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Third Wave Coffee revenue crosses Rs 240 Cr in FY24, losses up 2X

EntrackrEntrackr · 7m ago
Third Wave Coffee revenue crosses Rs 240 Cr in FY24, losses up 2X
Medial

Coffee chain Third Wave Coffee seems to be utilizing the VC funds the right way as the company managed to grow its scale at a scorching pace in the past couple of fiscal years: Its revenue from operations surged Rs 241 crore in the fiscal year ending March 2024 from Rs 32 crore in FY22. When it comes to year-on-year growth, Third Wave Coffee’s revenue from operations grew 67% to Rs 241.3 crore in FY24 as compared to Rs 144.4 crore in FY23, the company’s standalone financial statement sourced from the Registrar of Companies shows. The company is in the business of process, producing, packing, preserving, extracting, refining, buying, selling, and dealing in coffee and food products in and outside India. Third Wave Coffee made its entire revenue from sales of these products. Its products include coffee bags, coffee beans, and cold brews. As of October, the company has 114 cafes in India and plans to reach 160 by the end of the ongoing fiscal year (FY25). It is also looking to launch 80 to 100 coffee shops annually from 2025. The company claims that they’re roasting around 10-15k kilograms of beans per week. Other than its core business, the company also earned a non-operating income of Rs 6.61 crore during the year via interest and gains on assets. Overall, it made a revenue of Rs 247.9 crore during the last fiscal year. On the expense side, employee benefits turned out to be the largest cost element forming 27% to the total expenditure. This cost surged 68.8% to Rs 97.26 crore in FY24. The cost of materials doubled to Rs 87.61 crore while the company paid rent worth Rs 81.25 crore during the year. Importantly, the company spent only Rs 11.65 crore on selling and marketing. In the end, the company’s overall expenses went up 78% to Rs 358 crore in FY24 from Rs 201 crore in FY23. Despite the healthy growth in scale, the losses of the firm spiked over 2X to Rs 110 crore in FY24, which can be attributed to the excessive cash burn during the year, especially on employee costs and rent. Meanwhile, its operating cash outflows also rose 33% to Rs 81.57 crore. Its EBITDA margin and ROCE stood at -35.52% and -35.28%, respectively. On a unit level, Third Wave Coffee spent Rs 1.48 to earn a rupee of operating revenue in the last fiscal year. The company’s current assets jumped more than 5X to Rs 223.2 crore during the year while cash and bank balances grew multiple times to Rs 120.4 crore in FY24 from Rs 8.06 crore in FY23. At the end of FY24, Third Wave Coffee’s outstanding losses mounted to Rs 192 crore. As per TheKredible, the Bengaluru-based company has raised around $65 million to date from WestBridge Capital, Creaegis, and Redbrook, among others. It raised $35 million in funding in September 2023 and was valued at around $155 million (post-money). Third Wave Coffee competes with Subko Coffee, Sleepy Owl, Blue Tokai, Rage Coffee, Slay Coffee, and abCoffee among others. While the wave of Coffee sellers has made it a buyers market in some ways, coffee continues to chase the kind of premium buyer whose numbers remain a matter of conjecture in many ways. The low advertising and promotion costs indicate a smart hack, because it clearly hasn’t impacted growth, but the big challenge remains building the kind of loyalty that drives volumes at a steady clip, when aligned with planned expansion of the network. Like all retail businesses in India, the impact of rent remains disproportionate, and offers no relief really in a market that is still overheated, if not as piping hot as some of the coffee Third Wave offers. The path to profitability remains distant for now, even as Third Wave’s regular customers should be reassured that their preferred chain has enough runway to serve them for some time yet. Importantly, the chain seems to have done enough to raise a fresh round if the need arises.

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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.

Starbucks India posts Rs 1,218 Cr revenue in FY24; losses surge 3.2X

EntrackrEntrackr · 10m ago
Starbucks India posts Rs 1,218 Cr revenue in FY24; losses surge 3.2X
Medial

Starbucks India has emerged as the largest coffee chain in the country as the company left Coffee Cafe Day behind in terms of revenue during the fiscal year ending March 2024. However, the firm barely managed double digit growth in the said fiscal year and at the same time, its losses widened over three-fold. Tata Starbucks’ revenue from operations increased 12.05% to Rs 1,218 crore in FY24 from Rs 1,087 crore in FY23, its standalone annual financial statements filed with the Registrar of Companies (RoC) show. Starbucks For background, Starbucks India is a joint venture between Starbucks Coffee Company and Tata Consumer Products Limited. Launched in 2012, Tata Starbucks now operates in over 390 stores across 54 Indian cities, with approximately 4,300 partners. Its nearest competitor Coffee Cafe Day’s revenue stood at Rs 1,013 crore in FY24. As of March 2024, it had 450 stores. Starbucks also competes with several new-age coffee startups including Blue Tokai, Rage Coffee, Third Wave Coffee Roasters, Slay Coffee, Sleepy Owl, and Seven Beans Co among several others. Coming to Tata Starbucks revenue, the sale of coffee and related products formed most of its revenue. The rest of the income came from the loyalty program called My Starbucks Rewards where the customers earn loyalty points (Stars). For a coffee-selling company, the procurement of coffee beans, and other related products accounted for 26% of the total expenditure. To the tune of scale, this cost increased 8.5% to Rs 343 crore in FY23. Its employee benefits, rent, electricity, advertisement cum promotion, royalty, transportation, and other overheads took the firm’s overall expenditure to Rs 1,320 crore in FY24 from Rs 1,140 crore in FY23. See TheKredible for the complete expense breakup. Along with flat scale, Starbucks India’s losses surged 3.2x to Rs 80 crore in FY24 from Rs 25 crore in FY23. Its ROCE and EBITDA margin stood at 0.4% and 18%, respectively. On a unit level, the firm spent Rs 1.08 to earn a rupee in FY24. FY23-FY24 FY23 FY24 EBITDA Margin 19% 18% Expense/₹ of Op Revenue ₹1.05 ₹1.08 ROCE 3% 0.4% Coffee chains, by their very nature seek upscale locations, which means rental costs can be very high. Starbucks India, which is still in expansion mode with a possible target of 1000 stores by 2028, faces that challenge, besides the more obvious one of finding customers for its pricey offerings. Multiple startups encroaching in the same segment has not helped, as unlike the humble tea, coffee snobs are a very real thing, and many of the new upstarts have built a following accordingly. More than losses, Starbucks India will possibly be more focused on metrics like same store sales growth and footfalls for now, as its menu offerings have enough margins to deliver handsomely if footfalls increase significantly. The question is, will premium coffee find a deep enough market, or will it run up against the by now famously shallow middle class market?

Blue Tokai posts Rs 216 Cr revenue with improved EBITDA margin in FY24

EntrackrEntrackr · 5m ago
Blue Tokai posts Rs 216 Cr revenue with improved EBITDA margin in FY24
Medial

Blue Tokai posts Rs 216 Cr revenue with improved EBITDA margin in FY24 Blue Tokai Coffee Roasters has achieved over five-fold growth in the past four fiscal years. The brand's revenue grew from Rs 41 crore in FY21 to Rs 75 crore in FY22, Rs 127 crore in FY23, and Rs 216 crore in FY24. Blue Tokai’s revenue from operations grew 70% year-on-year to Rs 216 crore in FY24 from Rs 127 crore in FY23, its annual consolidated financial statements sourced from the Registrar of Companies show. Income from the sale of coffee accounted for 93% of the overall operating revenue which stood at Rs 201 crore in FY24. The rest of the collections come from the sale of bakery products. Blue Tokai claims to have 130 outlets and plans to expand to over 350 locations in the next 3 years. The company also added Rs 5 crore from interest on deposits and gains on mutual funds, which tallied its overall income to Rs 221 crore in FY24 and Rs 129 crore in FY23. Moving towards the cost breakdown, employee benefits were the largest cost center, accounting for 29.5% of the overall cost, which increased by 95% to Rs 84 crore in FY24. Blue Tokai’s procurement costs increased by 46% to Rs 83 crore in FY24. Due to the notable expansion of the outlets, the rent cost surged 94% to Rs 33 crore in FY24. Its legal, advertising, communication, travel, and other overheads increased the total expenditure by 66% to Rs 285 crore in FY24 from Rs 172 crore in FY23. The surge in employee benefits and rent costs outpaced the revenue growth which led Blue Tokai to post a 46% increase in losses which stood at Rs 63 crore in FY24, compared to Rs 43 crore in FY23. However, the company improved its EBITDA margin, narrowing it from -24.7% in FY23 to -19% in FY24. Blue Tokai spent Rs 1.32 to earn a rupee during the fiscal year. By the end of FY24, the company reported current assets of Rs 153 crore, including cash and bank balances of Rs 61 crore. Blue Tokai has raised over $80 million to date including its $30 million Series C round led by Verlinvest in August last year. According to the startup data intelligence platform TheKredible, A91 Partners was the largest external stakeholder with 22.77% followed by Verlinvest. On the competition side, Third Wave Coffee posted Rs 240 crore of revenue with a loss of Rs 110 crore in FY24. While Starbucks India posted a whopping Rs 1,218 crore in revenue in the previous fiscal. Sleepy Owl, Subko Coffee, and Seven Beans are yet to post their financial results for FY24.

Exclusive: OfBusiness revenue nears Rs 20,000 Cr in FY24; profits crosses Rs 600 Cr

EntrackrEntrackr · 12m ago
Exclusive: OfBusiness revenue nears Rs 20,000 Cr in FY24; profits crosses Rs 600 Cr
Medial

Following a 2X jump in scale during FY23, industrial goods and services procurement platform OfBusiness continued its growth run as its revenue grew by 25.8% in the fiscal year ending March 2024. At the same time, the firm’s profit spiked by 30% and crossed the Rs 600 crore mark. OfBusiness’ revenue grew to Rs 19,296 crore in FY24 from 15,343 crore in FY23, according to the company’s consolidated financial documents reviewed by Entrackr. The sale of industrial goods (raw materials) and revenue from financial services offered to the buyers on their platforms were the primary sources of operating revenue for OfBusiness in FY24. The company also made Rs 232 crore from interest and other financial activities, tallying the overall revenue to Rs 19,529 crore in FY24. Being a goods and service procurement platform, the purchase of industrial goods and raw materials including construction materials, chemicals, and produce emerged as the largest cost centers, forming 88.5% of OfBusiness’ total expenses during FY24. In the line of scale, this cost increased by 21% to Rs 16,543 crore in FY24. The firm’s burn on employee benefits, finance, legal, conveyance, advertising, and other overheads took its overall cost up by 24.3% to Rs 18,696 crore in FY24 from Rs 15,037 crore in FY23. Note: OfBusiness’ ESOP-related expenses for this year stood at Rs 32 Cr in FY24 which is similar to last year. The decent growth in scale and controlled expenditure helped OfBusiness to post a 30.2% increase in its profits to Rs 603 crore in FY24. Its ROCE and EBITDA margin improved to 12.33% and 7.44% respectively. On a unit level, OfBusiness spent Rs 0.97 to earn a rupee in FY24. FY23-FY24 FY23 FY24 EBITDA Margin 6.30% 7.44% Expense/₹ of Op Revenue ₹0.98 ₹0.97 ROCE 9.28 12.23 OfBusiness has raised around $800 million including its $325 million Series G round in December 2021 where it was valued at $5 billion. According to the startup data intelligence platform TheKredible, Alpha Wave is the largest external stakeholder with 19.16% followed by Creation Investment and Matrix Partners. OfBusiness competes with Zetwerk, Infra.market, and Moglix. Zetwerk recorded Rs 11,449 crore GMV in FY23 while Infra. Market and Moglix’s gross revenue stood at 11,846 crore and Rs 4,500 crore respectively in the same period (FY23).

Treebo crosses Rs 100 Cr revenue in FY24, outstanding losses climb to Rs 488 Cr

EntrackrEntrackr · 6m ago
Treebo crosses Rs 100 Cr revenue in FY24, outstanding losses climb to Rs 488 Cr
Medial

Treebo crosses Rs 100 Cr revenue in FY24, outstanding losses climb to Rs 488 Cr Treebo Hotels, a premium-budget hotel chain, crossed the Rs 100 crore revenue milestone in the fiscal year ending March 2024. Despite this growth, the Bengaluru-based company saw its losses rise by 17%, bringing total outstanding losses to Rs 488 crore. Treebo Hotels’s revenue from operations grew 22.5% to Rs 109 crore in FY24 from Rs 89 crore in FY23, its consolidated financial statements filed with the Registrar of Companies show. Income from accommodation services (taken on lease and managed properties) formed 95% of the total operating revenue which increased by 22.3% to Rs 104 crore in FY24 from Rs 85 crore in FY23. The rest of the income comes from the sale of products, and subscription services. The company also added Rs 7.22 crore as other income (non-operating) which tallied its overall revenue to Rs 116 crore in FY24 from Rs 94 crore in FY23. Treebo spent 41% of its overall expenditure on employee benefits which increased marginally by 7% to Rs 59 crore in FY24. Its cost and commission surged 70% and 48% to Rs 17 crore and Rs 43 crore in the previous fiscal year. Its cost of materials, legal, technology, traveling, and other overheads took the overall cost up by 22% to Rs 144 crore in FY24 from Rs 118 crore in FY23. The increased advertising and commission costs led Treebo to raise its losses by 16.7% to Rs 28 crore in FY24, compared to Rs 24 crore in FY23. Its ROCE and EBITDA margin stood at -540% and -18.1% respectively. On a unit level, it spent Rs 1.32 to earn a rupee in FY24. The company’s total current assets stood at Rs 34 crore with cash and bank balances of Rs 7 crore in the previous fiscal. According to startup data intelligence platform TheKredible, decade-old Treebo has secured Rs 566 crore (approximately $70 million) in funding from investors including Accor, Elevation Capital, Matrix Partners, and Bertelsmann. The company’s most recent major funding, amounting to $16 million, was raised in June 2021. Treebo competes directly with Bloom Hotels and FabHotels. In FY24, Bloom Hotels saw its operational revenue rise by 73.6% to Rs 250 crore, with a profit of Rs 14 crore. FabHotels recorded Rs 224 crore in operating revenue for FY23 but has not yet filed its FY24 annual report.

FabHotels gross revenue crosses Rs 550 Cr in FY24, losses widen 23%

EntrackrEntrackr · 5m ago
FabHotels gross revenue crosses Rs 550 Cr in FY24, losses widen 23%
Medial

FabHotels gross revenue crosses Rs 550 Cr in FY24, losses widen 23% Casa2 Stays, the parent firm of FabHotels, reported a 34% increase in gross revenue for the fiscal year ending March 2024. However, its loss rose by 23%, driven by a twofold increase in employee benefit expenses. FabHotels’ gross revenue increased to Rs 552 crore in FY24 from Rs 412 crore in the previous fiscal year (FY23), according to its financial statement sourced from the Registrar of Companies (RoC). The revenue for FY23 appears different this year as it marks FabHotels’ first set of financial statements prepared in compliance with Indian Accounting Standards (Ind AS). FabHotels, a budget hotel chain with over 600 properties across more than 50 cities in India, generated 99.4% of its gross revenue from accommodation bookings. Gross revenue increased by 33.35% to Rs 549 crore in FY24. Meanwhile, other revenue sources contributed Rs 3.3 crore. The company also recorded an additional income of Rs 11 crore from interest on deposits and liabilities written off, which pushed its overall revenue to Rs 563.6 crore in the last fiscal year. Accommodation expenses remained the largest cost component forming 74% of the overall cost, which grew by 32% to Rs 435 crore. FabHotels’ employee costs shot up 2X to Rs 92 crore in FY24. This includes Rs 15 crore as ESOP cost. Its commission expenses rose by 8% to Rs 27 crore, while other costs added Rs 34 crore. Overall, total expenses grew by 38.5% to Rs 588 crore in FY24 from Rs 424.7 crore in FY23. The two-fold jump in employee benefits led FabHotel to increase its losses by 23% to Rs 114 crore in FY24, compared to Rs 93 crore in FY23. Its ROCE and EBITDA Margin were recorded at -84.09% and -19.52%, respectively. On a unit basis, the company spent Rs 1.06 to earn a rupee of revenue. At the end of FY24, FabHotel’s current assets stood at Rs 172 crore, including cash and bank balances worth Rs 94 crore. FabHotel has raised around $70 million to date. Accel is the largest external stakeholder with 21.39% followed by Goldman Sachs. FabHotels competes directly with Treebo and Bloom Hotels. In FY24, Treebo surpassed Rs 100 crore in revenue, while Bloom Hotels achieved a 73.6% increase in operational revenue to Rs 250 crore and recorded a profit of Rs 14 crore. FabHotels, with its budget offerings and reach, faces a moment of truth to deliver sustainable profitability that can power future growth. The hospitality sector leaves very little margin for major misses now. FabHotels has placed its bets, with little leeway to change much now. Judgement awaits in the next few months and year, perhaps.

Info Edge-backed Truemeds' gross revenue crosses Rs 300 Cr in FY24

EntrackrEntrackr · 4m ago
Info Edge-backed Truemeds' gross revenue crosses Rs 300 Cr in FY24
Medial

Telehealth platform Truemeds saw rapid growth, surpassing Rs 300 crore in gross revenue for the fiscal year ending March 2024. The Mumbai-based company also reduced its losses by 9% during the same period. Truemeds’ gross revenue surged 2X to Rs 315 crore in FY24 from Rs 154 crore in FY23, according to its annual financial statements filed with the Registrar of Companies (RoC). Founded by Akshat Nayyar and Kunal Wani, the startup enables consumers to discover alternative brand medicines by uploading their prescriptions. Revenue from medicine and medical device sales accounted for 98.4% of the total operating income, which surged 102% to Rs 310 crore in FY24. Income from shipping and packaging stood at Rs 1.7 crore and Rs 2.8 crore respectively. The company also added Rs 10 crore from interest on deposits which tallied its overall income to Rs 325 crore in FY24 from Rs 161 crore in FY23. As a telehealth platform, the cost of procuring medicines and devices accounted for 67.8% of the total expenditure. With increasing scale, this cost rose by 96% to Rs 262 crore in FY24. Employee benefits also grew by 75% to Rs 42 crore in FY24. Its advertising, rent, information technology, legal, and other overheads took the overall cost up by 74.7% to Rs 386 crore in FY24 from Rs 221 crore in FY23. The two-fold growth and controlled expenditure helped Truemeds to reduce its losses by 9% to Rs 61 crore in FY24, compared to Rs 67 crore in FY23. On a unit level, it spent Rs 1.23 to earn a rupee in FY24. Truemeds’ ROCE and EBITDA margin improved to -27.6% and -18.15% respectively. At the end of FY24, its total current assets stood at Rs 253 crore with cash and bank balances of Rs 155 crore. Truemeds has secured over $27 million in funding to date, including a $22 million Series B round led by WestBridge Capital in 2022. As per startup data intelligence platform TheKredible, Info Edge is the largest external stakeholder, holding a 25.25% stake in the company. PharmEasy, Tata 1mg, Netmeds, and Apollo 247 are among Truemeds' direct competitors. An easy to use interface, and a real demand for reducing medical costs has provided a strong opening for many firms in the space.

IntrCity crosses Rs 320 Cr income in FY24, nears break-even

EntrackrEntrackr · 6m ago
IntrCity crosses Rs 320 Cr income in FY24, nears break-even
Medial

Travel-tech platform IntrCity, which owns SmartBus and RailYatri, could not replicate its FY23 growth momentum in FY24. After achieving six-fold growth in FY23, the company recorded a modest 16% year-on-year revenue increase for the fiscal year ending March 2024. However, the Nandan Nilekani family trust-backed firm reduced its losses by over 52%, bringing them below Rs 10 crore in FY24. IntrCity's revenue from operations grew 15.9% to Rs 317.34 crore during FY24 as compared to Rs 273.9 crore in FY23, as per the company's consolidated financial statements with the Registrar of Companies. IntrCity operates web and mobile platforms for its brands, SmartBus and RailYatri. The flagship brand, IntrCity SmartBus, caters to long-distance bus routes across India, while RailYatri offers train travel services such as ticket booking and meal ordering. As per the filings, the majority of commission revenue came from the Indian Railway Catering and Tourism Corporation (IRCTC) during FY24. The company collected 93.8% of the revenue from bus operations which went up 16.9% to Rs 297.71 crore in FY24. It also earned Rs 18.08 crore from commission along with Rs 1.55 crore via advertisement services. Additionally, collection from interest and gain on financial assets (non-operating revenue) stood at Rs 3.38 crore. Including this, the company's overall revenue climbed to Rs 320.7 crore in FY24. On the expense side, the cost of revenue (direct cost for the distribution of services) accounted for 68.3% of the total expenditure. This cost grew 14.2% to Rs 225.8 crore in FY24 from Rs 197.8 crore in FY23. Operation and maintenance costs went up 9.3% to Rs 43.5 crore while spending on employee benefits remained almost flat at Rs 36.85 crore during the last fiscal year. The company incurred Rs 7.42 crore on advertisement and promotions and paid Rs 3.9 crore commission for catering and payment gateway services. In the end, IntrCity's expenses increased 9.7% to Rs 330.6 crore during FY24 in comparison to Rs 301.3 crore during FY23. On the back of controlled expenditure and double-digit growth in revenues, the firm managed to bring down its losses by 53.7% to Rs 9.9 crore in FY24. The losses were at Rs 21.4 crore in the previous fiscal year. Operating cash outflows of IntrCity also improved by 69.8% during the period and stood at Rs 6.1 crore. As of the last fiscal year, the firm's outstanding losses stood at Rs 242.5 crore. During FY24, the travel-tech platform managed to improve its EBITDA margin by 459 BPS to -2.08%. On a unit level, IntrCity spent Rs 1.04 to earn an operating revenue during the said period. IntrCity has Rs 17.4 crore in cash and bank balances while its total assets stood at Rs 41.2 crore for the fiscal year ended March 2024. As per the startup data intelligent platform TheKredible, IntrCity has raised over $50 million to date and was valued at around Rs 912 crore or $110 million in the latest funding round in February this year. Among online travel aggregator (OTA) platforms, MakeMyTrip is the largest player in terms of revenue. Ixigo, EaseMyTrip, Yatra, and Cleartrip are also the key players in the segment.

Exclusive: Subko Coffee raises Rs 80 Cr led by NKSquared

EntrackrEntrackr · 1y ago
Exclusive: Subko Coffee raises Rs 80 Cr led by NKSquared
Medial

Subko Coffee has raised Rs 80 crore in a new round led by Zerodha co-founders-backed NKSquared, said two sources aware of the investment. Several individuals along with Blume Ventures and Progressive LLP also participated in the financing round. “NKSquared has put in around Rs 70 crore whereas the remaining Rs 10 crore came from other investors,” said one of the sources requesting anonymity as talks are yet to be public. The company has received $5.5 million (Rs 45 crore) and NKSquared has already invested Rs 34.2 crore, according to the Subko Coffee regulatory filings with the Registrar of Companies (RoC). Blume Ventures and Progressive Strategies LLP collectively invested Rs 4.75 lakh. Pallavi Dempo, Suprapadh S Manohar, John Abraham, Kalpathi Ratna, and Suparna Gupta also took part in the financing round. As per sources, NKSquared has also acquired a 25% stake in the Mumbai-based firm. Subko Coffee has been valued at around $35-40 million (post-money), said the person quoted above. Queries sent to Subko Coffee NKSquared and Subko Coffee didn’t elicit any immediate response. We will update the story in case they respond. NKSquared was incorporated by Kamath brothers in 2019 but it became active last year and backed a few companies, including Nazara Games. Subko Coffee provides caffeinated drinks along with baked bread-pastries and coffee roasters. According to its filings, several celebrities such as Gauri Khan, Tiger Shroff, and others invested in the company between June 2022 to December 2023. Subko Coffee has been growing at a rapid clip and this could be evident from its growth in the last fiscal year. Its revenue spiked 94% to Rs 13.57 crore in FY23 from Rs 7 crore in FY22 while the firm’s losses stood at Rs 9.86 crore in the same period. Subko Coffee competes with Third Wave Coffee, Blue Tokai, Rage Coffee, Slay Coffee, Sleepy Owl, and Seven Beans Co. Notably, Third Wave Coffee is also backed by Zerodha’s co-founder Nikhil Kamath.

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