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XpressBees turns EBITDA positive in FY24, warehousing biz grows 60X

EntrackrEntrackr · 11m ago
XpressBees turns EBITDA positive in FY24, warehousing biz grows 60X
Medial

XpressBees turns EBITDA positive in FY24, warehousing biz grows 60X E-commerce-focused logistics and supply chain firm XpressBees managed only modest double-digit growth in the fiscal year ending March 2024. However, the company turned EBITDA positive during the same period, despite an increase in overall expenses. XpressBees’ operating revenue increased by 12% to Rs 2,831 crore in FY24 from Rs 2,531 crore in FY23, as per its consolidated financial statement sourced from the Registrar of Companies (RoC). XpressBees provides B2B/B2C express delivery service, cross-border logistics, and warehousing services to e-commerce players including Snapdeal, Myntra, Meesho, Netmeds, and Bigbasket, among others. Revenue from logistics services remained the primary source of income for XpressBees, accounting for 97% of the company’s total revenue. However, the company’s warehousing business, though smaller in size, posted an impressive jump (60X) — soaring from Rs 0.77 crore in FY23 to Rs 48 crore in FY24, signaling a strong push toward expanding its non-courier biz. The remaining revenue came from warehouse services (Rs 48 crore) and support services (Rs 31 crore), both of which witnessed notable growth. The firm also added Rs 109 crore from non-operating activities, which pushed its overall income to Rs 2940 crore in FY24. On the expense side, courier charges remained XpressBees’ largest cost component, rising 12% to Rs 1,816 crore in FY24. Linehaul charges saw a modest 6% increase to Rs 494 crore, while employee benefit expenses rose by nearly 10% to Rs 355 crore in the said fiscal year. Depreciation costs spiked 49% to Rs 159 crore, and other operational expenses contributed an additional Rs 319 crore. Overall, XpressBees’ total expenditure increased 13% year-on-year, reaching Rs 3,143 crore in FY24 from Rs 2,785 crore in FY23. With expenses growing faster than revenue, XpressBees' net loss widened by 11%, rising to Rs 200 crore in FY24 from Rs 180 crore in FY23. However, the Pune-based firm achieved EBITDA positivity, reporting an EBITDA of Rs 5 crore for the same period. The company’s ROCE stood at -8.32%, while its EBITDA margin came in at a modest 0.17%. On a per-unit basis, XpressBees spent Rs 1.11 to earn every rupee in revenue during FY24. XpressBees recorded current assets worth Rs 1867 crore in FY24, including Rs 1331 crore in cash and bank balances. Recently, Xpressbees acquired courier firm Trackon and named Uday R. Sharma as CBO for B2B, 3PL, and cross-border operations. According to startup data intelligence platform TheKredible, XpressBees has raised a total of $625 million in funding to date, having Norwest Venture Partners and Alibaba Group as its lead investors. The company’s Co-Founder & CEO Amitava Saha owns 3.15% of the company.

Zerodha’s Rainmatter backs Bosan and TruNativ

EntrackrEntrackr · 1y ago
Zerodha’s Rainmatter backs Bosan and TruNativ
Medial

Zerodha-backed early-stage venture firm Rainmatter has backed water recycling startup Boson Whitewater and nutrition-focused brand TruNativ with Rs 10 crore each in an equity round. Founded in 2011 by Vikas Brahmavar and Gowthaman Desingh, Boson Whitewater makes water softeners, industrial water treatment systems and recently laucnhed Water Recovery Boson Whitewater system with the vision to emerge as the 3rd source of water after municipal water. The startup is working with IT parks, malls, industries and apartment complexes to recover potable water from their STP treated water. Founded by Pranav Malhotra and Mamta Malhotra in 2019, Mumbai-based TruNativ brings transparent, nutritionally balanced, and healthy food alternatives for people who care about nature and health. It sells its products through its website and various other ecommerce portals In February 2022, Bengaluru-based Bosan Whitewater had raised Rs 3.45 crore in a funding round led by IAN (Indian Angel Network) and others whereas TruNativ raised an undisclosed amount in seed funding round in April 2021.

Exclusive: DrinkPrime raises fresh money at 30% valuation premium

EntrackrEntrackr · 12d ago
Exclusive: DrinkPrime raises fresh money at 30% valuation premium
Medial

Exclusive: DrinkPrime raises fresh money at 30% valuation premium DrinkPrime, a subscription-based reverse osmosis (RO) water supplying startup, has raised Rs 20 crore in fresh funding from Artha Venture Fund and Mirabilis Investment Trust. According to DrinkPrime’s filings with the Registrar of Companies (RoC), its board approved the allotment of 21,718 Series A3 CCPS and 10 equity shares at an issue price of Rs 9,205 per share to raise Rs 20 crore. Artha Venture Fund and Mirabilis Investment Trust have invested Rs 10 crore during the round. According to the filing, the proceeds will be utilized in line with the company’s approved business plan. As per Entrackr’s estimates, DrinkPrime’s valuation has jumped to Rs 340 crore (approximately $37 million) in the latest round compared to Rs 261 crore in its previous funding round. Following the allotment in the latest round, Artha Continuum Fund and Mirabilis Investment Trust hold a 2.94% stake each in DrinkPrime on a fully diluted basis. The Bengaluru-based startup had previously raised $3 million in a funding round led by SIDBI Venture Capital Ltd. Founded in 2016 by Vijender Reddy Muthyala and Manas Ranjan Hota, DrinkPrime operates a subscription-based water purifier platform that offers IoT-enabled purifiers to households. DrinkPrime reported a 54% increase in operating revenue to Rs 72.13 crore in FY25 from Rs 46.81 crore in FY24, while its loss decreased to Rs 11.53 crore from Rs 14.14 crore during the same period.

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