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Vedantu income nears Rs 200 Cr in FY24; losses cut by 58%

EntrackrEntrackr · 7m ago
Vedantu income nears Rs 200 Cr in FY24; losses cut by 58%
Medial

After a slight decline in operating scale in FY23, edtech unicorn Vedantu reported a 21% year-on-year revenue growth for the fiscal year ending March 2024. Significantly, the Bengaluru-based company reduced its losses by 58% during the same period. Vedantu's revenue from operations grew to Rs 185 crore in the last fiscal year from Rs 153 crore in FY23, its consolidated financial statements sourced from the Registrar of Companies show. Vedantu's core offerings include online classes for grades 6 to 12, along with study materials for grades 1 to 12 and JEE preparation. In May 2020, the company expanded into the kids' coding space for ages 6-12 and has also launched several offline coaching centers in recent years. Income from online tutoring accounted for 90% of Vedantu's total operating revenue, increasing 11.4% to Rs 166 crore in FY24 from Rs 149 crore in FY23. Book sales tripled to Rs 9 crore, while the remaining revenue came from hostel fees and e-learning project income in FY24. Vedantu also added Rs 14 crore, primarily from non-operating income such as interest on deposits, increasing its overall revenue to Rs 199 crore in FY24, as compared to Rs 175 crore in FY23. Similar to other edtech firms, employee benefits were the largest cost component, which accounted for 47% of Vedantu's total expenditure. However, following significant layoffs in FY24, these costs dropped by 43.8% to Rs 176 crore in FY24. Vedantu's advertisement cum promotional spend was also reduced by 70% to Rs 23 crore in FY24. Expenses for outsourcing teachers, internships, book procurement, legal services, and other overheads brought the firm's total expenditure to Rs 368 crore, marking a 33.5% decline compared to FY23. The significant reduction in employee benefits and advertising along with 20% growth in scale led Vedantu's losses to be reduced by 58% to Rs 157 crore in FY24. Its ROCE, and EBIDDA margins improved to -37% and -51.8%, respectively. Its expense-to-earning ratio stood at Rs 1.99 in the said fiscal. During FY24, Vedantu's current assets recorded at 174 crore with cash and bank balances of Rs 54 crore. Vedantu has struggled to secure substantial external funding in recent years. In September, the firm raised Rs 19.25 crore (approximately $2.3 million) through a mix of debt and equity from Stride Ventures, marking its first investment in over three years. To date, Vedantu has raised over $300 million from major investors, including Tiger Global, Coatue, GGV Capital, and Westbridge. While edtech funding has declined significantly compared to its peak, 2024 shows signs of recovery. According to startup data intelligence platform TheKredible, edtech firms have raised $613 million across 37 deals so far this year, surpassing the $456 million raised in 2023. However, this is still a steep drop from the $2.3 billion raised in 2022 and $5.8 billion in 2021.

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Zolostays hits Rs 200 Cr revenue in FY24, trims losses

EntrackrEntrackr · 5m ago
Zolostays hits Rs 200 Cr revenue in FY24, trims losses
Medial

Zolostays hits Rs 200 Cr revenue in FY24, trims losses Co-living company Zolostays has achieved a fivefold increase in growth over the last two fiscal years, expanding its revenue from Rs 43 crore in FY22 to more than Rs 200 crore in FY24. Despite this growth, the Nexus Ventures-backed firm maintained control over its losses during this period. Zolostays’ revenue from operations doubled to Rs 204.4 crore in FY24 from Rs 95.5 crore in FY23, as per its consolidated financial statement sourced from the Registrar of Companies (RoC). Zolostays provides co-living spaces to students, professionals, and organizations. Income from residential accommodations and facilities, including service fees and accommodation charges, accounted for 93% of the total operating revenue. This income grew 3.4x to Rs 191 crore in FY24 from Rs 55 crore in FY23. Zolostays also offers services to colleges and universities for managing residential facilities, along with food subscriptions and other amenities. Revenue from this segment dropped 72% to Rs 10.4 crore in FY24. The firm earned Rs 4.6 crore in interest income, bringing its total income to Rs 209 crore in FY24. On the cost front, property management and operational expenses were the largest component, accounting for 52% of total costs. These expenses, which include food, rent, electricity, housekeeping, and consumables, increased 2.3X to Rs 139 crore in FY24 from Rs 60.5 crore in FY23. Its employee benefit expenses increased by 16% to Rs 83 crore in FY24. Legal, advertising, communication, commission, and other overheads took the total cost up by 58% to Rs 266 crore in FY24 from Rs 168 crore in FY23. Zolostays' two-fold growth and controlled expenses led to a 17.4% reduction in losses, down to Rs 57 crore in FY24 from Rs 69 crore in FY23. Its ROCE and EBITDA margin stood at -89.96% and -16.75%, respectively, with an expense-to-revenue ratio of Rs 1.30. In FY24, the Bengaluru-based firm reported current assets of Rs 76 crore, including Rs 34 crore in cash and bank balances. Zolo has raised a total of $118 million of funding to date. According to the startup data intelligence platform TheKredible, Nexus Ventures is the largest external stakeholder with 34% followed by Investcrop and Mirae Asset.

Paytm revenue grows 25% and nears Rs 10,000 Cr in FY24

EntrackrEntrackr · 1y ago
Paytm revenue grows 25% and nears Rs 10,000 Cr in FY24
Medial

One97 Communication Private Limited, the parent company of Paytm, scaled 25% year-on-year during the fiscal year ending March 2024. The Noida-based firm, however, managed to maintain EBITDA profitability before ESOP throughout the last fiscal year (FY24). Paytm’s revenue from operations grew 25% to Rs 9,978 crore in FY24 from Rs 7,990 crore in FY23, its annual financial statements disclosed through the National Stock Exchange show. Income from payment services accounted for 62.48% of the total operating revenue, which grew 25% to Rs 6,235 crore in FY24. Meanwhile, income from financial services grew by 30% to Rs 2,004 crore. The remainder income came from marketing and other sources. Paytm also made Rs 547 crore from non-operating activities mainly from interest and gain on financial assets, tallying the total income to Rs 10,525 crore in the last fiscal year (FY24). To the tune of other technology firms, its employee benefits accounted for 39.4% of the overall expenditure. This cost surged 21.5% to Rs 4,589 crore in FY24 from Rs 3,778 crore in FY23. This includes Rs 1,466 crore as share-based payment aka ESOPs cost. Its payment processing charges grew 10.9% to Rs 3,280 crore in FY2. Paytm’s software/tech, marketing cum promotional, legal, and other overheads drove its total expenditure up by 15% to Rs 11,645 crore in FY24 from Rs 10,130 crore in FY23. Note: Paytm has booked Rs 1,465 crore of ESOPs and wrote off Rs 227 crore worth of investments which was made to its associate firm Paytm Payments Bank Ltd (PPBL) after RBI’s action. The decent growth and controlled expenditure helped Paytm to reduce its net losses by 20% to Rs 1,422 crore in FY24. Meanwhile, Paytm maintained its EBITDA profitability before ESOP throughout the year which stood at Rs 559 crore in FY24.

Awfis nears Rs 900 Cr income in FY24; losses contract 62%

EntrackrEntrackr · 1y ago
Awfis nears Rs 900 Cr income in FY24; losses contract 62%
Medial

Co-working solutions provider Awfis showcased a 55.8% growth in scale during the fiscal year ending March 2024. However, the losses for the Amit Ramani-led firm contracted 61.8% to Rs 17.8 crore in FY24. On a year-on-year basis, Awfis’ revenue from operations grew 55.8% to Rs 849 crore in FY24 from Rs 545 crore in FY23, its consolidated financial statements disclosed in the stock exchange filing show. On a sequential basis, the firm posted a 5% increase in revenue to Rs 232 crore in Q4 FY24 from Rs 221 crore in Q3 FY24. Founded in 2015, Awfis offers customized office spaces for startups, SMEs, and large corporations including ancillary services like food and beverages, IT support, and infrastructure services among others. Income from co-working space rental and allied services formed 73% of the total operating revenue which spiked 47.7% to Rs 619 crore in FY24 from Rs 419 crore in FY23. Income from construction and fit-out projects, facility management, and sale of food items were other revenue drivers for Awfis in the fiscal year ending March 2024. See TheKredible for the complete revenue breakup. Awfis’s burn on subcontract stood at Rs 171 crore in FY24 while its employee benefits saw an increment of 41.7% to Rs 136 crore in FY24. Its finance, legal, depreciation and amortization, purchase of traded goods, and other overheads took the overall expenditure up by 45.8% to Rs 892 crore in FY24 from Rs 612 crore in FY23. Head to TheKredible for the detailed expense breakdown. The 55.8% surge in scale and controlled cost mechanism helped Awfis to contract its losses by 61.8% to a marginal Rs 17.8 in FY24 from Rs 46.6 crore in FY23. On a unit level, it spent Rs 1.05 to earn a rupee in FY24. The company’s stock was listed on NSE on May 30 and opened at Rs 435 with a 13.58% premium over the issue price of Rs 383. The improvement in the fundamentals pushed its share price to Rs 500.1 (as of June 19). Awfis currently holds a total market capitalization of Rs 3,472 crore.

Scaler nears Rs 400 Cr revenue in FY24; losses down by 58%

EntrackrEntrackr · 5m ago
Scaler nears Rs 400 Cr revenue in FY24; losses down by 58%
Medial

Upskilling platform Scaler has showcased better financial results for the fiscal year ending March 2024. The Bengaluru-based firm achieved over 21% growth in its operating scale while reducing losses by 58% compared to the previous fiscal year (FY23). Scaler’s revenue from operations grew to Rs 384.5 crore in FY24, from Rs 316.7 crore in FY23, according to its consolidated financial statement filed with the Registrar of Companies (RoC). Scaler is a tech upskilling platform that focuses on honing college students and tech professionals’ skills. The company offers six-month computer science courses through live classes. Sales of these courses accounted for 99% of the firm’s operating revenue in FY24. The company made additional Rs 4.5 crore from interest income which pushed its total revenue to Rs 389 crore in FY24. Along with achieving decent growth in scale, the company has reduced costs across verticals, as evident from its expenditure on employee benefits, which declined by 28.57% to Rs 230 crore. Advertising costs dropped by 35% to Rs 92 crore, while IT expenses decreased by 31.82%. However, training and recruitment expenses rose by 44.12% to Rs 49 crore, and rent increased by 44.44% to Rs 13 crore in FY24. Overall, Scaler's total expenses declined by 22.2%, from Rs 609 crore in FY23 to Rs 474 crore during the last fiscal year. Optimization of major expense categories helped Scaler reduce its overall losses by 58% to Rs 139 crore in FY24. Its EBITDA Margin also improved to -32.02%. On a unit basis, the company spent Rs 1.23 to earn a rupee during the fiscal year. The company reported current assets worth Rs 83 crore including cash and bank balances worth Rs 20 crore in FY24. According to TheKredible, Scaler Academy has raised a total of $75 million of funding till date from Tiger Global and Peak XV among others. Its founders, Anshuman Singh and Abhimanyu Saxena, each hold 29.16% of the company. Peak XV Partners owns 22.61%, while Tiger Global holds an 8.13% stake in the company. While the financial numbers would indicate a runway for another six months in FY25, the firm will certainly need one more round of funding to stand independently. The business has scale, the brand has built some credibility now and a strong future beckons if Scaler can build on that momentum. The edtech does face its share of challenges, and will need to expand with care so as not to expend too many resources in markets where success may not necessarily follow. With its short term courses offering a career leg up, markets where the potential is high but the basic education system is a shambles will be a bad idea, one feels. As students simply may not be equipped to benefit as they should. We should know soon enough what route the firm takes to build a sustainable business.

Tata 1mg’s revenue nears Rs 2,000 Cr in FY24; losses down by 75%

EntrackrEntrackr · 1y ago
Tata 1mg’s revenue nears Rs 2,000 Cr in FY24; losses down by 75%
Medial

Tata 1mg chased growth during FY22 and FY23 and its collection spiked over two-fold in both fiscal years. But the company appears to have prioritized the bottom line in the fiscal year ending March 2024. As a result, its revenue grew by only 21%, and at the same time it cut down losses by 75% in FY24. Tata 1mg’s revenue from operations increased to Rs 1,968 crore in FY24 from Rs 1,627 crore in FY23, its consolidated financial statements sourced from the Registrar of Companies (RoC) show. Income from the sale of medicines formed 81.3% of Tata 1mg’s total revenue which increased 24% to Rs 1,599 crore in FY24. Lab test fees, patient support programme, advertising, shipping, were other revenue drivers for the Gurugram-based firm. The Prashant Tandon-led company also earned Rs 23 crore from interest, gain of financial assets, and other miscellaneous avenues which pushed its total income to Rs 1,991 crore in FY24. See TheKredible for the detailed revenue breakup. Since 1mg operates with inventory, the cost of procurement of medicines accounted for 56% of the overall expenditure. This cost grew by just 8.5% to Rs 1,289 crore in FY24. Tata 1mg’s spends on employee benefits, information technology, legal, advertising, commissions, packaging, fulfillment, and other overheads took its total cost up by 20.4% to Rs 2303 crore in FY24. Head to TheKredible for the complete expense breakdown. The decent scale and controlled cost helped Tata 1mg to reduce losses by 75% to Rs 313 crore in FY24 from Rs 1,255 crore in FY23. Its EBITDA margin stood at -10.85% in FY24. On a unit level, Tata 1mg spent Rs 1.17 to earn a rupee in the previous fiscal year. Cevat: The primary reason for the substantial losses in FY23 was the FVTPL cost (non-cash in nature), which amounted to Rs 668 crore. Tata Digital acquired a 55% stake in 1mg in June 2021 but since then it gained around 8.5% additional stake in the e-medicine platform. According to TheKredible, Tata Digital currently holds a 63.5% stake in 1mg which was last valued at 1.25 billion. As per Fintrackr’s estimates, its enterprise value to revenue multiple stood at 4.87X. FY23-FY24 FY23 FY24 EBITDA Margin -71.66% -10.85% Expense/₹ of Op Revenue ₹1.78 ₹1.17 ROCE -341.99 NA While the focus on bottomline is understandable as part of a large umbrella like the Tata Group, where freedom is proportional to financial performance,Tata 1mg’s cost control measures have another reason. It is probably no longer worthwhile to acquire customers at a high cost where customers have basically flunked the loyalty test. That has made most e-commerce players a lot more reticent about indiscriminate discounting and the likes in favor of much more data led, targeted campaigns. Of course, with a turkey as large as Tata Neu around, one would expect Tata 1mg to get a lot more leeway however.

Cars24 sells 2 lakh cars in FY24, revenue nears Rs 7,000 Cr

EntrackrEntrackr · 7m ago
Cars24 sells 2 lakh cars in FY24, revenue nears Rs 7,000 Cr
Medial

Following a modest growth in FY23, Cars24, an e-commerce platform for pre-owned vehicles registered 25% year-on-year growth in the fiscal year ended March 2024. However, the firm’s net losses stood at Rs 498.4 crore with an adjusted EBITDA of Rs 318.8 crore in FY24. Cars24 India’s gross revenue grew to Rs 6,917 crore in FY24 from Rs 5,530 crore in FY23, according to the company’s press release. In an interaction with Entrackr, Cars24's Chief Financial Officer Ruchit Agarwal said that the sale of cars through the auction business and retail contributed approximately 92% of the total revenue. This income grew by 24% to Rs 6,400 crore in FY24 from Rs 5,164 crore in FY23. Agarwal added that the income from the financial services stood at around Rs 300 crore while the rest of the revenue came from service fees, parking fees and the sale of other value-added services including insurance assistance and warranties. In FY24, the company claims to have sold 200,000 cars. Cars24’s holding firm is based in Singapore and oversees 12 subsidiaries across India, Australia, the UAE, and Thailand. The company’s consolidated financial results are yet to be released and may differ from the figures reported by the Indian entity through the release. For the pre-owned vehicle seller, the procurement of cars was the largest cost center, accounting for 81.8% of the overall cost. In the line of scale, this cost grew by 23.8% to Rs 6,106 crore in FY24. Its employee benefits, technology, advertising, legal, commission to brokers, and other overheads pushed the overall expenditure of the firm to Rs 7,461 crore in the last fiscal year from Rs 6,053 crore in FY23. The significant growth in scale and controlled expenditure enabled Cars24 to retain its net losses steady at Rs 498 crore in FY24. However, the adjusted EBITDA (losses excluding all non-cash items) stood at Rs 318.8 crore in FY24. Notably, the company claims to have improved its gross margin by 35% in the last fiscal. Cars24 has not raised external funding in the last three years. In December 2021, the company raised $450 million at a valuation of $3.3 billion. Its major investors include Alpha Wave, SoftBank, Tencent, and DST Global. In August, Cars24’s co-founder, Gajendra Jangid, said that the company is preparing for an initial public offering, though he did not disclose a specific timeline.

Cashify nears Rs 1,000 Cr revenue in FY24, cuts losses by two-third

EntrackrEntrackr · 7m ago
Cashify nears Rs 1,000 Cr revenue in FY24, cuts losses by two-third
Medial

The re-commerce marketplace Cashify recorded a modest 14.4% year-on-year increase in revenue, surpassing the Rs 900 crore mark for the fiscal year ending March 2024. However, the NewQuest Capital-backed firm reduced its losses by 63% during the same period. Cashify’s revenue from operations increased to Rs 935 crore in the last fiscal year, from Rs 817 crore in FY23, its annual financial statements sourced from the Registrar of Companies (RoC) show. Cashify enables users to buy and sell used electronics, primarily phones and laptops. It also partners with OEMs like Xiaomi, OnePlus, and Samsung for exchange programs and collaborates with Amazon and Flipkart to simplify refurbished device trade. The sale of used mobile phones and other electronic gadgets like speakers, laptops, tablets, gaming consoles, and smartwatches formed 91.5% of the total operating revenue, which increased by 12.3% to Rs 856 crore in FY24. The rest of the income comes from commission and mobile repair services. The Gurugram-based firm earned Rs 19.8 crore from non-operating services, taking the overall income to Rs 955 crore in FY24, compared to Rs 832 crore in FY23. Having a cash-and-carry model, the cost of procurement of materials accounted for 79.3% of the total expenditure. This cost grew by 6.4% to Rs 800 crore in FY24 from Rs 752 crore in FY23. Cashify managed to maintain its employee benefits steady at Rs 123 crore in FY24 while its marketing cost decreased by 14.3% to Rs 30 crore. Rent, logistics, legal, traveling, and other overheads took the overall cost up by only 3.3% to Rs 1,008 crore in FY24 from Rs 976 crore in FY23. The constant growth and controlled cost helped Cashify to shrink its losses by 63.2% to Rs 53 crore in FY24 as compared to Rs 144 crore in FY23. Its ROCE and EBITDA margin improved to -15.6% and -3.98%, respectively. On a unit level, it spent Rs 1.08 to earn a rupee in FY24. Cashify’s current assets stood at Rs 382 crore with cash and bank balance of Rs 91 crore in the last fiscal year (FY24). Cashify has raised $130 million across several rounds. According to TheKredible, NewQuest Capital is the largest external shareholder with 19.5%, followed by Olympus and MIH Ecommerce Holdings. It competes with Greendust and Yaantra among several others. Writing about Cashify financials last year, Entrackr projected a profitable year by FY26 for the re-commerce firm, and we believe they remain on course for that milestone in FY25 itself possibly. The firm has the scale and experience to make corrections where required, and features like tie-ups with top selling manufacturers or extended warranties for a nominal amount have gone a long way to help assuage consumer fears. Unlike either related though not similar platforms like OLX or Quikr.

Rare Rabbit nears Rs 650 Cr revenue in FY24, profit surges 2.3X

EntrackrEntrackr · 4m ago
Rare Rabbit nears Rs 650 Cr revenue in FY24, profit surges 2.3X
Medial

Rare Rabbit nears Rs 650 Cr revenue in FY24, profit surges 2.3X Premium fashion brand Rare Rabbit has been growing rapidly in recent years, with its revenue increasing by over 69% during the fiscal year ending March 2024. At the same time, the firm’s profit surged 2.3 times, touching Rs 70 crore during the same period (FY24). Rare Rabbit’s revenue from operations increased to Rs 637 crore in FY24 from Rs 376 crore in FY23, according to its financial statement sourced from the Registrar of Companies (RoC). Rare Rabbit is a men's fashion brand operated by The House of Rare. Founded in 2015, the brand offers a range of clothing including shirts, polos, T-shirts, trousers, and jackets. Product sales were the company’s primary source of revenue. The company earned Rs 5 crore from interest income, bringing its total income to Rs 642 crore in FY24. On the expense front, the major cost, material expenses increased by 53% to Rs 208.4 crore. Employee benefit expenses surged by 95% to Rs 78 crore while expense increased by 45% to Rs 93 crore. Rent and commission expenses also increased by 62% and 58%, respectively. Overall, Rare Rabbit’s total expenses grew by 59.9% to Rs 542 crore in FY24, up from Rs 339 crore in FY23. Since Rare Rabbit’s revenue growth outpaced its expenses, the company’s profit surged 2.3 times to Rs 75 crore in FY24 from Rs 32 crore in FY23. The EBITDA margin improved to 19% from 14.7%, while the return on capital employed (ROCE) increased to 52.15% in FY24 from 42.02% in the previous fiscal year. On a unit level, Rare Rabbit spent Rs 0.85 to earn a rupee in the last fiscal year. As of March 2024, the company held Rs 2 crore in cash and bank balances, with current assets totaling Rs 349.5 crore. According to TheKredible, Rare Rabbit has raised a total of approx $24 million of funding to date, which includes the recent Rs 50 crore funding round from its existing lead investor A91 Partners. Rare Rabbit’s success and presence have practically crept up if you have been an ordinary industry watcher. The men's focused brand (their women's offering is called Rare is, and a children's planned offering will be Rare Ones) has gone about its work slowly but surely, not offering the permanent discounts that have been a feature of many others. The premium positioning seems to have worked eventually, placing the brand in a very strong position a decade after it launched. So will the House of Rare stay independent? We are betting it will, at least until after FY25 numbers, which could take the brand beyond the 1000 crore milestone. At that level, assuming it remains profitable, a unicorn valuation will be just one of the perks of staying rare.

Metalbook nears Rs 800 Cr gross revenue in FY24

EntrackrEntrackr · 5m ago
Metalbook nears Rs 800 Cr gross revenue in FY24
Medial

Full-stack metal supply-chain platform Metalbook recorded nearly Rs 800 crore of gross revenue for the fiscal year ended March 2024. However, its losses surged over two-fold in the same period. Metalbook’s gross revenue, known as gross merchandise value (GMV), surged 76% to Rs 796 crore in FY24 from Rs 452 crore in FY23, according to its financial statement sourced from the Registrar of Companies (RoC). Founded in 2021, Metalbook is a full-stack procurement platform that helps businesses, including SMEs, with inventory liquidation, logistics, and credit, among others. It claims to work with over 500 manufacturers, dealers, and suppliers, including ArcelorMittal Nippon Steel, Tata Steel, and JSW, across 16 countries. These services were the only source of revenue for the Gurugram-based company in FY24. The firm also made an additional Rs 2.5 crore from interest on deposits and investments, which pushed its total income to Rs 799 crore in FY24. For the supply chain platform, the cost of procurement of materials was the company’s largest cost center, accounting for 96% of the overall expenditure. This cost surged by 75.34% to Rs 782 crore in FY24. Employee benefit expenses jumped 90.48% to Rs 16 crore. Provisions for bad debts stood at Rs 3.7 crore, while other expenses—including legal, technology, and travel—contributed Rs 14.3 crore. These factors drove total expenses up by 77.78% to Rs 816 crore in FY24. Despite the 76% growth in scale, Metalbook’s loss spiked by 2.8 times to Rs 17 crore in FY24 from Rs 6 crore in FY23. Its return on capital employed (ROCE) and EBITDA margin stood at -9.65% and -1.27% respectively. On a unit basis, the company spent Rs 1.03 to earn a rupee of gross revenue in FY24. The Delhi-based company’s current assets stood at Rs 193 crore, which includes Rs 61 crore of cash and bank balance in the previous fiscal year. According to TheKredible, Metalbook has raised $23 million of funding to date. Axilor, Foundamental, and RTP Global are the major investors who hold 13.55%, 8.23%, and 5.81% of the company respectively.

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