snapdeal’s revenue from operations increased by 2.1%, rising to Rs 379.76 crore in FY24 from Rs 371.96 crore in FY23, according to its consolidated financial statements filed with the RoC. Snapdeal’s primary revenue streams include marketing services, e-commerce enablement, and other ancillary sources. Marketing services continued to be the largest contributor, generating Rs 252.55 crore, though it witnessed a dip of 9.6% compared to FY23. Its enablement revenue increased by 14.8% to Rs 103.36 crore, reflecting the platform’s growing traction among value-focused sellers. Additionally, revenue from other sources surged over 8X to Rs 23.85 crore in FY24. Snapdeal’s strategic focus on targeted cost-reduction initiatives led to significant expense savings across multiple categories. The company’s spending on employee benefits reduced by 48.5% to Rs 158.4 crore in FY24 from Rs 307.53 crore in FY23. Promotional costs were also reduced by 23.5% to Rs 70.37 crore during the same period. Overall, the Gurugram-based firm’s total expenditure dropped by 21.4% to Rs 540.76 crore in FY24 from Rs 687.93 crore in FY23. The company’s improved performance was visible in the 43.2% reduction of loss to Rs 160.38 crore in FY24. Further, most of this loss seems to be on account of non-cash heads, including the revaluation of a put option held by Unicommerce investors to the tune of Rs 110 crore, leading to an adjusted EBITDA loss of Rs 16 crore, which shows that the company is nearing its target of reaching profitability. As per the filings, Snapdeal reduced its stake in Unicommerce, generating Rs 33 crore from a secondary sale of 3.4% stakes in May/June 2024 prior to the IPO and an offer for sale of 9.2% stake for Rs 81 crore in the IPO completed in August 2024.
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CoinDCX profit drops 45% in FY24
YourStory
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11m ago
Medial
Neblio Technologies, the holding company of CoinDCX, has reported a decline in profitability and revenue for FY24. Profit after tax dropped by 45.27% to Rs 15.46 crore, while revenue from services decreased by 12.4% to Rs 391.76 crore. Total expenses fell by 11.85% to Rs 370.11 crore. Employee benefit expenses increased by 5.13%, but other expenses saw a reduction of 25.12%. CoinDCX, founded in 2018, is a cryptocurrency trading platform backed by global investors. As of May 2024, its total holdings were valued at Rs 3,507 crore ($420.92 million).
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What is good for India is good for Reliance, says Mukesh Ambani; read RIL Chairman's full letter to shareholders
Economic Times
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1d ago
Medial
Mukesh Ambani, Chairman of Reliance Industries, highlighted the company’s evolution into a globally admired enterprise that embodies India’s entrepreneurial spirit in a letter to shareholders. He emphasized Reliance's commitment to integrating next-generation technologies across its diverse portfolio, including energy, retail, and digital services. Ambani lauded India’s economic resilience and emphasized Reliance’s role as a technology-driven enabler of inclusive growth. Despite global challenges, Reliance achieved robust financial performance and expansion, marking its commitment to innovation and national progress.
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BillDesk’s growth slows in FY24; PAT drops to Rs 121 Cr
Entrackr
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2m ago
Medial
BillDesk’s revenue from operations decreased to Rs 2,334 crore during the fiscal year ending March 2024 from Rs 2678 crore in FY23, as per the company’s consolidated financial statements with the Registrar of Companies. BillDesk makes money by charging fees for processing and settling electronic transactions, which contributed over 70% of its total operating revenue of Rs 1,591 crore in FY24. Around 16% of its earnings came from managing loyalty programs for clients, while the remainder was generated through the sale of products such as PINS and e-top-up subscriptions, along with other operating activities. Billdesk earned Rs 112 crore in non-operating income from interest and gains on financial assets. Its total revenue stood at Rs 2,446 crore in FY24, down from Rs 2,765 crore in FY23. For the payment company, bank fees and services had been the largest cost center, accounting for 78.8% of the overall expenditure. In line with the drop in scale, this cost declined by 16% to Rs 1,804 crore in FY24. Despite the reduced scale, employee benefit expenses rose by 22.4% to Rs 300 crore. Spending on data, communication, legal, and information technology pushed the company’s total expenses to Rs 2,289 crore during the fiscal year. The decline in scale, coupled with higher employee expenses, led BillDesk to report a 14.8% drop in profit to Rs 121 crore in FY24 from Rs 142 crore in FY23. Its Return on Capital Employed (ROCE) and EBITDA margins also dipped slightly, settling at 5.77% and 9.24%, respectively. On a per-unit basis, the company spent Rs 0.98 to earn every rupee during the year. By the end of FY24, BillDesk's total current assets stood at Rs 2,612 crore, which included Rs 930 crore in cash and bank balances.
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Niyo trims losses; revenue drops 28.6% in FY24
YourStory
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9m ago
Medial
Bengaluru-based fintech startup Niyo Global, also known as Finnew Solutions, saw a 28.6% decline in revenue, reporting Rs 93.84 crore in FY24 compared to Rs 131.44 crore in the previous fiscal year. The company also reduced expenses, resulting in a total loss of Rs 143.47 crore in FY24, down 18.96% from the previous year's loss of Rs 177.03 crore. Niyo Global focuses on digital banking solutions and has raised funding from investors such as Accel, Lightrock, and Prime Venture Partners.
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Tracxn profit drops 36% in Q3 FY25 amid flat revenue
Entrackr
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5m ago
Medial
Fintrackr Tracxn profit drops 36% in Q3 FY25 amid flat revenue The stagnant revenue and a nearly 10% increase in overall costs caused Tracxn's profits to drop significantly by 36%, falling to Rs 1.41 crore in Q3 FY25 from Rs 2.21 crore in Q3 FY24. Data and research platform Tracxn faced challenges in the last quarter as its revenue remained stagnant, while its profit declined by 36% in the quarter ending December 2024. Tracxn's revenue from operations stayed flat at Rs 21.39 crore in Q3 FY25, compared to Rs 21.14 crore in Q3 FY24, its unaudited financial statements sourced from the National Stock Exchange (NSE) show. Tracxn generated its entire operating revenue from subscription sales, offering access to its data and software. However, the Bengaluru-based firm did not provide a detailed revenue breakdown for the quarter. The company also made Rs 1.5 crore from non-operating sources which took Tracxn’s total revenue to Rs 22.89 crore in the last quarter. Employee benefits remained the largest cost center for Tracxn, accounting for 89% of its total expenditure. These expenses increased by 10% year-on-year, rising to Rs 18.63 crore in Q3 FY25 from Rs 17 crore in Q3 FY24. Overall, Tracxn's total costs grew by approximately 9%, reaching Rs 20.98 crore in Q3 FY25. The stagnant revenue and a nearly 10% increase in overall costs caused Tracxn's profits to drop significantly by 36%, falling to Rs 1.42 crore in Q3 FY25 from Rs 2.22 crore in Q3 FY24. Founded by Abhishek Goyal and Neha Singh, Tracxn specializes in tracking startups and private companies across diverse sectors. Backed by prominent investors like Accel Partners, Peak XV Partners, and Elevation Capital, Tracxn serves subscribers in over 40 countries. As of the last trading session, Tracxn’s share price was Rs 69.5, giving the company a market cap of Rs 737.19 crore (around $85 million).
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Reliance Industries in talks to acquire stake in Karan Johar’s Dharma Productions
Livemint
·
9m ago
Medial
Mukesh Ambani’s Reliance Industries is reportedly in talks to acquire a stake in Karan Johar’s Dharma Productions, driven by the OTT boom and changing dynamics in Bollywood. This strategic move aims to enhance Reliance’s entertainment portfolio, which includes Jio Studios and Viacom18 Studios. Dharma Productions, primarily owned by Johar, is exploring partnerships due to rising production costs and declining theater attendance. Previous attempts to monetize its stake faced valuation challenges. Analysts suggest that a stake sale could help Dharma transition to a professionally managed entity. Reliance’s interest follows its past investments in media companies, indicating a focus on expanding its influence in the entertainment sector.
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