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WheelsEye narrows losses by 71% to Rs 39 Cr in FY24

EntrackrEntrackr · 1y ago
WheelsEye narrows losses by 71% to Rs 39 Cr in FY24
Medial

WheelsEye narrows losses by 71% to Rs 39 Cr in FY24 Logistics SaaS firm WheelsEye experienced slower growth since FY22, with revenue growth flattening in FY24. The company reported a marginal 7% increase in revenue for the fiscal year ending March 2024 but successfully reduced its losses by 71% during the same period. WheelsEye’s revenue from operations grew to Rs 218.4 crore in the last fiscal year, from Rs 203.8 crore in FY23, according to its standalone financial statement sourced from the Registrar of Companies (RoC). WheelsEye provides trucking solutions for businesses and software, GPS tracking, and FASTag solutions for truck fleet operators. Revenue from the sale of services (trucking service) increased by 18.9% to Rs 129.6 crore, while revenue from the sale of products (software) grew by 7.85% to Rs 57.7 crore. Income from other sources added another Rs 31 crore. The company made an additional Rs 35 crore from interest income which pushed its total Income to Rs 253 crore in FY24. WheelsEye's largest cost component, employee benefit expenses, dropped by 28.72% to Rs 135 crore. The cost of materials increased slightly by 3.43% to Rs 93.6 crore, while commissions paid decreased by 9.64%, standing at Rs 7.5 crore. Miscellaneous expenses for the last fiscal year amounted to Rs 56.9 crore. In the end, WheelsEye managed to reduce its overall expenses by 17.23%, bringing them down to Rs 293 crore in FY24. This cost optimization contributed to a 71% reduction in net loss, with losses narrowing to Rs 39 crore in FY24. The company also reported improved financial ratios, with its ROCE improving to -44.85% and EBITDA margin rising to -13.76%. Cost efficiency improved as well, with the company spending Rs 1.34 to earn a rupee in FY24. On the asset side, WheelsEye recorded Rs 186 crore in current assets for FY24, which included Rs 142 crore in cash and bank balances. According to the startup data intelligence platform, TheKredible, Wheelseye's parent entity is situated in the USA holding 99.9% of the Indian entity with the name Wheelseye Technology INC. The reduction in losses would be a welcome development at WheelsEye, probably something that has caused the slowdown in growth as well. The effort indicates a push to seek public market access perhaps, even as the firm remains well placed to seek growth again soon. In the past year, seemingly improving efficiency in logistics has led to a slowdown in growth within many firms in the category, something that should correct soon for WheelsEye as well.

WheelsEye posts Rs 243 Cr revenue in FY25; losses remains flat

EntrackrEntrackr · 4d ago
WheelsEye posts Rs 243 Cr revenue in FY25; losses remains flat
Medial

Logistics SaaS firm WheelsEye reported modest growth in the fiscal year ended March 2025. Its operating revenue rose 17% during the period, following a slowdown after FY22. Meanwhile, the company’s losses remained almost unchanged. WheelsEye’s revenue from operations grew to Rs 243.4 crore in the last fiscal year, from Rs 208.8 crore in FY24, according to its standalone financial statement sourced from the Registrar of Companies (RoC). Founded in 2017, WheelsEye provides an app-based platform for truck booking and fleet management in India, along with software, GPS tracking devices, and FASTag solutions for truck fleet operators. Revenue from software subscription services rose 20% to Rs 152.7 crore and accounted for nearly 62% of the total operating revenue. The company also sells bundled solutions that include a GPS hardware device and an integrated licensed software subscription for vehicle navigation. Revenue from this segment surged 32% year-on-year to Rs 62 crore in the last fiscal. The rest of the collections came from the sale of FASTag, commissions, and other operating sources. The company also recorded Rs 27.6 crore from interest income on fixed deposits and subcontracting income, which pushed its total income to Rs 271 crore in FY25. WheelsEye's largest cost component, employee benefit expenses remained unchanged at Rs 141.8 crore. The cost of materials (GPS devices) increased by 68% to Rs 45.7 crore, while IT expenses decreased by 7% to Rs 12.4 crore. The cost of hiring supervisors also accounted for 17.3 crore in the previous fiscal. The company also booked undisclosed miscellaneous expenses of Rs 57 crore in the last fiscal year, apart from commission, travel, advertising, and other expenses. WheelsEye’s overall expenses increased by nearly 10%, Rs 317.8 crore in FY25. In the end, the firm’s losses remained flat at Rs 47 crore. Although revenue growth outpaced the rise in expenses, a decline in other income kept losses unchanged. Its ROCE worsened to -84.31%, while the EBITDA margin improved to -25.47%. Cost efficiency also improved, with the company spending Rs 1.31 to earn a rupee in FY25. As of March 2025, WheelsEye recorded Rs 208.3 crore in current assets, including Rs 10.7 crore in cash and bank balances. The company’s parent entity, WheelsEye Technology Inc., is based in the United States and holds a 99.9% stake in the Indian entity.

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