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Traya returns to losses in FY25 as marketing and employee costs surge

EntrackrEntrackr · 9d ago
Traya returns to losses in FY25 as marketing and employee costs surge
Medial

Direct-to-consumer (D2C) health and wellness brand Traya posted a strong 43.2% year-on-year growth in FY25. However, the company slipped back into losses during the year as rising expenses offset the momentum it had built in FY24. Traya’s revenue from operations increased to Rs 338 crore in FY25 from Rs 236 crore in FY24, according to its annual financial statements sourced from the Registrar of Companies (RoC). Founded in 2019, Traya focuses on addressing hair loss by identifying its root causes rather than offering surface-level solutions. The company provides personalised hair treatment plans, supported by consultations with hair coaches and licensed physicians. Income from ayurvedic oral and topical products, cosmetics, dietary supplements, and medicines remained the primary revenue driver, accounting for 99.6% of its total operating income. The remaining revenue came from shipping charges, doctor consultations, and hair transplant services. On the cost side, Traya significantly ramped up its spending in FY25. Its sales and marketing expenses rose 40% year-on-year to Rs 138 crore, reflecting continued investments in customer acquisition. Employee benefit expenses saw a sharper spike, which increased by 130% to Rs 83 crore during the fiscal year. The cost of materials consumed stood at Rs 83 crore in FY25. Additionally, higher freight, legal, rent, and other operational overheads pushed the company’s total expenditure up by 60% to Rs 366 crore in FY25, compared to Rs 229 crore in FY24. With expenses growing faster than revenue, primarily due to elevated marketing spends and a surge in employee costs, Traya reported a loss of Rs 23 crore in FY25. This marks a reversal from the Rs 8.6 crore profit the company had posted in FY24. According to Entrackr’s estimates, its financial efficiency metrics also weakened during the year. Its return on capital employed (ROCE) declined to -20.47%, while EBITDA margins stood at -6.18%. At the unit economics level, the company spent Rs 1.08 to earn every rupee of operating revenue in FY25. As per the startup data intelligence platform TheKredible, Traya has raised approximately Rs 96 crore in funding to date. This includes a Rs 75 crore infusion from Xponentia Capital in April this year. The company’s investor roster features prominent names such as Fireside Ventures, Kae Capital, Xponentia Capital, and Whiteboard Capital. Hair loss treatments have existed for as long as hair loss itself, with a history that ranges from the spectacular to the ludicrous, and with barely any guaranteeing results. Social media has allowed the segment to bloom like never before, as sufferers feel the need to save what hair remains or recover lost ground. While non-invasive methods like those offered by Traya are one option, the rapid rise of hair transplants leads one to wonder how effective other alternatives truly are, especially since most people opting for transplants have usually tried multiple methods to avoid surgery. A five-month period to show “results” also works well for firms like Traya, as it helps lock in users. With the pool of sufferers expanding due to stress, pollution, and other factors, selling into this market of insecurity and aspiration appears to offer a long runway for companies. Traya, of course, will know that as more users complete the five-month course and beyond, word of mouth around its effectiveness will spread. The question is whether it will pivot to something new by then?

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LeadSquared trims losses by 45% in FY25; growth remains modest

EntrackrEntrackr · 2m ago
LeadSquared trims losses by 45% in FY25; growth remains modest
Medial

LeadSquared trims losses by 45% in FY25; growth remains modest LeadSquared reported a significant reduction in losses for the fiscal year ending March 2025. However, the company’s growth remained modest, with a 17% year-on-year increase. LeadSquared, a customer relationship management (CRM) software provider for sales automation and marketing, reported a significant reduction in losses for the fiscal year ending March 2025. However, the company’s growth remained modest, with a 17% year-on-year increase. The company’s revenue from operations rose to Rs 326 crore in FY25 from Rs 279 crore in FY24, according to its financial statements sourced from the Registrar of Companies (RoC). For context, the Bengaluru-based firm had reported 9% year-on-year growth in revenue during FY24. LeadSquared operates as a software as a Service (SaaS) platform, delivering comprehensive solutions for sales, marketing, and onboarding automation. The company also recorded Rs 40 crore as other income, taking its total income to Rs 366 crore in FY25 from Rs 325 crore in FY24. Employee benefit expenses, which form 61.5% of its total expenditure, fell 8.5% to Rs 280 crore in FY25 from Rs 306 crore in FY24. Data centre costs rose slightly by 6.5% to Rs 82 crore, while advertising and promotional expenses increased 38.5% to Rs 18 crore during the year. Overall, the company managed to reduce its total expenses by 6.4% to Rs 455 crore in FY25 from Rs 486 crore in FY24. With increased scale and cut in expenses, the company reduced its losses by 45% to Rs 89 crore in FY25 from Rs 162 crore in FY24. Its ROCE and EBITDA margin stood at -24.18% and -34.05%, respectively. On a unit level, LeadSquared spent Rs 1.40 to earn a rupee of operating revenue during FY25, compared to Rs 1.74 in FY24. LeadSquared’s cash and bank balances stood at Rs 362 crore in FY25, down from Rs 423 crore a year earlier, while its current assets stood at Rs 565 crore. According to TheKredible, LeadSquared has raised a total of $205 million of funding till date, having WestBridge Capital and Gaja Capital as its lead investors.

Sid’s Farm posts Rs 168 Cr revenue in FY25; losses surge 2.6x

EntrackrEntrackr · 1d ago
Sid’s Farm posts Rs 168 Cr revenue in FY25; losses surge 2.6x
Medial

Sid’s Farm, a Hyderabad-based dairy brand, recorded a decent growth in revenue in the fiscal year ending March 2025. However, rising costs pushed the company deeper into losses. Sid’s Farm’s operating revenue increased by 38% to Rs 168 crore in FY25 from Rs 122 crore in FY24, according to its financial statements sourced from the Registrar of Companies (RoC). Founded in 2016, Sid’s Farm is a mass premium Hyderabad-based dairy brand. The startup controls the entire value chain of milk and milk products by sourcing directly from farmers. Including other income of Rs 2 crore, the company’s total income stood at Rs 170 crore in FY25. The surge in topline was accompanied by a faster rise in expenses. Sid’s Farm’s total expenses jumped 47% to Rs 196 crore in FY25 from Rs 133.5 crore in the previous fiscal year. Cost of material consumed remained the largest expense, accounting for over 64% of the overall costs. This expense rose 41% to Rs 126 crore in FY25. Employee benefit expenses increased by 47% to Rs 25 crore. Costs nearly doubled to Rs 7 crore in FY25 from Rs 3.6 crore in FY24. Distribution and transportation expenses grew to Rs 8 crore and Rs 5 crore, respectively. Other expenses added another Rs 25 crore during the year. The sharp increase in costs led Sid’s Farm’s losses to increase by 2.6x to Rs 27 crore in FY25 from Rs 10.5 crore in FY24. Its ROCE and EBITDA margin stood at -45.24% and -14.58% respectively. On a unit basis, Sid’s Farm spent Rs 1.17 to earn a rupee of operating revenue during the fiscal year, compared to Rs 1.09 in FY24. As of March 2025, the company’s cash and bank balances stood at Rs 1 crore, while current assets rose to Rs 45 crore in FY25. Sid’s Farms has raised approximately $12.2 million of funding to date, including the $10 million round co-led by Omnivore and Narotam Sekhsaria Family Office.

Uppercase’s losses double in FY25; revenue grows 34%

EntrackrEntrackr · 2m ago
Uppercase’s losses double in FY25; revenue grows 34%
Medial

Uppercase, a sustainable travel accessories and lifestyle brand, recorded steady growth in the last fiscal year ending March 31, FY25. However, its losses widened as expenses surged, led by higher material and marketing costs. The company’s operating revenue grew 34% to Rs 83 crore in FY25 from Rs 62 crore in FY24, according to its financial statements filed with the Registrar of Companies (RoC). Uppercase primarily sells eco-friendly trolleys, backpacks, and duffel bags which accounted for 98% of the operating revenue. The company also earned Rs 2 crore through gains from the sale of other investments and interest on bank deposits, bringing uppercase’s total income to Rs 85 crore in FY25. Examining expenses, the company’s largest cost component, cost of materials, rose 36% to Rs 45 crore, accounting for nearly 38% of total expenditure. Marketing expenses also grew sharply by 44% to Rs 23 crore, forming 19% of the total. Employee benefit costs increased 43% to Rs 20 crore, while selling and distribution expenses rose 56% to Rs 14 crore. Spending on outward and logistics went up 17% to Rs 7 crore. Overall, total costs jumped 45% to Rs 120 crore in FY25 as compared to Rs 83 crore in the previous year. With Uppercase’s expense outpacing revenue growth, its losses doubled to Rs 35 crore in FY25 from Rs 17.5 crore in FY24. The company’s EBITDA margin deteriorated to -43.01% from -31.10% during the period. While its ROCE stood at -63.68%, a slight improvement over -67.03% in the previous year. On a unit level, the company spent Rs 1.45 to earn a rupee of revenue in FY25, compared to Rs 1.34 in FY24. Uppercase’s current assets rose to Rs 92 crore, including Rs 4 crore in cash and bank balances and inventory nearing Rs 10 crore in the same period. According to TheKredible, Uppercase has raised a total of $17.5 million of funding till date, having Sixth Sense Ventures and Volrado Ventures as its lead investors which owns 26% and 16% of the company respectively. The jump in selling expenses, including advertising is no surprise, considering the competitive intensity Uppercase faces across its segments.

Cashfree posts Rs 640 Cr revenue in FY25, losses rise 14%

EntrackrEntrackr · 3m ago
Cashfree posts Rs 640 Cr revenue in FY25, losses rise 14%
Medial

Fintrackr All Stories Cashfree posts Rs 640 Cr revenue in FY25, losses rise 14% Cashfree struggled with growth in FY25, even after the Reserve Bank of India removed merchant onboarding restrictions for leading companies. State Bank of India-backed Cashfree is no exception, as the firm’s operating scale remained flat in FY25. Cashfree reported an operating revenue of Rs 640 crore in FY25 against Rs 643 crore in FY24, according to the company’s consolidated financial statements filed with the Registrar of Companies (RoC). Founded in 2015 by Akash Sinha and Reeju Datta, Cashfree provides businesses with a fast and easy way to collect payments online, make payouts, improve conversions, and verify identity and detect fraud during KYC and onboarding. The company claims to enable large businesses to process 12,000 transactions per second during peak demand. The revenue breakup for FY25 shows payment gateway commissions accounted for 75% of the operating revenue at Rs 481 crore. Payout commissions added another Rs 55 crore, while commission income from other services contributed the rest Rs 103 crore. With other income of around Rs 1 crore, the Bengaluru-based company posted a total income of Rs 641 crore in the last fiscal year. On the expense side, payment gateway processing cost accounted for 53% of the total expense, decreasing by 2% to Rs 419 crore in FY25 from Rs 427 crore in FY24. The company’s other key expense items include employee benefits, marketing, and technology investments. Its marketing expenses notably surged 150% to Rs 20 crore in FY25. The firm’s employee benefits costs remained flat at Rs 243 crore in FY25 compared to Rs 245 crore in FY24. Depreciation, finance cost and other overheads added another Rs 80 crore to the rising expenses. In the end, Cashfree’s total costs increased 2% to Rs 795 crore from Rs 779 crore last year. Although top-line performance remained stable, the company’s net loss widened 14% to Rs 154 crore from Rs 135 crore in the previous fiscal. Its EBITDA loss increased to Rs 132 crore, pushing the EBITDA margin down to -20.63% from -17.42% the previous year. In the coming year, Cashfree is expected to reduce its marketing expenses to lower losses and strengthen its financial position in FY26. The ban on real money gaming platforms is also expected to affect the business of payments firms including Cashfree significantly in the ongoing fiscal year. Ahead of FY26, Cashfree raised $53 million in a round led by Krafton, marking its first funding in nearly four years. Overall, the company has raised $95 million from investors including Y Combinator, Smilegate Investments, and the State Bank of India.

Flipkart Internet reports Rs 20,493 Cr revenue in FY25; losses down 37%

EntrackrEntrackr · 4m ago
Flipkart Internet reports Rs 20,493 Cr revenue in FY25; losses down 37%
Medial

Flipkart Internet reports Rs 20,493 Cr revenue in FY25; losses down 37% Flipkart Internet, the B2B arm of Walmart-owned Flipkart, reported a 14% year-on-year rise in revenue, crossing the Rs 20,000 crore mark in the fiscal year ending March 2025. The Bengaluru-based firm also reduced its losses by 37%, bringing them below Rs 1,500 crore during the same period. Flipkart Internet’s revenue from operations increased to Rs 20,493 crore in FY25, from Rs 17,907 crore in FY24, as per its consolidated financial statements filed with the Registrar of Companies (RoC). Flipkart’s revenue is driven by marketplace, logistics, and advertising services. Income from marketplace services more than doubled to Rs 7,751 crore in FY25 from Rs 3,734 crore in FY24, contributing 38% to operating revenue. Advertising income surged 27% to Rs 6,317 crore, making up 31% of the topline. However, revenue from logistics services declined by 38% to Rs 4,224 crore, reducing its share to 21%. The firm made an additional Rs 314 crore from non-operating sources, which pushed its total revenue to Rs 20,807 crore in the last fiscal year (FY25). On the cost side, the largest cost head remained logistics service charges, which increased 9% to Rs 7,144 crore, accounting for 32% of total expenses. Employee benefit expenses declined 8% to Rs 4,748 crore, while marketing costs rose sharply by 37% to Rs 4,100 crore, making up 18% of overall costs. Collection charges stood at Rs 2,693 crore (12.1% of expenses) and legal/professional fees at Rs 1,394 crore. Overall, Flipkart Internet’s total expenses grew 8% to Rs 22,311 crore in FY25 from Rs 20,627 crore in FY24. Flipkart Internet managed to cut its losses by 37% to Rs 1,494 crore in FY25, from Rs 2,359 crore in FY24. Its EBITDA losses narrowed to Rs 1,078 crore in FY25 from Rs 1,869 crore in FY24, with the EBITDA margin improving from -10.25% to -5.18%. On a unit level, Flipkart spent Rs 1.09 to earn a rupee in FY25, better than Rs 1.15 in FY24. The company’s current assets stood at Rs 11,952 crore, while cash and bank balances rose to Rs 187 crore.

Smytten cuts losses by 41% in FY25; revenue slips to Rs 111 Cr

EntrackrEntrackr · 4m ago
Smytten cuts losses by 41% in FY25; revenue slips to Rs 111 Cr
Medial

Smytten cuts losses by 41% in FY25; revenue slips to Rs 111 Cr Smytten, a product discovery and trial platform, improved its expense discipline and significantly narrowed losses, but the revenue decline highlights its continuing struggle to achieve sustainable growth in FY25. The company’s revenue from operations declined 10.5% to Rs 111 crore in FY25 from Rs 124 crore in FY24, according to its provisional financial statement sourced from the Registrar of Companies (RoC). Smytten derives its income largely from product trials and allied services for D2C and FMCG brands. The firm also generates ancillary revenues through brand promotions and partnerships. The company did not provide a revenue breakup in its provisional financial statements. On the expense front, the cost of materials, the firm’s largest expense, declined 17% to Rs 58 crore in FY25 from Rs 70 crore in FY24. Employee benefit expenses fell 9% to Rs 20 crore, while details of other overheads, including marketing, tech, and operational costs, were not disclosed. Overall, the company managed to reduce its total expenses by 21% to Rs 131 crore in FY25 from Rs 165 crore in FY24. The sharper control on expenses helped Smytten cut its losses by 41% to Rs 23.5 crore, as compared to Rs 40 crore in FY24. Its ROCE and EBITDA margin stood at -76.92% and -16.92%, respectively. On a per-unit basis, the firm spent Rs 1.18 to earn a rupee of revenue in the last fiscal year. As of March 2025, the Bengaluru-based company reported current assets worth Rs 67 crore, including Rs 20 crore in cash and bank balances. According to TheKredible, Smytten has raised a total of $22 million of funding till date, having Roots Ventures and Fireside Ventures as its lead investors. The company’s co-founders Siddhartha Nangia and Swagata Sarangi together own 39.32% of the company.

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