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Shadowfax posts Rs 1,885 Cr revenue in FY24, turns EBITDA profitable

EntrackrEntrackr ยท 7m ago
Shadowfax posts Rs 1,885 Cr revenue in FY24, turns EBITDA profitable
Medial

Shadowfax, one of India's leading new-age logistics and delivery platforms, delivered a strong financial performance in FY24, reducing its losses by 90%. Simultaneously, the company recorded over 33% year-on-year growth in operating revenue, and turned EBITDA positive with Rs 23 crore for the fiscal year ending March 2024. The Flipkart-backed firmโ€™s revenue from operations spiked to Rs 1,884.8 crore in the last fiscal year, from Rs 1,415 crore in FY23, as per its annual financial statements filed with the Registrar of Companies. Shadowfax claims to provide 3PL logistics (third party logistics) to e-commerce and D2C firms across 2,500 cities and 18,000 pin codes in the country. The sale of logistics and delivery services are the only source of revenue for Shadowfax. Co-founder and chief executive Abhishek Bansal attributed the companyโ€™s sustainable growth in FY24 to its focus on value-added services, including reverse logistics, same-day delivery, and quick commerce offered through its Flash service. โ€œWhile most logistics companies have chosen to focus on a single service and transition into B2B, Shadowfax has remained in the B2C space. Quick commerce gives us an edge, as we are the only 3PL offering these services,โ€ said Abhishek Bansal, co-founder and CEO of Shadowfax, in a telephonic conversation with Entrackr. The company also generated Rs 11.6 crore from non-operating activities, contributing to a total income of Rs 1,896.4 crore in FY24. On the expense side, transportation and distribution (delivery partners) expenses accounted for the bulk of costs, surging 24.7% to Rs 966.2 crore in FY24. This cost represents 50.63% of total expenses during the last fiscal year. Vehicle running costs increased by 35.8% to Rs 394.5 crore, while costs related to lost shipments rose by 39.7% to Rs 94.6 crore. Employee benefit expenses marginally declined to Rs 211.5 crore, constituting 11.08% of total expenses, whereas other costs added another Rs 241.5 crore. Overall, the Bengaluru-based firmโ€™s total expenses rose by 21.9% to Rs 1,908.3 crore in FY24. By the end of FY24, the company's net loss declined by 92% to Rs 11.8 crore, compared to Rs 142.6 crore in FY23. Shadowfax also achieved a positive EBITDA of Rs 23 crore in the last fiscal. Its ROCE and EBITDA margin stood at -1.06% and 1.21%, respectively. On a unit basis, Shadowfax spent Rs 1.01 to earn a rupee of operating income in the last fiscal year. The companyโ€™s assets nearly doubled, rising to Rs 619.5 crore in FY24 from Rs 320.8 crore in FY23. Its cash and bank balance at the end of FY24 stood at Rs 102.8 crore. Just before FY24 ended, Shadowfax scooped up $100 million Series E round led by TPG NewQuest. Recently, Uber has partnered with Shadowfax to integrate its two-wheeler fleet with UberMoto, allowing Shadowfax to offer bike-taxi services during lean hours. Reports indicate that the Bansal-led company is gearing up to launch its initial public offering (IPO). It will join industry peers like Delhivery and Blackbuck, which are already listed on the stock exchange, while another player, Ecom Express, has also secured SEBI approval for its IPO. Shadowfax has emerged as the fastest-growing logistics company in India, evident from its performance relative to competitors. Ecom Express recorded a modest 2.3% growth, reporting flat revenue of Rs 2,607 crore in FY24. Meanwhile, listed competitor Delhivery posted 12.7% year-on-year revenue growth in the last fiscal year.

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Traya posts 236 Cr revenue in FY24; turns profitable

EntrackrEntrackr ยท 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. Trayaโ€™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. Trayaโ€™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.

K12 Techno Services touches Rs 430 Cr revenue in FY24, turns EBITDA positive

EntrackrEntrackr ยท 7m ago
K12 Techno Services touches Rs 430 Cr revenue in FY24, turns EBITDA positive
Medial

K12 Techno Services, which runs a school chain under the brand name Orchids, has shown efficient financial performance in the last fiscal. The company reported around 20% year-on-year growth in its operating revenue during FY24, with over a 75% reduction in losses. K12 Techno Servicesโ€™s revenue from operations rose to Rs 429.2 crore in the fiscal year ending March 2024, from Rs 358.3 crore in FY23, its financial statement filed with the Registrar of Companies shows. Apart from operating over 90 Orchids School branches across the country, K12 Techno Services has six verticals, including Sparklebox, an e-commerce store for activity kits, and Eduvate, which provides custom solutions for school operations and curriculum design. The sale of services accounted for the majority, contributing 58.72% (Rs 252.02 crore) of the revenue, with a modest 7.1% year-over-year growth. However, the sale of products for the Bengaluru-based firm surged by 46.5% to Rs 171.72 crore in FY24, making up 40.01% of the total operating revenue. Including non-operating income of Rs 18.47 crore, K12 Techno Servicesโ€™ total income grew 17% to Rs 447.67 crore in the last fiscal year. On the expense side, employee benefit expenses remained the largest cost component, rising by 28.2% to Rs 173.38 crore in FY24 and constituting 37.92% of the total expense. The cost of materials grew by 23% to Rs 89.2 crore, while depreciation expenses rose by 64.4% to Rs 58.69 crore. Advertising expenses decreased by 20.5% to Rs 58.86 crore. Despite registering 17% growth in scale, the companyโ€™s total expenses grew by 8.5% to Rs 457.2 crore in FY24, up from Rs 421.5 crore in FY23. In the end, K12 Techno Serviceโ€™s losses shrank 75% to Rs 9.5 crore in FY24 from Rs 38.75 crore in FY23. The firm also achieved a positive EBITDA of Rs 80.37 crore in the last fiscal. Its ROCE and EBITDA margin stood at 1.69% and 17.95%, respectively. On a unit basis, the company spent Rs 1.07 to earn a rupee of operating income in the last fiscal year. The companyโ€™s assets rose to Rs 402 crore in FY24 from Rs 312 crore in FY23, while its cash and bank balance at the end of FY24 stood at Rs 174.65 crore.

Leegality turns profitable with 87% revenue growth in FY24

EntrackrEntrackr ยท 9m 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. Leegalityโ€™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/โ‚น of Op Revenue โ‚น1.18 โ‚น1.04 ROCE -7.49% 2.75% Even though it operates in a fairly competitive space, Leegalityโ€™s turn to profitability indicates the โ€˜sensibleโ€™ 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.

DCGpac hits profitability as revenue nears Rs 100 Cr in FY24

EntrackrEntrackr ยท 9m ago
DCGpac hits profitability as revenue nears Rs 100 Cr in FY24
Medial

B2B packaging solutions platform DCGpac has been expanding steadily, reaching nearly Rs 100 crore in revenue for the fiscal year ending March 2024. Moreover, the Gurugram-based company, which raised only Rs 20 crore, achieved profitability during this period. DCGpacโ€™s revenue from operations grew by 21.4%, reaching Rs 96.5 crore in FY24, up from Rs 79.5 crore in FY23, its consolidated financial statements sourced from the Registrar of Companies (RoC) show. DCGpac is a packaging materials supplier offering a range of products and services, including corrugated boxes, courier bags, bubble films, designer boxes, and โ€œDesign to Distributionโ€ solutions. Sales of packaging materials represent the sole source of revenue for DCGpac. According to the companyโ€™s website, it serves over 50,000 customers, including Blinkit, Shiprocket, Delhivery, Myntra, DHL, Shadowfax, and others. As with other packaging solutions platforms, the cost of materials accounted for 83.17% of DCGpacโ€™s total expenditure, rising by 19% to Rs 80.4 crore in FY24. Employee benefits expenses stood at Rs 8 crore for the last fiscal year. Additional costs, including advertising, warehousing, packing, information technology, printing, and other operating overheads, brought total expenditure up by 17.9% to Rs 96.7 crore in FY24, compared to Rs 82 crore in FY23. Steady growth and careful cost management helped DCGpac achieve profitability in FY24, posting net profits of Rs 19 lakh compared to a loss of Rs 1.67 crore in FY23. DCGpacโ€™s ROCE and EBITDA margin stood at 3.34% and 1.19%, respectively. On a unit level, the company spent Re 1 to earn a rupee of operating revenue in FY24. FY23-FY24 FY23 FY24 EBITDA Margin -1.98% 1.19% Expense/โ‚น of Op Revenue โ‚น1.03 โ‚น1 ROCE -15.66% 3.34% DCGpac has raised a total of Rs 20 crore to date, including a pre-Series Seed round of $1.5 million led by Venture Catalysts, 9Unicorns, and Inflection Point Ventures in April 2022.

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

EntrackrEntrackr ยท 2m 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. XpressBeesโ€™ 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 companyโ€™s total revenue. However, the companyโ€™s warehousing business, though smaller in size, posted an impressive jump (60X) โ€” 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 XpressBeesโ€™ 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, XpressBeesโ€™ 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 companyโ€™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 companyโ€™s Co-Founder & CEO Amitava Saha owns 3.15% of the company.

NephroPlus posts Rs 566 Cr revenue and Rs 35 Cr profit in FY24

EntrackrEntrackr ยท 2m ago
NephroPlus posts Rs 566 Cr revenue and Rs 35 Cr profit in FY24
Medial

NephroPlus posts Rs 566 Cr revenue and Rs 35 Cr profit in FY24 Dialysis service provider NephroPlus reported a 29% year-on-year increase in operating revenue for the fiscal year ending March 2024. Significantly, the Hyderabad-based company turned profitable during the period, marking a notable recovery from a Rs 12 crore loss in FY23. NephroPlusโ€™ operating revenue grew to Rs 566 crore in FY24 from Rs 438 crore in FY23, according to its consolidated financial statement sourced from the Registrar of Companies (RoC). NephroPlus runs over 275 dialysis centers in more than 170 cities in India and treats nearly 20,000 patients on a monthly basis. Revenue from these services accounted for 95% of the companyโ€™s income in FY24. On the expense side, the largest component of expenditure remained the cost of materials, which rose 19% to Rs 169 crore, accounting for over 31% of the total spend. Employee benefit expenses dropped slightly to Rs 91 crore from Rs 97 crore in FY23, while healthcare professional fees surged by 90% to Rs 59 crore. Hospital fees also increased to Rs 56 crore from Rs 48 crore, and other operational expenses climbed to Rs 166 crore. Overall, NephroPlus reported total costs rose 19.7% to Rs 541 crore in FY24. The strategic focus on cost discipline and improved margins helped NephroPlus post a net profit of Rs 35 crore in FY24, as compared to a net loss of Rs 12 crore a year earlier. Its ROCE and EBITDA margin improved to 9.40% and 18.96% respectively. On a unit basis, NephroPlus spent Rs 0.96 to earn a rupee of revenue in FY24. As of March 2024, the company reported current assets worth Rs 390 crore in FY24, out of which Rs 61 crore were in cash and bank balances. According to startup data intelligence platform TheKredible, NephroPlus has raised approximately $212 million in funding to date, having IFC and Besemer Venture Partners as its lead investors. The companyโ€™s co-founder and CEO Vikram Vuppala owns 11.6% of the company. Recently, NephroPlus acquired seven new dialysis clinics in the Philippines. The firm is also planning to start its clinics in Saudi Arabia later this year.

Capillary Technologies turns profitable in FY25

EntrackrEntrackr ยท 24d 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 companyโ€™s financials, revealing a sharp turnaround in FY25. Capillary Technologiesโ€™ 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 companyโ€™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 Capillaryโ€™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-Pacificโ€™s share declined to 24% from 33% in FY24. While a detailed expense breakdown isnโ€™t disclosed, the companyโ€™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 companyโ€™s long-term potential and scalability.

Amazon India marketplace posts Rs 588 Cr adjusted EBITDA in FY24

EntrackrEntrackr ยท 8m ago
Amazon India marketplace posts Rs 588 Cr adjusted EBITDA in FY24
Medial

Amazon Indiaโ€™s marketplace revenue has continued to outpace Flipkart Marketplaces, with collections from its platform and related services crossing the Rs 25,000 crore mark and registering an adjusted EBITDA of Rs 588.6 crore in FY24. However, Flipkartโ€™s top-line growth was significantly higher than that of Amazon Seller Services during the fiscal year ending March 2024. Amazon Indiaโ€™s revenue from operations grew 14.5% to Rs 25,406 crore in FY24 in contrast to Rs 22,198 crore booked in FY23, its standalone financial statements filed with the Registrar of Companies show. The entity generated 82.4% of the revenue from marketplace services while the remaining came from the services rendered to related parties including platform services, marketing, and royalty revenues. The firm also generated a non-operating income worth Rs 186.8 crore, pushing the overall revenue to Rs 25,592.8 crore in FY24. Amazon Seller Services is engaged in marketplace and marketing support services. Its ultimate holding company is Amazon.com, Inc., which is based in the United States of America. Moving over to the spending, delivery charges were the largest cost element forming 25.8% of the total expenses. The cost went up 9.1% to Rs 7,487.9 crore in FY24 from Rs 6,863.1 crore in FY23. Sales promotion and legal cum professional costs were the other two significant elements which formed around 12% each and stood at Rs 3,586.1 crore and Rs 3,530.2 crore, respectively, in FY24. During the year, Amazon Seller Services spent Rs 2,771.2 crore on employee benefits which also include share-based payments (ESOP cost) of Rs 682.7 crore. Amazon India marketplace armโ€™s total expenses increased 6.5% to Rs 29,062.3 crore during FY24 from Rs 27,283.6 crore in FY23. In the end, the company managed to control its losses by 28.5% to Rs 3,469.5 crore in FY24 as compared to Rs 4,854.1 crore in FY23. Its operating cash flows also turned positive to Rs 724.1 crore during the last fiscal year against Rs -1,542.1 crore in FY23. It is worth noting that the company reported an EBITDA loss of Rs 94.1 crore in FY24, excluding the ESOP cost (non-cash expenses), the company turned profitable on the operational level with an adjusted EBITDA of Rs 588.6 crore during the year. The highlights of the improved bottom line can also be seen in the EBITDA margin which strengthened to -0.37%. On a unit level, Amazonโ€™s Indian entity spent Rs 1.14 to earn a rupee of operating revenue in FY24. The entityโ€™s rival, Flipkart's marketplace arm reported Rs 17,907 crore in revenue with 21% YoY growth while the companyโ€™s losses shrank over 40% to Rs 2,358 crore in FY24.

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