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Services soar in new company registrations in FY24

LivemintLivemint ยท 1y ago
Services soar in new company registrations in FY24
Medial

The services sector accounted for 71% of the 185,300-plus new companies registered in the 2023-2024 financial year in India, showing a significant increase from previous years. The community, personal, and social services segment saw the sharpest growth, with almost double the number of registrations compared to the preceding year. Experts attribute the rise in registrations to the low barriers to entry and the increasing share of digitally delivered services. The services sector continues to contribute over half of India's economic output, despite government encouragement of large-scale manufacturing. Rising compliance with Goods and Service Tax (GST) requirements may also be influencing company registrations. Micro businesses made up the majority of new registrations, with Maharashtra, Uttar Pradesh, and Delhi leading the way.

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Falca crosses Rs 350 Cr revenue in FY24, losses soar 3X

EntrackrEntrackr ยท 4m ago
Falca crosses Rs 350 Cr revenue in FY24, losses soar 3X
Medial

Falca crosses Rs 350 Cr revenue in FY24, losses soar 3X Full-stack agritech supply chain company Falca has demonstrated consistent growth in its gross merchandise value (GMV). The firm recorded a 65X increase in GMV over the past five fiscal years, with gross revenue rising to Rs 368 crore in FY25 from Rs 5.6 crore in FY20. On a year-on-year basis, Falcaโ€™s GMV increased by 27% to Rs 368 crore in FY24 from Rs 289 crore in FY23, its consolidated financial statement sourced from the Registrar of Companies (RoC) shows. Falca offers four key products catering to different aspects of the agricultural supply chain. Suggi supplies agricultural inputs such as seeds and pesticides through a network of physical stores. Samrat is a full-stack solution that provides advisory services, inputs, and market linkage. Siri functions as a trading platform, connecting large farmers, traders, and FPOs with buyers. Lastly, Sampoorna offers mobile and web applications to enhance farm yield and operational efficiency. The sale of these products and services was the sole source of revenue for Falca in the last fiscal year. Outpacing its year-on-year revenue growth, Falca's total expenses rose 30.2% to Rs 384 crore in FY24. The cost of materials remained the largest expense, making up 94% of total expenses. In line with the company's scale, material costs increased by 27%, reaching Rs 362 crore in FY24, up from Rs 284 crore in FY23. Falcaโ€™s employee benefit costs doubled to Rs 10 crore, and finance expenses spiked 50% to Rs 3 crore. Other expenses added another Rs 9 crore for the fiscal year ending March 2024. In the end, Falcaโ€™s net loss widened threefold to Rs 15 crore in FY24, compared to a Rs 5 crore loss in FY23. The companyโ€™s EBITDA margin further declined from -1% in FY23 to -3.14% in FY24. On a unit basis, the company spent Rs 1.04 to earn a single rupee in FY24. Falcaโ€™s cash and bank balances dropped by 50% to Rs 4 crore, while current assets declined significantly from Rs 53.5 crore to Rs 24.5 crore. According to startup data intelligence platform TheKredible, it has raised a total of approx $3 million of funding to date, having Kingston Smiler and Inflection Point Ventures as its lead investors.

Garuda Aerospace revenue and profit soar over 2X in FY24

EntrackrEntrackr ยท 3m ago
Garuda Aerospace revenue and profit soar over 2X in FY24
Medial

Garuda Aerospace revenue and profit soar over 2X in FY24 Drone technology startup Garuda Aerospace had a strong performance in the last fiscal year, with its operating scale more than doubling and profits surging nearly 3X, despite a two-fold increase in expenses. Garuda Aerospaceโ€™s revenue from operations grew by 2.3X to Rs 110 crore in FY24 from Rs 47 crore in FY23, according to its financial statements sourced from the Registrar of Companies (RoC). Garuda Aerospace designs, manufactures, and customizes Unmanned Aerial Vehicles (UAVs or Drones) for various use cases such as deliveries, disaster management, agriculture, etc. The firm makes money from surveillance charges and related operating services which saw a jump of 143% to Rs 68 crore in FY24 while the rest came via sale of drones and accessories which generated Rs 42 crore. On the expense side, the biggest cost component, material expenses, saw a massive 5.4X jump to Rs 49 crore in FY24 from Rs 9 crore in FY24. Employee benefit expenses also climbed 22% to Rs 11 crore. Other major costs included legal charges of Rs 8 crore and travel expenses of Rs 7 crore. Overall, the total expense bill for Garuda Aerospace increased by 128% to Rs 89 crore in FY24 from Rs 39 crore in FY23. Despite the increase in expenses, the companyโ€™s strong revenue growth allowed it to expand its net earnings. Garuda Aerospaceโ€™s profit margin saw notable improvement, with net profit reaching Rs 16 crore in FY24, a 2.7X increase from Rs 6 crore in the previous year. On a unit economics basis, the firm spent Rs 0.81 to earn a rupee in FY24. Its ROCE and EBITDA margin stood at 20.72% and 22.52%, respectively. At the end of FY24, Garuda Aerospace recorded current assets worth Rs 130 crore, which includes Rs 16 crore of cash and bank balance. According to TheKredible, the firm has raised a total of $31 million in funding to date, having Ocgrow Ventures and Silver Swan Investments as its lead investors. Its founder and CEO, Agnishwar Jayaprakash, owns 77% of the company.

Phi Commerce posts Rs 81 Cr revenue in FY24; losses soar 3X

EntrackrEntrackr ยท 3m ago
Phi Commerce posts Rs 81 Cr revenue in FY24; losses soar 3X
Medial

Phi Commerce, a SaaS-based omnichannel payment solutions provider, recorded over two-fold year-on-year growth in its operating scale for the fiscal year ending March 2024. However, its losses surged 3X during the same period due to its growth expansion efforts. PhiCommerceโ€™s operating revenue grew to Rs 81.2 crore in FY24 from Rs 34.7 crore in FY23, as per its annual consolidated financial statements filed with the Registrar of Companies (RoC). Phi Commerce is a digital payment solutions provider offering a unified omnichannel payments platform for businesses, banks, and networks. Its flagship product, PayPhi, simplifies complex digital transactions across online, in-store, on-the-go, and doorstep channels. For Phi Commerce, commissions on GMV settlements with merchants accounted for 90% of its operating revenue, totaling Rs 72.3 crore in FY24. The remaining revenue came from technology infrastructure and value-added services for payment aggregation. The firm earned Rs 3.4 crore in interest from fixed deposits and non-current investments, bringing its total revenue to Rs 84.5 crore. Phi Commerce's total expenses surged 137% to Rs 116.6 crore in FY24 from Rs 49.2 crore in FY23, driven by increased operational costs. Processing charges for payments remained the largest cost component, accounting for 60% of total expenses, rising 2.6X to Rs 70.5 crore in FY24. Employee benefit expenses also saw a 109% YoY increase, reaching Rs 27.8 crore. Additional costs, including legal and platform support fees, share-based compensation to consultants, and other overheads, further pushed total expenses up by 137%. As a result, Phi Commerce's total costs outpaced revenue growth, leading to a 207% increase in net loss, which widened to Rs 28.9 crore in FY24 from Rs 9.4 crore in FY23. On a unit level, the company spent Rs 1.44 to earn a rupee in FY24. By the end of FY24, Phi Commerce recorded a negative ROCE of -40.18% and an EBITDA margin of -35.11%. Its total current assets stood at Rs 107.7 crore, including Rs 64.6 crore in cash and bank balances as of March 2024. Phi Commerce has raised $14 million in funding to date including a $10 million Series A round led by BEENEXT and participation from Opus Ventures. According to the data intelligence platform TheKredible, Opus Ventures is the largest external stakeholder followed by Beenext.

Ola Electric, TVS, Bajaj expand e-scooter market share amid overall rise in sales

Economic TimesEconomic Times ยท 1y ago
Ola Electric, TVS, Bajaj expand e-scooter market share amid overall rise in sales
Medial

In FY24, Ola Electric, TVS Motors, and Bajaj captured larger market shares in the electric scooter market, according to government data. Ola Electric held a 35% share with 3,28,254 registrations, followed by TVS Motors (19%) and Bajaj Auto (12%). The overall non-transport electric two-wheeler market grew by 30% to 9,41,583 registrations. Okinawa and Hero Electric, however, lost market share and face potential legal action for not repaying subsidies. Despite a temporary decline due to reduced subsidies, the market rebounded. Ola Electric extended warranties and introduced plans to set up fast-charging points and expand service centers. Ola Electric's monthly sales reached a record high of 53,184 registrations in March.

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