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VAHDAM India turns profitable in FY25; clocks 95% revenue from global markets

EntrackrEntrackr ยท 2h ago
VAHDAM India turns profitable in FY25; clocks 95% revenue from global markets
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Direct-to-consumer (D2C) tea brand VAHDAM India turned profitable in FY25 and posted nearly 20% year-on-year revenue growth as it expanded its global reach and product offerings. Direct-to-consumer (D2C) tea brand VAHDAM India turned profitable in the fiscal year ended March 2025. The company also reported top-line growth of nearly 20% year-on-year during the period as it expanded its global distribution and added new products across international markets. VAHDAM India's revenue from operations grew by 19% to Rs 267.5 crore in FY25 from Rs 225.2 crore in FY24, as per its consolidated financial statement filed with the Registrar of Companies (RoC). VAHDAM, an e-commerce brand offering teas, spices, and superfoods, sources ingredients directly from farms across India and sells its products in India and key global markets, including the US, Canada, and Europe. Sales of these products formed the companyโ€™s main revenue stream. Notably, exports to the US, Europe, and other global markets contributed over 95% of total revenue at Rs 254.5 crore, up 21% from Rs 210 crore in FY24, while revenue from India stood at just Rs 12 crore. The company also earned Rs 5.9 crore in non-operating income, taking its total revenue to Rs 273.4 crore in FY25. For the D2C firm, transportation was the largest cost center, accounting for 27% of total costs due to the companyโ€™s heavy reliance on overseas sales. This expense rose 6% in FY25 to Rs 71.5 crore. Advertising was another significant expense, increasing 16% year-on-year to Rs 58 crore. Cost of materials remained steady at Rs 48 crore in the last fiscal, while employee expenses fell 6% to Rs 27 crore. Commission paid to selling agents stood at Rs 21.4 crore. Other overheads, including rent, legal and professional fees, and miscellaneous expenses, added another Rs 42 crore, taking total costs to Rs 268.2 crore in FY25. Overall, the company's expenses rose marginally by 6% compared to FY24. In the end, the firmโ€™s revenue growth helped it turn profitable in the previous fiscal with a net profit of Rs 5.2 crore, compared to a loss of Rs 17.7 crore in FY24. Its ROCE and EBITDA margin also moved into positive territory at 4% and 2.55%, respectively. As of March 2025, the firm reported Rs 144.5 crore of current assets including Rs 64.4 crore of cash and bank balance. According to startup data intelligence platform TheKredible, VAHDAM India has raised over $40 million in funding to date, including its most recent $3 million round led by SIDBI Venture. Its lead investors include Fireside Ventures, Sixth Sense Ventures, and IIFL Asset Management.

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Jar clocks Rs 208 Cr operating revenue in FY25, turns profitable in H2

EntrackrEntrackr ยท 2m ago
Jar clocks Rs 208 Cr operating revenue in FY25, turns profitable in H2
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Jar clocks Rs 208 Cr operating revenue in FY25, turns profitable in H2 Savings app Jar has reported strong growth in FY25, reaching an operating revenue of Rs 208 crore during the fiscal year ending March 2025. The surge in scale came after the company vertically integrated its gold stack, which pushed its gross revenue to Rs 2,450 crore during the period. Vertical integration implies owning and operating several stages of the gold value chain. The Bengaluru-based startup also reduced its net losses (excluding ESOP costs) to Rs 35.23 crore and turned fully profitable in the last two consecutive quarters from January to June 2025. Founded in 2021 by Nishchay AG and Misbah Ashraf, Jar has built a base of over 35 million registered users across 12,000 pin codes, with more than 95% of its users being first-time savers. Jar leverages UPI Autopay to automate savings and has expanded into jewellery through its vertical Nek and forayed into insurance offerings. The startup has raised over $60 million with a valuation of approximately $325 million, backed by investors like Tiger Global, Arkam Ventures, Tribe Capital, and WEH Ventures.

M League earns Rs 560 Cr from overseas in FY25, turns profitable

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M League earns Rs 560 Cr from overseas in FY25, turns profitable
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M League earns Rs 560 Cr from overseas in FY25, turns profitable According to its consolidated financial statements filed with Singaporeโ€™s ACRA, M Leagueโ€™s revenue from operations surged to Rs 1,423 crore ($166.7 million) in FY25 from Rs 1,092 crore ($127.9 million) in FY24. M League, the parent company of Mobile Premier League (MPL), has recorded one of its strongest financial performances in FY25, clocking over 30% year-on-year growth and turning profitable at the group level. The turnaround, however, comes at a time when the company has had to shut down its real-money gaming (RMG) operations in India. Gaming remained the primary revenue driver, contributing $165.8 million, while the rest came from advertising and other operating activities. India was the largest market, accounting for around 60% of total revenue, followed by Europe and the US. Its German subsidiary, GameDuell Studios, a wholly owned unit, contributed nearly $60 million revenue in FY25. Advertising formed the largest expense, making up 42% of the total and rising 32.8% to $70 million. The company managed to trim employee benefit expenses by 20.5% to Rs 364 crore, while other operating costs, including payment gateway, server hosting, and professional fees, pushed total expenditure to $166.2 million (Rs 1,419 crore) in FY25. M League reported a net profit of $4.2 million (Rs 36.5 crore) in FY25, a sharp turnaround from a loss of $44.8 million (Rs 383 crore) in FY24. Its EBITDA margin turned positive at 2.45% during the last fiscal year. While FY25 marked a milestone year, the companyโ€™s outlook in India remains uncertain after the governmentโ€™s move to outlaw real-money gaming. A company spokesperson told Entrackr that the latest results highlight the benefits of M Leagueโ€™s diversified strategy. โ€œWe didnโ€™t put all our eggs into the India RMG basket. We have bought ourselves time and can act from a place of near-EBITDA breakeven at a group level while continuing to invest in growth areas such as GameDuell, Xsquads, and other ventures,โ€ the spokesperson added. GameDuell grew 64% during FY25, while M League had already made early inroads into the US and Brazil by March 2025. International expansion is part of the companyโ€™s long-term vision to host a digital Olympics with players from across nations. M League maintained that its global portfolio gives it the flexibility to balance investment and returns. GameDuell has been profitable for years despite its rapid growth, and at the group level, M League has the ability to generate EBITDA whenever it chooses. M League refrained from sharing near-term projections, stating that it is too early to forecast annualized revenue after shutting down its India operations.

Capillary Technologies turns profitable in FY25

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Capillary Technologies turns profitable in FY25
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Capillary Technologies turns profitable in FY25 Customer loyalty and engagement solutions provider Capillary Technologies has filed its Draft Red Herring Prospectus (DRHP) with SEBI as it gears up for a public listing. The document offers a detailed view into the companyโ€™s financials, revealing a sharp turnaround in FY25. Capillary Technologiesโ€™ operating revenue rose 14% to Rs 598 crore in FY25, compared to Rs 525 crore in FY24, as per data disclosed in the DRHP. Capillary Technologies follows a B2B SaaS model, earning revenue through subscriptions and services for its loyalty and customer engagement platform used by global brands to enhance retention and personalization. Most of the companyโ€™s revenue is through subscription-based software services, which contributed over 80% of the total, growing nearly 20% year-on-year to reach Rs 481 crore in FY25, from Rs 402 crore in FY24. The remaining Rs 117 crore came from other streams such as services and integration-linked fees. From a regional perspective, North America emerged as Capillaryโ€™s largest revenue contributor, accounting for 56.6% of the total revenue in FY25, up from 48% in the previous fiscal. EMEA (Europe, Middle East, and Africa) made up 19%, while Asia-Pacificโ€™s share declined to 24% from 33% in FY24. While a detailed expense breakdown isnโ€™t disclosed, the companyโ€™s return to profitability suggests improvements in cost structure and stronger monetization of its offerings. The company posted a net profit of Rs 14 crore in FY25, a significant improvement from the Rs 68 crore loss in FY24. Meanwhile, its EBITDA stood at Rs 78.5 crore in FY25, with a margin of 13%. As Capillary moves closer to its IPO, the shift to profitability will likely be a key narrative for investors looking at the companyโ€™s long-term potential and scalability.

ZingHR turns profitable in FY25, revenue grows 21%

EntrackrEntrackr ยท 16d ago
ZingHR turns profitable in FY25, revenue grows 21%
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ZingHR turns profitable in FY25, revenue grows 21% Cloud-based HRtech firm ZingHR has continued its growth momentum and achieved profitability in FY25 from a loss of Rs 7 crore in the previous fiscal year. ZingHRโ€™s revenue from operations grew 21% to Rs 150 crore in FY25 from Rs 124 crore in FY24, according to its consolidated financial statements filed with the Registrar of Companies (RoC). ZingHR offers staffing and talent acquisition services across various sectors, including BFSI, retail, and IT. The company generates its revenue exclusively from the sale of subscription-based software. Zing HRโ€™s employee benefits remained the largest cost component, accounting for 53% of total expenses. To the tune of scale, this cost remained stable at Rs 80 crore in FY25 as compared to Rs 81 crore in FY24. Among other major expenses, server and data security charges rose 42% to Rs 17 crore, while legal and professional fees nearly doubled to Rs 17 crore. Product maintenance charges grew 22% to Rs 11 crore, and rent expenses increased by 33% to Rs 4 crore. Overall, the companyโ€™s total expense rose 13% to Rs 150 crore in FY25 from Rs 133 crore in FY24. With the help of revenue growth, the company managed to achieve profitability. ZingHR posted a profit of Rs 1 crore in FY25 in contrast to a loss of Rs 7 crore in FY24. Its ROCE and EBITDA margin improved to 1.21% and 0.80% respectively. On a unit basis, ZingHR spent Re 1 to earn a rupee of revenue during the year, an improvement from Rs 1.07 in FY24. The companyโ€™s total assets grew to Rs 80 crore in FY25, from Rs 71 crore in the preceding year, while its current assets were valued at Rs 58 crore. Cash and bank balances stood at Rs 8 crore as of March 2025. ZingHR has raised $14 million in funding to date, with Tata Capital as its lead investor, holding a 35.82% stake. Competing in the same space as ZingHR, Darwinboxโ€™s total revenue grew to Rs 534 crore in FY25 from Rs 334 crore in FY24 as 63% of the companyโ€™s revenue comes from international markets. The companyโ€™s adjusted net loss improved by 7% over FY24 in the same period.

Exclusive: Oxyzo clocks Rs 330 Cr PAT on Rs 1,207 Cr revenue in FY25

EntrackrEntrackr ยท 5m ago
Exclusive: Oxyzo clocks Rs 330 Cr PAT on Rs 1,207 Cr revenue in FY25
Medial

According to consolidated financial statements reviewed by Entrackr, Oxyzoโ€™s operating revenue rose to Rs 1,207 crore in FY25, up from Rs 903 crore in FY24. Following a 58% year-on-year growth in FY24, B2B fintech unicorn Oxyzo Financial Services continued its strong momentum in FY25, recording a 33.7% YoY increase in revenue for the fiscal year ended March 2025. The company also reported a 16.5% rise in profit during the same period. Oxyzo, the lending arm of the industrial goods and services procurement platform OfBusiness, offers credit solutions and loans to small and medium enterprises (SMEs) and startups. Interest income from loan disbursements contributed 95% of its total operating revenue, which rose to Rs 1,141 crore in FY25. The remaining revenue came from fees and commissions. As a lending-focused company, finance costs emerged as the largest expense for Oxyzo, accounting for 58% of its total spending. These costs climbed to Rs 439 crore in FY25, in line with the company's expanding scale. Oxyzo spent Rs 143 crore on employee benefits. Its legal, impairment, administrative, and other operational expenses contributed to a total expenditure of Rs 755 crore in FY25, up from Rs 514 crore in FY24. The combination of topline growth and controlled cost mechanism helped the company post a 16.5% growth in profits, which rose to Rs 339 crore in FY25, compared to Rs 291 crore in the previous fiscal year. Oxyzo raised approximately $200 million in 2022, achieving unicorn status following its Series A round led by Alpha Wave and Tiger Global. The company also plans to raise a fresh round of equity in the second half of FY26 in the range of $100-150 million. According to startup data intelligence platform TheKredible, the OFB group, including its promoters, holds a 74.5% stake, while Alpha Wave is the largest external investor with a 7.4% share, followed by Tiger Global. Its parent OfBusiness is also gearing up for a $1 billion IPO, expected to include a combination of a fresh issue and an offer for sale.

Exclusive: Porter turns profitable with over Rs 4,000 Cr revenue in FY25

EntrackrEntrackr ยท 4m ago
Exclusive: Porter turns profitable with over Rs 4,000 Cr revenue in FY25
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Exclusive: Porter turns profitable with over Rs 4,000 Cr revenue in FY25 After recording a 56% year-on-year growth in FY24, on-demand intra-city logistics platform Porter has delivered another strong performance in FY25, posting nearly 50% growth and turning profitable, according to three sources and some documents reviewed by Entrackr. Porter revenue from operations grew to 4,300 crore in the fiscal year ending March 2025 from Rs 2,734 crore in FY24, as per the documents. Porter provides a full-stack logistics platform to help businesses optimize their last-mile delivery operations. It generated 99% of its total operating revenue via the goods transportation services while the remaining came from platform fees and other operating activities. It primarily serves micro, small, and medium enterprises (MSMEs) and has expanded its presence to over 20 cities in India. According to the sources, the company managed to cut costs and reported a profit after tax (PAT) of Rs 54 crore in FY25. During FY24, the Bengaluru-based firm cut down its losses by 45% to Rs 95.7 crore. Queries sent to Porter on Monday did not elicit a response until publication of the story. We will update the story in case it responds. Porter has raised over $332 million to date, including its $200 million Series F round in May this year, with Kedaara Capital and Wellington Management leading the investment. Prior to this, the company secured $100 million led by Tiger Global in 2021. Soon after the unicorn round, Porter also provided an exit to its early backer Peak XV, which generated returns of over Rs 1,200 crore on an investment of Rs 116 crore. Porter earlier operated with minimal competition from VC-funded players, but the landscape has shifted with Uber, Delhivery, and Rapido (in the two-wheeler category) entering the space.

Smartworks clocks Rs 1,374 Cr revenue and Rs 62 Cr loss in FY25

EntrackrEntrackr ยท 4m ago
Smartworks clocks Rs 1,374 Cr revenue and Rs 62 Cr loss in FY25
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Smartworks, a leading managed workspace platform, reported a 32% growth in operating revenue to Rs 1,374 crore in FY25. However, despite the strong topline growth, the companyโ€™s losses widened 26% in FY25. Smartworksโ€™ revenue from operations increased by 32% to Rs 1374 crore in FY25 from Rs 1039 crore in FY24, according to its financial statement sourced from RHP. SmartWorks provides flexible office space for large enterprises, SMEs, and high-growth startups and leverages its robust phygital platform to deliver fully serviced, tech-enabled, flexible, and affordable workspaces. Lease rentals accounted for over 93% of its operating revenue, which rose by 29% to Rs 1,289 crore in FY25. Other sources included design and fit-out services at Rs 35 crore, ancillary services at Rs 49 crore, and a marginal Rs 1 crore from software fees. Smartworks added another Rs 36 crore from non-operating sources, which pushed its total revenue to Rs 1410 crore in FY25. On the expense side, the largest cost head was depreciation, which increased 35% to Rs 636 crore, followed by operating expenses of Rs 416 crore. Finance costs remained relatively stable at Rs 336 crore, while employee benefit expenses rose to Rs 65 crore. Overall, total expenses increased by 26% to Rs 1,489 crore in FY25 from Rs 1,180 crore in FY24. Despite revenue growth, the companyโ€™s loss increased by 26% to Rs 63 crore in FY25 as compared to Rs 50 crore in FY24. However, the company reported a positive EBITDA of Rs 893 crore in FY25 with an EBITDA margin of 63.3% and ROCE of 7.48%. On a unit level, Smartworks spent Rs 1.08 to earn a rupee of operating revenue in FY25, marginally better than the previous yearโ€™s ratio of Rs 1.14. The Gurugram-based company reported current assets worth Rs 255 crore in FY25, including Rs 69 crore in cash and bank balances. Smartworks is heading to the public markets with its Rs 583 crore IPO opening on July 10 and closing on July 14, 2025. The company has set a price band of Rs 387 to Rs 407 per share with a lot size of 36 shares, requiring a minimum investment of Rs 14,652 for retail investors.

VAHDAM India raises $3 Mn led by SIDBI Venture

EntrackrEntrackr ยท 7m ago
VAHDAM India raises $3 Mn led by SIDBI Venture
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VAHDAM India raises $3 Mn led by SIDBI Venture Direct-to-consumer (D2C) tea brand VAHDAM India has raised $3 million (about Rs 25 crore) in funding from SIDBI Venture Capital. Prior to this, the company has raised over Rs 200 crore (approximately $25 million) in primary funding. The investment will further strengthen its balance sheet and cash reserves, VAHDAM India said in a press release. Founded in 2015 by Bala Sarda, VAHDAM India aims to build a homegrown Indian brand for the world, bringing Indiaโ€™s finest teas, herbs, and botanicals to global consumers. All of its products are sourced directly from partner farmers across India and manufactured at its own facility. The brand operates through wholly-owned subsidiaries in key markets such as the USA, Canada, the UK, and Europe. Over the past two years, VAHDAM India says that it has focused on reinforcing its core, optimizing product portfolio, and identifying key levers for scale. The company is also making significant investments in product innovation, R&D, and expanding our in-house manufacturing capabilities. With a sharper focus and a more resilient foundation, it aspires for sustained growth over the next three years. VAHDAM India claims that it is also set to close the current fiscal year with strong growth and positive EBITDA. The brand has been expanding its offline distribution network and has achieved a milestone by launching its teas & botanicals in over 2,000 Walmart stores across the U.S. For the financial year 2024-25, the company is on track to close with net revenues of more than Rs 265 crore and EBITDA profitability.

Amazon-backed M1xchange turns profitable in FY25; revenue grows 80%

EntrackrEntrackr ยท 1m ago
Amazon-backed M1xchange turns profitable in FY25; revenue grows 80%
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M1xchange, the Amazon-backed digital invoice discounting marketplace, staged a remarkable turnaround in FY25 by swinging to profitability after ending the previous year in losses. The company reported a net profit of Rs 12 crore in FY25, compared to a loss of Rs 4 crore in FY24. Founded in 2016, M1xchange TReDS is a digital marketplace to sell receivables to banks/NBFCs set up under the approval of the Reserve Bank of India (RBI) to facilitate the discounting of invoices and bills of exchange on a PAN India basis. The revival was powered by strong revenue growth. The companyโ€™s operating revenue for the year grew 80.5% to Rs 102 crore from Rs 56.5 crore in FY24, according to its consolidated financial statement sourced from the Registrar of Companies (RoC). The bulk of the revenue came from transaction and commission charges, which surged to Rs 93 crore, accounting for more than 91% of the topline. Software development and maintenance fees added another Rs 2.3 crore, while other operating income nearly doubled to Rs 6.7 crore during the period. From a cost perspective, employee benefits were the largest contributor, making up around 70% of overall spend. To the tune of scale, this cost rose 49% to Rs 64 crore in FY25 from Rs 43 crore in FY24, while legal and professional charges grew 40% to Rs 7.4 crore. Overall, M1xchangeโ€™s total expenses rose to Rs 91 crore in FY25, a 44% increase from Rs 63 crore in FY24. Despite the heavier expense load, the sharp rise in revenues ensured that M1xchange closed the year at Rs 12 crore profit. The companyโ€™s ROCE and EBITDA margin stood at 13.59% and 17.65% respectively. The Gurugram-based company reported current assets worth Rs 95 crore in FY25, including Rs 48 crore in cash and bank balances. While profits with scale are bound to follow for a bill discounting platform, the numbers should improve further as employee costs should also stabilise. According to TheKredible, M1xchange has raised a total of $56 million of funding to date, having Amazon, SIDBI, Beenext, Mayfield, and IndiaMart as its lead investors. The companyโ€™s founder and CEO, Sundeep Mohindru, owns 31% of the company.

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