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Ripplr posts Rs 740 Cr gross revenue in FY23; controls losses

EntrackrEntrackr · 1y ago
Ripplr posts Rs 740 Cr gross revenue in FY23; controls losses
Medial

Ripplr, a tech distribution and logistics platform secured $40 million in May 2023. The substantial funding was driven by its impressive 2.7X growth during the fiscal year ended March 2023. Moreover, the Bengaluru-based company also managed to reduce its losses by 32% in the same period. Ripplr’s gross revenue increased 2.7X to Rs 740 crore in FY23 from Rs 275 crore in FY22, its annual financial statements filed with the Registrar of Companies show. The four-year-old Ripplr offers a plug-and-play distribution network as a service (DaaS) to digitize and manage brand operations. It services over 80,000 tier 2-based retailers having partnerships with FMCG brands like HUL, Britannia, ITC, Nestle, Mondelez, Colgate Reckitt Benckiser, Godrej, Dabur, and Nivea, among others. Goods sales accounted for 89% of Ripplr’s total gross revenue, which surged threefold to Rs 656 crore in FY23. Income from logistics and warehousing were other revenue drivers for Ripplr. See TheKredible for the complete revenue breakdown. Coming over to the cost sheet, the cost of material consumed comprised 77.5% of the overall expenditure. This cost surged 3X to Rs 624 crore in FY23 from Rs 203 crore in FY22. Its employee benefits, rent, transportation, legal, subcontractors, and other overheads took the overall expenditure to Rs 805 crore in FY23 from Rs 285 crore in FY22. View TheKredible for the complete expense breakup. The 2.7X growth and controlled expenditure helped the Fireside Ventures-backed company to reduce its losses by 32% to Rs 62 crore in FY23 from Rs 91 crore in FY22. It’s ROCE and EBITDA margin stood at -29% and -7.4% respectively. On a unit level, it spent Rs 1.09 to earn a rupee in FY23. FY22-FY23 FY22 FY23 EBITDA Margin -32% -7.4% Expense/₹ of Op Revenue ₹1.04 ₹1.09 ROCE -101% -29% Ripplr has raised over $50 million across rounds including its $40 million in a Series B round led by Fireside Ventures in May last year. According to the data intelligence platform TheKredible, 3One4 Capital is the largest external stakeholder with 17.87% followed byZephyr Peacock India and Sojitz Corporation. Focused on a critical if unloved area of the business, Ripplr’s offerings ensure that clients once onboarded stay for a long time. Considering the level of integration it offers with their distribution for instance with its DMS. That might mean longer sales cycles, but once in, a very sustainable model, intrinsically tied to the growth and well being of its clients. The current scale indicates the quality of headway it has made, which has clearly enthused its investors as well.

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Power2SME gross revenue crosses 1,000 Cr in FY23; cuts losses

EntrackrEntrackr · 1y ago
Power2SME gross revenue crosses 1,000 Cr in FY23; cuts losses
Medial

B2B e-commerce platform Power2SME has demonstrated decent growth with better unit economics as reflected in its top and bottom lines in the fiscal year ending March 2023. While it managed a 50% growth in gross margin in FY23, the company also reduced losses by 9% as it slashed employee benefits among other costs. Power2SME’s gross revenue spiked to Rs 1,056 crore in FY23 from Rs 703 crore in FY22, its consolidated financial statements filed with the Registrar of Companies (RoC) show. Power2SME provides raw materials such as steel, chemicals, inks, paints, metals, polymers along with financial services to SMEs to fulfill their capital needs through its subsidiary entities. Income from the sale of goods contributed 99% of the total gross revenue whereas the rest of the collections came from interest and finance (operating). The company also made Rs 6 crore from interest on current and non-current investments (non-operating) which took its total revenue to Rs 1,063 crore in FY23. For the e-commerce platform, the cost of procurement comprised 93.4% of the total expenditure. Tracking the growth in scale, this cost grew by 49.6% to Rs 1,019 crore in FY23 from Rs 681 crore in FY22. Its employee benefits, insurance, legal/professional, advertising, finance, and other overheads took the overall expenditure to Rs 1,091 crore in FY23 from Rs 740 crore in FY22. View TheKredible for the complete expense breakdown. The decent acceleration and cost control enabled Power2SME to reduce its losses by 9% to Rs 28.5 crore in FY23. Its ROCE and EBITDA margin improved to -10% and -0.6% respectively. On a unit level, it spent Rs 1.03 to earn a rupee in FY23. FY22-FY23 FY22 FY23 EBITDA Margin -3% -0.6% Expense/₹ of Op Revenue ₹1.05 ₹1.03 ROCE -24% -10% Power2SME last raised its equity round of $36 million in January 2018 and has raised around $80 million to date. According to startup data intelligence platform TheKredible, Accel is the largest stakeholder with 26.1% followed by Kalaari Capital and Inventus Capital. Its co-founder and CEO Narayan Ramaswamy commands 12.17% of the company at the moment. With its last funding round in 2018, Power2Sme is certainly straining to deliver on its promise, and the current growth momentum should necessitate a round of funding soon. That it hasn’t yet gone for the most obvious growth hack, i.e., lending to its users is interesting, and might just be the next focus area yet. But the significant scale and operating breakeven suggests big things soon at the firm. We are betting you will find yourself back here soon enough to read an important update on the firm.

FabHotels gross revenue crosses Rs 550 Cr in FY24, losses widen 23%

EntrackrEntrackr · 5m ago
FabHotels gross revenue crosses Rs 550 Cr in FY24, losses widen 23%
Medial

FabHotels gross revenue crosses Rs 550 Cr in FY24, losses widen 23% Casa2 Stays, the parent firm of FabHotels, reported a 34% increase in gross revenue for the fiscal year ending March 2024. However, its loss rose by 23%, driven by a twofold increase in employee benefit expenses. FabHotels’ gross revenue increased to Rs 552 crore in FY24 from Rs 412 crore in the previous fiscal year (FY23), according to its financial statement sourced from the Registrar of Companies (RoC). The revenue for FY23 appears different this year as it marks FabHotels’ first set of financial statements prepared in compliance with Indian Accounting Standards (Ind AS). FabHotels, a budget hotel chain with over 600 properties across more than 50 cities in India, generated 99.4% of its gross revenue from accommodation bookings. Gross revenue increased by 33.35% to Rs 549 crore in FY24. Meanwhile, other revenue sources contributed Rs 3.3 crore. The company also recorded an additional income of Rs 11 crore from interest on deposits and liabilities written off, which pushed its overall revenue to Rs 563.6 crore in the last fiscal year. Accommodation expenses remained the largest cost component forming 74% of the overall cost, which grew by 32% to Rs 435 crore. FabHotels’ employee costs shot up 2X to Rs 92 crore in FY24. This includes Rs 15 crore as ESOP cost. Its commission expenses rose by 8% to Rs 27 crore, while other costs added Rs 34 crore. Overall, total expenses grew by 38.5% to Rs 588 crore in FY24 from Rs 424.7 crore in FY23. The two-fold jump in employee benefits led FabHotel to increase its losses by 23% to Rs 114 crore in FY24, compared to Rs 93 crore in FY23. Its ROCE and EBITDA Margin were recorded at -84.09% and -19.52%, respectively. On a unit basis, the company spent Rs 1.06 to earn a rupee of revenue. At the end of FY24, FabHotel’s current assets stood at Rs 172 crore, including cash and bank balances worth Rs 94 crore. FabHotel has raised around $70 million to date. Accel is the largest external stakeholder with 21.39% followed by Goldman Sachs. FabHotels competes directly with Treebo and Bloom Hotels. In FY24, Treebo surpassed Rs 100 crore in revenue, while Bloom Hotels achieved a 73.6% increase in operational revenue to Rs 250 crore and recorded a profit of Rs 14 crore. FabHotels, with its budget offerings and reach, faces a moment of truth to deliver sustainable profitability that can power future growth. The hospitality sector leaves very little margin for major misses now. FabHotels has placed its bets, with little leeway to change much now. Judgement awaits in the next few months and year, perhaps.

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