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Prozo maintains growth streak in FY24 with improved economics

EntrackrEntrackr · 4m ago
Prozo maintains growth streak in FY24 with improved economics
Medial

Fintrackr All Stories Prozo maintains growth streak in FY24 with improved economics Full-stack supply chain company Prozo recorded a 30% year-on-year revenue growth in the fiscal year ending March 2024. The Gurugram-based company also reduced its losses by 26% during the same period. Full-stack supply chain company Prozo recorded a 30% year-on-year revenue growth in the fiscal year ending March 2024. The Gurugram-based company also reduced its losses by 26% during the same period as it cut material costs by 50%. Prozo’s revenue from operations increased to Rs 166 crore in FY24 from Rs 128 crore in FY23, as per its financial statements sourced from the RoC. Prozo enables fast fulfillment for businesses through its pan-India warehousing and freight network, which is powered by an end-to-end supply chain technology stack and control tower. The company generates revenue from the sale of services and products. Revenue from services saw a remarkable surge of 181.4% to Rs 121 crore in FY24, solidifying its position as the primary income stream. However, revenue from product sales declined by 47% to Rs 45 crore in FY24. On the expense side, the company optimized material costs, which fell by 50% to Rs 37 crore. However, transportation costs surged 209.1% to Rs 34 crore, and employee benefits expenses increased by 12.9% to Rs 35 crore. Other overhead costs, including technology and operational expenses added another Rs 81.5 crore. In the end, Prozo's total expenses rose by 22% to Rs 187.5 crore in FY24 from Rs 154 crore in the previous fiscal year. Due to revenue growth outpacing expense, Prozo managed to cut its losses by 26% to Rs 20 crore in FY24 from Rs 27 crore in FY23. Its ROCE and EBITDA margin improved to -19% and -7.44%, respectively. On a unit level, the company spent Rs 1.13 to earn a rupee in FY24. The company recorded current assets worth Rs 107 crore which includes Rs 31 crore worth cash and bank balances in FY24. According to TheKredible, Prozo has raised a total of $18.4 million of funding till date, having Sixth Sense Ventures, Auctus Capital, and Earlsfield Capital as its lead investors. Its founder and CEO Ashvini Jakhar owns 21% of the company. While the drop in product sales have led to a drop in material costs as well, Prozo still has work ahead to turn profitable. In a fast evolving industry with many startups, access to capital will not necessarily be the decisive advantage it would have been a few years back. That should actually be some comfort to Prozo, as it works in a market that counts players backed by giants like Amazon as well. What would help will be a major account win, even as a comfortable cash situation provides the runway to ensure a tiny delivery of profits by FY25 possibly.

CargoFL raises seed funding round

EntrackrEntrackr · 7m ago
CargoFL raises seed funding round
Medial

CargoFL, a B2B technology ecosystem for logistics, has raised Rs 6.75 crore in its seed round, led by YourNest Venture Capital. The round includes Rs 4.7 crore from YourNest, Rs 50 lakh each from Real Time Angel Fund (RTAF) and Peaceful Progress Angel Fund, Rs 25 lakh from Sanchi Connect Accelerator, and Rs 80 lakh from angel investors, including Dinesh Chandra Agarwal, Dinesh Gulati, Murugavel Janakiraman, and Rajesh Sawhney. The Pune-based company had previously raised $135K from HPCL and others. The proceeds will be utilized to build a sales engine for growth in India, Southeast Asia (SEA), Middle East and North Africa (MENA) and North America, enhance product capabilities, including logistics & supply chain automation, and client onboarding & implementation across geographies. Co-founded in 2017 by Deepesh Kuruppath and Wasim Khan, CargoFL is an AI decision intelligence platform for logistics and supply chain. The company serves as an AI operating system specifically designed for the supply chain and logistics industry with focus on large enterprise customers. It helps companies enhance their logistics operations by leveraging AI to address critical tasks such as transport management, route optimisation, demand forecasting, and real-time tracking. CargoFL focuses on transforming the logistics landscape and aims to empower enterprises with advanced Vertical AI solutions for logistics & supply chain. The company offers a comprehensive operating system for logistics, which fosters seamless collaboration among stakeholders like carriers, distributors, and suppliers. CargoFL provides AI-driven platform tailored for enterprises in retail, pharma and manufacturing sectors. Its current client roster includes over 25 large enterprises, such as Puma, Godrej, Schaeffler, Metro Brands and Decathlon. It aims to achieve an ARR of $3 million over the next 18-24 months by onboarding more than 25 customers in India and several in international markets.

GVFL backs Magma in extended Series A round

EntrackrEntrackr · 18d ago
GVFL backs Magma in extended Series A round
Medial

GVFL backs Magma in extended Series A round Industrial solutions company Magma has extended its Series A round with a strategic investment from GVFL Ltd., joining an investor group that includes Capria Ventures, General Catalyst, Accion Venture Lab, and others. The Ahmedabad-based company has raised over $8 million to date. Founded in 2022 by Neal Thakker, Magma provides a suite of solutions to factories across verticals including raw materials supply, green energy, waste management, and logistics. It aims to empower factories with efficient, sustainable, and tech-enabled supply chains. The company serves manufacturers across sectors such as ceramics, chemicals, packaging, plastics, and polymers. According to Magma, its integrated offerings spanning specialty raw materials, green energy, and waste management are designed to streamline factory operations and boost productivity. With operations in 10 states and growing, it aspires to build the infrastructure backbone for the future of Indian manufacturing. “GVFL’s entry into our cap table felt intuitive — their deep presence in Gujarat’s industrial landscape and alignment with the Government of Gujarat makes them an incredibly strategic partner. As we scale nationally, having a local growth partner that understands the pulse of traditional industries adds tremendous value. We’re excited to continue building alongside them,” said Neal Thakker, founder and CEO of Magma. The company claims that it is currently operating at a Rs 300 crore annualized revenue run rate, has served over 350 industrial customers, and is already profitable. Over the next 24 months, Magma is targeting a Rs 1,000 crore revenue run rate, driven by expansion into new industrial hubs, product verticals, and strategic partnerships.

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