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Safegold gross revenue nears Rs 5,000 Cr in FY23; turns profitable

EntrackrEntrackr · 1y ago
Safegold gross revenue nears Rs 5,000 Cr in FY23; turns profitable
Medial

Several digital investment platform users like Zerodha, Groww, Upstox, and more saw a huge uptick in user base in the last couple of years, mainly driven by the stay-at-home-norms during the Covid phase. Beyond the stock markets, investment in digital gold experienced a turnaround, too. This could also be evident from Safegold’s exceptional financial performance in FY23. Safegold gross revenue surged by 81.8% to Rs 4,498 crore in FY23 from Rs 2,474 crore in FY22, its consolidated financial statements filed with the Register of Companies show. Safegold is a digital platform enabling customers to effortlessly purchase, sell, and securely receive vaulted gold, even at minimal amounts. The sale of digital gold from online and offline platforms was the only source of revenue for the Delhi-based company. Notably, 79.2% of Goldsafe’s trade comprises wholesale transactions, with the remaining portion falling under retail trade. For the digital gold platform, the purchase of digital gold and related items accounted for 99.1% of the overall expenditure. In tune with scale, this cost grew 99.1% to Rs 4,459 crore in FY23 from Rs 2,443 crore in FY22. Its employee benefits, legal/professional, advertising, distribution, and other overheads took the overall cost to Rs 4500 crore in FY23 from Rs 2475 crore in FY22. See TheKredible for the detailed expense breakup. The 80% year-on-year scale and controlled expenditure helped Safegold to register a profit of Rs 11 crore in FY23 where the figures were at a loss of Rs 1 crore in FY22. Its ROCE and EBITDA margin stood at 46% and 0.2% respectively. On a unit level, it spent Rs 1 to earn a rupee in FY23. FY22-FY23 FY22 FY23 EBITDA Margin 0% 0.2% Expense/₹ of Op Revenue ₹1.00 ₹1.00 ROCE -8% 46% Safegold is backed by Pravega Ventures, Beenext, a Singapore angel network, and individuals like Rajan Anandan, Roshan Angrish, Prashant Malik, and Niraj Shah. Head to TheKredible for the complete shareholding. In what is a business built on the finest of margins in a commodity as well established as gold, the company has done well to deliver high growth. But with margins set to remain slim, and profitability delivered on the back of interest income, the firm still needs work to ensure costs stay in check as volumes grow. That sounds possible in a category like Gold, especially in a bullish market for the yellow metal, making Safegold a firm to keep an eye on .

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Metalbook nears Rs 800 Cr gross revenue in FY24

EntrackrEntrackr · 5m ago
Metalbook nears Rs 800 Cr gross revenue in FY24
Medial

Full-stack metal supply-chain platform Metalbook recorded nearly Rs 800 crore of gross revenue for the fiscal year ended March 2024. However, its losses surged over two-fold in the same period. Metalbook’s gross revenue, known as gross merchandise value (GMV), surged 76% to Rs 796 crore in FY24 from Rs 452 crore in FY23, according to its financial statement sourced from the Registrar of Companies (RoC). Founded in 2021, Metalbook is a full-stack procurement platform that helps businesses, including SMEs, with inventory liquidation, logistics, and credit, among others. It claims to work with over 500 manufacturers, dealers, and suppliers, including ArcelorMittal Nippon Steel, Tata Steel, and JSW, across 16 countries. These services were the only source of revenue for the Gurugram-based company in FY24. The firm also made an additional Rs 2.5 crore from interest on deposits and investments, which pushed its total income to Rs 799 crore in FY24. For the supply chain platform, the cost of procurement of materials was the company’s largest cost center, accounting for 96% of the overall expenditure. This cost surged by 75.34% to Rs 782 crore in FY24. Employee benefit expenses jumped 90.48% to Rs 16 crore. Provisions for bad debts stood at Rs 3.7 crore, while other expenses—including legal, technology, and travel—contributed Rs 14.3 crore. These factors drove total expenses up by 77.78% to Rs 816 crore in FY24. Despite the 76% growth in scale, Metalbook’s loss spiked by 2.8 times to Rs 17 crore in FY24 from Rs 6 crore in FY23. Its return on capital employed (ROCE) and EBITDA margin stood at -9.65% and -1.27% respectively. On a unit basis, the company spent Rs 1.03 to earn a rupee of gross revenue in FY24. The Delhi-based company’s current assets stood at Rs 193 crore, which includes Rs 61 crore of cash and bank balance in the previous fiscal year. According to TheKredible, Metalbook has raised $23 million of funding to date. Axilor, Foundamental, and RTP Global are the major investors who hold 13.55%, 8.23%, and 5.81% of the company respectively.

BigHaat’s gross revenue nears Rs 700 Cr in FY23

EntrackrEntrackr · 1y ago
BigHaat’s gross revenue nears Rs 700 Cr in FY23
Medial

Agritech startup BigHaat registered over five-fold growth during the fiscal year ending March 2023. However, in pursuit of rapid scale its losses also rose in a similar proportion during the same period. BigHaat’s gross revenue surged 5.3X to Rs 643 crore in FY23 from Rs 120 crore in FY22, its consolidated financial statements filed with the Registrar of Companies show. Founded in 2015, BigHaat leverages technology to provide a wide range of solutions and services to farmers, helping them optimize their agricultural practices and increase productivity. Market linkages formed 92% of the overall gross revenue which increased 6.6X to Rs 594 crore in FY23. The rest of the income comes from input business, exports, commission of marketplace, and others. See TheKredible for the detailed revenue breakup. In tune with growth in scale, its cost of procurement emerged as the largest cost center accounting for 92.5% of the total expenditure. This cost rose by 5.4X to Rs 623 crore in FY23 from Rs 115 crore in FY22. Its employee benefits, selling cum distribution, legal-professional, information technology, fulfillment, and other overheads took the total expenditure to Rs 673 crore in FY23 from Rs 128 crore in FY22. Head to TheKredible for the complete expense breakup. Expenses Breakdown Total ₹ 128 Cr https://thekredible.com/company/bighaat/financials View Full Data To access complete data, visithttps://thekredible.com/company/bighaat/financials Total ₹ 673 Cr https://thekredible.com/company/bighaat/financials View Full Data To access complete data, visithttps://thekredible.com/company/bighaat/financials Cost of procurement Cost of procurement Employee benefit Employee benefit Selling and distribution Selling and distribution Legal professional Legal professional Information technology Information technology Fulfilment cost Fulfilment cost Others To check complete Expense Breakdown visit thekredible.com View full data The spurt in procurement and employee benefits resulted in a significant increase in losses, rising 5.8X to Rs 35 crore in FY23 from Rs 6 crore in FY22. Its ROCE and EBITDA margin stood at -40% and -4.3%, respectively. On a unit level, it spent Rs 1.05 to earn a rupee in FY23. FY22-FY23 FY22 FY23 EBITDA Margin -6% -4.3% Expense/₹ of Op Revenue ₹1.07 ₹1.05 ROCE -14% -40% BigHaat has raised $29 million to date and was valued at $58 million in its last round. As per the startup data intelligence platform TheKredible, JM Financial is the largest external stakeholder with 27.29% followed by Ankur Capital and Beyond Next Ventures. Its co-founders Sateesh Nukala and Sachin Nandwana cumulatively command 23.29% of the company. The numbers would indicate a business that is more about trading and arbitrage than anything else, unless BigHaat incurred some major one off expenses. But at this scale, it’s obvious that the firm has the ability and knowledge to make it count, which is what should make it an interesting agritech to track from here on.

Exclusive: OfBusiness revenue nears Rs 20,000 Cr in FY24; profits crosses Rs 600 Cr

EntrackrEntrackr · 1y ago
Exclusive: OfBusiness revenue nears Rs 20,000 Cr in FY24; profits crosses Rs 600 Cr
Medial

Following a 2X jump in scale during FY23, industrial goods and services procurement platform OfBusiness continued its growth run as its revenue grew by 25.8% in the fiscal year ending March 2024. At the same time, the firm’s profit spiked by 30% and crossed the Rs 600 crore mark. OfBusiness’ revenue grew to Rs 19,296 crore in FY24 from 15,343 crore in FY23, according to the company’s consolidated financial documents reviewed by Entrackr. The sale of industrial goods (raw materials) and revenue from financial services offered to the buyers on their platforms were the primary sources of operating revenue for OfBusiness in FY24. The company also made Rs 232 crore from interest and other financial activities, tallying the overall revenue to Rs 19,529 crore in FY24. Being a goods and service procurement platform, the purchase of industrial goods and raw materials including construction materials, chemicals, and produce emerged as the largest cost centers, forming 88.5% of OfBusiness’ total expenses during FY24. In the line of scale, this cost increased by 21% to Rs 16,543 crore in FY24. The firm’s burn on employee benefits, finance, legal, conveyance, advertising, and other overheads took its overall cost up by 24.3% to Rs 18,696 crore in FY24 from Rs 15,037 crore in FY23. Note: OfBusiness’ ESOP-related expenses for this year stood at Rs 32 Cr in FY24 which is similar to last year. The decent growth in scale and controlled expenditure helped OfBusiness to post a 30.2% increase in its profits to Rs 603 crore in FY24. Its ROCE and EBITDA margin improved to 12.33% and 7.44% respectively. On a unit level, OfBusiness spent Rs 0.97 to earn a rupee in FY24. FY23-FY24 FY23 FY24 EBITDA Margin 6.30% 7.44% Expense/₹ of Op Revenue ₹0.98 ₹0.97 ROCE 9.28 12.23 OfBusiness has raised around $800 million including its $325 million Series G round in December 2021 where it was valued at $5 billion. According to the startup data intelligence platform TheKredible, Alpha Wave is the largest external stakeholder with 19.16% followed by Creation Investment and Matrix Partners. OfBusiness competes with Zetwerk, Infra.market, and Moglix. Zetwerk recorded Rs 11,449 crore GMV in FY23 while Infra. Market and Moglix’s gross revenue stood at 11,846 crore and Rs 4,500 crore respectively in the same period (FY23).

Traya posts 236 Cr revenue in FY24; turns profitable

EntrackrEntrackr · 6m ago
Traya posts 236 Cr revenue in FY24; turns profitable
Medial

Traya recorded over threefold year-on-year growth, with its revenue crossing Rs 230 crore during the previous fiscal year ending March 2024. Moreover, with this pace, the Mumbai-based company became profitable in the same period. Traya’s revenue from operations surged 3.8X to Rs 236 crore in FY24 from Rs 61 crore in FY23, its annual financial statements sourced from the Registrar of Companies show. Established in 2019, Traya focuses on addressing hair loss at its core by identifying the underlying causes. It provides personalized hair solutions and guidance from a team of experienced hair coaches and physicians. Income from product sales accounted for 99.36% of Traya's total operating revenue, which rose to Rs 234.5 crore in FY24, up from Rs 61 crore in FY23. The rest income came from courier services and doctor consultation fees. Moving on to the expense part, marketing and sales accounted for 43% of the overall expenditure. This cost grew twofold to Rs 98 crore in FY24 from Rs 51 crore in FY23. To the tune of scale, the cost of procurement of materials surged 3.6X to Rs 54 crore in FY24. Traya’s employee benefits also saw a 4X surge to Rs 36 crore in FY23. Other overheads including freight, legal, and travelling increased the overall cost by 154% to Rs 229 crore in FY23 from Rs 90 crore in FY23. The 3.8X growth in scale enabled Traya to achieve a notable profit of Rs 9 crore in FY24, a stark contrast to the Rs 28 crore loss in FY23. Its ROCE and EBITDA margin improved to 8.7% and 5.04%, respectively. On a unit basis, the company spent Rs 0.97 to earn a rupee in FY24. Traya's total current assets recorded at Rs 159 crore, with a cash balance of Rs 85 crore at the end of the previous fiscal year. According to startup-data intelligence platform TheKredible, Traya has raised approximately Rs 96 crore to date, including Rs 75 crore in funding from Xponentia Capital in April this year. The company counts notable investors such as Fireside Ventures, Kae Capital, Xponentia Capital, and Whiteboard Capital.

PaisaWapas revenue nears Rs 70 Cr in FY24, remains profitable

EntrackrEntrackr · 4m ago
PaisaWapas revenue nears Rs 70 Cr in FY24, remains profitable
Medial

Fintrackr All Stories PaisaWapas revenue nears Rs 70 Cr in FY24, remains profitable Cashback and coupons app PaisaWapas has managed steady growth as its revenue from operations grew 24% year-on-year for the fiscal year ending March 2024. Moreover, the Bengaluru-based company also increased its profit by around 17% during the same period. PaisaWapas’ revenue from operations grew by 24% to Rs 68.7 crore in FY24 from Rs 55.5 crore in FY23, its financial statements sourced from the Registrar of Companies (RoC) show. PaisaWapas operates as a cashback and deals platform, linking shoppers with e-commerce partners. It generates revenue through affiliate commissions, sharing a portion as cashback with users, and also earns from promotions and s. Revenue from these services surged 25.8% to Rs 66.7 crore in FY24, contributing 97% of the operating revenue in FY24. However, revenue from the sale of goods increased marginally by 35.4% to Rs 1.53 crore. The company also generated Rs 30 lakh from other income sources, pushing its total income to Rs 69 crore in the last fiscal year. Cashback to users remained the largest expense category, decreasing 14.6% to Rs 19.5 crore. Meanwhile, payouts to users increased 2.2X to Rs 15.5 crore. Advertising costs rose 95.1% to Rs 16 crore, indicating a focus on customer acquisition and engagement. Employee benefit expenses grew 41.1% to Rs 5.22 crore. Overall, total expenses increased 25% to Rs 64.4 crore, up from Rs 51.5 crore in FY23. PaisaWapas increased its profit by 16.7% to Rs 3.5 crore from Rs 3 crore in FY23. The firm recorded an EBITDA of Rs 4.86 crore, with an EBITDA margin of 7.04% and a Return on Capital Employed (ROCE) of 41.5%. The Bengaluru-based platform reported current assets of Rs 22 crore as of March 2024, while cash and bank balances rose 75% to Rs 7 crore. According to TheKredible, PaisaWapas has raised a total of $46K in funding to date. Vividhity Ventures is the lead investor, holding 2% of the company’s stake. Meanwhile, PaisaWapas’ founders, Shankar Singh and Ashish Kumar, collectively own 94% of the company. PaisaWapas competes against the companies such as CashKaro, CouponDunia, GoPaisa and GrabOn, among several others.

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