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Wingify reports Rs 61 Cr PAT on Rs 289 Cr revenue in FY24

EntrackrEntrackr · 8m ago
Wingify reports Rs 61 Cr PAT on Rs 289 Cr revenue in FY24
Medial

Bootstrapped SaaS firm Wingify has continued its growth journey as its operating scale spiked 30.8% in the fiscal year ending March 2024. Moreover, the firm’s profit also grew 30% YoY in the last fiscal year. Wingify’s revenue from operations increased to Rs 288.61 crore in FY24 from Rs 220.60 crore in FY23, its consolidated financial statement sourced from the Registrar of Companies (RoC) shows. The company offers SaaS solutions to online enterprises, supporting them in optimizing their conversion rates through their proprietary tool known as the Visual Website Optimizer (VWO). Income from the sale of VWO products was the sole source of its operating collection which grew 30.8% to Rs 288.61 crore in the last fiscal year. Wingify also made Rs 9.98 crore from interest income and other non-operating sources stood at Rs. 2.91 crore. With these incomes, the Pune-based company posted a total revenue of Rs 301.5 crore. The burn on employee benefits accounted for 61.8% of its total cost which grew 16.4% to Rs 136.83 crore during the last fiscal year. Notably, legal expenses shot up 497% to Rs. 38.10 crore. This indicates that the 15-year-old company is either fighting some expensive legal suites or long term investment in legal infrastructure. Advertising costs remained stable at Rs. 14.36 crore whereas other expenses such as information technology (IT), rental et al stood at Rs 32.04 crore. In the end, Wingify’s total expenses rose by 33.5% to Rs 221.33 crore in FY24 as compared to Rs 165.81 crore in FY23. With over 30% spike in its scale, Wingify also managed similar growth in profit after tax (PAT) in the last fiscal year. Its PAT increased 30% YoY to Rs 61.04 crore in FY24 from Rs 46.97 crore in the previous fiscal year. Its ROCE and EBITDA Margin stood at 18.85% and 27% respectively, on a unit basis the company spent Re 0.77 to earn a Rupee of operating revenue in FY24. Wingify reported cash and cash equivalents of Rs. 7.42 crore while bank balance (excluding cash equivalents) stood at Rs. 7.99 crore. Its trade receivables grew Rs 74.09 crore in the fiscal year ending March 2024. Wingify’s founder, Paras Chopra, saw a significant reduction in his annual remuneration last fiscal year which dropped to Rs 1.38 crore in FY24 from Rs 17.95 crore in FY23. However, another co-founder and the firm’s chief executive officer, Sparsh Gupta, withdrew an annual salary of Rs 19.5 crore in FY24. His salary and other remunerations soared almost 3.35X year-on-year. As per TheKredible, Chopra holds a majority stake in the company while Gupta has nearly 5% stake. Wingify’s flagship products compete with a clutch of global players like Optimizely and Google Optimize. The return to 30% growth is notable after a somewhat sedate FY23 when it recorded 16% growth, but the bottomline for Wingify remains the firm’s ability to stay ahead. With pricing options ranging from just over Rs 50K per month to over Rs 150K per month, the firm targets the largest part of the addressable market for its products, as it is. And where the orgs do not use it, their suppliers and service providers probably do. Bootstrapped and zero debt and, Wingify is the alternate vision for Indian software that many propose, of smaller firms that serve the world with smart products and services, rather than the giant behemoths that are seemingly struggling to manage their size, growth or new opportunities.

Drishti IAS posts Rs 405 Cr revenue and Rs 90 Cr PAT in FY24

EntrackrEntrackr · 6m ago
Drishti IAS posts Rs 405 Cr revenue and Rs 90 Cr PAT in FY24
Medial

Drishti IAS posts Rs 405 Cr revenue and Rs 90 Cr PAT in FY24 Offline coaching firm Drishti IAS Institute crossed Rs 400 crore of revenue during the previous fiscal year ended in March 2024. The profits for the Vikas Divyakirti-led firm touched Rs 90 crore in the same period. Drishti IAS’s revenue from operations increased by 30.6% year-on-year to Rs 405 crore in FY24 from Rs 310 crore in FY23. The Delhi-based company's revenue rose from Rs 40 crore in FY21 to Rs 119 crore in FY22, and further to Rs 310 crore in FY23. The 26-year-old educational platform mainly provides offline coaching for Civil Services Examination (CSE). Income from coaching services accounted for 94.8% of the total operating revenue, which increased by 37.6% to Rs 384 crore in FY24 from Rs 279 crore in FY23. The remaining income is generated from the sale of study materials, including pen drives, books, test papers, and other resources. Drishti IAS operates seven institutes, including two in Delhi, three in Uttar Pradesh, and one each in Jaipur and Indore. Its Mukherjee Nagar Institute is the largest revenue contributor, accounting for 58% of the total coaching income. Employee benefits and faculty charges constituted 40% of its overall cost, increasing by 41% to Rs 117 crore in FY24 from Rs 83 crore in FY23. Drishti IAS's advertising spending also jumped 3.4X to Rs 51 crore in FY24. Drishti IAS's overall expenditure increased to Rs 289 crore in FY24 from Rs 197 crore in FY23. Higher spending on employee benefits and advertising resulted in a modest 3.4% increase in net profits, which rose to Rs 90 crore in FY24 from Rs 87 crore in FY23. The company's ROCE and EBITDA margin were recorded at 55.7% and 33.73%, respectively, while the expense-to-revenue ratio stood at Re 0.71. As of March 2024, the company's total current assets were valued at Rs 88 crore, with cash and bank balances of Rs 54 crore.

Paras Chopra’s Nintee shuts down, to return investors’ money

EntrackrEntrackr · 1y ago
Paras Chopra’s Nintee shuts down, to return investors’ money
Medial

Nintee, a digital health startup launched by Wingify founder Paras Chopra, has announced shutting down its operations after a year of launch. In a blog post, Chopra said that the majority of funding raised by the company is still remaining and will be returned to investors over the next few weeks. Nintee was backed by the likes of Peak XV Partners, Kunal Shah, and others. “Our original hypothesis was to use AI for helping people build better habits to transform their lives. This attracted a passionate niche, but we couldn’t build conviction that it could be a VC-scale business,” said Chopra. After abandoning the initial idea, the firm tried another pivot to explore education and learning related ideas, but Nintee team quickly discovered that building a successful consumer app today is very hard. Nintee has provided four months of severance to the impacted employees and also offered them to join Chopra’s other company VWO at the same salary. Nintee was the third company founded by Chopra after VWO and Wingify. His bootstrapped company Wingify reported back-to-back profits in the past fiscal years. Its revenue from operations increased 16.8% to Rs 223 crore in FY23 with Rs 51 crore profit after tax. Around half a dozen startups operating in India have announced shutting down their operations in the ongoing calendar year so far. The list counts Resso (India), Rario, OKX (India), Muvin and GoldPe. In 2023, more than 15 startups ceased their operations over funding and other challenges.

Decathlon India posts Rs 4,008 Cr revenue and Rs 197 Cr PAT in FY24

EntrackrEntrackr · 4m ago
Decathlon India posts Rs 4,008 Cr revenue and Rs 197 Cr PAT in FY24
Medial

Decathlon India posts Rs 4,008 Cr revenue and Rs 197 Cr PAT in FY24 Decathlon has made a turnaround in FY24, reporting a profit of Rs 197 crore, a sharp recovery from a Rs 18 crore loss in FY23. However, its revenue growth remained flat, registering a 2.2% year-on-year increase for the fiscal year ending March 2024. Decathlon India’s revenue from operations grew to Rs 4,008 crore in FY24 from Rs 3,920 crore in FY23, its annual standalone financial statements sourced from the Registrar of Companies (RoC) show. Decathlon India operates on a direct-to-consumer model, managing the design, manufacturing, and sale of its sports gear through large retail stores and an e-commerce platform. The company currently operates 90 stores across India. The sale of sports products was the sole source of revenue for Decathlon India. It also added Rs 58 crore from interest on investments and other non-operating income which tallied its overall to Rs 4,066 crore in FY24. The cost of procurement was the latest cost center forming 64.4% of the overall expenditure. This cost was reduced by 4.3% to Rs 2,448 crore in FY24, compared to Rs 2,559 crore in FY23. Decathlon India spent Rs 327 crore on employee benefits. Its controlled spending on power, rent, repairs, fuel, advertising, information technology, freight, franchisee fees, and legal/professional expenses led to an overall cost reduction of 4.5% to Rs 3,797 crore in FY24 from Rs 3,975 crore in FY23. Despite modest revenue growth, Decathlon India’s cost-control measures enabled it to post a net profit of Rs 197 crore in FY24, a sharp recovery from a Rs 18.6 crore loss in FY23. On a unit level, the company spent Re 0.95 to earn a rupee, with improved ROCE at 17.79% and EBITDA at 14.49%. By the end of the last fiscal year (FY24), its total current assets stood at Rs 1,247 crore, including Rs 325 crore in cash and bank balances. Last year, Decathlon India CEO Sankar Chatterjee mentioned that the company plans to double its revenue to Rs 8,000 crore within the next 3 to 5 years.

Nazara posts Rs 520 Cr revenue and Rs 4 Cr PAT in Q4 FY25

EntrackrEntrackr · 1m ago
Nazara posts Rs 520 Cr revenue and Rs 4 Cr PAT in Q4 FY25
Medial

Nazara posts Rs 520 Cr revenue and Rs 4 Cr PAT in Q4 FY25 Gaming and sports media firm Nazara Technologies reported a 95% year-on-year rise in operating revenue for Q4 FY25. However, the Mumbai-based company’s profit remained modest at Rs 4 crore in the final quarter of the previous fiscal year. Nazara’s operating revenue rose by 95.3% to Rs 520 crore in Q4 FY25 from Rs 266 crore in Q4 FY24, according to its audited consolidated financial statements sourced from the National Stock Exchange (NSE). E-sports accounted for 41.5% (Rs 216 crore) of the company’s total operating revenue, while the gaming segment held a 30% share (Rs 156 crore), followed by ad tech, which contributed 28% (Rs 148 crore). Nazara also earned Rs 18 crore from interest and gains on financial assets during the quarter, bringing its overall revenue to Rs 539 crore. However, the company posted a 40.8% YoY increase in its total income to Rs 1,715 crore in FY25, compared to Rs 1,218 crore in FY24. On the line of scale, Nazara’s total expenses surged by 85.3% to Rs 528 crore in Q4 FY25, compared to Rs 285 crore in the same quarter last year. Content and commission costs together stood at Rs 186 crore, while employee benefit expenses rose to Rs 80 crore. Notably, marketing expenses saw a sharp 3.5X jump, reaching Rs 151 crore in Q4 FY25. Despite a 95% year-on-year revenue growth in Q4, the company’s profit remained flat at Rs 4 crore in Q4 FY25. For the full fiscal year, its net profit declined to Rs 51 crore in FY25 from Rs 74.7 crore in FY24. Last week, the Competition Commission of India (CCI) also approved the acquisition of a majority stake and control over Nazara Technologies Limited by Axana Estates LLP, Plutus Wealth Management LLP, and Junomoneta Finsol Private Limited. Nazara is currently trading at Rs 1,270 (as of 03.41 PM) with a total market capitalization of Rs 11,127 crore (approximately $1.3 billion).

Juspay’s revenue spikes 88% to Rs 213 Cr in FY23; losses stand still

EntrackrEntrackr · 1y ago
Juspay’s revenue spikes 88% to Rs 213 Cr in FY23; losses stand still
Medial

Payments technology firm Juspay has been consistent in its scale with 85% YoY growth in the last two fiscal (FY23 and FY22). At the same time, the SoftBank-backed company kept a tight rein on its losses which remained almost unchanged in the fiscal year ending March 2023. Juspay’s revenue from operations grew 88.5% to Rs 213 crore in FY23 from Rs 113 crore in FY22, its annual financial statements filed with the Registrar of Companies show. Juspay offers payment processing technology to merchants and is working behind offline payment solutions. Its flagship products include Juspay Safe, HyperSDK, Express Checkout, and UPI in a Box. It claims to process over 100 million transactions with an annualized TPV (total payment value) of more than $500Bn. Payment platform integration and related services were the primary source of revenue for Juspay. The company also earned Rs 24 crore from interest on non-current and current investments which tallied Juspay’s total income to Rs 213 crore during the previous fiscal year (FY23). Similar to other payments companies, its employee benefits emerged as the largest cost center forming 62% of the overall expenditure. This cost surged 70% to Rs 214 crore in FY23 from Rs 126 crore in FY22. This includes 54 crore as ESOP cost which is non-cash in nature. Juspay’s expenses on rent, information technology, legal professional, advertising, and overheads took its overall cost up by 53.8% to Rs 343 crore in FY23 from Rs 223 crore in FY22. Check TheKredible for a detailed expense breakdown. The impressive scale with a tight control on expenses helped Juspay control its losses which increased only by 5% to Rs 106 crore in FY23 as compared to Rs 101 crore in FY22. Its ROCE and EBITDA margin improved -21% and -40.9% respectively. On a unit level, the Accel Partners-backed firm spent Rs 1.61 to earn a rupee in FY23. FY22-FY23 FY22 FY23 EBITDA Margin -80% -40.9% Expense/₹ of Op Revenue ₹1.97 ₹1.61 ROCE -24% -21% The Bengaluru-based company secured over $85 million across rounds including a $60 million round led by SoftBank in 2021. According to the startup data intelligence platform TheKredible, Accel is the largest external stakeholder with 12.39% followed by VEF VC and SoftBank.

Gameskraft achieves Rs 3,500 Cr income in FY24 with Rs 947 Cr PAT

EntrackrEntrackr · 6m ago
Gameskraft achieves Rs 3,500 Cr income in FY24 with Rs 947 Cr PAT
Medial

Gameskraft achieves Rs 3,500 Cr income in FY24 with Rs 947 Cr PAT Gameskraft has consistently reported net profits of around Rs 1,000 crore over the past three fiscal years. Despite encountering various legal challenges, the Bengaluru-based company achieved a 30% year-on-year growth in the fiscal year ending March 2024. Gameskraft’s revenue from operations grew to Rs 3,475 crore in FY24 from Rs 2,673 crore in FY23, its consolidated annual financial statements sourced from the Registrar of Companies show. Gameskraft operates popular gaming apps such as Rummy Culture, Playship, Pocket 52, RummyPrime, Ludo Culture, and Rummy Time. Its revenue (gross gaming revenue) comes from a platform fee or commission charged as a percentage of the buy-in fees users invest in games. This remained its sole revenue source during FY24. The company also made Rs 46 crore from interest on fixed deposits and gain on sale of current investments which tallied its overall revenue to Rs 3,521 crore in FY24 from Rs 2,732 crore in FY23. Similar to other gaming companies, Gameskraft has over a dozen brand ambassadors, including Harbhajan Singh, Mahesh Bhupathi, and Abhinav Bindra, and has run several campaigns on social media and TV. This pushed its advertising costs up by 113% to Rs 1,315 crore in FY24 from Rs 616 crore in FY23. Gameskraft employee benefits grew 23.5% to Rs 463 crore in FY24. This includes Rs 12 crore as ESOP cost which is settled in cash. Its legal, communication, domain, web hosting, and other overheads took the overall cost up by 71.7% to Rs 2232 crore in FY24 from Rs 1300 crore in FY23. The more than two-fold increase in advertising costs outpaced Gameskraft's revenue growth, causing its profits to drop by 10.8% to Rs 947 crore in FY24 from Rs 1,062 crore in FY23. Its ROCE and EBITDA margin stood at 69.4% and 37.46% respectively with an expense-to-earning ratio of Rs 0.64. At the end of FY24, Gameskraft's total current assets were recorded at Rs 1,680 crore with the cash and bank balance of Rs 306 crore. In the real-money gaming sector, MPL reported a 22.2% increase in revenue from operations to Rs 1,068 crore in FY24, while also achieving positive cash flow during the year. Gameberry saw a 46.9% growth in revenue to Rs 461.7 crore, with a 150% surge in profit to Rs 92.8 crore in the same period. Meanwhile, major competitors such as Dream11 and A23 have yet to release their financial results for FY24.

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