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ShareChat’s revenue grows 33% in FY24 to Rs 718 Cr

EntrackrEntrackr · 1y ago
ShareChat’s revenue grows 33% in FY24 to Rs 718 Cr
Medial

Mohalla Tech, the parent entity of the vernacular social media platform ShareChat and short video entertainment app Moj, has registered 33% year-on-year growth during the fiscal year ended March 2024. Its adjusted EBITDA loss also plummeted by 67% in the same period. According to the company's press release, Mohalla Tech’s revenue from operations increased to Rs 718 crore in FY24 from Rs 540 crore in FY23. Revenue from live streaming contributed 56% of the company's total operating income, which grew by 41.4% to Rs 403 crore in FY24. Advertising accounted for the remaining share, which saw a 23.5% year-on-year growth to Rs 315 crore in FY24. ShareChat also added a non-operating income of Rs 29 crore mainly from interest and gain on financial assets which tallied the overall revenue to Rs 747 crore in the last fiscal year. For the social media firm, server cost was the largest cost center in FY24. As per Sharechat’s chief financial officer Manohar Charan, the firm managed to reduce this cost by 50% in FY24. Sharechat has managed to reduce its employee benefits cost by 17% to Rs 580 crore in FY24. This includes Rs 126 crore as ESOP (non-cash). Its advertising, legal, travel, and other overheads took the overall operating expenses to Rs 1540 crore in FY24 from Rs 3119 crore in FY23. In calculating the overall cost, we have excluded all non-cash components, including interest, provisions, foreign exchange (FX) losses, depreciation, and ESOP expenses for both FY24 and FY23. The 33% growth and controlled server cost helped Mohalla Tech to reduce its adjusted EBITDA losses by 67% to Rs 793 crore in FY24 from Rs 2400 crore in FY23. Notably, the net consolidated losses of the firm stood at Rs 1,898 crore in FY24 down from Rs 5,143 crore in FY23. Backed by the likes of Temasek Holdings, Google, Twitter, The Times Group, Tiger Global, Snap, Lightspeed, and Elevation Capital, ShareChat claims to have more than 325 million monthly active users (MAUs) across all its platforms. Its short video app Moj boasts a monthly active user base of nearly 160 million. The company recently expanded its debt round to $65 million, with a $16 million infusion from Singapore-based EDBI. According to startup data intelligence platform TheKredible, ShareChat has raised around $1.8 billion. However, it saw a major haircut in valuation to less than $2 billion from $5 billion during its last fundraise in June 2022. As part of its mid-year performance cycle, the company also let go of 5% of its workforce in August this year. In 2023, ShareChat implemented several cost-cutting measures and laid off 700 employees across two phases.

Decoding ShareChat’s financial performance in FY24

EntrackrEntrackr · 1y ago
Decoding ShareChat’s financial performance in FY24
Medial

Fintrackr All Stories Decoding ShareChat’s financial performance in FY24 ShareChat’s revenue from operations grew 29.9% to Rs 718.1 crore during the fiscal year ending March 2024 as compared to Rs 552.73 crore in FY23. Mohalla Tech, the parent entity of ShareChat and Moj, claimed 33% year-on-year growth in FY24, but didn’t disclose net losses, showing adjusted EBITDA instead. Entrackr reviewed financials to provide details. Revenue from operations was Rs 718.1 crore in FY24 versus Rs 552.73 crore in FY23. Live streaming or chatroom revenue contributed 56.1% of total operating revenue, growing 41.4% to Rs 403 crore. Advertising revenue increased 23.5% to Rs 315.37 crore. The company generated Rs 12.52 crore via Jeet 11 before it shut down in December 2022. Additionally, Rs 28.98 crore came from interest and gains on financial assets, bringing total revenue to Rs 747.08 crore in FY24. Employee benefits, the largest cost, accounted for 21.9% of expenses, falling 16.8% to Rs 580.39 crore from Rs 697.96 crore. Cost-cutting measures included laying off 700 employees and reducing server rent by 45.3% to Rs 559.57 crore. Finance costs rose 50% to Rs 510.57 crore due to debt. Provision for doubtful assets and loans increased 102% to Rs 402.56 crore. Overall, expenses declined 33.2% to Rs 2,644.71 crore from Rs 3,958.75 crore. ShareChat’s losses decreased 41.4% to Rs 1,898.94 crore in FY24 from Rs 3,240.83 crore in FY23. Adjusted EBITDA loss was Rs 777.84 crore versus Rs 2,342.11 crore. Outstanding losses were Rs 12,438 crore. Operating cash outflows improved 68.3% to Rs 964.96 crore. The EBITDA margin improved to -183.50%. The company spent Rs 3.68 for each rupee of operating revenue earned. By the end of FY24, cash and bank balances were Rs 36.2 crore, with total current assets at Rs 128.96 crore. In 2024, $65 million was raised in debt across two tranches. ShareChat has secured around $1.3 billion from investors, including Twitter (now X), Alkeon Capital, Moore Strategic Ventures, and Tencent. Non-current liabilities rose from Rs 4,810.17 crore to Rs 5,401.44 crore. The company had Rs 357.78 crore in dues to creditors and micro-enterprises and small enterprises. Reliance on external funding for working capital is necessary due to losses, debt, and limited cash. Disclaimer: Bareback Media has recently raised funding from investors possibly involved in competing businesses or associated with companies covered in our reporting. This does not influence our coverage in any manner.

Amazon India marketplace posts Rs 588 Cr adjusted EBITDA in FY24

EntrackrEntrackr · 1y ago
Amazon India marketplace posts Rs 588 Cr adjusted EBITDA in FY24
Medial

Amazon India’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, Flipkart’s top-line growth was significantly higher than that of Amazon Seller Services during the fiscal year ending March 2024. Amazon India’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 arm’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, Amazon’s Indian entity spent Rs 1.14 to earn a rupee of operating revenue in FY24. The entity’s rival, Flipkart's marketplace arm reported Rs 17,907 crore in revenue with 21% YoY growth while the company’s losses shrank over 40% to Rs 2,358 crore in FY24.

Simplilearn revenue slips to Rs 556 Cr in FY25, cuts losses

EntrackrEntrackr · 12d ago
Simplilearn revenue slips to Rs 556 Cr in FY25, cuts losses
Medial

Simplilearn has struggled to scale up in the last fiscal year, with its operating revenue declining 26% following a sharp fall in income from its self-learning segment. However, the company managed to curb its losses with the help of expense rationalisation. Simplilearn’s operating revenue fell to Rs 556 crore in FY25 from Rs 750 crore in FY24, according to its consolidated financial statements sourced from the Registrar of Companies (RoC). Simplilearn is a digital upskilling platform that provides training in cybersecurity, cloud computing, project management, digital marketing, and data science, among others. It offers postgraduate programs, master's programs, and certification courses. Revenue from online self-learning courses declined steeply by 95% to Rs 23 crore in FY25 from Rs 451 crore in FY24, accounting for just 4% of operating revenue. In contrast, income from live learning programs surged 65% to Rs 565 crore in FY25 from Rs 341.5 crore a year earlier. Including other income of Rs 22 crore, the company’s total income stood at Rs 578 crore in FY25. On the spending side, Employee benefit expenses, the largest cost component, fell sharply by 42.5% to Rs 187 crore in FY25 from Rs 325 crore in FY24. Advertising and marketing costs fell 35% to Rs 134 crore, while cost of materials declined 11.5% to Rs 162 crore during the year. Depreciation expenses rose 10% to Rs 63 crore. Subscription fees, however, increased 50% to Rs 24 crore in FY25. Finance costs stood at Rs 6 crore during the year. Overall, Total expenses declined 29% to Rs 621 crore in FY25 from Rs 879 crore in FY24. Simplilearn’s loss decreased by 60% to Rs 43 crore in FY25 from Rs 107 crore in FY24. It is worth noting that the company booked an exceptional expense of Rs 141 crore in FY25, primarily on account of amortisation of its content library. Since this charge is non-cash in nature, we have calculated the adjusted loss excluding the exceptional item. On a unit basis, the company spent Rs 1.12 to earn a rupee during FY25, compared to Rs 1.17 in the previous fiscal year. As of March 2025, Simplilearn reported cash and bank balances of Rs 145 crore, down from Rs 236 crore in FY24. Its current assets stood largely flat at Rs 319 crore. According to startup data intelligence platform TheKredible, Simplilearn has raised over $118 million to date, having Blackstone and GSV Ventures as its lead investors.

VLCC-owned Ustraa’s revenue declines to Rs 73 Cr in FY25; losses cut by 72%

EntrackrEntrackr · 1m ago
VLCC-owned Ustraa’s revenue declines to Rs 73 Cr in FY25; losses cut by 72%
Medial

VLCC-owned Ustraa continued to face topline pressure in FY25, as it reported a second consecutive year of revenue decline since the acquisition, while aggressive cost rationalisation helped the men’s grooming brand sharply narrow its losses. Ustraa’s revenue from operations fell 22% to Rs 73 crore in FY25 from Rs 94 crore in FY24, according to its financial statements filed with the Registrar of Companies (RoC). The Delhi-based company saw nearly 3% decline in revenue in the previous fiscal year (FY24). Founded in 2015, Ustraa offers products such as fragrances, hair care, face care, and beard care. Following its acquisition, the company's founders, Rahul Anand and Rajat Tuli, continued to work with the brand while also leading VLCC's D2C initiatives. Material cost, its largest expense component, fell 55% to Rs 27 crore in FY25 from Rs 60 crore in FY24. Advertising expenses declined 60% to Rs 9 crore in FY25. Employee benefit expenses reduced 35% to Rs 10 crore, and transportation costs decreased to Rs 7 crore. The company, however, saw its commission payouts grow 36% to Rs 15 crore during the fiscal. Overall, Ustraa’s total expenses dropped 39% to Rs 88 crore in FY25 from Rs 145 crore in FY24. With the company’s expenses contracting more than revenue, Ustraa managed to narrow its losses by 72% to Rs 14 crore in FY25 from Rs 50 crore in FY24. Its EBITDA loss stood at Rs 13.4 crore with an EBITDA margin of -18.36%. On a unit basis, Ustraa spent Rs 1.21 to earn a rupee in FY25, improving from Rs 1.54 in the previous fiscal. The company reported cash and bank balances of Rs 4 crore, while its current assets stood at Rs 30 crore, down from Rs 42 crore in FY24. Ustraa was acquired by personal care brand VLCC through a share swap and secondary buyout in the first quarter of FY24. Following the acquisition, Ustraa’s existing investors including Info Edge, 360 One and Wipro Consumer Care Ventures became stakeholders of VLCC. The brand directly competes with Beardo, The Man Company, and Bombay Shaving Company. Beardo reported a 23.7% rise in revenue to Rs 214 crore in FY25, along with a 3.6X jump in profit after tax (PAT) during the same period. The Man Company and Bombay Shaving Company, which recently raised Rs 136 crore ahead of a potential initial public offering (IPO), are yet to report their FY25 numbers. Notably, all these companies have either become part of a larger group or sold a significant stake to a major corporation.

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