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Table Space revenue spikes 2X to Rs 780 Cr in FY23; stays profitable

EntrackrEntrackr · 1y ago
Table Space revenue spikes 2X to Rs 780 Cr in FY23; stays profitable
Medial

Co-working space solutions provider Table Space has demonstrated solid financial performance in the last fiscal year as the company’s operating scale grew over 97% and neared the Rs 680 crore revenue mark. At the same time, the Bengaluru-based firm remained profitable during FY23. Table Space’s revenue from operations jumped to Rs 678.5 crore in the fiscal year ending March 2023 from Rs 344 crore in FY22, its consolidated financial statements filed with the RoC show. Founded by Amit Banerji in 2017, Table Space provides customized coworking spaces and claims to have a capacity of more than 10 million square feet with 75 plus centers in over 7 cities including Bengaluru. Rental and lease income formed 75% of the total operating revenue which saw a growth of 69% to Rs 512 crore in FY23 from Rs 303 crore in FY22. Facility management, common area maintenance, and sale of food and beverages were some other revenue drivers for the company. Table Space also earned Rs 90 crore from non-operating activities which tallied its total income to Rs 768.5 crore during the last fiscal year (FY23). See TheKredible for the detailed revenue breakup. Its finance and depreciation costs, concerning the lease accounted for 59% of the overall expenditure which surged 2X to Rs 414 crore in FY23. Table Space’s employee benefits, repair cum maintenance, advertising, legal professional, rent and other overheads catalyzed its overall expense up by 118% to Rs 703.8 crore in FY23 from Rs 321.6 crore in FY22. Head to TheKredible for the complete expense breakdown. The decent scale and two-fold growth in other income helped Table Space to increase its profits marginally to Rs 45.9 crore in FY23 from Rs 44.5 crore in FY22. Its ROCE and EBITDA margin stood at 9% and 62.3%. The company spent Rs 1.04 to earn a rupee in FY23. Table Space has raised around $330 million across several rounds including a $300 million round from Hillhouse. According to the startup data intelligence platform TheKredible, Hillhouse is the largest stakeholder with 31.49%. Its core team including Amit Banerji, Karan Chopra, Srinivas Prasad, and Narendra Kumar Kamaraju commands 56.48% of the company. The company competes with the likes of Smartworks, Awfis, IndiQube, WeWork and others. Table Space continues the trend of co-working platforms delivering strong growth, even as it has seen margins shrink at the same time. But being profitable matters, and the firm is poised to benefit all the more from the growth momentum thanks to that. However, the high income from non operating activities might also not be sustainable, which will put further pressure on the bottomline. All out growth versus well considered growth is still a much better problem to have than growth versus survival, however.

Drishti IAS posts Rs 405 Cr revenue and Rs 90 Cr PAT in FY24

EntrackrEntrackr · 9m ago
Drishti IAS posts Rs 405 Cr revenue and Rs 90 Cr PAT in FY24
Medial

Drishti IAS posts Rs 405 Cr revenue and Rs 90 Cr PAT in FY24 Offline coaching firm Drishti IAS Institute crossed Rs 400 crore of revenue during the previous fiscal year ended in March 2024. The profits for the Vikas Divyakirti-led firm touched Rs 90 crore in the same period. Drishti IAS’s revenue from operations increased by 30.6% year-on-year to Rs 405 crore in FY24 from Rs 310 crore in FY23. The Delhi-based company's revenue rose from Rs 40 crore in FY21 to Rs 119 crore in FY22, and further to Rs 310 crore in FY23. The 26-year-old educational platform mainly provides offline coaching for Civil Services Examination (CSE). Income from coaching services accounted for 94.8% of the total operating revenue, which increased by 37.6% to Rs 384 crore in FY24 from Rs 279 crore in FY23. The remaining income is generated from the sale of study materials, including pen drives, books, test papers, and other resources. Drishti IAS operates seven institutes, including two in Delhi, three in Uttar Pradesh, and one each in Jaipur and Indore. Its Mukherjee Nagar Institute is the largest revenue contributor, accounting for 58% of the total coaching income. Employee benefits and faculty charges constituted 40% of its overall cost, increasing by 41% to Rs 117 crore in FY24 from Rs 83 crore in FY23. Drishti IAS's advertising spending also jumped 3.4X to Rs 51 crore in FY24. Drishti IAS's overall expenditure increased to Rs 289 crore in FY24 from Rs 197 crore in FY23. Higher spending on employee benefits and advertising resulted in a modest 3.4% increase in net profits, which rose to Rs 90 crore in FY24 from Rs 87 crore in FY23. The company's ROCE and EBITDA margin were recorded at 55.7% and 33.73%, respectively, while the expense-to-revenue ratio stood at Re 0.71. As of March 2024, the company's total current assets were valued at Rs 88 crore, with cash and bank balances of Rs 54 crore.

Vedantu posts Rs 153 Cr revenue in FY23; cuts losses by 46%

EntrackrEntrackr · 1y ago
Vedantu posts Rs 153 Cr revenue in FY23; cuts losses by 46%
Medial

Edtech company Vedantu has released its financial results for the fiscal year ending March 2023. The Bengaluru-based firm faced challenges in scaling, with its revenue dropping by 7.8% in FY23. However, the company managed to control its losses by 46% during the same period. Vedantu’s revenue from operations decreased by 7.8% to Rs 153 crore in FY23 from Rs 166 crore in FY22, its consolidated financial statements accessed from the Registrar of Companies (RoC)show. Income from online tutoring of various courses accounted for 94% of its total operating revenue which declined 13.3% to Rs 144 crore in FY23. The rest of the collections comes from the sale of books, hostel fees, and e-learning project income in FY23. The company also made Rs 22 crore from interest and gain on financial assets tallying its total income to Rs 175 crore in FY23. Similar to other large edtech startups, its employee benefits emerged as the largest cost center forming 56.7% of the total expenditure which declined by 35.8% to Rs 314 crore in FY23. The firm’s spending on legal, advertising cum promotional, training, information technology, and overheads pushed its overall expenditure to Rs 553 crore in FY23 from Rs 888 crore in FY22. See TheKredible for the detailed expense breakup. Despite the decline in scale, the Tiger Global-backed company managed to control its advertising and employee benefits which led Vedantu’s losses to decrease by 46.4% to Rs 373 crore in FY23 from Rs 696 crore in FY22. Its ROCE and EBITDA margins stood at -68% and -198.9% respectively. On a unit level, it spent Rs 3.61 to earn a rupee in FY23. FY23-FY24 FY22 FY23 EBITDA Margin -356.97% -199.30% Expense/₹ of Op Revenue ₹5.35 ₹3.62 ROCE -118.31% -68.44% Vedantu has not been able to raise a new round since its last equity funding in September 2021. The company also turned unicorn in the $100 million Series E round. In 2022, the company faced back to back firings and laid off more than 1,000 employees across three-four phases. The company also took over Deeksha, Pedagogy and Instasolv in the 2021-22 period. For Deeksha’s acquisition, it spent around $40 million. In December, Vedantu announced its expansion plan to open more than 30 offline centers for JEE, and NEET in multiple cities across the country.

FabHotels reports Rs 219 Cr revenue and Rs 5 Cr loss in FY23

EntrackrEntrackr · 1y ago
FabHotels reports Rs 219 Cr revenue and Rs 5 Cr loss in FY23
Medial

Casa2 Stays-owned FabHotels has been keeping itself under the radar for the past couple of years and the firm’s sheer focus on execution appears to have paid off well in the last fiscal year. The 10-year-old company registered 48% growth in its income during FY23 and reduced losses, inching closer to profitability. FabHotels’ revenue from operations spiked to Rs 219 crore in the fiscal year ending March 2023 from Rs 148 crore in FY22, its annual financial statements filed with the Registrar of Companies show. FabHotels is a chain of budget hotels with more than 600 properties in over 50 cities in India. Revenue from bookings formed 75% of the firm’s total operating collection which grew by 30.2% year-on-year to Rs 164 crore in FY23. The rest of the income came from sales and marketing fees. The company also has an income of Rs 12 crore from non-operating activities. Head to TheKredible for a detailed revenue breakup. The cost of accommodation formed 59% of the overall expenditure which increased by 30.8% to Rs 140 crore in FY23 from Rs 107 crore in FY22. Its employee benefits, commissions, brokerage, website development, legal/professional, and other overheads pushed FabHotels’ total cost by 47.5% to Rs 236 crore in FY23. Check TheKredible for a complete expense breakdown. The notable growth in scale and controlled cost mechanism helped FabHotels reduce its losses by 16.7% to a mere Rs 5 crore in FY23. Its ROCE and EBITDA margin improved to -33% and -1.7% respectively. On a unit level, the firm spent Rs 1.08 to earn a rupee in FY23. FY22-FY23 FY22 FY23 EBITDA Margin -4% -1.7% Expense/₹ of Op Revenue ₹1.08 ₹1.08 ROCE -40% -33% FabHotels has raised $65 million across rounds and was last valued at around $141 million. According to data intelligence platform TheKredible, Accel is the largest external shareholder with 21.39% followed by Goldman Sachs and Panthera Growth Partners which command 20.52% and 10.64% respectively. Its co-founders Vaibhav Aggarwal and Adarssh Mnpuria together own 25.84%. FabHotels directly competes with Oyo, Treebo and several mid-segment independent chains. IPO-bound Oyo posted a revenue of Rs 5,464 crore in the last fiscal year while its losses stood at Rs 1,286 crore. Accor-funded Treebo Hotels reported Rs 89 crore income and Rs 3.6 crore loss during the fiscal year ending March 2023. Small is beautiful acquires a whole new meaning to FabHotels and its improving financials. The firm has had to build and survive challenges like the pandemic the hard way, and deserves credit for making it this far. Without the benefit of a generous backer like Softbank, Fabhotels has clearly made every rupee sweat harder to get where it has. With enough headroom for growth with its model, we believe the firm will see much better days ahead.

Info Edge-backed Truemeds' gross revenue crosses Rs 300 Cr in FY24

EntrackrEntrackr · 7m ago
Info Edge-backed Truemeds' gross revenue crosses Rs 300 Cr in FY24
Medial

Telehealth platform Truemeds saw rapid growth, surpassing Rs 300 crore in gross revenue for the fiscal year ending March 2024. The Mumbai-based company also reduced its losses by 9% during the same period. Truemeds’ gross revenue surged 2X to Rs 315 crore in FY24 from Rs 154 crore in FY23, according to its annual financial statements filed with the Registrar of Companies (RoC). Founded by Akshat Nayyar and Kunal Wani, the startup enables consumers to discover alternative brand medicines by uploading their prescriptions. Revenue from medicine and medical device sales accounted for 98.4% of the total operating income, which surged 102% to Rs 310 crore in FY24. Income from shipping and packaging stood at Rs 1.7 crore and Rs 2.8 crore respectively. The company also added Rs 10 crore from interest on deposits which tallied its overall income to Rs 325 crore in FY24 from Rs 161 crore in FY23. As a telehealth platform, the cost of procuring medicines and devices accounted for 67.8% of the total expenditure. With increasing scale, this cost rose by 96% to Rs 262 crore in FY24. Employee benefits also grew by 75% to Rs 42 crore in FY24. Its advertising, rent, information technology, legal, and other overheads took the overall cost up by 74.7% to Rs 386 crore in FY24 from Rs 221 crore in FY23. The two-fold growth and controlled expenditure helped Truemeds to reduce its losses by 9% to Rs 61 crore in FY24, compared to Rs 67 crore in FY23. On a unit level, it spent Rs 1.23 to earn a rupee in FY24. Truemeds’ ROCE and EBITDA margin improved to -27.6% and -18.15% respectively. At the end of FY24, its total current assets stood at Rs 253 crore with cash and bank balances of Rs 155 crore. Truemeds has secured over $27 million in funding to date, including a $22 million Series B round led by WestBridge Capital in 2022. As per startup data intelligence platform TheKredible, Info Edge is the largest external stakeholder, holding a 25.25% stake in the company. PharmEasy, Tata 1mg, Netmeds, and Apollo 247 are among Truemeds' direct competitors. An easy to use interface, and a real demand for reducing medical costs has provided a strong opening for many firms in the space.

Tractor Junction grows 3X in FY23, posts Rs 7.5 Cr losses

EntrackrEntrackr · 1y ago
Tractor Junction grows 3X in FY23, posts Rs 7.5 Cr losses
Medial

Rural vehicle marketplace Tractor Junction has managed to grow its scale by nearly three-fold during the last fiscal year (FY23). The byproduct of the fast-paced growth, however, is the five-year-old company slipping into red during the said period. Tractor Junction’s revenue from operations grew 196.2% to Rs 26.84 crore during the fiscal year ending March 2023 as compared to Rs 9.06 crore in FY22, as per the company’s consolidated annual financial statement with the Registrar of Companies. Launched by Shivani Gupta and Rajat Kumar, Tractor Junction is a rural vehicle marketplace that helps buy, sell, finance, and insure new and used tractors, farm equipment, and rural commercial vehicles. It also provides necessary information and vetted reviews on farm machinery, enabling users to compare shortlisted options, and bringing transparency in pricing. The company made 55% of its revenue from sale of tractors while the remaining came from the sale of services. The sales of services segment mainly deals in the business of providing advertising services to Original Equipment Manufacturers (OEMs) through generation of leads from their website and selling those leads to OEM’s. Tractor Junction also cornered Rs 1.75 crore via interest and gains on financial assets (non-operating revenue). Including this, the company’s total income stood at Rs 28.6 crore in FY23. Further, the Alwar-based company spent most on the cost of materials accounting for 42% of the total expenditure. This cost shot up over 20X to Rs 14.54 crore in FY23 from Rs 71 lakh in FY22. Employee benefit cost for the company jumped over 2X to Rs 9.35 crore during the last fiscal year. Moreover, advertising & publicity expenses also increased 56.1% to Rs 3.81 crore during FY23 from Rs 2.44 crore in FY22. Overall, the company’s total expenditure ballooned more than four-fold to Rs 34.67 crore in FY23 from Rs 8.28 crore in FY22. Head to startup intelligence platform TheKredible for complete expense breakdown and year-on-year financial performance of the company. On the back of rising expenses, the company slipped into red. Tractor Junction recorded Rs 7.46 crore losses in FY23 against Rs 67 lakh profit in FY22. The impact of cash burn can also be seen in operating cash outflows which climbed to around Rs 17 crore during the last fiscal year. FY22-FY23 FY22 FY23 EBITDA Margin 11.15% -19.41% Expense/Rupee of ops revenue ₹1.29 ₹0.91 ROCE 33.95% -15.36% The EBITDA margin and ROCE of the firm stood at -19.41% and -15.36%, respectively in FY23. On a unit level, Tractor Junction spent Rs 1.29 to earn a rupee of operating revenue during the fiscal year. As per TheKredible, Tractor Junction has raised nearly $6 million to date from investors including Info Edge, Omnivore, Rockstart and Indigram Labs et al.

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