🚀 Medial Secures Investment on Shark Tank India - Fueling the Future of Professional Social Networking. 🔥
Login

News on Medial

Related News

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

EntrackrEntrackr · 9m 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.

M2P Fintech to acquire Mad Street Den in distress sale

EntrackrEntrackr · 5m ago
M2P Fintech to acquire Mad Street Den in distress sale
Medial

M2P Fintech to acquire Mad Street Den in distress sale Digital banking infrastructure company M2P Fintech is all set to acquire Chennai-based AI startup Mad Street Den, sources aware of the development told Entrackr. Moneycontrol, which reported the development first, said that the deal is a mix of stock and cash. According to sources, M2P Fintech is acquiring Mad Street Den in a distress sale for approximately $10-15 million. The company has raised over $50 million to date, including a $30 million round in January 2023 from Alpha Wave and Peak XV (formerly Sequoia Capital). Founded in 2016 by Ashwini Asokan and Anand Chandrasekaran, Mad Street Den’s core product Vue.ai focuses on the retail segment to provide automation and inventory management solutions.

Download the medial app to read full posts, comements and news.