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That Sassy Thing raises Rs 6 Cr in seed round led by IPV

EntrackrEntrackr · 2m ago
That Sassy Thing raises Rs 6 Cr in seed round led by IPV
Medial

That Sassy Thing, a women-first sexual wellness brand, has raised Rs 6 crore in its seed round led by Inflection Point Ventures (IPV). Other participants include Bala Sarda (Vahdam Teas), Saurabh Munjal (Lahori Zeera), Kirti Jangra (Animall Technologies), and Chandigarh Angels Network. Founded in 2021 by Sachee Malhotra and Himanshu Bhalla, the company offers products like full-body massagers, lubricants, and intimate washes. It also provides free sex education through online masterclasses. The proceeds will be used to expand product lines, improve brand positioning, and increase distribution through new channels. The startup claims to have seen 200% year-on-year growth and served over 50,000 customers across India. Products are available on their website and platforms like Blinkit, Zepto, and Swiggy Instamart, as well as select cafés in Delhi NCR. According to market research, the Indian sexual wellness market is expected to reach Rs 24,000 crore by 2030.

Noise posts Rs 1,431 Cr revenue in FY24, remains EBITDA positive

EntrackrEntrackr · 7m ago
Noise posts Rs 1,431 Cr revenue in FY24, remains EBITDA positive
Medial

Despite the decline in the overall wearable market, Gurugram-based gadget and wearables brand Noise maintained steady revenue year-on-year for the fiscal year ending March 2024. The company reported a revenue of Rs 1,431 crore for FY24, a slight increase from Rs 1,426 crore in FY23, marking a growth of 0.4%. The revenue breakdown shows that 79.8% came from wearables, while audio products contributed 19.7%. The total expenditure was Rs 1,460 crore, leading to a loss of Rs 20 crore. Noise's EBITDA margin stood at 0.83%, with a return on capital employed (ROCE) of 5.36%. The company faced challenges in a declining market, with notable competitors like Oppo and OnePlus experiencing significant revenue drops.

Ecom Express DRHP: Partners Group to sell stake worth Rs 931 Cr

EntrackrEntrackr · 10m ago
Ecom Express DRHP: Partners Group to sell stake worth Rs 931 Cr
Medial

Logistics firm Ecom Express has filed its draft red herring prospectus (DRHP) with the Security Exchange Board of India (SEBI) for an initial public offering (IPO). The DRHP has come just after days of an Entrackr report about the firm’s board giving a nod for the IPO. The firm has proposed to raise RS 2,600 crore in IPO, through a fresh issue of equity shares aggregating up to Rs 1,284.5 crore and an offer for sale (OFS) of up to Rs 1,315.5 crore worth equity shares. Partners Group will be offloading shares worth up to Rs 931 crore, while Warburg Pincus and BII (formerly CDC Group) will sell shares worth Rs 211 crore and Rs 137 crore, respectively, during the offer for sale. As per the time of filing, Partners Group is the largest stakeholder with 49.76% followed by Warburg Pincus and BII (British International Investment ) which hold 27.13% and 10.03%, respectively. As per the DRHP, IIFL Securities Limited, Axis Capital, Kotak Investment, and UBS Securities India are the book-running lead managers of the issue. This is the second attempt by the 13 year-old-firm for public listing. In February 2022, it approved a fundraise of up to Rs 4,860 crore via a public issue of shares. However, the firm put a hold on its IPO plan then. Meanwhile, Ecom Express is also raising Rs 1,424 crore (approximately $172 million) from existing investors via right issue. Since its inception, it has scooped up more than $250 million through equity and debt. Ecom Express provides logistics services in over 2,700 towns and 27,000 pin codes in India. The firm delivered 514 million shipments in 2024 while its competitor Delhivery did 740 million during the same period. Importantly, out of 514 million shipments handled in FY24, Tier 2 cities accounted for 81.79% of the shipments while Metro and Tier 1 cities were at 10.52% and 7.69% respectively. The logistics firm reported flat revenue in the last fiscal year, but the firm managed to cut costs drastically. It posted a modest 2.1% increase in its revenue to Rs 2,609 crore in FY24 as compared to Rs 2,554 crore in FY23. Its losses shrank by 40% to Rs 256 crore in the same period.

WinZO posts Rs 1,055 Cr revenue and Rs 315 Cr profit in FY24

EntrackrEntrackr · 2m ago
WinZO posts Rs 1,055 Cr revenue and Rs 315 Cr profit in FY24
Medial

WinZO posts Rs 1,055 Cr revenue and Rs 315 Cr profit in FY24 The company’s top and bottom lines appear impressive despite a significant policy headwind: a 400% hike in GST on online gaming, which increased to 28% on gross receipts starting October 1, 2023. Gaming publisher WinZO reported a 70% year-on-year surge in operating revenue to Rs 1,055 crore in the fiscal year ending March 2024, while its profit after tax (PAT) jumped 2.5X to Rs 315 crore during the same period, according to a company’s press release. The company’s top and bottom lines appear impressive despite a significant policy headwind: a 400% hike in GST on online gaming, which increased to 28% on gross receipts starting October 1, 2023. Since the revised tax rate applied only for half the fiscal year, WinZO expects the full financial impact to be visible in FY25. Founded by Paavan Nanda and Saumya Singh Rathore, WinZO claims to have 250 million registered users. Backed by 50 developer partners and a lean team of 200 employees, the company also claims to have filed over 50 tech patents. Its game portfolio largely comprises casual titles such as Carrom, Ludo, 8 Ball Pool, and Chess. According to the release, the company facilitated 1 in every 200 UPI transactions in India last year and has built a network of over 75,000 micro-influencers and gaming creators in smaller cities and towns. WinZO has raised $100 million in funding from global investors including Kalaari Capital, Griffin, Courtside Ventures, and Makers Fund. In FY23, the company transitioned to IndAS accounting standards. As a result, it recorded a non-cash expense of Rs 999 crore due to fair value treatment of CCPS as liabilities, not equity.

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