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You are under digital arrest! How fake cop scams draining victims’ bank accounts

Economic TimesEconomic Times · 1y ago
You are under digital arrest! How fake cop scams draining victims’ bank accounts
Medial

Digital arrest scams are on the rise in India, with scammers posing as officials from law enforcement agencies and coercing victims into paying large sums of money to avoid legal trouble. The scams start with a phone call alerting the victim to a parcel containing illegal substances or accusing them of criminal activity. The scammers then video call the victims, level false charges, and order them to stay at home under 'digital arrest'. The victims are instructed not to contact anyone and are then coerced into making online transfers to the scammers. These scams have led to significant financial losses and highlight the need for stricter regulations and awareness among the public.

Chingari’s operating scale declines 53% in FY25

EntrackrEntrackr · 15d ago
Chingari’s operating scale declines 53% in FY25
Medial

Chingari’s operating scale declines 53% in FY25 After pivoting to a paid private live streaming model in June 2023 from its short video format, Chingari’s operating revenue fell 53% YoY in FY25, while losses narrowed 62% to Rs 8.8 crore. Chingari saw its business shrink after pivoting to a paid, private live streaming model in June 2023, moving away from its short video-led approach. The platform posted a 53% year-on-year drop in operating revenue in FY25, while losses declined 62% to Rs 8.8 crore. For background, in FY23, Chingari reported Rs 113 crore revenue from operations with a net loss of Rs 42 crore. Chingari’s revenue from operations fell over 52% to Rs 44 crore in FY25 from Rs 92 crore in FY24, according to its consolidated financial statements sourced from Registrar of Companies (RoC). Founded in November 2018, Chingari operated as a TikTok-style short video platform until its pivot in June 2023. Since then, it has repositioned itself as a paid, private live streaming platform. It enables 1-on-1 private calls between creators and users, where users purchase virtual “diamonds” to access these personal interactions. As per the company’s guidelines, the platform prohibits nudity and sexually explicit content. Revenue from domestic users accounted for 28% of the total at Rs 12.2 crore, while the remaining 72% came from export revenue at Rs 31.3 crore, which indicates revenue from foreign users. On the cost side, advertising cum promotional expenses were the largest expense centre for the firm, but they declined 46% to Rs 23.75 crore in FY25 from Rs 43.65 crore in FY24. Employee benefits expenses also fell 58% year-on-year to Rs 13.4 crore. Information technology expenses rose 8.4% to Rs 9 crore in the last fiscal, while other overheads, including rent, legal and professional fees, and travel costs, took total expenditure to Rs 52.4 crore. In line with the decline in operating revenue, overall expenditure fell 55% to Rs 52.4 crore in FY25 from Rs 116.3 crore in FY24, which helped the company narrow its losses to Rs 8.8 crore from Rs 23.3 crore in FY24. On a unit basis, the Bengaluru-based company spent Rs 1.2 to earn a single rupee of operating revenue in FY25. At the end of March 2025, Chingari reported Rs 8 crore in current assets, which includes Rs 2.2 crore in cash and bank balance. According to media reports, during its pivot, Chingari faced allegations that it was building an adult entertainment app through its paid 1-on-1 video call feature, which could involve explicit content. However, the Bengaluru-based company denied these claims.

Uber India made Rs 807 Cr from ride-hailing in FY24

EntrackrEntrackr · 1y ago
Uber India made Rs 807 Cr from ride-hailing in FY24
Medial

Online mobility platform Uber India recorded a 41.1% year-on-year surge in revenue, which surpassed Rs 3,700 crore in the fiscal year ending March 2024. However, despite this growth, the company's losses shrank by 71.4% during the same period. According to the consolidated financial statements of Uber India System Private Limited, its revenue from operations increased to Rs 3,762 crore in FY24 from Rs 2,666 crore in FY23. Moving to revenue recognition, collection from Uber rides (ride-hailing) accounted for 21.45% of the total operating revenue which increased by 18.9% to Rs 807 crore in FY24 from Rs 679 crore in FY23. The remaining income came from Uber BV, generated through engineering support services, back-office, and other support services, billed under a cost-plus model. The company also added Rs 99 crore from interest on current investment and other miscellaneous sources (non-operating) which tallied the overall revenue to Rs 3,860 crore in FY24 from Rs 2,744 crore in FY23. According to its consolidated statements, Uber India spent 67.6% of its overall cost on employee benefits. This cost grew by 29.4% to Rs 2,690 crore in FY24, compared to Rs 2,079 crore in FY23. Its cost of consumables amounted to Rs 657 crore in the previous fiscal year (FY24). Legal/professional fees, advertising, rent, repairs, safety security, and other overheads took the total expenditure up by 26.4% to Rs 3,977 crore in FY24 from Rs 3,146 crore in FY23. Uber India’s over 40% growth and controlled expenditure led its net losses to shrink by 71.4% to Rs 89 crore in FY24, compared to Rs 311 crore in FY23. On a unit level, it spent Rs 1.06 to earn a rupee in FY24. While continuing to play out like a mid-tier software firm with low margins and a division that is a drag (the cab services), Uber India seems the closest it will ever get to profitability, especially if it acquires Blusmart mobility, as some reports will have it. Even without that, for most lay observers, it's a wonder that the firm continues to make losses, when we consider that its best in terms of service quality and ‘partner morale’ or driver satisfaction, is well behind it. Granted, the firm has had to virtually create and make up a business model as it has gone along, but considering the not insignificant role it plays in many cities in India as a service provider, the numbers are underwhelming. Selling software services to its parent has been a good fix to cover up for what has surely been a very rough ride in India so far, but the bigger tragedy is that very few people or customers will sympathise. It is frankly incomprehensible that the firm has to struggle to make enough here, and get earn nothing but criticism most of the time. As it completes a dozen years in India this year, one can only hope that the firm makes a breakthrough financially, morally and efficiency wise.

BellaVita’s revenue jumps 2.5X to Rs 456 Cr in FY25, turns profitable

EntrackrEntrackr · 2m ago
BellaVita’s revenue jumps 2.5X to Rs 456 Cr in FY25, turns profitable
Medial

BellaVita, a Gurugram-based beauty and personal care brand, reported a profit of Rs 25 crore in the fiscal year ended March 2025, a sharp turnaround from a loss in FY24. The improvement came amid strong revenue growth and better cost efficiency. BellaVita’s operating revenue surged 2.5x to Rs 456 crore in FY25 from Rs 184 crore in FY24, as per its financial statements sourced from the Registrar of Companies (RoC). The company derives its revenue primarily from sales of fragrances, skincare, and personal care products across online marketplaces and its own channels. Revenue from the sale of these products was the sole source of revenue for the company. For the perfume-dominated brand, the cost of materials remained the largest cost component, accounting for 39% of the total expenditure. This cost surged 2.7x to Rs 171 crore in FY25 from Rs 64 crore in FY24. Advertising expenses formed 21% of the cost and rose by 37% to Rs 90 crore. Commission expenses surged to Rs 64 crore, while shipping costs stood at Rs 42 crore. Employee benefits accounted for Rs 42 crore and other overheads added Rs 28.5 crore to the expense sheet during the fiscal. Overall, BellaVita’s total expenses grew 92% to Rs 437.5 crore during FY25 from Rs 228 crore in FY24. With the company’s revenue outpacing expense growth, it turned profitable and posted a profit of Rs 25 crore, against a loss of Rs 40 crore in FY24. Its EBITDA margin stood at 4.61% in the same period. On a unit level, BellaVita spent Rs 0.96 to earn a rupee of operating revenue in FY25, improving from Rs 1.24 a year earlier. On the balance sheet front, BellaVita’s current assets increased to Rs 119 crore while the company closed FY25 with cash and bank balances of Rs 4 crore, up from Rs 1 crore in the previous fiscal. According to TheKredible, BellaVita has raised a total of $58 million of funding to date, with Sanjeev Kumar Taparia and Ashutosh Taparia as its lead investors. The profits will be a welcome milestone for the firm that has shown the kind of intent and effort that marks out driven startups. Maintaining the momentum in FY26 will place it in a hallowed company in a category where the topline has been ‘bought’ with expensive advertising in most cases. BellaVita has certainly built a brand that has some pull of its own and could yet be the personal care brand to watch in the coming years.

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