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Smallcase revenue soars over 2X in FY24; losses down 74%

EntrackrEntrackr · 7m ago
Smallcase revenue soars over 2X in FY24; losses down 74%
Medial

Following a flat growth in FY23, Amazon-backed Smallcase has reported 2.2X growth during the fiscal year ending March 2024. At the same time, the Bengaluru-based firm controlled its losses by 74% in the last fiscal. Smallcase revenue from operations surged to Rs 67.4 crore in the last fiscal year from Rs 30.6 crore in FY23, its consolidated annual figures sourced from the Registrar of Companies show. The company operates a platform for brokers to facilitate transactions in exchange-traded products. It primarily makes money through transaction fees collected from brokers which accounted for 85.8% of the total revenue. This income spiked 2.6X to Rs 57.8 crore in FY24. Revenue from the research service fees and other ancillary services stood at Rs 5.1 crore and Rs 4.5 crore, respectively. Smallcase made another Rs 7.6 crore from interest on deposits and gain on investments which tallied the overall revenue to Rs 75 crore in FY24 from Rs 43 crore in FY23. Employee benefits were the largest cost center for Smallcase which formed 64.8% of the overall expenditure. This cost dropped 15.7% to Rs 70 crore in FY24 that also includes Rs 2.9 crore as ESOP cost (non-cash). Smallcase’s advertising and promotion cost shrank by 75.8% to Rs 16 crore in FY24. Technology, legal, rent, maintenance, and other overheads pushed its overall expenditure to Rs 108 crore in FY24. Excluding the cost of net loss on fair value changes of shares subject to buyback of Rs 141 crore and Rs 32 crore in FY24 and FY23, respectively. According to the shareholder agreement, in September 2023, shareholders waived their buyback rights for certain shares, making these rights unenforceable. From September 30, the shares qualified as equity instruments under Ind AS. A fair value change of Rs 141 crore (up from Rs 31.65 crore on 31 March 2023) was recorded in profit and loss, and Rs 1,081.78 crore was reclassified to equity share capital and securities premium. The 75.8% and 15.7% drop in advertising and employee benefits enabled Smallcase to reduce its losses by 74.4% to Rs 34 crore in FY24. Its ROCE and EBITDA margins improved to -23.6% and -41.3%, respectively. On a unit level, the company spent Rs 1.60 to earn a rupee in the last fiscal. Smallcase has raised around $70 million to date including $40 million in Series C round led by Fearing Capital in 2021. According to the startup data intelligence platform TheKredible, Peak XV is the largest external stakeholder followed by Fearing Capital and Blume Ventures. While Smallcase continued a recent trend of cut backs on advertising costs, the firm is certainly not a shoo in for a profitable future yet. Typically, the impact of cut backs follows with a lag, and FY25 will show us how SmallCase emerges from the cost-cutting. Suffice to say, if growth drops significantly, it will lead to existential questions for the firm. We believe the firm has reason to be disappointed with the takings from research and other services, and now faces the choice of continuing the burn there or focus harder on the platform business.

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Tractor Junction revenue soars 2.3X in FY24; cuts losses by 51%

EntrackrEntrackr · 8m ago
Tractor Junction revenue soars 2.3X in FY24; cuts losses by 51%
Medial

Tractor-focused marketplace Tractor Junction has been growing at a rapid pace, with the company’s operating revenue surpassing the Rs 60 crore mark for the fiscal year ending March 2024. Moreover, the Bengaluru-based firm reduced its losses by 51% during this period. Tractor Junction’s operating revenue surged 2.3X to Rs 62 crore in FY24 from Rs 26.8 crore in FY23, according to its consolidated annual figures accessed from the Registrar of Companies (RoC). For context, Tractor Junction’s gross scale had spiked 3X in FY23. Tractor Junction Tractor Junction is a rural vehicle marketplace facilitating buying, selling, financing, and insuring new and used tractors, farm equipment, and rural commercial vehicles. It also provides essential information and vetted reviews on farm machinery, enabling users to compare options. The company generated 73% of its revenue from tractor sales, which tripled in FY24, while the remaining 27% came from tractor’s services. It also earned Rs 5.8 crore from interest on deposits, bringing total income to Rs 67.8 crore in the last fiscal year (FY24). Looking at expenses, 60% of the total expenditure went toward material costs, which tripled to Rs 43 crore. Another significant expense was employee benefits, accounting for 21% of total expenses. Advertising, finance, and rent were additional costs, bringing total expenses to Rs 72.8 crore in FY24, up from Rs 35 crore in FY23. See TheKredible for the detailed expense breakup With increased revenue, Tractor Junction managed to reduce its losses by 51%, down to Rs 3.6 crore in FY24 from Rs 7.5 crore in FY23. Its ROCE and EBITDA margin stood at -7.68% and -16.42%, respectively. On a per-unit basis, Tractor Junction spent Rs 1.17 to earn a rupee in FY24. FY23-FY24 FY23 FY24 EBITDA Margin -20.88% -5.85% Expense/₹ of Op Revenue ₹1.29 ₹1.17 ROCE -16.42% -7.68% According to TheKredible, Tractor Junction has raised nearly $6 million to date from investors including Info Edge, Omnivore, Rockstart, and Indigram Labs, and is currently valued at $19.34 million.

PayU-backed Mindgate profit soars 3.6X in FY24, posts Rs 257 Cr revenue

EntrackrEntrackr · 3m ago
PayU-backed Mindgate profit soars 3.6X in FY24, posts Rs 257 Cr revenue
Medial

Payments technology company Mindgate made headlines last week after Prosus’s PayU acquired a 43.5% stake in the firm. The strategic acquisition followed Mindgate’s impressive 34.6% year-on-year growth, with revenue surpassing Rs 250 crore in FY24 and net profits surging 3.6X. Mindgate’s revenue from operations grew to Rs 257 crore in FY24 from Rs 191 crore in FY23, its consolidated financial statements accessed from the Registrar of Companies (RoC) show. Mindgate is a digital payments company specializing in real-time payment processing and enterprise payment solutions for banks, financial institutions, and businesses. Income from subscription-based SaaS services accounted for 87.7% of the total operating revenue, which rose by 35% to Rs 201 crore in FY24. Revenue from transaction processing and annual maintenance services contributed Rs 40 crore and Rs 16 crore, respectively. The company also earned Rs 4 crore from interest on current investments, bringing its total revenue to Rs 261 crore in FY24 from Rs 195 crore in FY23. Similar to other SaaS tech firms, employee benefits made up 71% of Mindgate’s overall expenditure. This cost rose by 22.6% to Rs 163 crore in FY24. Additional expenses such as rent, subscription and membership fees, travel, advertising, and overheads pushed the total expenditure up by 24.5% to Rs 229 crore in FY24, compared to Rs 184 crore in FY23. Year-on-year growth, coupled with controlled costs, enabled Mindgate to post a 3.6X surge in profits to Rs 23.2 crore in FY24 from Rs 6.5 crore in FY23. At a unit level, the company spent Re 0.89 to earn a rupee in FY24, with improved ROCE and EBITDA margins of 17.03% and 13.6%, respectively. By the end of FY24, its total current assets stood at Rs 211 crore, including cash and bank balances of Rs 74 crore.

Qure.ai revenue soars 83% to Rs 141 Cr in FY24, slashes losses

EntrackrEntrackr · 8m ago
Qure.ai revenue soars 83% to Rs 141 Cr in FY24, slashes losses
Medial

Healthcare firm Qure.ai recently raised $65 million in a funding round led by Lightspeed Ventures and 360 One Asset Management. This investment follows an impressive 83% growth in Qure.ai’s revenue, which surpassed Rs 140 crore in FY24. The Lightspeed-backed firm also reduced its losses by 38.5% in this period. Qure.ai’s revenue from operations grew to Rs 141 crore in the fiscal year ending March 2024 from Rs 77 crore in FY23, its consolidated financial statements sourced from the Registrar of Companies show. Qure.ai offers AI-driven solutions designed to assist radiologists and physicians in diagnosing critical conditions such as tuberculosis, lung cancer, and stroke. In the last fiscal year, sales of these tools and software contributed 87.23% of the company’s operating revenue, doubling to Rs 123 crore. The remaining revenue was generated from the sale of healthcare products. In line with many tech and AI-driven companies, employee benefits made up more than half of Qure.ai’s total expenses. These costs surged by 66.2%, rising to Rs 108 crore in FY24 from Rs 65 crore in FY23, with Rs 12 crore allocated to ESOP expenses, a non-cash component. Additional expenses, including costs for materials, communication, travel, advertising, legal, and other overheads, contributed to an 18.2% overall increase in expenses, pushing total costs to Rs 201 crore in FY24 from Rs 170 crore in FY23. See TheKredible for the detailed expense breakup. An over 80% surge in scale, combined with effective cost controls, enabled Qure.ai to cut losses by 38.5%, reducing them to Rs 48 crore in FY24 from Rs 78 crore in FY23. While its EBITDA margin improved, it remained negative at -22.73% in FY24. On a unit basis, the company spent Rs 1.43 to earn a rupee in FY24. FY23-FY24 FY23 FY24 EBITDA Margin -78.02% -22.73% Expense/₹ of Op Revenue ₹2.21 ₹1.43 ROCE NA NA The Mumbai-based firm has raised over $120 million to date, including a recent $65 million round. According to startup data platform TheKredible, notable investors in Qure.ai include Peak XV, Lightspeed, Fractal, and Novo Holdings. Large funding rounds of the type Qure.ai has attracted are increasingly available only for firms that have traveled some distance in demonstrating market acceptance. For Qure.ai, that is evident in the topline as well as the spread of more sophisticated diagnostic tools that are available more widely in India today, promising a heady period of strong growth for the foreseeable future.

Nykaa posts Rs 2,061 Cr revenue in Q4 FY25, profit soars 90%

EntrackrEntrackr · 1m ago
Nykaa posts Rs 2,061 Cr revenue in Q4 FY25, profit soars 90%
Medial

Online beauty and fashion platform Nykaa reported strong growth in Q4 FY25, with its revenue from operations rising 24% year-on-year and profits surging 90% during the quarter ending March 2025. According to its consolidated financial statements sourced from the NSE, Nykaa's revenue from operations grew to Rs 2,061 crore in Q4 FY25, compared to Rs 1,667 crore in Q4 FY24. For the full fiscal year (FY25), Nykaa’s operating revenue increased 24% to Rs 7,950 crore in FY25 from Rs 6,386 crore in FY24. The beauty segment accounted for 92% of the total revenue at Rs 1,894 crore, while the fashion segment contributed 8% of the operating income in the last quarter. For Nykaa, the cost of materials constituted 57% of its total expenditure, rising to Rs 1,153 crore in Q4 FY25. Additional spending on employee benefits, finance, marketing, technology, and other overheads brought the company’s total costs to Rs 2,031 crore during the quarter. For the full fiscal year ending March 2025, the total expenses rose to Rs 7,850 crore. Steady growth in its scale helped Nykaa achieve a 90% increase in profit to Rs 19 crore in Q4 FY25, compared to Rs 10 crore in Q4 FY24. For FY25, the firm’s profit stood at Rs 74 crore in FY25 from Rs 44 crore in FY24. At the close of today's trading session, Nykaa's stock was priced at Rs 200.8, giving the company a market capitalization of Rs 57,406 crore.

FirstCry parent’s revenue crosses Rs 1,900 Cr in Q4 FY25; losses surge 74%

EntrackrEntrackr · 1m ago
FirstCry parent’s revenue crosses Rs 1,900 Cr in Q4 FY25; losses surge 74%
Medial

The parent company of FirstCry has released its quarterly report for the last financial year ending March 2025. The report highlights moderate growth, with a 16% year-on-year growth in scale while losses surged 74%. FirstCry's revenue from operations grew to Rs 1,930 crore in Q4 FY25 from Rs 1,667 crore in Q4 FY24, its financial statements sourced from the National Stock Exchange show. For the full fiscal year (FY25), BrainBees’s operating revenue increased 18% to Rs 7,660 crore in FY25 from Rs 6,481 crore in FY24. The sale of its products through offline stores and websites in India and the international market was the primary source of revenue, accounting for 69% of total operating revenue, while its subsidiary, GlobalBees, contributed Rs 398 crore income for Q4 FY25. The company also made Rs 48 crore from interest income which took its overall revenue to Rs 1,979 crore in Q4 FY25, compared to Rs 1,685 crore in Q4 FY24. For the omnichannel retailer, the cost of procurement of materials accounted for 58% of the overall expenditure which increased 14% quarter-on-quarter to Rs 1,206 crore in Q4 FY25 from Rs 1055 crore in Q4 FY24. FirstCry employee benefits stood at Rs 229 crore in Q4 FY25 which includes Rs 82 crore as ESOP cost. Marketing, legal, rent, and technology expenses were key overheads that drove total expenditure up to Rs 2,060 crore in Q4 FY25, compared to Rs 1,737 crore in the same quarter last year. For the fiscal year ending March 2025, the company’s total expenses rose to Rs 7,992 crore. BrainBees’ loss surged by 74% to Rs 75 crore in Q4 FY25. For FY25, the firm losses stood at 215 crore in FY25, down from Rs 321 crore in FY24. (We have excluded exceptional items amounting to Rs 37 crore from the loss calculation.) BrainBees debuted on the stock exchange at Rs 446 and is now trading at 376.5 on May 26, bringing its total market capitalization to Rs 19,631 crore.

Breaking down SmallCase’s Series D: funding, valuation, and cap table

EntrackrEntrackr · 2m ago
Breaking down SmallCase’s Series D: funding, valuation, and cap table
Medial

Smallcase has secured $50 million in its Series D funding round, led by Elev8 Ventures, with participation from State Street Global Advisors, Niveshaay AIF, Faering Capital, Rummytime Technologies, and others. The investment comprised a mix of primary and secondary transactions, though the company did not disclose a split between the two. Entrackr has analyzed regulatory filings to uncover insights into the primary funding breakdown, shareholding, and current valuation. The board at SmallCase has passed a special resolution to issue 3,890 Series D1 and 1,644 Series D2 compulsory convertible preferred shares at an issue price of Rs 4,44,560 each to raise Rs 247 crore or $29 million as primary capital, its regulatory filing accessed from the RoC shows. In the primary funding round, State Street Global Advisors invested Rs 81.7 crore, while Elev8 Capital, Rummytime Technologies (Gaming), and Unitary Fund contributed Rs 34.5 crore, Rs 24.5 crore, and Rs 20 crore, respectively. The remaining amount came from Akram Ventures, Faering Capital, Niveshaay Sambhav, and over 20 other investors. The company has not mentioned the secondary round details in its regulatory filings. However, media reports suggest that Peak XV, WEH Ventures, and some early investors were looking to offload their shares in this round. Notably, the conversion of Series D shares will be 1:10 as per their terms. According to Entrackr’s estimates, the company will be valued at around $285-290 million post-allotment. Smallcase has raised over $120 million to date. According to startup data platform TheKredible, Peak XV holds the largest external stake at 16.2%, followed by Fearing Capital and Blume Ventures with 9.67% and 7.67%, respectively. Notably, these shareholding percentages will change a bit following the secondary transaction disclosure. Smallcase reported a 2.2X year-on-year revenue growth, reaching Rs 67.4 crore in the fiscal year ending March 2024. The company provides a platform for brokers to facilitate transactions in exchange-traded products, generating revenue primarily through transaction fees from brokers. Moreover, its losses shrank by 74% to Rs 34 crore during the same period.

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