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Vedantu posts Rs 153 Cr revenue in FY23; cuts losses by 46%

EntrackrEntrackr · 1y ago
Vedantu posts Rs 153 Cr revenue in FY23; cuts losses by 46%
Medial

Edtech company Vedantu has released its financial results for the fiscal year ending March 2023. The Bengaluru-based firm faced challenges in scaling, with its revenue dropping by 7.8% in FY23. However, the company managed to control its losses by 46% during the same period. Vedantu’s revenue from operations decreased by 7.8% to Rs 153 crore in FY23 from Rs 166 crore in FY22, its consolidated financial statements accessed from the Registrar of Companies (RoC)show. Income from online tutoring of various courses accounted for 94% of its total operating revenue which declined 13.3% to Rs 144 crore in FY23. The rest of the collections comes from the sale of books, hostel fees, and e-learning project income in FY23. The company also made Rs 22 crore from interest and gain on financial assets tallying its total income to Rs 175 crore in FY23. Similar to other large edtech startups, its employee benefits emerged as the largest cost center forming 56.7% of the total expenditure which declined by 35.8% to Rs 314 crore in FY23. The firm’s spending on legal, advertising cum promotional, training, information technology, and overheads pushed its overall expenditure to Rs 553 crore in FY23 from Rs 888 crore in FY22. See TheKredible for the detailed expense breakup. Despite the decline in scale, the Tiger Global-backed company managed to control its advertising and employee benefits which led Vedantu’s losses to decrease by 46.4% to Rs 373 crore in FY23 from Rs 696 crore in FY22. Its ROCE and EBITDA margins stood at -68% and -198.9% respectively. On a unit level, it spent Rs 3.61 to earn a rupee in FY23. FY23-FY24 FY22 FY23 EBITDA Margin -356.97% -199.30% Expense/₹ of Op Revenue ₹5.35 ₹3.62 ROCE -118.31% -68.44% Vedantu has not been able to raise a new round since its last equity funding in September 2021. The company also turned unicorn in the $100 million Series E round. In 2022, the company faced back to back firings and laid off more than 1,000 employees across three-four phases. The company also took over Deeksha, Pedagogy and Instasolv in the 2021-22 period. For Deeksha’s acquisition, it spent around $40 million. In December, Vedantu announced its expansion plan to open more than 30 offline centers for JEE, and NEET in multiple cities across the country.

Urban company claims Rs 827 Cr revenue in FY24; 70% cut in losses

EntrackrEntrackr · 1y ago
Urban company claims Rs 827 Cr revenue in FY24; 70% cut in losses
Medial

Home service marketplace Urban Company is one of the consumer internet startups which has reported an upward trajectory in terms of scale since its inception. Even during the pandemic (FY21), the firm managed a double digit growth and since then its operating revenue grew almost four-fold: Rs 827 crore in FY24 from Rs 248 crore in FY21. Urban Company’s revenue from operations grew 30% year-on-year to Rs 827 crore in the fiscal year ending March 2024 from Rs 637 crore in FY23, according to the firm’s business summary. The Gurugram-based startup also claimed a 70% decline in its losses which shrunk to Rs 93 crore in FY24 from Rs 312 crore in FY23. Capital efficiency on the back of improved margin and cut in fixed costs appear to have reduced the firm’s losses drastically. Urban Company didn’t offer revenue and expense breakups in the business summary. Caveat: These numbers aren’t audited and may vary with the actual balance sheet which will be out in the coming months. Besides FY24, the company recorded Rs 281 crore in revenue during the first quarter of FY25, marking a 37.3% growth compared to Q1 FY24, mentions the business summary. The Tiger Global-backed firm’s operating EBITDA stood at Rs 7 crore in the same period. As per Urban Company’s summary, the average monthly net earnings of service partners delivering more than 30 services in a month was Rs 33,469 while the average earning of the top 20% stood at Rs 42,792. The hourly earnings of female service partners are 23% more than males on the platform in H2 CY23, said the summary. Significantly, the company charged around 25% average commission from their service partners. As per the Entrackr estimates, Urban Company had a total volume (GMV) of around Rs 3,300 crore in FY24. The disclosure of financial numbers by Urban Company was preceded by a completion of a $63 million secondary sale where some backers, founders, and staff diluted their holdings. As per Entrackr’s sources, the new buyback concluded in a valuation range of $2.2 to $2.5 billion.

PlanetSpark posts Rs 41 Cr revenue and Rs 90 Cr loss in FY23

EntrackrEntrackr · 1y ago
PlanetSpark posts Rs 41 Cr revenue and Rs 90 Cr loss in FY23
Medial

Edtech business is hard to crack and this is evident from the balance sheets of most of the companies in the space which have shown astounding losses. Seven-year-old PlanetSpark is no exception as the firm’s losses were more than twice its revenue in the fiscal year ending March 2023. FITT-JEE-backed PlanetSpark’s revenue from operations increased 41%to Rs 42 crore in the last fiscal year (FY23) from Rs 30 crore in FY22, as per its filings with the Registrar of Companies (RoC). Founded in 2017 by Kunal Malik and Manish Dhooper, PlanetSpark offers live 1:1 classes in public speaking, creative writing, storytelling, debate, podcasting et al for the K8 generation. The sale of educational services was the only source of revenue for the company while it also made Rs 1.1 crore from interest on deposits. In the end, tPlanetSpark’s total income stood at 43.5 crore during the last fiscal year. PlanetSpark spent Rs 63.17 crore towards employee benefits which includes Rs 5.5 crore as ESOP cost (non-cash component). Similar to other ed-tech startups, it spent a significant 90 crore on marketing and teachers’ salaries. Its legal/professional, rent, information technology, and other overheads led its total cost to Rs 133 crore in FY23 from Rs 139.5 crore in FY22. Head to TheKredible for a complete expense breakdown and its YoY financial health. Expense Breakdown Total ₹ 139.53 Cr https://thekredible.com/company/planetspark/financials View Full Data To access complete data, visithttps://thekredible.com/company/planetspark/financials Total ₹ 133.02 Cr https://thekredible.com/company/planetspark/financials View Full Data To access complete data, visithttps://thekredible.com/company/planetspark/financials Employee Benefit Employee Benefit Teachers Pay Teachers Pay Marketing and Branding expense Marketing and Branding expense Software and Server Charges Software and Server Charges Payment Gateway charges Payment Gateway charges Other Expenses To check complete Expense Breakdown visit thekredible.com View full data With over 40% scale and controlled expenses, PlanetSpark managed to trim its losses by 18% to Rs 90 crore in FY23. Its ROCE and EBITDA margin also improved to -197.1% and 226% respectively. On a unit level, PlanetSpark spent Rs 3.14 to earn a rupee of operating revenue in FY23. FY22-FY23 FY22 FY23 EBITDA Margin -362% -197.1% Expense/₹ of Op Revenue ₹4.65 ₹3.14 ROCE -1065% 226% According to the startup data intelligence platform TheKredible, PlanetSpark has mopped up over $34 million to date including a $17 million round this year. Prime Venture Partners is the largest stakeholder with 32.6% followed by FIIT- JEE. Its co-founder Kunal Malik and Maneesh Dhopper cumulatively command 29.6%.

Amazon India logistics unit posts Rs 4,889 Cr income in FY24

EntrackrEntrackr · 11m ago
Amazon India logistics unit posts Rs 4,889 Cr income in FY24
Medial

Amazon Transportation Services reported a marginal growth in its revenue during the fiscal year ending March 2024. At the same time, the company reduced its losses by over 6% during the same period. AmazonTransport Services aka ATS’s revenue from operations grew 7.6% to Rs 4,888.9 crore in FY24 from Rs 4,543.3 crore in FY23, its standalone financial statement sourced from Tofler shows. Apart from operational income, ATS’s other income spiked 66% to Rs 57.3 crore in FY24 from Rs 34.5 crore in the previous fiscal year. This brought the total income for FY24 to Rs 4,946.2 crore. Amazon Transportation Services provides logistics and delivery solutions, supporting Amazon's e-commerce operations. Its services include order pickup, sorting, and last-mile delivery across India. It makes money via offering aforementioned services to Amazon India. The company’s total expenses excluding depreciation stood at Rs 4,690.8 crore in FY24 from Rs 4,310.2 crore in FY23, marking an 8.8% rise. Depreciation expenses, however, decreased by 10.2%, standing at Rs 313.7 crore for FY24, down from Rs 349.4 crore in FY23. Despite the growth in revenue, ATS managed to reduce its losses by 6.3% to Rs 80.3 crore in FY24 from Rs 85.7 crore in FY23. Its outstanding losses reached Rs 469.8 crore as of the end of FY24. Other equity components, including the share-based compensation reserve, increased 26% to Rs Rs 490.4 crore in the last fiscal year. While ATS’s parent company, Amazon Corporate Holdings continues to support its operations, the persistent losses indicate ongoing challenges in reaching profitability despite YoY revenue growth. In the past five years, Amazon India (through transport services) has expanded its partnership with Indian Railways, increasing from a single train in 2019 to over 120 trains by 2024, now covering 130 intercity routes across 91 cities.

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