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Man Matters-parent Mosaic Wellness clocks Rs 333 Cr revenue in FY24

EntrackrEntrackr · 10m ago
Man Matters-parent Mosaic Wellness clocks Rs 333 Cr revenue in FY24
Medial

Mosaic Wellness, the parent firm of Man Matters, Boywise, and Little Joys, recorded over 61% year-on-year growth in its operating scale and crossed the Rs 300 crore revenue threshold in the last fiscal year. The firm also narrowed losses by 37% in FY24. Mosaic Wellness’ revenue from operations surged to Rs 333 crore in FY24 from Rs 206 crore in FY23, according to its consolidated annual financial statements sourced from the Registrar of Companies. Founded in 2020 by Revant Bhate and Dhyanesh Shah, Mosaic Wellness is a digital-first consumer health platform that runs three separate brands for men, women, and kids. Its flagship brand ManMatters offers solutions across derma, sexual health, hygiene, and nutrition. The sale of health and wellness products was the only source of income for Mosaic Wellness in FY24. It also added Rs 8 crore from the interest on deposits and gain on sale on investments, bringing its total revenue to Rs 342 crore in FY24. Mosaic Wellness's advertising cost increased to Rs 138 crore in FY24, marking a 38% year-on-year increase. Its procurement costs grew 52% to Rs 93 crore, while employee benefits rose by 33% to Rs 52 crore. Other expenses, including commissions, packaging, legal, and overheads, increased, bringing total expenses to Rs 380 crore in FY24. Despite expenses, Mosaic Wellness managed to reduce its losses by 37% to Rs 39 crore in FY24, compared to Rs 62 crore in FY23. Its ROCE and EBITDA margin improved to -24.2% and -10.8%, respectively. The company reported total current assets of Rs 188 crore, including Rs 61 crore in cash and bank balances by the end of FY24. Mosaic Wellness has raised over $35 million to date, including $24 million in a Series A round led by Peak XV, along with existing investors Elevation Capital and Matrix Partners India. The company is reportedly in talks to raise a new round. In a market revitalized by HUL’s acquisition of Minimalist, attention has turned to firms like Mosaic Wellness that have scaled past Rs 300 crore in revenue. The company should feel confident having crossed this threshold and having the runway to explore further funding or other strategic avenues.

Bubble tea brand Boba Bhai raises Rs 12.5 Cr in seed round

EntrackrEntrackr · 1y ago
Bubble tea brand Boba Bhai raises Rs 12.5 Cr in seed round
Medial

Boba Bhai,a quick-service restaurant (QSR) brand focused on bubble tea and other food items, has raised Rs 12.5 crore in its seed round led by Titan Capital and Global Growth Capital UK. The round also saw participation from Arjun Vaidya, Marsshot VC (RazorPay founders fund), DEVC, Warm up Ventures, Asit Oberoi, 1947 Rise Fund by Shiva Singh Sangwan, Peercheque, Varun Alagh, Mandeep Sodhi, Prabhraj (Simba Beer), FinFirst, Neha Patil, Abhinav Sinha from Oyo and other high profile angel investors. The proceeds will be used across hiring, product line expansion and presence across India, the company said in a press release. This is the first institutional fundraising round since its inception in October 2023. In just six months, the startup claims to have processed over 50,000 monthly orders while expanding its footprint to 25 outlets across seven cities – Delhi, Gurugram, Udaipur, Bengaluru, Mumbai, Hyderabad, and Chennai with an average order volume of Rs 400. Founded by Dhruv Kohli, Boba Bhai is building bubble tea and K-Pop burgers QSR chain to expand its presence globally. The Bengaluru-based firm makes an annual revenue run rate (ARR) of Rs 24 crore and a monthly revenue run rate (MRR) of Rs 2 crore. By December 2024, it aims to reach Rs 60-65 crore. Earlier this month, Kolkata-based QSR chain Wow! Momo secured Rs 70 crore ($8.3 million) in funding from Z3 Partners.

Eruditus clocks Rs 3,733 Cr revenue in FY24, narrows losses by 83%

EntrackrEntrackr · 8m ago
Eruditus clocks Rs 3,733 Cr revenue in FY24, narrows losses by 83%
Medial

Eruditus clocks Rs 3,733 Cr revenue in FY24, narrows losses by 83% Global edtech company Eruditus recorded modest year-on-year growth in its operating revenue, crossing the Rs 3,700 crore ($448 million) mark in the fiscal year ending June 2024. The Mumbai-based firm narrowed its losses by over 83% during the same period. Compared to FY23, the firm’s operating scale grew by 12% to Rs 3,733 crore, according to its annual financial statement sourced from Singapore. Eruditus follows a financial year that runs from July to June. The firm appears to be ahead of the leading edtechs, with revenue nearly 1.8 times that of PhysicsWallah and more than double that of upGrad. PhysicsWallah reported Rs 2,015 crore revenue in FY24 whereas upGrad registered Rs 1,487 crore revenue in the same period. Eruditus offers education across more than 80 countries to over a million learners. It partners with over 80 universities across the United States, Europe, Latin America, Southeast Asia, India, and China. The firm didn’t offer revenue break-up across geographies. The company deferred recognition of Rs 800 crore ($96 million) in collected revenue to the last fiscal year (FY25). Eruditus made progress in controlling its expenses as its marketing expenses dipped 18.85% year-on-year to Rs 1,007 crore in FY24 from Rs 1,241 crore in FY23. Other operating expenses were down by 32.16% year-on-year to Rs 1,045 crore in FY24 from Rs 1,541 crore in FY23. The cost optimizations led to a sharp improvement in the company’s bottom line. Eruditus narrowed its adjusted EBITDA losses by 83.45% to Rs 69 crore ($8.3 million) in FY24 from Rs 417 crore ($50 million) in FY23. With backing from investors such as TPG, the Chan Zuckerberg Initiative, SoftBank Vision Fund 2, Prosus Ventures, Accel, and Peak XV, Eruditus has the capital reserve to expand its presence and offerings across markets. In October 2024, it raised $150 million in the second-largest edtech deal of the year, after PhysicsWallah’s $210 million funding. With revenue approaching $500 million and an 83% reduction in losses, the company shows a path toward sustainable growth in the edtech industry. Heading into FY25 with deferred revenue, Eruditus is on track to achieve profitability while building on its revenue base.

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

EntrackrEntrackr · 19d ago
VAHDAM India turns profitable in FY25; clocks 95% revenue from global markets
Medial

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 company’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 company’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 firm’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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