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Sanjeev Kapoor-backed Wonderchef turns profitable in FY24

EntrackrEntrackr · 8m ago
Sanjeev Kapoor-backed Wonderchef turns profitable in FY24
Medial

Wonderchef, the kitchen appliance brand backed by celebrity chef Sanjeev Kapoor, is seeing consistent revenue growth year-on-year and recorded a profit in the fiscal year ending March 2024. Wonderchef’s revenue from operations increased by 20% to Rs 377.6 crore in FY24 from Rs 315.5 crore in FY23, according to its annual financial statement sourced from the Registrar of Companies (RoC). Wonderchef offers a wide range of kitchen and home appliances, including non-stick cookware, pans, chimneys, flasks, bakers, and more, through its omnichannel, e-commerce platforms, and quick commerce. The sale of products was the sole source of revenue for the Amicus Capital-backed company. The company earned an additional Rs 3.3 crore from interest income which pushed its total income to Rs 381 crore in FY24, compared to Rs 322 crore in FY23. For the kitchen and home appliances seller, the cost of procurement of appliances naturally becomes the largest cost center forming 67% of its overall cost. To the tune of scale, this cost increased by 25% to Rs 251.6 crore in FY24. Its advertising expenses saw a notable reduction of 25.44% to Rs 17 crore, reflecting the company’s shift towards more cost-effective promotional strategies. Employee benefit expenses also grew moderately by 12.3% to Rs 32 crore, while transportation costs rose by 8.3% to Rs 17 crore. Overall, its total expense increased by 16.7% to Rs 374.6 crore in FY24 from Rs 321 crore in FY23. The continued growth and controlled cost helped Wonderchef to record a net profit of Rs 1.5 crore in FY24, compared to a loss of Rs 52 crore in FY23. Its ROCE and EBITDA margin improved to 3.88% and 2% respectively. On a unit level, the company spent Re 0.99 to earn a rupee of operating revenue in FY24. It’s worth noting that Wonderchef's enterprise value to revenue multiple stood at 1.6X in FY24. The company had a current asset worth Rs 222.6 crore including Rs 33 crore of cash and bank balance in the previous fiscal. Wonderchef has secured a total funding of $50 million to date, including its last $20 million round led by Sixth Sense Ventures in 2021. According to the startup data intelligence platform TheKredible, Sixth Sense Ventures is the largest external stakeholder with 15.83% followed by Amicus Capital. Sanjeev Kapoor along with his wife Alyona Kapoor holds 19.57% of the company. Last year, Ravi Saxena, founder and CEO of Wonderchef, mentioned that the company is targeting around Rs 820 crore in revenue for FY25. Wonderchef has done well to find space in a crowded category with a combination of smart offerings and distribution. With the founders pushing 60 years now, the firm does face the challenge of maintaining growth, even as the market changes rapidly. From the growing misgivings around non-stick cookware to the rise of cast iron utensils, cookware firms have to skirt a tricky market in India. Eking out a profit has meant that the firm is definitely in play for an acquisition, especially if the funding situation deteriorates for it. That is something we would not discount at all now, despite the ambitious talk of more than doubling turnover in a year, one way to attract the attention of suitors, one might add.

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Leegality turns profitable with 87% revenue growth in FY24

EntrackrEntrackr · 11m ago
Leegality turns profitable with 87% revenue growth in FY24
Medial

Document infrastructure platform Leegality maintained its growth trajectory in the fiscal year ending March 2024. After achieving 100% revenue growth in FY23, the IIFL Fintech Fund-backed company reported an 87% spike in scale in the latest fiscal year. Leegality’s revenue from operations jumped to Rs 62 crore in FY24, as per its financial statement filed with the Registrar of Companies. Leegality enables businesses to digitally transform document logistics, eliminating physical paperwork in the lending ecosystem by providing digital infrastructure, including eSign and eStamping solutions. The sale of these services was the only source of collection for the firm in FY24. Leegality additionally earned Rs 4.2 crore from interest on bank deposits, bringing its total income to Rs 66.41 crore in FY24, a substantial increase from Rs 35.51 crore in FY23. Looking at expenses, employee benefit was the major contributor, accounting for 56% of total costs, increasing by 62.5% to Rs 36.4 crore in FY24 from Rs 22.4 crore in FY23. E-Sign Charges made up 15% of total expenses, rising 2.3 times to Rs 9.5 crore.Tech infrastructure formed 10% of expenses, growing by 55% to Rs 6.6 crore. Other costs, including stamp processing, advertising, and legal fees, brought total expenses to Rs 65 crore during the last fiscal year, reflecting a 66% increase from Rs 39 crore in FY23. With significant revenue growth, Leegality turned profitable in FY24, reporting a profit of Rs 1.11 crore, compared to a loss of Rs 3.5 crore in FY23. Its ROCE and EBITDA margin stood at -2.75% and 3.33%, respectively. On a unit-basis level, the company spent Rs 1.04 to earn each rupee of operating revenue in FY24. FY23-FY24 FY23 FY24 EBITDA Margin -8.53% 3.33% Expense/₹ of Op Revenue ₹1.18 ₹1.04 ROCE -7.49% 2.75% Even though it operates in a fairly competitive space, Leegality’s turn to profitability indicates the ‘sensible’ economics within the segment. Even as more and more transactions and the documentation required are being digitised, the scope of work for Leegality and its peers will only increase, providing a clear pathway to growth. The only risk we can see is any government backed alternative like say, Digilocker which expands services to overlap with what these offer.

Not in a hurry to add new categories; will focus on grocery: BigBasket CEO Hari Menon

Economic TimesEconomic Times · 1y ago
Not in a hurry to add new categories; will focus on grocery: BigBasket CEO Hari Menon
Medial

Tata Digital-owned online supermarket, BigBasket, has stated that it will continue to primarily focus on groceries and expand into adjacent categories such as kitchen and home appliances. While competitors like Zomato-owned Blinkit and Zepto are rapidly diversifying into newer categories, BigBasket remains cautious and will carefully evaluate new segments before entering them. The company recently announced a strategic partnership with celebrity chef Sanjeev Kapoor to launch a frozen food brand called Precia. Additionally, BigBasket aims to achieve a target of Rs 100 crore in online sales by 2026. Despite losses in some segments, the company predicts a growth rate of over 35% in FY24.

Capillary Technologies turns profitable in FY25

EntrackrEntrackr · 2m ago
Capillary Technologies turns profitable in FY25
Medial

Capillary Technologies turns profitable in FY25 Customer loyalty and engagement solutions provider Capillary Technologies has filed its Draft Red Herring Prospectus (DRHP) with SEBI as it gears up for a public listing. The document offers a detailed view into the company’s financials, revealing a sharp turnaround in FY25. Capillary Technologies’ operating revenue rose 14% to Rs 598 crore in FY25, compared to Rs 525 crore in FY24, as per data disclosed in the DRHP. Capillary Technologies follows a B2B SaaS model, earning revenue through subscriptions and services for its loyalty and customer engagement platform used by global brands to enhance retention and personalization. Most of the company’s revenue is through subscription-based software services, which contributed over 80% of the total, growing nearly 20% year-on-year to reach Rs 481 crore in FY25, from Rs 402 crore in FY24. The remaining Rs 117 crore came from other streams such as services and integration-linked fees. From a regional perspective, North America emerged as Capillary’s largest revenue contributor, accounting for 56.6% of the total revenue in FY25, up from 48% in the previous fiscal. EMEA (Europe, Middle East, and Africa) made up 19%, while Asia-Pacific’s share declined to 24% from 33% in FY24. While a detailed expense breakdown isn’t disclosed, the company’s return to profitability suggests improvements in cost structure and stronger monetization of its offerings. The company posted a net profit of Rs 14 crore in FY25, a significant improvement from the Rs 68 crore loss in FY24. Meanwhile, its EBITDA stood at Rs 78.5 crore in FY25, with a margin of 13%. As Capillary moves closer to its IPO, the shift to profitability will likely be a key narrative for investors looking at the company’s long-term potential and scalability.

Ola ride-hailing biz falls 11% in FY24, turns EBITDA profitable

EntrackrEntrackr · 7m ago
Ola ride-hailing biz falls 11% in FY24, turns EBITDA profitable
Medial

Ola recorded a 5.5% year-on-year decline in revenue for the fiscal year ending March 2024, indicating no growth during the period. Despite the revenue drop, the firm managed to turn EBITDA profitable, driven by cost reductions in employee benefits and communication costs. Ola’s revenue from operations declined 5.5% to Rs 2,012 crore in FY24 from Rs 2,128 crore in FY23, its consolidated financial statements sourced from the Registrar of Companies (RoC) show. Income from Ola's ride-hailing business contributed 87.5% of the total operating revenue in FY24, but it decreased by 11.3% to Rs 1,761 crore, down from Rs 1,985 crore in FY23. Ola's financial services business recorded a 3.6X growth in FY24, with revenue increasing to Rs 227 crore from Rs 63 crore in FY23. This segment focuses on selling insurance policies and providing financing services for vehicle purchases, primarily for Ola Electric. The company also added Rs 192 crore mainly from the interest on deposits which brought its overall income to Rs 2,204 crore in FY24, compared to Rs 2,277 crore in FY23. For Ola's ride-hailing business, transportation costs made up 28.8% of total expenses. Due to reduced mobility, these costs dropped by 15.2% to Rs 607 crore in FY24. Its employee benefit expenses shrank 42% to Rs 334 crore, while telephone and postage costs fell by 28% to Rs 280 crore. Surprisingly, its spending grew 2.6X to Rs 107 crore in FY24. Its legal, rent, and other overheads took the overall cost to Rs 2,107 crore in FY24 from Rs 2,517 crore in FY23. Note: We have excluded the cost of allowance for impairment of goodwill and other intangible assets in the calculation of losses which stood at Rs 319 crore and 149 crore in FY24 and FY23, respectively, due to its non-cash in nature. Despite the decline in its ride-hailing business, Ola effectively controlled its costs, resulting in a loss of Rs 10 crore in FY24, compared to a Rs 623 crore loss in FY23. Notably, the firm becomes EBITDA profitable during the previous fiscal year. On a unit level, the company spent Re 0.89 to earn a rupee of operating revenue during the fiscal year. In August 2024, Bhavish Aggarwal announced that Ola Cabs would be rebranded as Ola Consumer, bringing together its financial services, cloud kitchens, and electric logistics under one platform. The company is also moving closer to its initial public offering (IPO). According to sources, Ola’s parent company, ANI Technologies Private Limited, has scheduled an extraordinary general meeting (EGM) for November 14, 2024, to discuss matters related to the IPO. However, Ola hasn’t provided an official comment on the timeline for its public listing. In August 2024, Aggarwal announced that Ola Cabs would be rebranded as Ola Consumer, integrating financial services, cloud kitchens, and electric logistics under one umbrella. The company has also faced valuation markdowns by its investors in recent years. In August 2024, Vanguard adjusted Ola’s valuation to approximately $2 billion. Earlier, the investment advisor had reduced the valuation to $1.88 billion as of November 30, 2023. This marks a significant decline from 2021, when Ola was valued at $7.3 billion.

Amazon-backed ToneTag turns profitable after 10 years of operations

EntrackrEntrackr · 9m ago
Amazon-backed ToneTag turns profitable after 10 years of operations
Medial

After experiencing slow growth over the past two years (FY22 and FY23), contactless payment solution provider ToneTag has made a strong comeback, doubling its revenue in the fiscal year ending March 2024. By effectively cutting expenses, the Bengaluru-based company has also achieved profitability for the first time since its inception in 2014. ToneTag’s revenue from operations jumped 111.7% to Rs 47.78 crore during FY24 in contrast to Rs 22.57 crore generated in FY23, its financial statement sourced from the Registrar of Companies shows. ToneTag offers three product categories for businesses—voice commerce, online store, and in-store solutions—that cater to retail and F&B businesses. The firm enables businesses to integrate voice-powered interactions for shopping, ordering, and payment through its Oyeti platform. For customers, its VoiceSe UPI payment service facilitates voice-based transactions that work without internet access. The company collected Rs 30.87 crore via upfront customization services in FY24 accounting for 64.6% of the total operating revenue during the year. Revenue from smart stores dwindled 53.8% to Rs 10.33 crore year-on-year (YoY) from Rs 22.36 crore. The company also generated revenue of Rs 4.14 crore from monthly fees (from businesses), Rs 1.63 crore via one-time integration fees, and Rs 81 lakh through license fees. Moving toward the expense side, employee benefits formed 49% of the total expenditure. This cost remained almost flat at Rs 13.22 crore during the last fiscal year (FY24). Finance cost ballooned over 5X to Rs 2.49 crore while telephone cum IVR charges surged 143.8% to Rs 2.17 crore during the period. Overall, the company spent Rs 26.95 crore in FY24, 9.3% less compared to FY23 (Rs 29.70 crore). Followed by an impressive growth in scale and controlled expenditure, ToneTag turned profitable and booked Rs 20.94 crore profits during FY24 against Rs 6.12 crore loss in FY23. Operating cash outflows, however, increased 73.6% to Rs 2.24 crore in FY24. ToneTag’s improved bottom line also helped it to register positive EBITDA margin and ROCE which bettered to 54.18% and 30.09%, respectively. On a unit level, the firm spent Re 0.56 to earn a rupee of operating revenue in the last fiscal year. At the end of FY24, the company reported Rs 1.6 crore in cash and bank balances. However, its current assets nearly tripled to Rs 41.94 crore, driven by a significant spike in trade receivables during the period. According to media reports, ToneTag is looking to raise $50 million in primary and secondary funding from Iron Pillar and other investors. As per TheKredible, ToneTag has raised over Rs 90 crore ($11 million) to date and was valued at nearly Rs 800 crore ($96 million) in its last round. The company, which is backed by Amazon, Reliance, and 3one4 Capital, hasn’t raised a new round for more than six and a half years. Among contactless payment solution providers, ToneTag competes with Paytm, PhonePe, PineLabs, BharatPe, and MobiKwik et al.

Exclusive: Porter turns profitable with over Rs 4,000 Cr revenue in FY25

EntrackrEntrackr · 2m ago
Exclusive: Porter turns profitable with over Rs 4,000 Cr revenue in FY25
Medial

Exclusive: Porter turns profitable with over Rs 4,000 Cr revenue in FY25 After recording a 56% year-on-year growth in FY24, on-demand intra-city logistics platform Porter has delivered another strong performance in FY25, posting nearly 50% growth and turning profitable, according to three sources and some documents reviewed by Entrackr. Porter revenue from operations grew to 4,300 crore in the fiscal year ending March 2025 from Rs 2,734 crore in FY24, as per the documents. Porter provides a full-stack logistics platform to help businesses optimize their last-mile delivery operations. It generated 99% of its total operating revenue via the goods transportation services while the remaining came from platform fees and other operating activities. It primarily serves micro, small, and medium enterprises (MSMEs) and has expanded its presence to over 20 cities in India. According to the sources, the company managed to cut costs and reported a profit after tax (PAT) of Rs 54 crore in FY25. During FY24, the Bengaluru-based firm cut down its losses by 45% to Rs 95.7 crore. Queries sent to Porter on Monday did not elicit a response until publication of the story. We will update the story in case it responds. Porter has raised over $332 million to date, including its $200 million Series F round in May this year, with Kedaara Capital and Wellington Management leading the investment. Prior to this, the company secured $100 million led by Tiger Global in 2021. Soon after the unicorn round, Porter also provided an exit to its early backer Peak XV, which generated returns of over Rs 1,200 crore on an investment of Rs 116 crore. Porter earlier operated with minimal competition from VC-funded players, but the landscape has shifted with Uber, Delhivery, and Rapido (in the two-wheeler category) entering the space.

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