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Quikr posts Rs 51 Cr revenue in FY23, losses shrink 62%

EntrackrEntrackr · 1y ago
Quikr posts Rs 51 Cr revenue in FY23, losses shrink 62%
Medial

Quikr, the online marketplace and classified platform, experienced a drop in scale from Rs 191 crore in FY19 to Rs 110 crore in FY20. This declining trend continued until FY22. The Bengaluru-based firm, however, has recently shown signs of stability and resilience with its revenue growing for the first time in the last three years in FY23. Additionally, the former unicorn also managed to bring down its losses by a significant margin during the period. Quikr’s revenue from operations marginally grew 4.7% to Rs 51.36 crore during the fiscal year ending March 2023 as compared to Rs 49.07 crore recorded in FY22, as per the company’s consolidated financial statements with the Registrar of Companies. Quikr made the majority of its revenue from lead referral fees followed by advertising, both verticals collectively contributed to around 90% of revenue in FY23. The remaining sum was collected via commissions, management consultancy services, business support, and other operating activities. The company also earned Rs 2 crore from interest and gains on other financial assets (non-operating income). Considering this, the total income of the company stood at Rs 53.38 crore in FY23. On the cost side, employee benefit was the largest cost expense for the company. Which however shrank 17% to Rs 41.5 crore in FY23 from Rs 50 crore in FY22. IT costs including web hosting and payment gateway also dwindled 43% to Rs 3.5 crore during the year from Rs 6.13 crore in FY22. The company also cut down its legal, promotional, and other expenses, akin to which, the overall expenditure dwarfed 27% to Rs 61.36 crore in FY23. The total expenditure was Rs 84 crore during the previous fiscal year. For a complete expense breakdown and year-on-year financial performance and more information about the company, visit TheKredible. The cost-cutting measures taken by the company during the year can also be seen in its bottom line which improved significantly. Quikr’s losses declined 62% to Rs 7.98 crore during FY23 in comparison to Rs 20.98 crore in FY22. Additionally, the company’s outstanding losses stand at Rs 3,077 crore at the end of FY23. Operating cashflows also turned green (positive) to Rs 2.57 crore in FY23 against Rs 29.23 crore (negative) in the previous year. The EBITDA margin and ROCE of the company strengthened to -3.52% and -3.87%, respectively during the period. On a unit level, Quikr spent Rs 1.19 to earn a rupee of operating revenue in FY23.

Exotel posts flat scale in FY24; losses shrink 61%

EntrackrEntrackr · 7m ago
Exotel posts flat scale in FY24; losses shrink 61%
Medial

Fintrackr All Stories Exotel posts flat scale in FY24; losses shrink 61% Exotel’s revenue from operations increased 5.7% to Rs 444 crore in FY24 from Rs 420 crore in FY23, its consolidated annual financial statements sourced from the Registrar of Companies show. Kunal Manchanada 26 Dec 2024 11:55 IST Follow Us New Update Bengaluru-based cloud telephony platform Exotel reported flat growth for the fiscal year ending March 2024. Despite stagnant revenue, the company significantly improved its financial health, narrowing losses by more than 60%. This improvement was driven by strategic cost-cutting measures, particularly in employee benefits and advertising expenses. Exotel’s revenue from operations increased 5.7% to Rs 444 crore in FY24 from Rs 420 crore in FY23, its consolidated annual financial statements sourced from the Registrar of Companies show. Exotel provides cloud-based voice and SMS contact center solutions, enabling businesses to manage customer engagement efficiently. Its primary revenue stream comes from offering internet-enabled cloud communication services. Exotel also makes money through software licensing, chatbot services, and sales of its products, including APIs, browser extensions, software development kits, and mobile applications. Exotel has not provided the income bifurcation of above mentioned- services. However, 14% of its business came from Southeast Asia, the Middle East, and Africa in FY24. The company also added Rs 16 crore mainly from interest on deposits and investments, tallying the overall revenue to Rs 460 crore in FY24, compared to Rs 447 crore in FY23. For the cloud-based voice and SMS contact center firm, the cost of telephone and postage formed 39% of its overall cost which increased 10.2% to Rs 195 crore in FY23. Exotel managed to keep its employee benefits in check, which saw a reduction of 24% in FY24 to Rs 186 crore, as compared to Rs 245 crore in FY23. It’s worth noting that Exotel went through layoff during FY24, reducing its workforce by 15%. Its decreased advertising, legal, payment gateway, traveling, information technology, and other overheads took the total expenditure to Rs 499 crore in FY24 from Rs 555 crore in FY23. See TheKredible for the detailed expense breakup. Despite the modest growth in scale, the company managed to control its expenditures, resulting in its losses shrinking by 60.6% to Rs 43 crore in FY24 from Rs 109 crore in FY23. According to Fintrackr, Exotel’s EBITDA losses stood at Rs 16 crore in FY24. Exotel’s expense-to-revenue ratio was recorded at Rs 1.12, with ROCE and EBITDA margins of -8.9% and -3.48%, respectively. According to the annual statements, its total current assets were registered at 379 crore, with cash and bank balances of Rs 206 crore as of March 2024. The company has raised over $100 million so far including a $40 million Series D round led by Steadview Capital in 2022. According to the startup data intelligence platform TheKredible, A91 Partners is the largest external stakeholder with a 25.7% stake followed by Blume Ventures. Exotel directly competes with Gupshup-owned Knowlarity, MyOperator, Ozonotel, and Tata Communications, and a few others. exotel Advertisment Disclaimer: Bareback Media has recently raised funding from a group of investors. Some of the investors may directly or indirectly be involved in a competing business or might be associated with other companies we might write about. This shall, however, not influence our reporting or coverage in any manner whatsoever. You may find a list of our investors here. Subscribe to our Newsletter! Be the first to get exclusive offers and the latest news Subscribe Now Related Articles LIVE ShopKirana struggles to scale in FY24, narrows losses by 30% LIVE LEAD hits Rs 350 Cr revenue milestone in FY24; cuts losses by 56% LIVE Simplilearn cuts losses by 56% in FY24, revenue growth stagnates LIVE Curefoods reports Rs 635 Cr income in FY24, halves losses LIVE Mintifi reports Rs 92 Cr PAT on Rs 384 Cr revenue in FY24 Read the Next Article

RailYatri posts Rs 274 Cr revenue in FY23; losses shrink 58%

EntrackrEntrackr · 1y ago
RailYatri posts Rs 274 Cr revenue in FY23; losses shrink 58%
Medial

Train ticketing platform RailYatri has demonstrated strong financial health in the past couple of years. The growth can be witnessed from its topline which inched close to touching the Rs 300 crore mark. Along with this, the Noida-based company also managed to bring down its losses during FY23. RailYatri’s revenue from operations grew 2.3X to Rs 273.73 crore during the fiscal year ending March 2023 as compared with Rs 117.21 crore in FY22, as per the company’s consolidated financial statements with the Registrar of Companies. Founded in 2014, RailYatri offers train ticket information along with intercity bus service — IntrCity SmartBus which runs on routes such as Delhi–Lucknow, Delhi–Kanpur, Mumbai–Pune, Bengaluru–Hyderabad, and Chennai–Coimbatore among others. RailYatri has also launched a ‘flexi-ticket’ feature that allows users to make last-minute changes to their plans when finding a reservation on trains isn’t available. Co-founded by Kapil Raizada, Manish Rathi, and Sachin Saxena, the company made 93% of its revenue via roadway operations while the remaining part came from erectioning commissioning, and advertising publicity. It also made around Rs 6 crore via interest and gains on financial assets during the year which took its topline to Rs 279.75 crore at the end of FY23. RailYatri spent 11% of its expenses on employee benefits during the period. This cost went up 26.7% to Rs 32.9 crore during FY23 from Rs 25.97 crore in FY22. This cost also includes expenses on the employee stock option scheme and employee stock purchase plan worth Rs 24 lakh and Rs 3.71 crore in FY23 and FY22, respectively. Advertisement & promotional costs declined 21.8% to Rs 6.4 crore whereas Information technology expenses grew to Rs 1.82 crore during FY23. Notably, RailYatri booked Rs 242 crore of its expenditure under miscellaneous expenses which is likely to include outsourced support, cashback & discounts, and other operational and admin expenses during FY23. In total, the overall expenditure surged 83.4% to Rs 298 crore during FY23 from Rs 162.5 crore in FY22. Head to TheKredible for a complete expense breakdown and year-on-year financial performance of the company. Despite rising expenses, the company managed to control its bottom line by 58.5% during the year. Its losses shrank to Rs 18.2 crore in FY23 from Rs 43.87 crore in FY22. Also read: Decoding the financial performance of India’s top OTA players The stability of operations can also be witnessed from its operating cash outflows which improved by 45% to Rs 19.96 crore in FY23. Amid an improved financial performance, the EBITDA margin and ROCE of the company also strengthened to -5.55% and 13808.33%, respectively, during the year. On a unit level, RailYatri spent Rs 1.09 to earn a rupee of operating revenue in FY23. FY22-FY23 FY22 FY23 EBITDA Margin -35.96% -5.55% Expense/₹ of Op Revenue ₹1.39 ₹1.09 ROCE -475.11% 13808.33% As per the startup intelligence platform TheKredible, RailYatri has raised over $50 million to date. A few days back, it raised $3.44 million in a mix of equity and debt funding round led by Mirabilis Investment Trust. Entrackr exclusively reported this development.

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.

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