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HCLTech chairperson Roshni Nadar conferred France's highest civilian award

YourStoryYourStory · 1y ago
HCLTech chairperson Roshni Nadar conferred France's highest civilian award
Medial

Roshni Nadar Malhotra, Chairperson of HCL Technologies, has been awarded the Chevalier de la Légion d'Honneur, the highest civilian award in France. This recognition reflects the growing economic and technological cooperation between France and India, acknowledging the contributions of Indian IT companies to France's digital ecosystem. As HCLTech has had a long-standing presence in France, Malhotra expressed commitment to scaling operations in the country in order to support the digital transformation of French businesses. In addition to her role at HCL Technologies, Malhotra is actively involved in education initiatives and children's empowerment through the Shiv Nadar Foundation.

HDFC Bank approves 100% stake sale of subsidiary HDFC Education to Vama Sundari Investments for ₹192 crore | Mint

LivemintLivemint · 10m ago
HDFC Bank approves 100% stake sale of subsidiary HDFC Education to Vama Sundari Investments for ₹192 crore | Mint
Medial

- HDFC Bank has approved the sale of its subsidiary HDFC Education and Development Services for a total of ₹192 crore. - The sale is being made to Vama Sundari Investments (Delhi) Private Limited, the successful bidder in the sale process. - The cost of sale is ₹9.60 per share, with a total of 20,00,00,000 shares being sold. - HDFC Bank will divest a 91% stake in HDFC Education on or before October 31, 2024, and the remaining stake by June 30, 2025. - Vama Sundari Investments (Delhi) Private Limited is a related party of HDFC Asset Management Company Ltd, a subsidiary of HDFC Bank. - The sale is in compliance with RBI's mandate for a full divestment from HDFC Education within two years from the merger of e-HDFC Limited with HDFC Bank.

HCL invests $20 Mn in edtech firm Educational Initiatives via secondary

EntrackrEntrackr · 1y ago
HCL invests $20 Mn in edtech firm Educational Initiatives via secondary
Medial

Education software company Educational Initiatives (Ei) has raised Rs 166 crore (approximately $20 million) in a secondary round from the HCL Group. The IT company will also acquire a minority stake in the Bengaluru-based company from private equity firm Gaja Capital. According to an ET report, Ei plans to expand to new markets like South Africa, Kenya, Ghana and Saudi Arabia. It currently operates in India, South Africa, Singapore, and the UAE. The firm is also looking to acquire edtech product companies focused on improving learning outcomes. Founded in 2001, Ei is a B2B company that provides schools with a suite of assessment and adaptive learning products for teachers and students to help improve learning outcomes. Ei, which claims to have over a million paid users, has tied up with several schools, state governments in India, international organisations, non for profit organisations and CSR initiatives. Led by Pranav Kothari, Ei registered a more than 56% jump in its revenue from operations to Rs 97 crore in FY23 from Rs 62 crore in FY22. During the period, the company’s profit saw a minor increase from Rs 4.2 crore to Rs 5.5 crore. India’s third largest IT services company HCL also invested in edtech company Guvi in September 2022. Guvi raised $1.9 million from Vama Sundari Investments, which is a promoter of HCL. It’s worth highlighting that HCL Technologies rebranded itself as HCLTech in 2022.

EaseMyTrip profit falls 98% in Q1 FY26; spends Rs 370 Cr on 3 acquisitions

EntrackrEntrackr · 14d ago
EaseMyTrip profit falls 98% in Q1 FY26; spends Rs 370 Cr on 3 acquisitions
Medial

EaseMyTrip profit falls 98% in Q1 FY26; spends Rs 370 Cr on 3 acquisitions Online travel aggregator (OTA) platform EaseMyTrip has reported dismal performance during the last quarter, with revenue declining over 25% and profit plunging 98% to Rs 44 lakh. EaseMyTrip’s operating revenue decreased by 25.5% to Rs 114 crore in Q1 FY26 from Rs 25.5 crore in Q1 FY25, as per its financial statements filed with the National Stock Exchange (NSE). Air ticketing contributed 50% of the company’s revenue but fell 47% to Rs 57 crore in Q1 FY26, down from Rs 107 crore in Q1 FY25. Hotel packages accounted for 28.5% of total revenue, generating Rs 32.5 crore. Including other undisclosed income, its total income for Q1 FY26 stood at Rs 120 crore, compared to Rs 156 crore in Q1 FY25. On a quarter-on-quarter basis, EaseMyTrip’s operating revenue fell 18% to Rs 114 crore in Q1 FY26 from Rs 139 crore in Q4 FY25. In line with its scale, total expenses rose 8% to Rs 118 crore in Q1 FY26 from Rs 109 crore in Q1 FY25. Service costs accounted for 15% of the total, falling 5% to Rs 18 crore in Q1 FY26. Payment gateway charges, employee benefits, and advertising were other major costs for EaseMyTrip in the last quarter. EaseMyTrip’s profit after tax (PAT) fell 98.7% to Rs 44 lakh in Q1 FY26 as compared to Rs 34 crore in Q1 FY25. On a unit basis, the Delhi-based company spent Rs 1.04 to earn a rupee of operating revenue with EBITDA of Rs 6.2 crore during the last quarter. In its board meeting, the company also approved an investment of Rs 175 crore in Three Falcons Notting Hill Limited for a 50% stake, the acquisition of 100% stake in AB Finance Private Limited for Rs 194.4 crore, and approved an investment in Vashu Bhagnani Industries Limited. EaseMyTrip closed Thursday's trading session at Rs 9.22, with a 4% increase in its share price. The company’s total market capitalization stood at Rs 3,353 crore (approx $383 million).

Third Wave Coffee’s scale grows 4.5X to Rs 144 Cr in FY23

EntrackrEntrackr · 1y ago
Third Wave Coffee’s scale grows 4.5X to Rs 144 Cr in FY23
Medial

Coffee chain firm Third Wave Coffee secured $35 million led by homegrown private equity firm Creaegis in September last year. The funding was followed by its notable growth in scale during FY23. Third Wave’s revenue from operations surged 4.5X to Rs 144 crore in the fiscal year ending March 2023 as compared to Rs 32 crore in FY22, its annual financial statements filed with the Registrar of Companies show. Just like StarBucks, Third Wave Coffee offers curated food menus and handpicked coffee, and has over 90 cafes across Hyderabad, Coonoor, Bengaluru, Delhi (NCR), Mumbai, Chandigarh, and Pune. The firm claims to have about 109 stores, of which 50% are operational in Bengaluru. Income from the sale of coffee and food items were the two revenue sources for TWC. The firm also made Rs 2 crore from the interest on bank deposits which took its total income to Rs 147 crore in FY23. For Third Wave Coffee, its employee benefits emerged as the largest cost center accounting for 28.8% of the firm’s overall expenditure. This cost surged 3.8X to Rs 58 crore in FY23 from Rs 15 crore in FY22. Third Wave Coffee’s costs of procurements (coffee and food materials), rent, legal, freight-logistics, marketing, and other overheads took its total expenditure to Rs 201 crore in FY23 from Rs 47 crore in FY22. See TheKredible for the detailed expense breakup. Expenses Breakdown Total ₹ 47 Cr https://thekredible.com/company/third-wave-coffee/financials View Full Data To access complete data, visithttps://thekredible.com/company/third-wave-coffee/financials Total ₹ 201 Cr https://thekredible.com/company/third-wave-coffee/financials View Full Data To access complete data, visithttps://thekredible.com/company/third-wave-coffee/financials Cost of materials consumed Cost of materials consumed Employee benefit Employee benefit Rent Rent Legal professional Legal professional Travelling conveyance Travelling conveyance Transportation distribution Transportation distribution Discounting charges Discounting charges Selling and marketing Selling and marketing Others To check complete Expense Breakdown visit thekredible.com View full data The increase in employee benefits and rent led its losses to increase 3.6X to Rs 54 crore in FY23 from Rs 15 crore in FY22. Its ROCE and EBITDA margin improved to -38% and -25.9% respectively. On a unit level, TWC spent Rs 1.40 to earn a rupee in FY23. Third Wave has raised over $66 million to date including its $35 million Series C round in September last year. According to the startup data intelligence platform TheKredible, WestBridge Capital is the largest external stakeholder with 32.62% followed by Creaegis. As per Fintrackr’s estimates, its enterprise value to revenue multiple is 8.86X as of FY23. FY22-FY23 FY22 FY23 EBITDA Margin -38% -25.9% Expense/₹ of Op Revenue ₹1.47 ₹1.40 ROCE -47% -38% Towards the end of current fiscal year (FY24), Third Wave Coffee went through a tough phase as it laid off more than 100 employees soon after the $35 million fundraise. The company’s chief executive Sushant Goel also moved to a board role and Rajat Luthra, former head of KFC India and Nepal, was appointed as the new CEO. Goel had 7.89% stake in Third Wave Coffee. It competes with Blue Tokai, Sabko Coffee, Rage Coffee, Slay Coffee, Sleepy Owl, and Seven Beans Co., among others. Its closest competitor Blue Tokai registered Rs 129 crore in revenue with Rs 42 crore loss in FY23. While the mushrooming of coffee chains is not a surprise considering the rapid urbanization and aspirational whiffs around these, the sector has an unusual amount of volatility for the hospitality segment. Coffee chains by default seek the premium end of the market, leaving an opportunity for smaller setups to grab share in the lower price points, and perhaps even eventually add lower priced coffee to their offerings. Doing it all with an aura of cool can be a deadly combination for the newer coffee chains, and something they should watch out for.

Leverage Edu revenue spikes 3.2X to Rs 69 Cr in FY23

EntrackrEntrackr · 1y ago
Leverage Edu revenue spikes 3.2X to Rs 69 Cr in FY23
Medial

Leverage Edu, which helps Indian students enroll in global colleges, has registered over three-fold growth in its operating scale in the fiscal year ending March 2023. At the same time, the Delhi-based firm’s losses rose 70%. Revenue from operations for the edtech startup spiked 228% to Rs 69 crore in FY23 from Rs 21 crore in FY22, its consolidated financial statements filed with the Registrar of Companies show. Founded in 2017 by Akshay Chaturvedi, Leverage Edu provides full-stack services including counseling, application-admission support, and financing to students pursuing international education. It assists students from India, Nigeria and Nepal, among others. The student placement services formed 90% of the Leverage Edu’s total operating revenue which shot up 3.26X to Rs 62 crore in FY23. The remaining income derived from other support services. Notably, 84% of the total revenue was generated from international sources, with India contributing 16% of the company’s income. On the cost front, employee benefits became the largest burn accounting for 38% of the overall expenditure. This cost grew 2.1X to Rs 66 crore in FY23 whereas advertising cum promotional cost saw a surge of 2.6X to Rs 55 crore in the previous fiscal year (FY23). Leverage Edu’s information technology, legal professional, rent, commissions, and other overheads took its total expenditure up by 154% to Rs 173 crore in FY23 from Rs 68 crore in FY22. Head to TheKredible for the detailed expense breakup. At the end, Leverage Edu’s losses grew 70% to Rs 103 crore in FY23 from Rs 47 crore in FY22. Its ROCE and EBITDA margin stood at -272% and -136.6%, respectively. On a unit level, it spent Rs 2.51 to earn a rupee. FY22-FY23 FY22 FY23 EBITDA Margin -142% -136.6% Expense/₹ of Op Revenue ₹3.24 ₹2.51 ROCE -31% -272% The company had raised around $70 million across rounds and was last valued at around $140 million. According to the startup data intelligence platform TheKredible, Blume Ventures is the largest external stakeholder with 16.9% followed by Tomorrow Capital and DSG Consumers Partners which command 14.82% and 12.52% stake, respectively. As LeverageEdu has grown, it has also expanded the breadth of its offerings, be it test prep or even funding arrangements. While that indicates focus on its target group, the firm is exposed to multiple risks due to its high costs. Disruption in markets like Canada has been well documented, but other lucrative western markets in Europe, besides the US, could also see a slowdown due to a poor job market there. Chaturvedi builds a strong narrative, reflected in the backing of over 50 investors he has garnered over the time since he launched the firm. That also provides him many avenues to seek tie-ups, expansions and more. However, eventually it all has to come back to something that can move ahead more sustainably. In a sector particularly loyal to strong brands, a drop in marketing costs should be expected now that the firm claims significant success behind it.

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